Loan defaulters push for extended parate suspension

The loan defaulters, who were recently successful in putting the parate rights on hold, yesterday made a fresh appeal to the authorities, urging them to extend the suspension for three years.

Sri Lanka grappling with severe clove production decline

Sri Lanka is currently experiencing a severe decline in clove production, Mirror Business learns. The experts attribute the downfall to the heavy rainfall towards the end of August last year, causing premature shedding of the clove buds. Consequently, the seasonal cultivation cycle, which was anticipated to commence between December and January, has been adversely affected.

Consumer confidence marks slight improvement in February

The consumer confidence in Sri Lanka saw a slight improvement in February. According to the Institute for Health Policy (IHP), this is driven by a recovery of the public expectations of the country’s situation in the next 12 months, coupled with the recovery of the buying conditions.

Hutch covers 95% percent rural schools, 95% country’s population: CEO

In a groundbreaking initiative, Hutch recently declared the coverage of 95 percent of schools in rural provincial areas and 95 percent of the country’s population. To positively impact children and the education sector, Hutch has taken a step forward by distributing 130 electric bicycles (e-bikes) through an exclusive partnership with the Ministry of Education to rural schools and their staff across Sri Lanka. Saumitra Gupta, CEO of Hutchison T

Dialog partners SLIM to launch ‘SLIM Dialog Brand Week 2024’

Dialog Axiata PLC and the Sri Lanka Institute of Marketing (SLIM) have announced the launch of SLIM Dialog Brand Week 2024, a three-day symposium focused on the theme ‘What is Yet to Come’ in the context of brands, commerce and emerging technologies in Sri Lanka and around the world. The transformative event set to be held at Waters Edge from March 13th to 15th, aims to bring together Sri Lanka’s marketing professionals to inspire, educate and

Enterprise Analytics recognized as ‘IFS Services Partner of the Year’ again

Enterprise Analytics (EA) was recently recognized as the IFS Services Partner of the Year 2023 at the IFS Partner of the Year Awards. This is the second consecutive year EA has been recognized as the IFS Services Partner of the Year. The event, which was held in conjunction with IFS SaKo 2024, was held in London, UK. Eranda Maldeniya, Director of Enterprise Analytics said, “This achievement would not have been possible without their relentless e

Cleantech partners CodeGen for electronic waste disposal

Cleantech (Pvt) Ltd recently announced their partnership with CodeGen International for the responsible disposal of electronic waste (e-waste) for Vega Innovations, Codegen, Elektrateq, and Voltmotive. It reinforces Cleantech’s commitment to offering environmentally friendly solutions for the IT industry and its ongoing pursuit of a more sustainable future for Sri Lanka. Rukitha Nanayakkara, CEO of Cleantech (Pvt) Ltd said, “E-waste contain

Call for upward revision of Exit Offer

This is an open letter to the Chairman Bokuto Yamauchi and Chief Executive Officer Hanif Yusoof of Expolanka Holdings Pte Ltd., on delisting of shares. The company Expolanka Holdings Pte Ltd made an announcement on 1st March 2024 of the board’s decision to delist the company from the Colombo Stock Exchange with a view to accommodate the international    expansion of operations. I wish the company all the very best in their future endeavours. Howe

ComBank opens first ‘DigiZone’ experience centre at Wellawatte branch

The Commercial Bank of Ceylon has opened its first ‘DigiZone’ at the bank’s Wellawatte branch. The DigiZone is intended to be a familiarization centre for customers to get acquainted with digital banking and get hands-on experience with the help of the bank’s Digital Assistants if necessary. It is equipped with WiFi-connected computers and free WiFi for customers’ mobile devices, to enable visitors to experience the bank’s digital apps, register

AICPA and CIMA recognise Sri Lanka’s 20 Top Employers

AICPA & CIMA, together as the Association of International Certified Professional Accountants, revealed the names of the most attractive companies for accounting and finance professionals in Sri Lanka in their 2024 Top Employers list. AICPA & CIMA’s Top Employers list was created to recognise companies, which proactively support the development of the accounting and finance profession in Sri Lanka and help them build thriving careers. They were r

People’s Bank-IFC strengthen MSMEs, women entrepreneurs

People’s Bank, in collaboration with the International Finance Corporation (IFC), is working towards strengthening the financial awareness and financial literacy of the micro, small and medium-sized enterprises (MSMEs) and women entrepreneurs by coordinating a series of special customer awareness programmes and women entrepreneurship development programmes. These programmes were conducted in areas, including Anuradhapura, Polonnaruwa, Kegalle, P

Business conditions improve to highest levels in 4Q23 since 1Q22: CB

Sri Lanka’s business conditions improved to the highest levels in the fourth quarter of last year, since the first quarter of 2022, according to the Central Bank’s (CB) Business Outlook Survey for 4Q 2023. However, the index remained below 100, at 93, reflecting the subdued business conditions. In the quarter, demand and sales revenue is expected to have improved in 4Q 2023, while capacity utilisation and investment has also increased. In terms o

