Mahindra IDEAL Finance expands footprint with new branch in Kaduruwela

Mahindra IDEAL Finance Limited (MIFL), a leading player in Sri Lanka’s non-banking financial services sector, continues its trajectory of fast-paced growth with the unveiling of its latest branch in Kaduruwela. Situated at No. 766/A, Somiyal Junction, Batticaloa Road, Kaduruwela, this new branch marks a significant milestone as MIFL extends its reach to key commercial centres with high-growth potential in the Polonnaruwa district. The Kaduruwela

Litro Gas Lanka shines at National Occupational Safety & Health Excellence Awards 2023

Sri Lanka’s national LPG provider Litro Gas Lanka has yet again secured a triumphant win at the National Occupational Safety & Health Excellence Awards 2023, marking a milestone moment in the company’s journey. The accolades garnered in multiple categories—Best Fleet Safety Management System, Manufacturing (Small/Medium Sector) and Other (Small/Medium Sector)—stand as a testament to Litro’s unwavering dedication to safety and excellence. Comment

NDB unveils industry’s first AI and AR-generated talking calendar

In a pioneering move, NDB Bank proudly presented its artificial intelligence (AI) and augmented reality (AR)-integrated calendar yesterday, at the NDB head office on Nawam Mawatha. This revolutionary calendar transcends traditional timekeeping, introducing the interactive talking calendar and forging a significant leap forward in providing cutting-edge digital solutions for customers. The AI and AR-generated NDB Calendar Pal serves as a virtual

Kandy Municipal Council and Pay&Go partner to facilitate seamless tax and bill payments

In a groundbreaking move towards embracing technology, the Kandy Municipal Council (KMC) has forged a strategic...

SLT-Mobitel ‘Life at 300Mpbs’ blazes into 2024 elevating digital lifestyles with limitless possibilities

Blazing into 2024, SLT-Mobitel ‘Life at 300 Mbps’ offers significantly unprecedented speeds to its fibre-to-the-home (FTTH) broadband....

Sri Lanka stands firm among top emerging economies for investment: Ruchir Sharma

Sri Lanka has bounced back and stands firm among the top emerging economies for investment, a globally renowned investor....

Official unemployment rate falls to 4.7% in third quarter

The official unemployment rate has fallen to 4.7 percent in the third quarter of 2023 from 5.2 percent recorded in the previous...

President hopeful of achieving 3% economic growth in 2024

Entering the year with positivity, President Ranil Wickremesinghe said the government aims to achieve an economic growth ...

ComBank signs Collective Agreement and MoU with CBEU

The Commercial Bank of Ceylon PLC entered into a fresh Collective Agreement and a Memorandum of Understanding...

Asiri Port City Hospital designated as ‘Primary Business of Strategic Importance’

The Asiri Port City Hospital has been designated as a ‘Primary Business of Strategic Importance’ and will qualify for a series...

Persons with no TIN could face penalty of up to Rs. 50,000

With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected....

NCCSL appoints Nilupul Chandrasena as new Secretary General/CEO

The National Chamber of Commerce of Sri Lanka (NCCSL) has announced the appointment of Nilupul Chandrasena as its new Secretary....

SL -Thai FTA to include 50% duty cut on Harmonised System classification codes

Sri Lanka and Thailand have agreed to include in the upcoming Free Trade Agreement (FTA) provisions for the simultaneous elimination...

Persons with no TIN could face penalty up-to Rs. 50,000

With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue cautioned.

Aswesuma application process to kick off by end Jan.

The application process for the welfare scheme ‘Aswesuma’ will kick off towards the end of the month, the Finance Ministry said.

President hopeful of significant economic growth in 2024

Entering the year with positivity, President Ranil Wickremesinghe said the government aims to achieve an economic growth of 3 percent in 2024, with a commitment to advancing even more rapidly.

COYLE explores bilateral investment opportunities in Busan

On the invitation of the Speaker of Parliament Mahinda Yapa Abeywardana and Parliamentarian Dayasiri Jayasekara, COYLE and The National Chamber of Exporters, engaged in bilateral business discussions with the Busan Economic Promotion Agency of South Korea recently. The aim of this dialogue was to bolster inward industrial investment in Sri Lanka and broaden operational opportunities for Sri Lankan businesses in Busan to stimulate positive return

VAT and its impact on industry and commerce, society: A CMA analysis

Sri Lanka welcomed the New Year with an increase in the VAT rate to 18 percent from 15 percent. This is in addition to the removal of VAT exemptions from 98 items out of 140. The reduction of VAT threshold to Rs. 60 million from 80 million needs approval of parliament.  In an effort to educate the business community and the general public on how their daily activities will be impacted from the VAT changes, CMA hosted an informative webinar toward

FACETS celebrates 30 years of showcasing Sri Lanka’s gem and jewellery heritage

The Sri Lanka Gem and Jewellery Association (SLGJA) in collaboration with the National Gem and Jewellery Authority (NGJA) and the Export Development Board announced the grand celebration of the 30th edition of FACETS, Asia’s premier gem and jewellery exhibition. Scheduled to take place at the Cinnamon Grand Colombo from January 6th to 8th, this milestone event marks 30 years of successfully highlighting the splendour and glamour of Sri Lankan gem

