Jaffna biz community set to receive fresh boost

Business in Jaffna is expected to receive a fresh boost this year with President Ranil Wickremesinghe assuring that their grievances will be addressed without fail. Wickremesinghe....

IMF team expected in Colombo next week

The International Monetary Fund (IMF) would evaluate Sri Lanka’s economic progress next week, with a team of officials expected to arrive in the country, the Finance Ministry said.

Local precious stones to shine bright today at FACETS 2024

FACETS Sri Lanka, Asia’s premier gem and jewellery exhibition, kicks off today at Cinnamon Grand, Colombo, Atrium Lobby.

2023 tourist arrival target missed due to issues in Israel and Russia: SLTDA Chief

Sri Lanka narrowly missed its year-end tourist arrival target for 2023, due to issues in Israel and approval delays in Russia, the Sri Lanka Tourism Development Authority (SLTDA) said.

Official reserves cross US $ 4bn mark in 2023

Sri Lanka’s official reserves crossed the US $ 4 billion mark for the 12 months ending 2023, the provisional data from the Central Bank showed.

Suspension on Perpetual Treasuries further extended

The suspension on Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer has been further extended, the Central Bank announced yesterday.

CB raises Rs.155bn at first bill auction for 2024 where only 3-month yield budged

The Central Bank raised Rs.155.2 billion after offering Rs.160.0 billion at the first Treasury bill auction held in the new year, where the yields showed continued stubbornness from coming down, except in the case of the three-month tenure.

Microfinance and Credit Regulatory Authority Bill to be presented to P’ment next week

The new Microfinance and Credit Regulatory Authority Bill would be presented to Parliament next week, the Finance Ministry said.

JFS Agro Food, Sabaragamuwa Uni. collaborate on kurakkan-based instant health foods for global markets

JFS Holdings Limited announced a groundbreaking research collaboration between RAVINE, its agro food brand under JFS Agro Food (Private) Limited and the University Business Linkage Cell at the Sabaragamuwa University.

Partial relaxation of vehicle import ban to boost prospects for diversified financials

The move to partially relax the vehicle import ban, announced by the government recently, is expected to boost the prospects for diversified financials, given that 57.3 percent of the loan book in the sector is exposed to the leasing business, First Capital Research said.

Banking sector consolidation marked as next area of focus

Central Bank Governor Dr. Nandalal Weerasinghe said once financial sector stabilisation is achieved, the next big focus will be on consolidation. “After strengthening the banking sector, consolidation will be the next step. Going forward, medium to long-term programmes would be drawn up for consolidation,” he said. The banking sector, which was adversely affected by spillover effects of the recent economic crisis, continued to operate amidst ch

Taxpayers can evade income taxes for up to 15 years under current legislation: Mahindananda

Underscoring the need to amend the current Inland Revenue Act, the Sectoral Oversight Committee on National Economic and Physical Plans Chairman Mahindananda Aluthgamage highlighted that current legislation allows taxpayers to evade paying their income taxes for up to 15 years. This is primarily due to extensive appeal and court procedures. “The Inla

Next warns of supply delays due to Red Sea shipping attacks

BBC: Next has warned supplies of its products could be delayed if disruption to shipping in the Red Sea continues. Attacks by Houthi rebels on vessels in one of the world’s busiest shipping lanes have resulted in firms avoiding the area and taking longer routes. Next said if access “difficulties” continue, delays to stock deliveries to the UK were “likely” early this year. The warning came

Public funds for bank recapitalisation only as last resort: CB Governor

Public funds would only be utilised as the last resort to meet the recapitalisation requirements of the banking sector to ensure stability within the financial system, the Central Bank said.

Banking sector consolidation next big focus

Central Bank Governor Dr. Nandalal Weerasinghe said once financial sector stabilisation is achieved, the next big focus will be on consolidation.

TVR Trust’s ‘Heta Dinana Sri Lankavak’ competition to inspire thought leaders, change agents

Tennyson and Vinitha Rodrigo Trust (TVR Trust) has unveiled a groundbreaking initiative aimed at engaging and empowering t

Alliance Finance Company celebrates prestigious win as Green Brand of the Year at SLIM Brand Excellence 2023

Alliance Finance Company (AFC), a distinguished finance institution committed to sustainable financing, has achieved a momentous milestone by securing the coveted title of Green Brand of the Year at the esteemed SLIM Brand Excellenc

HNB Finance clinches Bronze at TAGS Awards 2023

The TAGS Awards Committee of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) proudly announced HNB Finance PLC as the Bronze award winner in the Non-Bank Financial Institutions (total group assets abov

DFCC Bank’s online onboarding process crowned as best by Global Banking and Financial Review

DFCC Bank has recently secured the prestigious award for Best Banking Process at the Global Banking and Finance Review for

BYD concludes 2023 with record 3mn annual sales, leading global NEV market

BYD, world’s leading manufacturer of new energy vehicles (NEVs), which recently announced its collaboration with Sri Lanka’s largest listed conglomerate John Keells Holdings PLC (JKH), concluded 2023 with a record-breaking sales volum

Samsung Sri Lanka applauds TRCSL’s mobile authentication initiative

Samsung Sri Lanka commends the recent initiative undertaken by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), a significant move toward ensuring the authenticity of mobile phones in the Sri Lankan market.

World’s largest oil producer plans to deepen its push into China

CNN: Saudi energy giant Aramco, the world’s largest integrated oil and gas company, is planning to up its investment in its Chinese partner, as it expands its footprint in the country. Aramco is in ta

SpaceX accused of unlawfully firing staff critical of Elon Musk

Reuters: SpaceX has been accused of unlawfully firing eight workers who were critical of its multi-billionaire chief executive Elon Musk.

SL’s south coast to come under fresh focus with ‘Galle Concerto 2024’

Six vibrant festivals in art, food, literature, and music will call for extended stays on SL’s south coast

Govt. pledges 75% dip in cost of living by end-1Q24

Sri Lanka entered year 2024 with a tax shock, which has resulted in price escalations across almost all goods and services. How

CEAT goes Green in Sri Lanka with 2.4 MW solar power plant in Kelaniya

Invests Rs 475.97million in expansive photovoltaic panel rooftop to offset consumption from national grid

Hayleys PLC appoints Timothy Speldewinde as Non-Executive Independent Director

Hayleys PLC announced this week the appointment of Timothy Allen Brent Speldewinde to its board. In a filing to the Colombo Stock Exchange (CSE), Hayleys PLC said Speldewinde will serve as a Non-Executive Independent Director with effect from 3 January 2024. Speldewinde is a Fello

Lankan exporters bracing for challenging 2024, says NCE Chief Karunaratne

Sri Lanka’s exporters are entering the new year with several concerns, National Chamber of Exporters (NCE) President Jayantha Karunaratne said, since given the current status of the local and global economic conditions, it is clea

Government pledges 75% dip in cost of living by end-1Q24

Sri Lanka entered the year 2024 with a tax shock, which has resulted in price escalations across almost all goods and services. However, the government continues downplaying the implication, stating there will be no major hit in the cost of living. Trade, Commerce and Food Security Minister Nalin Fernando yesterday pledged that a staggering 75 percent reduction in the cost of living would be witnessed by the end of 1Q24. According to Fernando, wh

Exporters brace for a challenging 2024

Sri Lanka’s exporters are entering the new year with several concerns, National Chamber of Exporters (NCE) President Jayantha Karunaratne said, since given the current status of the local and global economic conditions, it is clear that the challenges are many. “It’s a challenging year. It will be challenging due to many reasons. As exporters, we find that the local costs have gone up significantly, which has increased our operational costs. Now