Microsoft Sri Lanka empowers McLarens Group to forge ahead in tech innovation

McLarens Group, one of Sri Lanka’s largest diversified conglomerates, propels forward with Microsoft Sri Lanka, as the organisation transitions from Business Productivity Suite to Microsoft Enterprise Product Services. This adoptio

SLT-Mobitel Enterprise-Fortinet strengthen partnership

Recognising that security threats are complex, ever-evolving and heavily on the rise globally, SLT-Mobitel Enterprise h

Citrus Leisure to raise Rs.1.5bn

Citrus Leisure PLC announced this week that it would raise Rs.1.5 billion by way of a rights issue. In a filin

Benchmark 1-year bill yield continues to show downward stubbornness

The benchmark one-year Treasury bill yield extended its weeks-long downward stickiness at the weekly bill auction held on Wednesday. This is despite the assurances by the Central Bank that it would continue on its monetary easing cycle and enter into early reso

Former Chinese central banker accused of taking massive bribes, admits ‘huge mistake’

BBC: Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. Fan, who

Hayleys Solar sets national record for rooftop solar surpassing 150MWp mark

In a groundbreaking achievement for Sri Lanka’s renewable energy landscape, Hayleys Solar, a division of Hayleys Fentons, has surpassed the 150MWp mark in rooftop solar installations. This remarkable feat establishes a national record for rooft

Rajive Dissanayake appointed as HNB Finance Chairman

HNB Finance Plc has appointed Rajive Dissanayake as the new Chairman of the company, effective from January 8, 2024. Dissanayake succeeds Dilshan Rodrigo, former Chairman and HNB Executive Director/COO, who served the board since 20

Negombo puts Sri Lanka tourism under spotlight

Sri Lanka has come under the international spotlight once again for its unique tourism offering, but drawing attention this time round is the scenic city of Negombo.

Govt. mulls possible downward revision of VAT rate in 2Q24

By Nishel Fernando The government this week said it is mulling on a possible downward revision of the Value Added Tax (VAT) rate in the second quarter of 2024. A relief is likely towards March-April this year. Addressing a special conference held at the Finance Ministry this week on the VAT, President’s Office State Revenue Unit Director K.K.I. Eranda outlined that the government’s strategy is to further lower the VAT registration threshold, t

Unilever Sri Lanka appoints Ali Tariq as new Chairman and CEO

Unilever Sri Lanka will have a new Chairman and CEO taking over, with Ali Tariq set to take on the role from February 1. With this appointment, Tariq will also join Unilever’s South Asia leadership team. Prior to this, Tariq served as CFO for Global Transformations at Unilever’s headquarters in London. Tariq joined the group in 2003 and has since held global and country leadership roles across Europe, South Asia and the Far East. He is a member

Citrus Leisure to raise Rs.1.5bn

Citrus Leisure PLC announced this week that it would raise Rs.1.5 billion by way of a rights issue. In a filing to the Colombo Stock Exchange, Citrus Leisure PLC said it would offer 378,354,954 ordinary shares, at Rs.4.20 per share. As per the filing, 143 new ordinary shares will be issued for every 101 existing ordinary shares held by the shareholders. The current stated capital of the company is Rs.3,256,172,662, represented by 267,229,723

Benchmark 1-year bill yield continues to show downward stubbornness

The benchmark one-year Treasury bill yield extended its weeks-long downward stickiness at the weekly bill auction held yesterday. This is despite the assurances by the Central Bank that it would continue on its monetary easing cycle and enter into early resolutions with the private creditors to restore external debt sustainability, which remained as a long-time hangover, over a meaningful downward shift in the yield curve. The Central Bank offer

CBSL maintains easing stance amid stable inflation, lingering growth concerns

The Central Bank yesterday said it does not see the need to change the course of the current monetary policy path set off in June last year, as inflation remains well anchored, despite the near-term blips in the price indices, due to the recent hike in the Value Added Tax.

User-friendly system for OMOs to be introduced

With a view to enhancing the effectiveness of monetary policy implementation as well as catering the current and future developments, a user-friendly system for open market operations (OMOs) would be introduced, the CBSL said. This will be in line with a smooth transition to the new auction system by 2025. Further, an OMO auction schedule will be introduced in 2024 that helps create certainty on liquidity management among market participants. Th

HRH Princess Anne visits MAS Holdings as first stop on official visit to SL

MAS Holdings yesterday welcomed Her Royal Highness (HRH) Princess Anne, the Princess Royal, on her official visit to the island, marking 75 years of diplomatic ties between the UK and Sri Lanka. The royal delegation, including Princess Anne’s husband Vice Admiral Sir Timothy Laurence, made the first stop on their visit at an MAS Holdings facility in Katunayake, accompanied by British High Commissioner to Sri Lanka Andrew Patrick. MAS Holdings i

Sri Lanka’s economy to expand by 1.7% in 2024, 2.4% in 2025: World Bank

Sri Lanka’s economy is expected to move towards a positive growth trajectory this year, as gross domestic product is estimated to grow by 1.7 percent, the World Bank (WB) said in its recent Global Economic Prospects report. The island nation, which saw its economic growth contract by 7.8 percent in 2022 and 3.8 percent in 2023, is expected to witness its economy expand by 2.4 percent in 2024. “In Sri Lanka, the economic outlook remains uncertai