Yeezy fiasco helps push Adidas into loss as US sales continue to fall

CNN: Adidas has slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, falling sales in North America and a huge tax bill. The German sportswear giant posted a net loss of 58 million euros (US $ 63 million) in its core business in 2023, as revenue was hurt by lower sales of Yeezy-branded clothing and sneakers, while its tax burden shot up. “We didn’t have a great year in 2023,” Chief Financial Officer Harm Ohlm

Solar Forge secures bid to commission 100MW solar plant in Batticaloa

The Cabinet nod has been granted to award the contract to commission a 100MW solar power plant in Oddamawadi, Batticaloa, on a build, own and operate basis (BOO), to Solar Forge Batticaloa. Power and Energy Minister Kanchana Wijesekera this week sought the approval of the Cabinet of Ministers to award the project to Solar Forge Batticaloa, on a BOO basis for a 20-year operating period. Solar Forge Batticaloa expressed interest to commission this

Kavan Ratnayake appointed as BOC Chairman

Top professional Kavan Ratnayake has been appointed as Chairman of the state-run Bank of Ceylon (BOC), the bank announced yesterday. In a filing to the Colombo Stock Exchange, BOC said the new chairman would take over his duties with effect from today (14). Ratnayake takes over the position from Ronald C. Perera, PC, who stepped down as Chairman yesterday. Ratnayake had earlier served as Chairman of the Sri Lanka Ports Authority, Sri Lanka Touri

Auction yields continue to sail northward

The secondary market witnessed a day marked by subdued sentiment, attributed to limited activities and thin trading volumes. Notably, the short to mid tenures, including 15.12.26, 01.05.27 and 15.12.28, enticed trades at 11.29 percent, 11.90 percent and 12.18 percent, respectively. Meanwhile, at the weekly T-bill auction held yesterday, the Central Bank partially accepted Rs.167.3 billion from the total of Rs.180.0 billion offered, whilst the au

HNB wins Asian Banker Best Retail Bank award

HNB PLC reaffirmed its dominant leadership position, after being ranked as Best Retail Bank in Sri Lanka for the 14th year at Asian Banker Global Excellence in Retail Financial...

Five governments to curb agriculture’s toxic impacts

The governments of Ecuador, India, Kenya, Laos, the Philippines, Uruguay and Vietnam have come together to launch a US $ 379 million initiative to combat pollution from the use of pesticides....

Backbay commissions 2 solar plants in East

Backbay Solar (Private) Limited commissioned two megawatt (MW) ground-mounted solar power plants in Kommathurai, Batticaloa, recently, which are part of the 1X90 SBS II solar tender under....

Sanasa-PULA introduce index-based agri-insurance solutions

Sanasa General Insurance Co. Ltd and PULA, an agricultural insurance and technology company, recently signed a memorandum of understanding (MoU) that will help strengthen....

Backbay commissions 2 solar plants in East

Backbay Solar (Private) Limited commissioned two megawatt (MW) ground-mounted solar power plants in Kommathurai, Batticaloa, recently, which are part of the 1X90 SBS II solar tender under the Ceylon Electricity Board. Backbay Solar is managed by Sino Lanka Power Gen, a leader in commercial rooftop solar installations, with approximately 50MW of projects completed or undergoing development. Sino Lanka Power Gen meanwhile is a subsidiary of Orbita

Talawakele Tea Estates sets global gold standard in plantation innovation

Talawakele Tea Estates PLC (TTE), a company that stands as one of the jewels in the crown of Sri Lanka’s tea sector, continuously sets the gold standard in employee empowerment....

Five governments to curb agriculture’s toxic impacts

The governments of Ecuador, India, Kenya, Laos, the Philippines, Uruguay and Vietnam have come together to launch a US $ 379 million initiative to combat pollution from the use of pesticides and plastics in agriculture, the United Nations Environment Programme (UNEP) said. Chemicals play a crucial role in farming, with nearly four billion tonnes of pesticides and 12 billion kilogrammes of agricultural plastics used every year. Despite their benef

Korea identifies good agricultural practices for Sri Lanka

The good agricultural practice (GAP) manuals and consulting report developed as part of a project for the modernisation of the plant quarantine system of Sri Lanka, with the Korea International...

Transfer pricing and customs valuation considerations in Sri Lanka

Transfer pricing is a concept that is of increasing importance to businesses, especially those with cross-border intercompany transactions. As international...

Port City Colombo breaks ground for premier business park

The Port City Colombo yesterday had its ground breaking ceremony for its premier business park, the Business Center. Port City Colombo...

Draft legislation to suspend parate rights of banks receives nod

Despite repeated warnings by banks, the Cabinet approved the draft Recovery of Loans By Banks (Special Provisions) (Amended) Act to suspend parate rights of banks until 15th of December...

SL tourism to improve focus on quality of experience, says Harin

As Sri Lanka is looking towards the tourism sector to help improve the current economic condition, Tourism Minister Harin Fernando said active efforts are being rolled out in ensuring the quality....

Spice industry expresses concern over import suspension

The government’s decision to suspend the import of several spices including pepper for re-exports is a major setback for the Sri Lankan spice industry, the Spice Council said. Speaking....

13.03.2024

12.03.2024