Jan. export dips marginally, but surpasses expectations

Sri Lanka’s export sector started 2024 on a subdued note, with revenues not reaching the US$ 1 billion mark. Despite....

Bondholder agreement delay unlikely to affect IMF review: Coomaraswamy

A potential delay in securing an agreement-in-principle (AIP) with Sri Lanka’s private bondholders is unlikely to impact the second review of the International Monetary Fund (IMF) programme, former Central Bank Governor Dr. Indrajit Coomaraswamy said.

Visa free travel to enhance tourism industry potential

Tourism in Sri Lanka is on a high growth trajectory following a boost in the country’s potential as a must-visit destination.

Colombo Plan to further expand maritime sector

Dr. Benjami Reyes, the Secretary General of Colombo Plan (CP) met with the Saudi Arabian Ambassador to Sri Lanka Khalid Hamoud Alkahtani recently to discuss further cooperation in the maritime sector as a member country of the Colombo Plan.

Dull sentiment extends in secondary market

The secondary market yield curve remained broadly unchanged, with activities in the market continuing to remain subdued, as the investors adopted a wait-and-see approach followed by thin volumes. However, amidst slight buying interest, the 2028 maturities, 01.07.2028, 01.09.2028 and 15.12.2028, enticed trades between 12.25 percent-12.20 percent. On the external side, the rupee continued to appreciate against the greenback, closing at Rs.309.1.

Sri Lanka Telecom records Rs.3.9bn loss in FY23

State-run Sri Lanka Telecom (SLT) saw its performance dampen for the financial year ended on December 31, 2023. The interim financial statements filed to the Colombo Stock Exchange showed that the group recorded a loss of Rs.3.9 billion, contrasting sharply with the profit of Rs.4.8 billion recorded in 2022, which is a staggering decline of 182.3 percent. SLT and Mobitel individually reported losses of Rs.1.1 billion and Rs.3.6 billion for the

Puttalam district records highest multidimensional vulnerabilities

The Puttalam district in the Northwestern province has recorded the highest value for multidimensional vulnerabilities, recent data from the United Nations showed. According to the Multidimensional Vulnerability Index (MVI) District Profiles launched by the United Nations Development Programme (UNDP) yesterday, the MVI value in Puttalam soared at 0.288, surpassing the national average of 0.206. The MVI is an indicator that attempts to capture

Dr. Hans Wijayasuriya receives GSMA Chairman’s Award

Axiata Group Berhad Chief Executive Officer Telecommunications Business and Group Executive Director Dr. Hans Wijayasuriya was honoured with the GSMA Chairman’s Award, at the recently concluded Mobile World Congress held in Barcelona, Spain. The most prestigious award of the GSMA, the governing body of the global mobile industry, is the Chairman’s Award. It recognises outstanding contribution by individuals and organisations towards the advanceme

Neranjan appointed as Just In Time Group CEO

Just In Time Group (JIT), the leading provider of innovative systems integration solutions in Sri Lanka, announced the appointment of Neranjan Dissanayake as its Chief Executive Officer, effective January 31, 2024. A graduate of the University of Moratuwa, with a B.Sc. Eng. (Hons) in Electronics and Telecommunications, Dissanayake, who is the current President of the Cloud Security Alliance Sri Lanka Chapter, first joined JIT in 2022 as Chief Te

Damaged Red Sea cables disrupt internet traffic

CNN: Damage to undersea cables in the Red Sea is disrupting global telecommunications networks and forcing internet providers to reroute as much as a quarter of traffic between Asia, Europe and the Middle East. Cables belonging to four major telecoms networks have been “cut” causing “significant” disruption to communications networks in the Middle East, according to Hong Kong telecoms company HGC Global Communications. HGC estimates that 25 perce

CMTA delegation meets Indian State officials

The Ceylon Motor Traders Association (CMTA) on the invitation of the Society of Indian Automobile Manufacturers (SIAM) met Indian government officials recently to discuss ways to revive Sri Lanka’s automotive sector. Charaka Perera, Chairman of CMTA and Virann de Zoysa, Senior Vice Chairman of CMTA, met with key SIAM representatives, including Atanu Ganguli, Excutive Director and Pooja Nagpal, Executive Officer, Policy Advocacy at SIAM. A highl

Serendib Flour Mills celebrates 15-year journey

Serendib Flour Mills (SFML) commenced commercial operations in 2008 and for over 15 years has been driven by unwavering efforts to uplift the standard of living of all Sri Lankans with the finest wheat flour products, combining technological excellence and superior after sales service. As part of fulfilling its purpose, SFML has implemented robust food security measures to always guarantee an uninterrupted supply of wheat flour. Furthermore, the

