Sri Lanka’s February tourist arrivals cross 60,000 mark in first eight days

The tourist arrivals to the island nation crossed the 60,000 mark in the first week of February, indicating improved interest in the destination.

Prof. Siva urges Sri Lankan expatriates to invest in nation’s youth

A prominent American academic of Sri Lankan origin, Prof. Siva Sivanathan, called on Sri Lankan expatriates to be part of Sri Lanka’s growth story by contributing a portion of their earnings to the island nation’s children and youth.

Socomec India enters SL as part of strategic expansion plans

Socomec India, a leading global specialist in low voltage (LV) power management, shared plans to venture into the markets of Sri Lanka, effective immediately. The Chennai-headquartered French powerhouse said the strategic move consolidates into a unified business entity, marking a significant milestone for Socomec India and opening up new opportunities for business growth. Speaking on the expansion, Socomec India Managing Director Meenu Singhal

MSMEs accuse Central Bank of misleading government on parate execution standoff

The Sri Lankan Micro Small and Medium Chamber of Commerce continues to remain irked with the Central Bank for its strong position on parate execution and this time took a step further by alleging the governor is misleading the government and public in this regard. The chamber asserted that Central Bank Governor Dr. Nandalal Weerasinghe is painting the wrong picture regarding the execution data, w

Exterminators appoints Dr. Kishu Gomes as Chairman

Exterminators PLC, Asia’s first publicly listed and Great Place to Work-certified pest management and environmental enhancement technology company, announced the appointment of Dr. Kishu Gomes as its Chairman, with effect from February 8, 2024. Dr. Gomes is a corporate leader with a track record, having held leadership positions in both multinational corporations and local conglomerates. “His tenure as Chairman of Exterminators PLC is a signifi

Chocolate: Cocoa price hits record high as El Niño hurts crops

BBC: Global cocoa prices have hit a fresh record high as dry weather hurts crops in West Africa. Cocoa prices on the New York commodities market reached a new all-time high of US $ 5,874 (£4,655) a tonne on Thursday. The cost of the key ingredient for making chocolate has now roughly doubled since the start of last year. Soaring cocoa prices are already filtering through to consumers and squeezing major chocolate makers. On Thursday, one of the w

President Wickremesinghe engages with SL diaspora in Perth on economic modernisation plans

President Ranil Wickremesinghe convened with the members of Sri Lanka’s diaspora community in Perth yesterday morning. During the meeting, Wickremesinghe provided an update on the nation’s recovery efforts and discussed strategies for modernising the economy. Throughout the discussions, the diaspora voiced their eagerness to assist the government in advancing economic development across various sectors such as climate change and tourism. Addition

Colombo Tea Auction sees volumes contract this week

The offering at the Colombo Tea Auction this week totalled 4.7 million kilogrammes, which was a significantly lower volume from the 5.8 million kilogrammes on offer the previous week. Once again, notwithstanding the volatility and appreciation of the Sri Lankan rupee vis-à-vis the US dollar, the tea prices remain reasonably strong, perhaps in the backdrop of declining volumes, Forbes and Walker Tea Brokers said. The Ex-Estate offerings totalled

Treasury Bills plunge raises concerns over potential negative real yields

The sharper fall in bill yields in last couple of weeks, and specially the plunge seen at this week’s primary auction has sparked concerns. Worry persists on the possibility of the bills no longer being an asset class which could offer investors the real positive yield which they once enjoyed in the comfort of holding a relatively safer asset cl

Banks welcome move to ease Standing Facilities restrictions

Sri Lanka’s banking sector yesterday welcomed the move by the Central Bank to relax the restrictions imposed on Standing Facilities to Licensed Commercial Banks (LCBs) under Open Market Operations (OMOs) as it will help improve liquidity. Sri La

CEB inks US$ 132mn power purchase agreement with Rividhanavi

The Ceylon Electricity Board (CEB) and Rividhanavi (Pvt) Ltd. entered into a US$132 million power purchase agreement yesterday for a 100 MW ground-mount solar project in Siyambalanduwa. The agreemen

Vidullanka PLC nets nine-month Profit After Tax of Rs. 1.05 bn 

Vidullanka PLC reported earnings of Rs. 1,057 million from revenue of Rs. 4.3 billion during the nine months ended on 31 December 2023. The company’s financial statements published on the Colombo Stock Exchange showed a 37 percent increase in profits and a 48 percent increase in revenue between the same period in 2022 and 2

Revitalising Sri Lanka: Transformative changes in food labelling for health and wellness

To propel Sri Lanka towards a healthier future, ensure sustainable food practices and foster mindful eating habits for the wellbeing of generations to come, a transformative shift in our approach to food labelling is imperative. An impactf

