T-bill auction sees yield continuing to free fall

This week’s Treasury bill auction saw weighted averages yields dropped significantly across all maturities for a third consecutive week. The heavy demand witnessed led to the steep declines, as the total bids received exceeded the offered amount by 2.58 times, Wealth Trust Securities said. The 91-day maturity plunged by 101 basis points to 10.96 percent, while the 182-day maturity dropped by 113 basis points to 11.07 percent and the 364-day mat

Maersk calls for improved efficiency to iron out capacity constraints at Colombo Port

As the Port of Colombo reaches near full capacity, driven by the Red Sea crisis, one of the largest ocean carriers Maersk stressed on improving the efficiency to overcome the possible capacity constraints, to fully benefit from the incoming transshipment traffic. “Sri Lanka benefits from this on-going crisis (on the Red Sea) but we have to be more efficient. We are okay (in terms of capacity) as of now. If this is to continue

Kingsbury posts modest revenue growth in 3Q24

The Kingsbury PLC has maintained its financial performance, with the entity recording profits for the second consecutive quarter. For the quarter ended on December 31, 2023 (3Q24), The Kingsbury PLC saw its revenue increase by 19 percent year-on-year (YoY) to Rs.1.42 billion. In the corresponding period 3Q23, it recorded revenues amounting to Rs.1.19 billion. Sri Lanka witnessed an increase in tourist arrivals month-on-month in 2023, which is hel

Hemas Holdings 3Q earnings expand 126% YoY

Hemas Holdings PLC saw its top and bottom lines for the third quarter ended on December 31, 2024 improve with strong contribution from the learning segment, due to the seasonality effect and the positive impact of efficiency improvement initiatives. For the 3Q24 period, Hemas Holdings Group revenue witnessed a marginal increase of 4.9 percent, standing at Rs.31.2 billion. Its operating profit and earnings registered a growth of 19.6 percent and 1

Top Forum calls on govt. to step up awareness on plastic pollution

By Ishan Sheriffdeen  With Sri Lanka generating over 900 metric tons of plastic waste daily, of which only 5 percent is recycled, the majority ends up in landfills or unregulated dumps. Such plastic waste enters waterways, eventually finding its way into the ocean, impacting aquatic and marine life, and contaminating food chains that affect both land animals and humans. As such, plastic pollution is one of the key environmental challenges for the

Macktiles exports Sri Lankan tiles to Indonesia

Macktiles Lanka (Private) Limited achieved a monumental milestone as Sri Lankan tiles make their debut in the Indonesian market. This historic accomplishment marks a significant shift in the global trade dynamics, with Sri Lanka transitioning from being a net importer to an exporter of premium-quality tiles. “For decades, Sri Lanka has relied on imports from Indonesia for its tile requirements. Today, we are immensely proud to announce that Mackt

IVSL holds 20th biennial session

The Institute of Valuers of Sri Lanka (IVSL) held its twentieth biennial session on January 29, at the Auditorium of the Sri Sambuddathwa Jayanthi Mandiraya, Colombo 5. At this session, the Council Report and the audited financial statements for past four years were presented and adopted by the general membership. The elected Office Bearers and the Members of the Council for the Twenty First Session 2024/2025 are: President Dr. J. N. Hettiarachc

Exterminators to transform pest mgt. industry in South Asia

Exterminators PLC announced it has recently entered a strategic partnership with PestScan B.V. Netherlands and Sentario UK Limited. The company is aiming to transform the pest management industry in South Asia from a chemical-focused industry to a technology-focused industry by adapting cutting-edge AI-powered digital pest management solutions. It is the exclusive distributor of PestScan’s digital pest management software for India, Sri Lanka, a

Laubscher appointed Independent Director

Exterminators PLC, announced it has appointed digital pest technologist Jacob Carel Laubscher as an ‘Independent Director’, effective January 24, 2024. This decision reflects the company’s commitment to staying at the forefront of technological advancements in the pest management industry and ensuring the highest level of expertise in its leadership team. Jacob brings a wealth of knowledge and expertise to our organisation. His background in me

Plasticcycle removes over 1 MT of plastic waste from sea beds

Plasticcycle, the social entrepreneurship project of the John Keells Group & The Pearl Protectors (TPP), held the official partnership ceremony of the “Cleaner Seabeds for Sri Lanka Expedition” on 30th January. The ceremony was aligned with the 21st dive at the Palagala North Reef in Dehiwala and included an awareness session for the invitees about the diving and clean-up process, safety standards maintained by the PADI-certified volunteer diver

