Central Bank maintains key policy rates amidst inflation concerns

In line with widespread predictions, the Central Bank opted to keep its key policy rates unchanged at 9 and 10 percent during its inaugural Monetary Policy announcement for the year.

SEC urges stakeholders to step in creating a more capital-friendly market

In an effort to have a vibrant stock exchange, the Securities and Exchange Commission (SEC) called on stakeholders to step up efforts in creating a more capital-friendly market, for which further collaboration....

Amazon fined for ‘excessive’ surveillance of workers

Amazon has been fined €32m (£27m) in France for “excessive” surveillance of its workers, including measures the data watchdog found to be illegal. The CNIL...

Treasury Bill auction raises Rs.130bn this week

The Central Bank offered Rs. 130 billion in Treasury Bills at this week’s auction across the three maturities and the full amount was raised. Declines in three-month....

Strong monetary easing drives rate drop, yet some banks lag

Despite a notable reduction in interest rates from last year’s peak, driven by previous rate cuts and targeted monetary policies, certain banks are yet to align their rates with the Central Bank’s...

Sri Lankan innovators shine at APICTA 2023

Asia Pacific ICT Alliance (APICTA) Awards 2023, held in Hong Kong, witnessed a remarkable showcase of talent from across the region. Among the distinguished....

99x achieves ISTQB Platinum partner status

99x, a global IT services company, proudly announces its achievement of the prestigious International Software Testing Qualifications Board (ISTQB) Platinum partnership, marking a significant...

Zone24x7-STEMUP Educational Foundation empower local students with AI insights

Zone24x7, a leading provider of end-to-end technology consulting and engineering solutions, has entered into a strategic partnership with STEMUP Educational Foundation to help drive knowledge...

Ceylon Energy secures SEZ licence in Kenya

Ceylon Energy, a company with a history of excellence in power transmission projects, has been issued a Special Economic Zone (SEZ) Enterprise Licence by Kenyan President Dr. William....

Premier Electric Company celebrates 65 years

Premier Electric Company commenced business on January 24, 1959, founded by the present Chairman Upali Kapilasena. Kapilasena’s origins in the field of electrical...

Central Bank maintains policy rates at current levels

Policy rates will be maintained at their current levels, the Central Bank of Sri Lanka said today, its is first monetary policy announcement for the year.

Apparel industry sees significant performance contraction in 2023

Sri Lanka’s largest industrial exporter, the apparel sector, saw its performance for the whole of 2023 dip significantly, with its earnings contracting by 19 percent year-on-year (YoY).

Inflation quickens to four-month high as food prices soar once again

The pace of increase in the prices of goods and services consumed by the people, measured at a national level, saw reaccelerating in December, due to sharp increases in most of the food prices, which more than offset the softened non-food prices, largely on the back of the somewhat eased energy cost.

Teejay Lanka & Hemas team up to promote menstrual hygiene in rural schools

Fabric manufacturer Teejay Lanka PLC and business conglomerate Hemas Holdings have joined forces to launch a groundbreaking initiative to promote menstrual hygiene awareness and provide essential resources to underserved communities in rural Sri Lanka. A Memorandum of Understanding (MoU) signed by the two corporate giants outlines a collaboration that will see Hemas Holdings supplying sanitary napkins to female students above 12 years in a minimu

Sign Network LK makes ‘Colomboscope Arts Festival’ inclusive & accessible to the deaf

Sign Network LK, a non-profit pioneering force in fostering inclusivity and breaking communication barriers in Sri Lanka, is taking a significant step towards making art accessible to everyone & promoting inclusivity at the ‘Colomboscope Arts Festival 2024’, through a free workshop and exhibition interpretation for people with hearing impairments. “With the number of people with hearing impairments progressively increasing past 400,000 in a popul

ComBank wins Platinum for Jaffna branch at GBCSL Awards

The Jaffna branch of the Commercial Bank of Ceylon has been awarded a Platinum rating by the Green Building Council of Sri Lanka (GBCSL), according it the highest available award in Sri Lanka for Green Buildings. The accolade was presented at the 2023 awards of the GBCSL, at which Commercial Bank also received an Honourable Mention in the Banking Sector forthe Council’s Green Business Leadership Award 2023. Jaffna is the third Commercial Bank bra

