Ryanair cuts profit forecast after online travel agent row

BBC: Ryanair has cut its profit expectations for the year to the end of March, after some online travel agents stopped selling its flights. The airline reduced fares to fill seats in December after it said sites including Booking.com, Kiwi and Kayak suddenly removed its flights. Ryanair said it expected profits of up to €1.95 billion (£1.7 billion), down from its forecast of up to €2.05 billion in November. A sharp increase in the airline’s fuel

Ex-BOI chief urges govt. to revamp Port City Act to assure fairness to investors

While terming the Colombo Port City Economic Commission Act as an ‘aberration’ of the original Special Economic Zone concept, former Board of Investment (BOI) Chairman and Public-Private Partnership (PPP) Unit Head Thilan Wijesinghe called on the government to revamp the legislation, ensuring transparency and fair treatment to local investors. Wijesinghe asserted the Colombo Port City legislation in its current state is “outright discriminatory

Fiscal deficit expands through November but revenues jump on higher taxes

The deficit in the budget expanded in the 11 months to November 2023, on the back of the higher expense base. However, the higher taxes appear to be bringing in substantially higher revenues for the government, signalling that it is on track towards revenue-based fiscal consolidation. The latest fiscal figures made available by the Central Bank showed that the government has recorded an overall Rs.2,020.3 billion deficit in the budget, in the

Rupee could appreciate to Rs.310 against USD by first half of 2024: FCR

The Sri Lankan rupee could appreciate to Rs.310 against the US dollar by the first half of this year, mainly due to the depressed consumer spending, owing to the higher taxes, First Capital Research (FCR) said. “On the currency, we are a bit of looking of an appreciation because the increased taxes will sort of stagnate the consumer demand, in slowing down imports. There’s already been a Rs.5-6 appreciation and that trend will continue during th

Export sector shows dampened growth in 2023

The cumulative merchandise exports during the January to December 2023 period dipped to US $ 11.85 billion when compared to the corresponding period in 2022. The island nation saw its total exports reach US $ 14.94 billion in 2023, including merchandise exports (US $ 11.85 billion) and estimated service exports (US $ 3.08 billion), the Export Development Board (EDB) said. While the monthly exports were showing some signs of momentum gained in No

AHK Sri Lanka Hosts Spectacular New Year’s Reception 2024

The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) recently hosted its New Year’s Reception 2024 at the Taj Samudra Hotel in Colombo, setting the stage for a remarkable convergence of industry leaders and professionals.

HNB Assurance celebrates remarkable success at Partnership Life 2024

In a grand celebration of achievements, HNB Assurance recently hosted the Partnership Life 2024 event, recognising....

Colombo Stock Exchange poised to become one of top performing frontier markets

Despite a lackluster start, the Colombo Stock Exchange is on track to become one of the top-performing frontier markets. According....

USAID supports Union Bank’s women-focused financial services expansion

In a recent agreement, the United States through the United States Agency for International Development’s CATALYZE....

Recovering tourism sector helps banks maintain stability, enhance liquidity

Sri Lanka’s tourism sector recovering from multiple crisis, is helping banks to maintain stability and enhance liquidity, according...

Rising credit card balance points to start of consumer spend ahead of festive season

Credit card holders appear to have begun to loosen their purse strings in the final few months of last year, setting off potentially....

Lankan female tailors weave national pride

As Sri Lanka gears up to celebrate its 76th Independence Day on February 4, a bustling small shop in Dematagoda echoes....

AFC Asia Frontier Fund expects CSE to remain among best performers this year

AFC Asia Frontier Fund said the Colombo Stock Exchange (CSE) would continue to continue its market rally with strong ...

Sri Lanka records lowest trade deficit in thirteen years in 2023

The trade deficit or the negative balance resulting from trading merchandise goods between Sri Lanka and the rest of the world....

Last week’s bill auction sets stage for upward sloping yield curve in near term

The weekly bill auction held last week stood out as yields fell quite sharply across all maturities than before, potentially setting ....