ComBank enters 2024 with evolved identity

The Commercial Bank of Ceylon entered into 2024 with a renewed identity, which showcases its commitment to sustainability, symbolically as well as literally. The Commercial Bank logo in blue will hereafter also feature a green element, representing the bank’s multifaceted commitment to sustainability, encompassing diversity, inclusivity, good governance, transparency, social equity, accountability and eco-friendly banking solutions, the bank said

EDB kicks off capacity building programmes for export-oriented, women-led businesses

The Sri Lanka Export Development Board (EDB), in association with the Import Promotion Desk (IPD), Germany, initiated a series of Capacity Building programmes for export-oriented, women-led businesses in Sri Lanka. This initiation aims to foster a new set of women-led exporters to the nation’s economy. The training programme was held at EDB premises, which focused on sharing knowledge on market intelligence, EU market trends, effective sales t

Five reasons to be optimistic about 2024 economy

CNN: Many feared 2023 would be the year of recession. It turned out to be the year of remarkable resilience. The US economy appears to be enjoying the soft landing many argued was nearly impossible. Inflation has cooled dramatically, unemployment remains low and the Federal Reserve could deliver rate cuts as soon as March. “The big story of 2023 is we stuck the landing,” Justin Wolfers, professor at the University of Michigan, told CNN. Wolfers n

Kantar Lighthouse 2023: Gen Z – unravelled

Kantar Sri Lanka hosted its annual knowledge-sharing event, Kantar Lighthouse 2023, at Kings Court, Cinnamon Lakeside and unravelled compelling insights around the younger generation, Gen Z in Sri Lanka, through sessions that included key trends impacting the overall business landscape and their implications on brands. The conference was attended by top leaders from a diverse range of brands present in Sri Lanka. The distinguished guests inclu

Ceciliyan Tea Factory records massive 3.8mn kg sales in 2023

Ceciliyan Tea Factory, Kalawana, in the Ratnapura district, has recorded the highest sale of over 3.8 million kilogrammes in the year 2023, at the Colombo Tea Auction. Managed by Ceciliyan Associates (Pvt.) Limited and located in a picturesque mountainous area bordering the Sinharaja rain forest, the tea factory is a leading producer of Orthodox and CTC black tea. With an annual average production exceeding three million kilogrammes for over a

2023 records highest tourist arrivals since pandemic

Sri Lanka saw tourist arrivals surge for the first time since the pandemic; however, the 2023 year-end target was missed narrowly by 4 percent. The provisional data released by the Sri Lanka Tourism Development Authority (SLTDA) showed that for the full 12 months of 2023, the island nation welcomed a total of 1.487 million international visitors. The SLTDA and Tourism Ministry were hopeful that Sri Lanka would end 2023 with 1.55 million internati

Blossoming traditions!

Tourists are seen buying flowers and incense sticks from a vendor in the vicinity of Gangarama Temple, which is well known for its modern architecture and cultural essence. Alongside the locals, tourists are seen preparing to take part in the New Year rituals of the temple.

Union Assurance appoints Senath Jayatilake as Chief Executive Officer

Union Assurance PLC announces the appointment of Senath Jayatilake as Chief Executive Officer, effective January 1, 2024. Jayatilake has been part of the company’s leadership, previously serving as Deputy Chief Executive Officer (January 2023-December 2023) and Chief Distribution Officer (November 2019-December 2022). He has played a pivotal role in Union Assurance’s transformative journey over the years and succeeds Jude Gomes, the outgoing Chi

Sri Lanka’s exporters navigate costly seas amid Red Sea threats

Sri Lanka’s exporters face a 40-50 percent hike in freight rates and space shortages, as global shipping companies move to reroute their vessels around the Cape of Good Hope. This is to avoid disruption to shipments after the recent attacks on vessels in the Red Sea by the Yemeni Houthi militant group. “There’s a push on rates upwards along some with space issues, due to uncertainty. It’s actually feasible for them to go dire

Maersk pauses shipping through Red Sea after Houthi boats attack vessel

CNN: Maersk has imposed a 48-hour delay on its vessels moving through the Red Sea, following an attack on one of its merchant ships by Iranian-backed Houthi fighters based in Yemen. The US military said its helicopters responded to distress calls from the vessel — the Maersk Hangzhou — on Sunday and sank three boats operated by the Houthis, killing those aboard. A fourth boat fled the area, it said. The Danish company said in a statement that all

Hotel sector achieves peak revenue growth among NFCs: CB

Looking at the sector-wise performance of the non-financial corporates (NFCs), the hotel sector recorded the highest revenue growth for the first nine months ending in September 2023, the Central Bank said. For the period under review, the hotel sector saw revenue expand by 39.2 percent. The latest Financial Stability Review released by the financial sector regulator recently attributed the revenue growth to tourist arrivals. Tourist arrivals t