Sri Lanka becomes 22nd best connected country in the world

Sri Lanka climbed two spots in the latest United Nations Conference on Trade and Development’s (UNCATD) Liner Shipping Connectivity Index (LSCI), becoming the 22nd best connected country in the world.

Softening of tea prices unlikely to hurt earnings: Capital Trust Research

The tea prices are likely to soften, due to the seasonal demand coming off; however, it is unlikely to hurt the earnings, Capital Trust Research said. While the tea prices have exhibited a notable upward trend, commencing from November 2023, the trend could be attributed predominantly to a decrease in supply, resultant from the changes in the weather conditions. This is coupled with the heightened demand in the market, attributed to Ramadan and a

Samsung: Tech giant sees profits jump by more than 900%

BBC: Samsung Electronics says it expects its profits for the first three months of 2024 to jump by more than tenfold compared to a year earlier. It comes as prices of chips have recovered from a post-pandemic slump and demand for artificial intelligence (AI)-related products booms. South Korea-based Samsung is the world’s largest maker of memory chips, smartphones and televisions. The company is scheduled to release a detailed financial report on

“Strong expectation” of SL commercial creditor deal: IMF

The International Monetary Fund (IMF) this week said there is a “strong expectation” that the agreements with the commercial creditors, consistent with the programme parameters, would be reached by the completion of the second review. IMF spokesperson Julie Kozack, addressing a press briefing, noted that the next steps on the debt restructuring are to conclude the negotiations with the external commercial creditors and to implement the agreements

Govt. steps up effort to iron out issues in local gem and jewellery sector

In an effort to further enhance the gem and jewellery industry’s contribution to the national economy, President Ranil Wickremesinghe has instructed the officials to compile a report by the end of April. The report will outline the potential solutions to the industry challenges and the proposed reliefs for its stakeholders. The set of instructions were issued when the relevant ministries highlighted the challenges stemming from the increased ta

Boeing pays Alaska Air US $ 160m after mid-air blowout

BBC: Boeing has paid US $ 160 million (£126 million) to Alaska Air to make up for losses the airline has suffered following a dramatic mid-air blowout in January. Alaska said the money would address profits lost in the first three months of the year and it expected further payouts in the months ahead. Regulators temporarily grounded nearly 200 Boeing 737 Max 9 jets after a door plug fell from an Alaska Air plane shortly after take-off. Thousands

Seylan Bank halts parate execution on three Asia Capital hotels

Seylan Bank has agreed to accept the revised settlement offer made by Asia Capital recently, to halt parate executions on Wadduwa Resorts, Beach Resorts Kosgoda and Galle Beach, according to Asia Capital Managing Director Raju Radha. A sum of US $ 1.25 million has been raised and deposited by Asia Capital PLC. So far, Asia Capital has settled 40 percent dues and the business is well on the way to recovery. He shared that Asia Capital is currently

Würth surpasses EUR 20bn in global sales; Sri Lanka welcomes new CEO

The Würth Group, a global leader in assembly and fastening materials, has achieved a historic milestone with annual sales exceeding EUR 20 billion for the first time in its corporate history, according to its preliminary financial statements for the 2023 fiscal year. Despite global economic and political challenges, the Group has experienced growth, with sales increasing by 2.4 percent, reaching 3.5 percent when adjusted for currencies. The oper

Experience magic of Avurudu with Pan Asia Bank

Pan Asia Bank is presenting savings of up to 75 percent as well as multiple enticing offers for its esteemed credit cardholders during this auspicious season. Just as the New Year dawns with promises of prosperity and happiness, Pan Asia Bank stands by your side, ready to make your Avurudu dreams a reality. Delight in the spirit of generosity and togetherness with extraordinary discounts of up to 75 percent across an array of shopping delights,

NDB champions future leaders jointly with NIBM School of Business

NDB Bank has joined forces with the National Institute of Business Management (NIBM School of Business) as the official banking partner for the ‘Mind Maze Marathon Inter-School Quiz Competition’. This event, organized by the Business Management undergraduates of the NIBM School of Business, provides a dynamic platform for school students to showcase their academic prowess in the fields of business and commerce. The Mind Maze Marathon focuses on

Climate action leaders to feature at Sri Lanka Climate Summit 2024

The Sri Lanka Climate Summit 2024 organised by The Ceylon Chamber of Commerce under the theme ‘Code Red – Climate Risks and Opportunities for Sri Lankan Businesses’ will be held from 7-9 May, at the Shangri La Hotel Colombo. Featured Speakers include Duminda Hulangamuwa – Chairman of The Ceylon Chamber of Commerce, Dilhan Fernando - Chairman, Dilmah Ceylon Tea Company PLC, Prof. Ashok Jhunjhunwala - Professor, IIT Madras, Dr. Frank Rijsberman -

Ceylinco Life crowned as Sri Lanka’s most popular life insurer for 18th time

Ceylinco Life was crowned the most popular life insurance company in Sri Lanka for a record 18th consecutive year in 2024 at the SLIM Kantar Peoples Awards presented by the Sri Lanka Institute of Marketing (SLIM) recently. The coveted title was conferred on Ceylinco Life just days after the announcement of the company’s financial results for 2023, reaffirming its market leadership in the life insurance sector for the 20th successive year. The SLI