WIS outlines plans to expand Colombo team to better serve UK market

WIS, a Sri Lankan company that provides financial solutions in the United Kingdom, is outlining plans to expand its staff in Colombo during 2024 to keep up with growing demand for new outsourcing opportunities and an increase in UK-based companies wanting to establish their support teams in Colombo. WIS was established in 2009 by three Directors Wijay Kanagasundaram, Ifthikar Mohamed and Suneth Silva as an accountancy firm that primarily served c

Ashwani Singla to speak at PRASL’s thought leadership event

In a world that has lurched from VUCA to RUPT, how can businesses navigate the complexities of managing Reputation, Risk and Regulation? The answers that leaders need – to rethink, reframe and lead through the turbulence they are experiencing, may be forthcoming at a timely talk in Colombo by Ashwani Singla, a globally-renowned reputation management specialist. Titled ‘Negotiating the Complex landscape of Reputation, Risk & Regulation in a RUPTur

‘My Dentist’ becomes first oral medicine chain in SL to receive ISO 9001:2015

In a first for oral medicine health service in Sri Lanka, ‘My Dentist’ was accredited to the much coveted dental practice quality standard ISO 9001:2015. Receiving certification to this important quality management standard shows that it is executing on the fundamental company-building initiatives necessary in obtaining regulatory approval for the delivery of successful dental products both

Industrial production expands in November

Sri Lanka’s industrial production grew for the second month in a row in November, in a sign of continuing momentum in manufacturing activities, although the activities remain still far below their recent peaks before the crisis in 2022. Measured based on the Index of Industrial Production, the index recorded a reading of 89.7 in November 2023, logging a 10.8 percent increase from the same month in 2022, a time when the country was reeling heavily

China’s largest oil supplier in 2023 was Russia

CNN: Russia surpassed Saudi Arabia to become China’s largest oil supplier in 2023, according to the latest Chinese customs data.

IFC appoints Imad Fakhoury as Regional Director for South Asia

The International Finance Corporation (IFC), a member of the World Bank Group, appointed Imad N. Fakhoury as its Regional Director for South Asia. Based in New Delhi, Fakhoury will spearhead the IFC’s strategy and operations, while reinforcing relationships with the private sector, governments and regional partners, to boost impactful development outcomes in the region. According to the new South Asia Director, private sector investment is key to

January 01-18 tourist arrivals reach 121,000 mark

The tourist arrivals to the island nation for the first 18 days of January crossed the 121,000 mark. The provisional data from the Sri Lanka Tourism Development Authority showed that from January 01 to 18, the island nation welcomed 121,446 international visitors.

Prime lending rate continues to drift downwards

The prime lending rate continued on its downward path through last week, coming further down from its below 12.0 percent level reached at the beginning of the month, signalling further easing in other market interest rates, providing relief to both the current and future borrowers, who remained on the sidelines during the last two years, due to sky-high rates. The weekly data from the Central Bank showed that the average prime lending rate, the a

Greenhouse agriculture, a way forward for Sri Lanka: Stakeholders

Against a backdrop of exorbitant vegetable prices and climate vulnerabilities affecting the crops cultivated in Sri Lanka’s open-fields, greenhouse agriculture is viewed as a way forward for a more sustainable....

CA Sri Lanka urges need for Accounting to become major service export

Sri Lanka’s small and medium accounting firms should consolidate and collaborate to position Sri Lanka as a one-stop solution for international clients challenging global players by developing....

Int’l tourism to reach pre-pandemic levels in 2024: UNWTO

According to the first UNWTO World Tourism Barometer of the year, international tourism ended 2023 at 88 percent of pre-pandemic levels, with an estimated 1.3 billion international....

Key considerations for 2024

There is still significant room for recovery across Asia. The reopening of several source markets and destinations will boost recovery in the region and...

November credit to government up but Central Bank unwinds its debt

State borrowing from banks saw some modest increase in November last year from a decline recorded in the month earlier, but the money raised from the Central Bank has continued to be on a descent...

Lassana Agri Innovation and India’s Agriplast to redefine greenhouse agriculture in Sri Lanka

Lassana Agri Innovation and India’s Agriplast Protected Cultivation (Pvt.) Ltd entered into a memorandum of understanding in Colombo, last week, paving the way for advanced greenhouse....