Two apparel industry personalities join Teejay Lanka board

Teejay Lanka PLC has announced the appointment of two eminent apparel industry personalities, Bill McRaith and Shrihan B. Perera as independent, non-executive directors, effective 1st March 2024. Bill McRaith was in his last appointment, Chief Supply Chain Officer at PVH Corp., the American clothing company that owns brands such as Tommy Hilfiger and Calvin Klein. A native of Scotland and an Honorary Professor of Glasgow Caledonian University, M

HNBGI partners with SampathCards to make insurance trouble-free

HNB General Insurance announced a collaborative partnership with Sampath Bank to offer customers 12-month 0 percent interest payment plans on both motor and non-motor insurance policies. This marks HNB General Insurance’s collaboration with a non-group member bank, significantly expanding its reach and making insurance more accessible for a wider audience across Sri Lanka. Through this partnership, Sampath Bank credit cardholders can now enjoy t

SL apparel sparkle in Las Vegas

Export Development Board (EDB) in collaboration with Sri Lanka Missions in the USA, organised the Sri Lanka country pavilion at Sourcing at Magic Exhibition, in Las Vegas, USA recently with the participation of 11 Sri Lankan companies. Sourcing at ‘Magic Las Vegas’ is one of the world’s largest fashion marketplaces with a high-energy fashion experience, which is held biannually in February and August,at the Las Vegas Convention Centre. Timex Ga

Navigating turbulent seas: How geopolitical tensions shape tourism

Geopolitical tensions wield a profound influence on the global landscape, affecting various sectors, including tourism. As nations navigate diplomatic disputes, conflicts, and geopolitical shifts, the ramifications extend to the tourism industry, shaping traveler behavior, destination preferences, and market dynamics. Geopolitical uncertainties can disrupt travel patterns, deter tourists from visiting certain destinations, and alter the perceptio

Pearl Bay receives European Health Standard Certification

SplashBay @ Pearl Bay, the water leisure park in Bandaragama has secured the European Health and Safety Standard Certification from TÜV NORD on the occasion of its first anniversary celebration. A member of the David Pieris Group, Pearl Bay seamlessly integrates a water park, an FIA/CIK certified leisure and professional karting track, and additional attractions like an air rifle range and an archery bay. This certification not only marks a sign

Determinants of Executive Salaries and Benefits

With Justice Minister Dr. Wijeyadasa Rajapakshe insisting that salary increments for the public sector must be done in consultation with the Finance Ministry after a recent controversy, there is interest as to how executive pay and perks should and must be structured and how to put together a compensation philosophy, fix salaries for new and existing employees, design a pay mix, and structure short or long-term incentive plans, and also the use o

January construction activity exceeds neutral threshold

Sri Lanka’s construction sector for the first time saw its activity exceed the neutral threshold since January 2022.

Ceylon Electricity Board ends FY23 with massive profits

The financial performance of the Ceylon Electricity Board (CEB) is largely positive as it ended the financial year 2023 with a massive profit.

NSB GM receives APB honours

The Association of Professional Bankers (APB) felicitated National Savings Bank (NSB) General Manager and CEO Shashi Kandambi...

Union Bank FY2023 performance steadfast

Union Bank recorded a steadfast performance during FY2023, with an improved core banking performance with an 18 percent,....

Nations Trust Bank demonstrates steady performance in 2023

Nations Trust Bank (NTB) reported strong performance to close the financial year ending on December 31, 2023, demonstrating....

NDB introduces Privilege Junior Savings account

As a trailblazer in Privilege Banking, NDB Bank introduces its latest innovation, Privilege Junior Savings. This exclusive ....

New appointment to Janashakthi Life board

Janashakthi Life, a member of the Janashakthi group, announced the appointment of Dilip de S. Wijeyeratne as an Independent, Non-Executive...

Special rates from BOC for Women’s Day

Long-term champions of women’s empowerment through financial independence, Bank of Ceylon (BOC) marks the International Women’s Day....

ComBank with IFC develops MSMEs’ skills

Commercial Bank of Ceylon conducted 27 skills development programmes for micro, small and medium enterprises (MSMEs)...

Sri Lanka’s appeal as tourist hotspot grows stronger

Tourist arrivals to the island nation surpassed the 200,000 mark for the third consecutive month this February, affirming Sri Lanka is regaining its position as a sought-after destination among its key source markets.

Government unveils three-year plan to combat public sector corruption

The government has formulated a three-year action plan to tackle deep-rooted corruption in the public sector based on IMF’s...

Rising imports signal growing economy, may pressure currency

Merchandise imports appear to be getting a lift from the rising consumer spending and a recovering economy, which could...