Agriculture was the success of our past and it is our future too: Ariyaseela

Founder Chairman of Pelwatte Dairy Industries, Master Divers, Former President of the Colombo Business Association and Chairman of Mawbima Lanka Foundation Ariyaseela Wickramanayake, a business personality with wide experience in the corporate sector in an interview with Mirror Business spoke about Hambantota Port’s strategic importance, country’s economic crisis, getting youth engaged in agriculture etc. Following are the excerpts of the interv

Cinnamon Nature Trails redefines urban adventure with ecotourism expansion in Colombo

Cinnamon Nature Trails, the wildlife and nature-based tourism arm of Cinnamon Hotels & Resorts, unveils its eco-excursion expertise in the heart of Colombo to introduce the true essence of the destination. A collection of five carefully crafted experiences by in-house naturalists aims to unveil the city’s natural diversity and marvels while championing sustainable tourism practices.  Cinnamon Nature Trails brings years of experience in the field,

Celebrating Sinhala & Tamil New Year with Heritance Hotels and Resorts

This Sinhala and Tamil New Year, each Heritance Hotel and Resort will recreate the vibrant atmosphere of a traditional Sri Lankan Avurudu celebration. Picture yourself surrounded by decorated pavilions, bustling with Avurudu melodies, traditional folk music as aromatic spices fill the air, enticing your senses. As the auspicious moment dawns, be greeted with an exquisite selection of traditional sweetmeats, each one a delectable symbol of prosp

Abans introduces LG Mighty Washers range

LG recently unveiled its latest line of washing machines. The LG washer dryer range are Mighty Washers specifically designed to revolutionize the way we approach laundry, making it smarter, more efficient, and incredibly convenient. One of the standout features of the LG range is its large-capacity washers, designed to handle the laundry needs of busy households and individuals with active lifestyles not only that it also saves more time for the

Iconic British brands unveil culinary charms in Sri Lanka

Get ready to tantalize your taste buds with an extraordinary culinary journey as some of the United Kingdom’s most esteemed dining destinations prepare to make a splash in Sri Lanka. From the enchanting flavours of Italy to the spicy delights of India and the timeless allure of American diners, these iconic brands are poised to deliver an unparalleled dining experience that celebrates diversity, innovation, and sheer culinary excellence. Carlucci

SOE reforms must move ahead without disruptions: Shah

It is essential for the reforms planned for the government owned entities to go ahead without further disruptions, else it is the general public that will continue to take on the burden, State Owned Enterprises Restructuring Unit (SOERU) Head Suresh Shah said.

BOI puts spotlight on 30 companies for noteworthy contribution to FDI

The Board of Investment (BOI), the apex agency for foreign direct investment (FDI), last week put the spotlight on entities that have significantly contributed to the development and growth of the national economy. The inaugural

Convention Bureau to host Southern MICE Expo 2024

The Sri Lanka Convention Bureau (SLCB) announced Southern MICE Expo 2024, scheduled to take place from May 27 to May 31, 2024. This innovative e

LB Finance updates CIM app

LB Finance celebrated a milestone moment yesterday, with the unveiling of the updated CIM app. This revamped version promises enhanced convenience and security, catering to the evolving needs of modern financial management. Central to the upgrade is the seamless integration of biometric authentication, including fingerprint login, e

Dharini Fernando joins George Steuart Insurance Brokers board

George Steuart Insurance Brokers (Private) Limited (GSIB) announced that Dharini Fernando has joined its board of directors, with effect from April 1, 2024. Possessing ove

HNB announces 2 strategic appointments to board

Sri Lanka’s leading private sector retail bank HNB PLC announced two strategic additions to its board of directors, with the appointment of distinguished banking industry luminaries, S. Renganathan and Nanda Fernando as Independent Non-Executive Directors, marking a significant enhancement to the bank’s governance and strategic direction.

Future Forward with AI

In a rapidly evolving digital landscape, the transformative potential of artificial intelligence (AI) is reshaping industries, economies and societies worldwide. To delve deeper into this tool that is evolving at lightning speed, Mirror Business

Amazon cuts hundreds of jobs in cloud computing unit

BBC: Technology giant Amazon has announced job cuts affecting hundreds of staff at its cloud computing business. Amazon Web Services (AWS) has been growing and now represents 14 percent of Amazon’s total revenue, according to it

SL to roll out preferential policies at faster pace for China

Sri Lanka recently expressed its keenness in luring in investments from China, for which it stands ready to provide a favourable investment and business environment. According

Voice of technology innovators must be heard by governments: Microsoft

Technology company Microsoft Corporation asserted the need for close collaboration with industry bodies across Asia to ensure that the voice of technology innovators are heard by the governments and decision-making bodies. Accordin

Minimum Room Rates a needed market push: Hiran Cooray

Jetwing Hotels Chief Hiran Cooray defended the Minimum Room Rates (MRR) as a necessary market push under the curr

Govt. says focus is now on attracting competitive investments

As Sri Lanka is making progress in its revival efforts, President Ranil Wickremesinghe said the focus now lies in attracting competitive investments. This is will e

Central Bank issues guidelines to establish Business Revival Units

Sri Lanka will likely see fewer businesses collapse from the challenging macroeconomic circumstances, as the financial sector regulator, the Central Bank, instructed the licensed banks to further strengthen the already established revival units.