First Capital wins Gold at TAGS Awards 2023

First Capital Holdings PLC, the pioneering investment institution, has secured a prestigious accolade at TAGS Awards 2023, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) for the 58th consecutive year

Edura Global Education Fest 2024 unveils opportunities for higher education and careers

Maris Stella College Negombo Old Boys Association (OBA) proudly announces the launch of the much-anticipated Edura Global Education Fest 2024, featuring an education exhibition, job fair and book fair. Under the them

LB Finance reports robust Dec. profits amid higher provisions

LB Finance PLC reported higher revenues and profits in the three months to December 2023 despite higher provisions made against possible bad loans, operating expenses and taxes as the company gave fresh loans during the p

Central Bank raises Rs.95bn via T-bills this week

The Central Bank offered Rs.95 billion in Treasury bills (T-bills) at this week’s auction across the three maturities, where it managed to raise the entire amount. Majority of the bills were accepted from the three-month and six-month T-bills; however, the weighted average yields s

Lanka IOC December profits down on lower revenues, higher costs

Lanka IOC PLC, Sri Lanka’s second largest fuel importer and distributor, reported both lower revenues and profits in the three months through December 2023, as prices at the pump came off their 2022 highs under the monthly pricing formula,

Ceyline Holdings appoints new Dy. Chairman and Group Director

Ceyline Holdings (Pvt) Ltd. (CHL) recently announced the appointment of Admiral Piyal De Silva (Retd) as Deputy Chairman of the group and Nathasha Egodage as Group Director, further strengthening its Board’s capabilities to make strategic international connections and win new business in the ever-competitive global marine industry.

Banking Amendment Bill to see passage in early 2024

As part of a slew of policy reforms that are in the pipeline to improve both the resilience and corporate governance of the banks in the near and medium term, the existing Banking Act, which is currently being amended, could see its passage through Parliament in the early part of 2024.

Ceylon Tea cuppa to face short-term constraints in 2024: Industry outlook

The Ceylon Tea cuppa is expected to face short-term constraints as it steers through 2024 but the regulatory initiatives and global trends are expected to shape the industry’s outlook, the tea brokers said. The enforcement of the B60 programme, which mandates the tea growers and manufacturers to adhere to enhanced standards for green leaf production, is anticipated to temporarily constrain the availability of tea, according to the insights from

December 2023 tea production up 0.5% YoY

Sri Lanka tea production for December 2023 totalled 19.81 million kilogrammes, showing a marginal increase of 0.5 percent year-on-year (YoY). In the corresponding month in 2022, the crop output totalled 19.71 million kilogrammes.

December tea exports expand by 7.5% YoY

The tea exports for December 2023 totalled 20.75 million kilogrammes, recording a 7.5 percent increase year-on-year (YoY). Packeted tea together with tea bags and green tea has seen an improvement against the corresponding month of 2022, whilst tea in bulk and instant tea have shown a decline.

Davos Dialogues!

Corresponding with the ongoing World Economic Forum in Davos, Switzerland, President Ranil Wickremesinghe engaged in discussions with International Monetary Fund Managing Director Kristalina Georgieva and Deputy Managing Director Gita Gopinath. Senior Adviser to President on National Security and Chief of Presidential Staff Sagala Ratnayaka was also present on this occasion.

Lanka IOC December profits down on lower revenues, higher costs

Lanka IOC PLC, Sri Lanka’s second largest fuel importer and distributor, reported both lower revenues and profits in the three months through December 2023, as the prices at the pump came off their 2022 highs under the monthly pricing formula, amid the softened global energy prices and relatively strong rupee. Kicking off the December quarter earnings season this week, Lanka IOC PLC reported revenues of Rs.72.02 billion in the October-December pe

Central Bank raises Rs.95bn from T-bills

The Central Bank offered Rs.95 billion in Treasury bills (T-bills) at this week’s auction across the three maturities, where it managed to raise the entire amount. Majority of the bills were accepted from the three-month and six-month T-bills; however, the weighted average yields saw a considerable dip in the three-month and six-month bills, as it fell below the 14.00 percent mark. The Central Bank offered Rs.30,000 under the three-month bill, R

More accurate and internationally comparable tourism earning figures from mid-2024: SLTDA