DFCC Remittances cements position as premier choice for inward remittances

DFCC Remittances has continued to serve the Sri Lankan diaspora by providing seamless, secure, fast, and affordable inward remittances to Sri Lanka. It reflects DFCC Bank’s dedication to providing convenient financial solutions for the global Sri Lankan community, enabling individuals worldwide to effortlessly remit funds to their loved ones in Sri Lanka. Operating in collaboration with 11 partner banks, DFCC Remittances ensures a swift and secu

Continental strengthens manufacturing footprint of specialty tyre production

Continental is expanding the global manufacturing footprint of its Specialty Tyre business area in Sri Lanka and signed an agreement with the BOI valued 13 million euro by further enhancing local pre-production capacities. This ensures an optimized manufacturing process and limits cross-country dependencies in the logistic supply chain. Continental will be investing around 13 million euros over the next three years, creating around 200 addition

Sri Lanka to launch first-ever apparel roadshow in UK

The Sri Lanka Export Development Board (EDB), along with SLASA, the Sri Lanka High Commission in the UK, and JAAF, will host the ’Sourced Sri Lanka – Textile & Apparel Roadshow’ in London in June 2024.

Mirror Biz Toon

Consumer food makers witness margin growth amid decreasing input costs 

Consumer food manufacturers are experiencing a gradual increase in profit margins as raw material and ingredient prices decline...

Outdated maritime laws hampering Sri Lanka’s hub goals: Dr. Gunasekara

Sri Lanka’s aspirations to become a maritime hub are facing setbacks due to delays in ratifying crucial maritime conventions and updating national legislation, according to a prominent maritime law expert.

Foreign Minister urges biz community to take lead in ensuring policy consistency

Foreign Minister Ali Sabry urged Sri Lanka’s business community to step up efforts in demanding and ensuring policy consistency...

Foreign exchange controls to be lifted gradually

The Cabinet greenlighted the proposal to gradually lift some restrictions imposed on rupee conversions for outward remittances ...

Royal Ceramics 3Q earnings up 157% YoY

Porcelain and ceramic manufacturer, Royal Ceramics Lanka PLC Group (RCL) saw its revenue for the quarter ended ...

Spending on discretionary food yet to recover as consumers still under pressure

Consumer spending has increased in recent times due to easing inflation and interest rates. However, spending on discretionary...

Foundation for Environment cleared from EPF payment obligations

In a recent legal ruling, the Court of Appeal concluded that the entity identified as the Foundation for Environment, Climate and...

Private credit surges past Rs.100 bn mark

Credit to the private sector witnessed a significant surge, surpassing the Rs.100 billion mark in December of the preceding...

EDEX Expo 2024 to empower youth with education, innovation and sustainability

EDEX Expo 2024, the country’s largest, longest-running and premier education exhibition and job fair, will take place from February....

Introducing Ask QX: World’s first hybrid generative AI fluent in South Asian languages

Generative artificial intelligence (AI) tools have a brand-new competitor in town, only it can respond to you in a host of South Asian....

AICPA & CIMA Career Day on Feb. 12 at Shangri-La

The AICPA & CIMA Career Day, scheduled for February 12, 2024, at Lotus Ballroom, Shangri-La Colombo, stands as a beacon...

InterMedia Web continues impactful approach to drive digital transformation in Sri Lanka

InterMedia Web, a digital solutions company based in the heart of Colombo, is continuing to make its mark in delivering cutting-edge....

Dialog and Samsung launch highly anticipated Samsung Galaxy S24 series

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in collaboration with Samsung Sri Lanka, announced the launch...

Central Bank’s new RTGS system to go live within 1Q24

Marking a key milestone in the country’s payment industry, the Central Bank’s new real-time gross settlement (RTGS) system....

HNB-LIIN partner to create access to private equity for SMEs

The National Advisory Board for Impact Investing in Sri Lanka (NABIISL), operating under the auspices of Lanka Impact Investing....

People’s Bank, George Steuart Solutions join forces to promote solar energy

In a strategic move towards sustainable energy solutions, People’s Bank and George Steuart Solutions (Pvt.) Ltd (GSS) entered...