Seylan Bank’s ‘Albert Uncle’ campaign triumphs at SLIM Digis 2.3 Awards

Seylan Bank received two prestigious awards for the innovative ‘Who is Albert Uncle’ campaign at the recently concluded SLIM Digis 2.3, organized by the Sri Lanka Institute of Marketing (SLIM). Seylan Bank secured a bronze award under the ‘Banking and Finance’ category, as well as a Merit award for ‘Best Digital Marketing Innovation’. In the face of economic uncertainties during Sri Lanka’s economic crisis in 2022, informal channels gained popul

eChannelling wins Gold for ‘Online Brand of the Year’

eChannelling PLC, Sri Lanka’s largest channelling network and subsidiary of SLT-Mobitel, was presented another accolade when the company clinched the prestigious ‘Online Brand of the Year - Gold Award’ at the 22nd Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2023 held in Colombo recently. The annual SLIM Brand Excellence Awards recognizes the country’s best marketing efforts and brand stories. With the theme ‘Logic Behind the M

NDB Bank joins forces with 1990 Suwaseriya Foundation

NDB Bank has reaffirmed its commitment to community-driven initiatives by joining forces with the 1990 Suwaseriya Foundation to support their vital ‘Adopt an Ambulance’ programme. In a significant step towards enhancing emergency medical services across the nation, NDB Bank will sponsor the operational cost of one ambulance for an entire year. The partnership agreement was officially sealed in a signing ceremony attended by Dimantha Seneviratne,

DFCC Bank wins Merit at SLIM Brand Excellence Awards 2023

DFCC Bank has been honoured with the Merit Award for Green Brand of the Year at the SLIM Brand Excellence Awards 2023. This accolade underscores DFCC Bank’s unwavering commitment to sustainable practices and its pivotal role in fostering a green economy in Sri Lanka. The award also recognises the bank’s three-decade-long journey towards environmental stewardship and social responsibility. Thimal Perera, CEO at DFCC Bank PLC, expressed his pride i

ComBank donates food dehydrators to Hettipola women’s society

The Commercial Bank of Ceylon recently donated two dehydrator machines to a Women’s Society in Hettipola in the Matale District as part of the bank’s focus on the social enterprise space. The beneficiary, the Sithamu Kantha Maha Sangamaya will use the machines for drying unused stocks of jackfruit, breadfruit, seasonal fruits, vegetables and spices for the off-season when produce is scarce. The initiative in collaboration withthe Global Environm

Global launch of ‘SriLankan Direct Connect’ begins in India

SriLankan Airlines has begun the global roll out of its New Distribution Capability (NDC) agents booking portal ‘SriLankan Direct Connect’ starting with India enabling travel agents, convenient direct access to the airline’s reservation system and an array of other benefits. The NDC platform is a breakthrough travel industry-supported program by the International Air Transport Association (IATA) that sets the pace to digitally transform the jour

Norfolk Foods appoints Ameena Ziauddin as new President

Norfolk Foods (Pvt) Ltd., announced the appointment of Ameena Mariam Ziauddin as the new President (MD) effective January 2024. Ziauddin, the former Deputy Managing Director with an accomplished academic and professional background, will succeed the company’s founder and former Managing Director, Mohamed Ziauddin, who will continue to provide strategic guidance as Vice Chairman of the Board. In her new role as President, Ziauddin will draw from

New Year, New VAT: Can Sri Lanka’s poor cope with the increase?

Ringing in the New Year for Sri Lankans was an increase in the value-added tax (VAT) rate to 18 percent and a withdrawal of tax exemptions on several goods and services. The last day of 2023 witnessed long queues as people rushed to stock up on essentials such as fuel and gas. Although queues are a familiar sight following the onset of the economic crisis, this time around, it was to avoid being hit with the VAT hike. In light of these developm

Obtain TIN to avoid the detriment of unbearable penalties: COYLE

The Tax Identification Number (TIN) has become a widespread topic of discussion across the country, and a considerable amount of misinformation is circulating on this matter. It’s essential to clarify that possessing a TIN doesn’t automatically imply liability for tax payment. Instead, it provides individuals with convenient access to numerous services offered by various state institutions without any complications. As of January 1, individuals

EPF to go paperless

The Employees’ Provident Fund (EPF) will be modernised going forward, the Central Bank said, with efforts underway for its operation to go almost paperless.

Forbes names scenic SL 4th top solo travel destination for 2024

Fast reviving Sri Lanka has been listed as the fourth-most popular destination for solo travellers in 2024 by Forbes.

Colombo Port sees transshipment volumes surge with Red Sea crisis

The Port of Colombo is experiencing a surge in transshipment container volumes as it emerges as a transit point in the short term for major shipping lines to reroute their vessels around the Cape of Good Hope, a move opted to avoid disruption to shipments following the recent attacks on vessels in the Red Sea.

SL welcomes over 45,000 tourists in first week of Jan.

Sri Lanka tourism kicked off year 2024 with an impressive start with over 45,000 international visitors entering the island nation in the first week of January.

Union Bank appoints Dilshan Rodrigo as Deputy CEO

Union Bank announced the appointment of Dilshan Rodrigo as the Deputy Chief Executive Officer with effect from 15 January 2024. Rodrigo....