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...

PB achieves 50,000 YouTube subscribers

The YouTube channel of People’s Bank has reached a key milestone by garnering 50,000 subscribers, which is the highest....

ComBank LEAP GlobalLinker partners with IDB to support SMEs

Commercial Bank of Ceylon has launched a new initiative to support small and medium-sized enterprises (SMEs) via a partnership....

Seylan Bank-Emojot provide QR-based customer feedback, complaints management solution

In a bid to set new industry standards in customer service excellence, Seylan Bank partnered with Emojot, a global technology...

AIA Insurance partners WCIC’s Women Entrepreneur Awards

AIA Insurance, Sri Lanka’s Most Respected Insurer (LMD and NielsenIQ), proudly announces its strategic partnership...

Sri Lanka tourism booms in January

Sri Lanka’s tourism industry marked a resounding start to the new year by receiving more than 200,000 international visitors throughout the month of January.

Sri Lanka Ports Authority to get fresh boost with US backed capacity development programme

Sri Lanka Ports Authority (SLPA) will see its technical proficiency elevated with the Colombo Plan kicking off a capacity development programme with funding from the US Embassy. The programme aims to advance “smart” operations at the Port of Colombo and help position it as a crucial regional hub in South Asia. Accordingly, the Colombo Plan and Sri Lanka Ports Authority signed a letter of intent at a launch event last week. A Memorandum of Underst

Oneworld reaches 25-year milestone

The oneworld alliance on 1 February celebrated 25 years of delivering an exceptional and seamless travel experience to its customers worldwide, with a member airline flight taking off or landing somewhere in the world every six seconds, 24 hours a day, seven days a week. Since 1999, the alliance has flown nearly nine billion customers on its member airlines, connecting them with friends, loved ones and different cultures around the globe. Launc

Maritime leaders urge collective action for Indian ocean sustainability

Key maritime sector stakeholders and experts emphasized on collaborative and collective efforts to enhance sustainability, security, ocean conservation and maritime law to meet evolving challenges while harnessing emerging opportunities in the vibrant maritime region of the Indian Ocean. The Indian Ocean Strategic Research Centre (IOCSRC) in collaboration with Women in Logistics and Transport (WiLAT) has initiated the much-nee

SEC introduces social media misconduct reporting mechanism

The Securities and Exchange Commission (SEC), the regulator of the capital market, has introduced a system to report instances of misconduct on social media that could potentially affect the Colombo Stock Exchange. With the rapid evolution of communication channels and the increase of social media influence in the financial markets, the SEC said it has recognised the need for proactive measures to identify and address the potential social media w

Singer Sri Lanka profits soar on higher revenues, easing interest rates

Singer Sri Lanka PLC reported some solid top and bottom line performances in the three months ended in December 2023, as the company saw the demand for many of its consumer durable product lines returning quite strongly while the softening interest rates helped the company to lower its finance cost. Singer Sri Lanka, the country’s largest consumer durables retailer, reported revenues of Rs.26.77 billion in the October-December quarter, the compan

Ceylon Tobacco Company appoints Harin de S. Wijeyeratne as Board Director

Ceylon Tobacco Company PLC (CTC) announced the appointment of distinguished corporate leader Harin de S. Wijeyeratne as an Independent Non-Executive Director to its board, effective February 1, 2024. With this appointment, the CTC board of directors will now comprise Chairman Suresh Shah, Managing Director Monisha Abraham, Kushan D’Alwis, Gary Tarrant, Rumana Rahman, Stuart Kidd, Towhid Akbar and Harin de S. Wijeyeratne. Wijeyeratne is an Associ

Industry veteran Saifudeen Jafferjee new Chairman of JAAF

CIC Holdings 3Q24 revenue up 30.4% YoY

Diversified conglomerate CIC Holdings PLC, for the quarter ended on December 31, 2023 (3Q24), saw its revenue expand 30.4 percent year-on-year (YoY) to Rs.25.36 billion. In the corresponding period (3Q23), the company reported a revenue of Rs.19.45 billion. The entity has its roots deeply embedded in the agriculture and livestock industries. The segment-wise analysis shows that the revenues of crop solutions, agri produce and health and personal

Sri Lanka ends 2023 with highest BOP surplus in six years

Sri Lanka closed 2023 with its first balance of payment (BOP) surplus in four years and the highest since 2017, as the country recorded a positive balance in the external account of US $ 2,826 million last year. This is in comparison to the deficit of US $ 2,806 million recorded in 2022, when the country fell into its worst economic crisis caused by the shortage of foreign currency. The last time the country recorded a positive BOP was back in 20

Foreigners show renewed optimism in Sri Lankan gilts

The foreign investors were adding Sri Lankan government securities into their holdings in the last couple of weeks, reversing a recent sell off seen in the middle of January. According to the data, the foreigners had added Rs.5,470 million worth of treasury bills and bonds in the last two weeks, at Rs.3,636 million and Rs.1,834 million, respectively, bringing the total foreign holdings of rupee treasuries to Rs.114,413 million. For the year howev

December sees surge in credit card expenditures, signalling rebound in consumer spending

The credit card activity, which remained anemic for a prolonged period, appears to have broken its trend and set off to potentially a robust run of spending in the period ahead.