Abans’ ‘Tiken Tika Pay’ scheme to provide relief for customers in challenging times

In the midst of economic uncertainties and challenging times, Abans, a renowned leader in home appliances, electronics, s

The Body Shop Sri Lanka launches Vitamin E skincare range

Original British-born, ethical beauty and personal care brand, The Body Shop, unveiled an all-new vegan Vitamin E range at an event at The Body Shop store on Bagatalle Road, Colombo. The Body Shop’s

Sanasa Life Insurance named as a Great Place to Work-certified company

Great Place to Work Certification is a Gold standard that can be earned by continuously working towards recognising and en

SLASSCOM to host People Summit 2024

SLASSCOM’s People Summit 2024, bringing together industry leaders and HR professionals for a day of exclusive insights, collaboration and strategic planning, will serve as a pivotal resource for HR professionals to navigate the complexities of talent ma

Tokyo Cement 3Q earnings dampen with construction sector slowdown

Tokyo Cement Group saw its earnings for the third quarter ended 31 December 2023 (3Q24) contract by 64.8 percent Year-o

Vidullanka nets Rs. 1.05 bn nine-month PAT

Vidullanka PLC reported earnings of Rs. 1,057 million from revenue of Rs. 4.3 billion during the nine months ended on 31 December 2023. The company’s

Concerns mount over possible negative real yields after plunge in bill yields

The sharper fall in bill yields in last couple of weeks, and specially the plunge seen at this week’s primary auction has sparked concerns.

WindForce declares Rs. 1.35 bn dividend for FY 23/24

Renewable energy player WindForce PLC announced it will be paying out a dividend of Rs. 1 per share, amounting to a total dividend payout of Rs. 1.35 billion. With this recent

DeltaSpike appoints Edwin Lim as Global CEO

DeltaSpike, a leading cyber security services provider headquartered in Singapore, appoints Edwin Lim as Global CEO.

Foreign reserves grow shy of US$ 100 mn in January

Gross official reserves held by the Central Bank continued to build up as increased current account inflows in recent times mostly helped it to remain a net buyer of foreign currency from the domestic banking system.

Central Bank relaxes restrictions imposed on standing facilities

Monetary Board relaxes restrictions imposed on the Standing Facilities to Licensed Commercial Banks (LCBs) under Open Market Operations (OMOs).

SL finance and leasing industry’s operative environment to remain stable: Fitch

The operating environment for the Sri Lankan finance and leasing company (FLC) industry is expected to continue to stabilise, following the inflation and interest rate shocks over the past two years, Fitch Ratings said yesterday.

Cabinet nod to import up to 15,000 tonnes of cashew nuts this year

The Cabinet nod has been given to import up to 15,000 tonnes of cashew nuts in shell this year, as the cashew harvest halved to 12,500 tonnes.

Prez pledges debt restructuring framework within six months

As Sri Lanka strives to come out of its debt vulnerability, the government assured efforts are underway to implement a debt restructuring framework within the first half of the year 2024. President Ranil Wickremesinghe, while detailing out the progress achieved in the nation’s economy since he took leadership, noted that the restructuring plan is poised to form the foundational framework for restoring Sri Lanka’s economy to normalcy. “It will ser

Lighthouse Hotel 3Q revenue surges 82% YoY

The Lighthouse Hotel PLC (LHL) saw its revenue in the third quarter for the financial year ending 2024 (3Q24) surge 82 percent year-on-year (YoY) to Rs.357.7 million, from Rs.195 million recorded in the corresponding period of the previous year. For the period under review, the entity saw its cost of sales contract by 22 percent YoY to Rs.76 million, bringing the gross profit to Rs.281 million. The marketing and promotional expenses expanded by 6

India’s interest in SL’s SOEs continues

India continues to show interest in Sri Lanka’s state-owned enterprises (SOEs). The majority of the bidders for the government-owned Canwill Holdings (Pvt.) Ltd are from the neighbouring giant. While a total of six companies have prequalified as bidders for the divestiture of the government’s shares in Canwill Holdings, five are from India and one is from Sri Lanka. The State-Owned Enterprises Restructuring Unit of the Finance Ministry shared tha

Secondary bond market rally continues

The secondary bond market yesterday started off on a strong note, with a rally that saw aggressive buying, pushing yields to fresh lows. Sizeable volumes transacted. According to Wealth Trust Securities, this was against the backdrop of positive remarks shared by President Ranil Wickremesinghe while presenting the government’s policy statement in Parliament. However, subsequent to the release of the Treasury bill auction results, some profit-ta