The Sri Lanka Tourism Development Authority (SLTDA) plans to produce more accurate and internationally comparable tourism earning figures from mid-2024 onwards, as it moves into the Tourism Satellite Account (TSA). “The Tourism Satellite Project was launched one and a half months ago, with the assistance of the UNWTO (United Nations World Tourism Organisation), based on the 2018 airport entry and exit surveys that were carried out. However, we wi

Lanka Special Steels wins multiple awards at NCQP

Lanka Special Steels Limited (LSSL) stood out at the National Convention on Quality and Productivity (NCQP) Awards 2023 for its exceptional achievement. The event, hosted by the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP), recognized LSSL with four prestigious Gold Awards and one Bronze Award. The NCQP Awards, themed ‘Sustainable development through innovative quality solutions’, commended excellence in quality

St. Anthony’s Hardware launches ‘Hydromax’ water pumps

In a strategic move to expand its product range, St. Anthony’s Hardware (Pvt) Ltd is set to introduce the Hydromax water pump. This new addition aims to address the existing gap in the market for affordable, high-quality and reliable water pumps. After an extensive research period, the company’s dedicated research and development team identified a shortage in quality water pumps, prompting them to develop a solution that combines power, reliabili

Local tile and bathware manufacturers urge govt. to level playing field

In 2024, we find ourselves at the dawn of a new year, with a unique opportunity to celebrate and reinvigorate our local industries, elevating our global presence. However, beneath the surface, a troubling imbalance threatens our local manufacturing sector. Picture this scenario: local tile importers valuing their imported tiles at a meager US$ 2.50 per square meter, a figure that supposedly encompasses both

Construction sector sees nearly 20% drop in cement consumption in 2023

The Sri Lankan construction industry is facing the toughest periods in its history due to the negative effects of the economic downturn. The sharp reduction of construction activities since the start of 2023 has pushed the industry into near collapse, a fate the key industry players think is made more inevitable with the anticipated exponential rise of operational costs, following the introduction of VAT in January 2024. Despite the forecasted

Sri Lanka tourism records stellar performance: Over 100,000 visitors flock in first 15 days of January

Tourist arrivals to Sri Lanka crossed the 100,000 milestone within the first 15 days in January, signaling a remarkable spike in global interest in the island nation.

Ranil urges intl. investors to look at Sri Lanka’s promising renewable energy sector

Sri Lanka’s renewable energy sector came under international spotlight this week with President Ranil Wickremesinghe calling on investors to take part in the island nation’s sustainability agenda.

Joni Simpson appointed new director for ILO Sri Lanka and Maldives

Joni Simpson assumed duties as the Director for the International Labour Organization Country Office for Sri Lanka and the Maldives...

December manufacturing & services activities extend expansions

The Purchasing Managers’ Index for December showed that both manufacturing and services activities in the economy had continued....

Investors hope for positive earnings to send stock prices higher

As the fourth quarter earnings season is about to kick off in earnest, investors and analysts expect listed company profits to have....

Sri Lanka ends up purchasing just shy of US$ 2.0 bn in net forex in 2023

The Central Bank closed 2023 turning into an outsize net purchaser of foreign exchange from the domestic foreign exchange...

What it takes to convince Sri Lanka of Value Added Tax!

In the midst of nationwide discussions on the Value Added Tax (VAT), there’s a whirlwind of confusion stirred by political...

Sky-high excellence: Decoding Singapore Airlines branding triumph

Of late, the branding of Sri Lanka for tourism has been in the news, with a new branding and tagline being launched recently...

Sri Lanka launches first-ever academy dedicated to AI-powered climate change education

The Climata Academy, founded by Clair Prakash, is the first of its kind that is dedicated to climate change and sustainability education...

Mercantile Investments marks 60 years of excellence

Mercantile Investments, a trailblazer in the financial industry, proudly marked its 60th anniversary with a spectacular event...

John Keells Holdings certified as Approved Employer by ACCA Sri Lanka

The Association of Chartered Certified Accountants (ACCA) Sri Lanka recently awarded the Approved Employer Certification...

NDB Remit Saver empowers migrants, drives economic growth

In a bid to enhance financial inclusivity and commemorate the International Migrants Day, NDB Bank proudly unveiled its latest...