INSEE Cement become first in SL to receive EPD for products portfolio

INSEE Cement has made history by becoming the first company in Sri Lanka to receive Environmental Product Declarations (EPD) for its comprehensive product portfolio. An EPD is an internationally recognised standard that offers comprehensive, standardised and third party verified information regarding the environmental performance of products throughout their lifecycle. INSEE Cement’s diverse range of cement and cement-related products has underg

Prime Group felicitates MAGA for successful completion of ‘The Grand’ project

Prime Group has marked a significant milestone with the felicitation of MAGA Engineering, the main contractor for the ultra-luxurious residential project, ‘The Grand’ Ward Place, Colombo 07. At a ceremonial gathering, Prime Group Chairman Premalal Brahmanage presented M. G. Kularatne, Chairman & Managing Director, MAGA Engineering, a retention payment, in accordance with ‘Sub Clause 11.8 of the Conditions of Contract’ certifying the Contractor ha

ICC’s ‘The Residencies Kotte’ reaches two key milestones

The Residencies Kotte, another ground-breaking project of International Construction Consortium (Pvt) Limited (ICC), has completed the latest milestone with the completion of the First Tower and the launch of the Second Tower, expanding its portfolio and capitalizing on the momentum from the project’s success. The First Tower of The Residencies Kotte project has achieved remarkable success in a relatively short period of time. The structure was c

Westbury Suits redefines tranquility in Colombo

In a momentous move to transmute the country’s real estate landscape, Westbury Suits graced the skyline of Colombo by unveiling their much anticipated project, Westbury Residencies - Colombo 10 (comprising of 35 units), promising an unrivaled blend of tranquil living and luxurious comfort for discerning home-seekers in the heart of Colombo. The striking architectural design, stands as a testament to innovative construction, which seamlessly inte

Marina Square - Uptown Colombo toasts to structural completion of all 5 towers

Marina Square - Uptown Colombo, Sri Lanka’s premier harbour front luxury mixed development project recently announced the structural completion of all 5 towers. Backed by industry giants Access Engineering PLC and China Harbour Engineering Company (CHEC), the achievement of this significant milestone off the heels of a challenging two years, underscores the joint shareholders’ steadfast commitment to the project and all stakeholders involved. Sp

SEC introduces social media misconduct reporting mechanism

The Securities and Exchange Commission (SEC) has introduced a system to report instances of misconduct on social media that could potentially affect the Colombo Stock Exchange (CSE).

Top academics develop tool to enhance inclusive workplace culture in corporate world

By Kurulu Koojana Kariyakarawana A unique tool developed to improve the inclusive workplace culture in the corporate sector was presented by three senior university academics in the country this week, at Monarch Imperial. Themed as ‘Ignite – Inclusion – Initiative’, a concept to educate corporate leaders on how to rethink and revisit practices of inclusion, to create more inclusive organisations through tailor-made training programmes, was launc

Sri Lanka’s fiery flair dominates Uber Eats 2023 Cravings Report

Just as a Sri Lankan can’t go without a daily hot cup of tea, the passion for all things spicy among the citizens of the island nation is undeniably strong, as revealed by a report from Uber Eats, the online food ordering and delivery platform.

HNB FINANCE appoints Anura Pathirage to board of directors

HNB FINANCE PLC announced the appointment of seasoned finance professional Pathirage Anura Perera to its board of directors as a Non-Independent, Non-Executive Director, effective January 29, 2024. Perera brings over two decades of invaluable expertise in the private sector, with a remarkable 18-year tenure in senior management roles across Sri Lanka and abroad. His current position as Director Finance at Prime Lands (Pvt.) Ltd and Prime Lands

Home Lands Group to open Canterbury, SL’s largest and first golf resort apartments and residencies

Home Lands Group of Companies, the undisputed leader in Sri Lanka’s real estate and property development sector, is all set to open Canterbury Golf Resort Apartments and Residencies, Sri Lanka’s largest and first of its kind golf resort apartments and residencies complex, located in Piliyandala, Kahathuduwa. Designed with the first day and night golf course in Sri Lanka, a state-of-the-art golf club and international standard resort facilities, C

Cathay Pacific resumes flights to SL

Sri Lanka this week welcomed the inaugural flight of Cathay Pacific Airways, CX 611, which arrived on February 1, 2024, at Bandaranaike International Airport (BIA). The largest carrier of Hong Kong, with its head office and main hub located at Hong Kong International Airport, resumed flights to Sri Lanka after several years. The airline recommenced passenger flight operations using an Airbus 330-300 aircraft and according to its new flight sche

Sri Lanka regains 3-month import cover of foreign reserves after 20 months

The import cover of the official reserves of the country surpassed the benchmark level of three months for the first time in nearly two years, as the reserves improved while the imports weakened, as a result of the demand destruction policies instituted by the officials since 2022. Sri Lanka managed to rebuild its gross official reserves by about US $ 2.5 billion in 2023, to end the year with a reserve buffer of US $ 4.4 billion, a significant fe

Untax the readers! Sri Lanka’s book industry rebels against 18% VAT

Sri Lanka’s book industry yesterday came on to one platform and asserted that the imposition of an 18 percent Value Added Tax (VAT) on books is no different from slapping a tax on reading. The industry collectively called for an immediate reversal of the decision to tax the sale of books, as it serves as a direct barrier to gaining knowledge. Associations representing local publishers, printers, booksellers, importers, writers and academics highl