Prime rate returns to above 12% last week in temporary blip

The weekly prime rate which was on a steady path downwards in the last few weeks coming below 12.0 percent gained last week....

Beauty giant Avon under fire over Russia links

Beauty giant Avon has come under fire for maintaining links with Russia despite the ongoing war in Ukraine. The BBC....

AIA achieves EDGE Assess certification

In a trailblazing achievement, AIA Insurance, Sri Lanka’s Most Respected Insurer (LMD and NielsenIQ, 2023), has secured the illustrious...

Litro contributes Rs.3bn to Treasury

Litro Gas Lanka Ltd has recently declared a contribution of Rs.3 billion in dividends to the Sri Lankan government Treasury ....

Maersk to launch Chennai service connecting Ennore, Colombo and Middle East ports

Maersk, a leading shipping company, announced last week that it has increased its focus on the Indian subcontinent ....

ComBank enhances airport lounge access for premium credit card holders

Commercial Bank of Ceylon has announced an enhancement of the complimentary airport lounge access available to holders....

Hambantota International Port enhances emergency preparedness

The Hambantota International Port (HIP), in partnership with the Sri Lanka Coast Guard and Sri Lanka Navy, stepped....

World’s first large methanol-enabled container vessel Ane Maersk unveiled

The world’s first large methanol-enabled container vessel has been named Ane Mærsk at a ceremony in the shipyard of HD ....

UNCTAD raises alarm on global trade disruptions

The UN’s trade and development body UNCTAD has raised profound concerns over escalating disruptions to global....

Sri Lanka cannot simply walk away from IMF: Ranil

Sri Lanka cannot simply dismiss its engagement with the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasised while citing the complexities that could arise, if a decision is made to do so.

Kedella Living in Style unveils Colombo’s premier showcase of home elegance, innovation

The Kedella Living in Style exhibition kicked off yesterday in Colombo, showcasing a diverse range of home-related products and services, spanning from household appliances, furniture and craft to tiles and sanitary wear, designers, manufacturers and smart home and security solutions. Beyond a mere exhibition, Kedella provides a unique opportunity for visitors to explore businesses within the industry, gain insights into emerging trends and disco

Religious trips will fuel India’s tourism boom

India’s tourism sector is set for a boom as more travellers take trips around the country for religious purposes. The South Asian country, with the world’s largest Hindu population, could see an additional 50 million to 100 million tourists a year on account of the new Ram Mandir — a temple in the northern city of Ayodhya inaugurated on Monday — according to Jefferies. This expected footfall in the new temple will be much higher than the annual

Expolanka 3Q performance hit by global trade challenges and local economic conditions

Expolanka Holdings PLC saw its performance for the quarter ended on December 31, 2023 (3Q24) take a hit, due to the challenges in global trade and local economic conditions. For the quarter under review, the group reported a revenue of Rs.66.8 billion and Rs.183.9 billion for the nine months ending on December 31, 2023. While gross profit stood at Rs.10.9 billion for the quarter, summing up to Rs.34.2 billion for the nine-month period, Expolanka

Nawaloka Hospitals says disclaimer points resolved in latest annual report

Nawaloka Hospitals PLC yesterday told its investors and stakeholders that it has resolved the disclaimer points raised in the previous annual report and has ensured its current year accounts are in excellent order. The announcement was made in a statement to the media, aiming at informing its stakeholders the release of its latest annual report. Addressing the disclaimer points, Nawaloka Hospitals PLC said it has taken measures to aggressively pr

Sri Lanka must do away with outdated economic system to progress

As Sri Lanka has still far to go in coming out of the economic crisis that crippled the island nation, President Ranil Wickremesinghe asserted that efforts must be taken to do away with the outdated economic system the country operates in. Pointing out the current system is incapable of propelling the country forward, Wickremesinghe asserted it is imperative to move beyond this to achieve sustainable progress. By end-2024, Sri Lanka aims to eleva