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

Colombo inflation accelerates to 4% in December

Inflation in the Colombo district measured on an annual basis accelerated to 4.0 percent in December as food prices rose....

Sri Lanka achieves 200,000 tourist arrival milestone in December

Over the weekend, Sri Lanka achieved a significant milestone as tourist arrivals surpassed the 200,000 mark, marking the....

Nahil Wijesuriya donates Rs.1bn to Little Hearts project

Little Hearts project of the Lady Ridgeway Hospital for Children has received a generous Rs.1 billion donation from leading businessman ....

CB expects January inflation to increase to 7% due to VAT revisions

The Central Bank (CB) expects the inflation to rise to 7 percent Year-on-Year (YoY) in January 2024 due to a one-off effect stemming....

Steps underway to address sovereign-bank nexus: CB 

The Central Bank has said that steps are underway to address what is referred to as sovereign-bank nexus,’where the excesses ...

Household finances hit harder than corporates amid economic crisis: reveals CB analysis

Household balance sheets suffered more extensively than corporate balance sheets from soaring interest rates and inflation....

Dialog alerts consumers of price hike due to VAT increase       

With revisions to the Value Added Tax (VAT) coming into effect today, telecom giant Dialog Axiata has notified its consumers of the...

Central Bank resists calls to amend banks’ parate execution rights

The Central Bank recently asserted that banks’ right of parate execution must not be amended in favour of an insignificant number....

City of Colombo celebrates NY with enthusiasm and positivity

The entire city of Colombo came alive with the festive vibe towards the year end, gearing up to welcome the New Year with....

CSSL welcomes appointment of Dr. Dharmasri Kumaratunge as Technology Ministry Secretary

The Computer Society of Sri Lanka (CSSL) yesterday welcomed the appointment of Dr. Dharmasri Kumaratunge as Secretary...

Construction industry in 2024: For attention of existing and future governments

Sri Lanka is about to lose one of its largest industries. This is an industry that contributed around 9.6 percent to gross domestic ....

KPMG to unveil mysteries of modified VAT regime

Get ready for a deep dive into the transformed Value Added Tax (VAT) landscape. The KPMG Sri Lanka Academy presents a webinar...

Nahil Wijesuriya donates Rs.1bn to Little Hearts project

Little Hearts project of the Lady Ridgeway Hospital for Children has received a generous Rs.1 billion donation from leading businessman and East-West Group of Companies Chairman, Nahil Wijesuriya.

Dialog alerts consumers of price hike due to VAT increase

With revisions to the Value Added Tax (VAT) coming into effect from 1 January, telecom giant Dialog Axiata has notified its consumers of the increases that will be seen in their monthly bills.

Central Bank braces for expansionary credit cycle as worst seems behind

The Central Bank is bracing for an upcoming expansionary credit cycle, driven by the initiation of relaxed monetary policy measures, as the effects of consecutive policy rate cuts, targeted initiatives to expedite monetary policy transmission and a subdued inflation environment are gradually contributing to the easing of financial conditions.

Key government departments come together to convince no challenges will follow VAT

The key government departments came together this week to convince the public that there will be no new challenges with the upcoming changes in the Value Added Tax (VAT).

SL-Thai FTA to be inked come February

Following the successful conclusion of the final round of negotiations between Sri Lanka and Thailand for a free trade agreement (FTA), Prime Minister Srettha Thavisin would visit the island nation in February to ink the deal, the Bangkok Post reported.

Shoppers are seen gathered at what is the last major trade fair of the year held at the BMICH.

Shoppers are seen gathered at what is the last major trade fair of the year held at the BMICH.

Local construction sector sees activities dampen in November

After reaching neutrality last month, Sri Lanka’s construction sector in November 2023 saw activities contract, due to a low level of new projects and the decline in work related to the ongoing projects.

Trade deficit narrows in November as import expenditure declines

Sri Lanka’s trade deficit narrowed in November, due to a decline in import expenditure and a marginal increase in export earnings, the data released by the Central Bank showed.

Commercial High Court vacates enjoining order issued against Planto Ceylon

The Commercial High Court of Colombo yesterday made an order to vacate the enjoining order issued against Planto Ceylon (Pvt.) Ltd and its directors (defendants), which prevented them from manufacturing, selling, marketing and distributing their beverage ‘KicoVera’.

Argentina pulls out of plans to join Brics bloc

BBC: Argentina’s new President, Javier Milei, has withdrawn the country from its planned entry into the expanding Brics club of nations.

Only certified, trained safari jeep drivers allowed into Yala National Park from Jan.1

To maintain Sri Lanka’s wildlife tourism, starting January 1, 2024, only trained and certified safari jeep drivers would be permitted to enter the Yala Block, the Sri Lanka Tourism Development Authority said. Dr. Sumith Pilapitiya, Chairman of the committee appointed to improve the quality of wildlife tourism in the Yala National Park, c

Hambantota port says cruise calls on the up

The Hambantota International port (HIP) welcomed over 6,000 tourists to Sri Lanka who arrived on five cruise liners, in the latter part of November and during December 2023.

AIA Insurance introduces ‘AIA Exclusive’

AIA Insurance, Sri Lanka’s Best Life Insurer (Global Banking and Finance Review 2019, 2020; Capital Finance International 2021, 2022), has introduced ‘AIA Exclusive,’ a premier membership specially designed for AIA’s most esteemed clientele. This exceptional initia

Merchandise exports gain momentum in November

Sri Lanka’s merchandise export performance appeared to gain momentum in November compared to the previous month, signaling a potential turnaround, particularly with positive growth seen in the apparel export sector. Merchandise exports in November reached US$ 968.8 million, up 4.4 percent compared with the previous month’s performance.

Charting Sri Lanka’s Economic Future: Current challenges and strategies for resilient growth

The Sri Lankan economy currently grapples with the significant challenges presented by a complex financial situation unfolding in unprecedented ways. As the country tackles the intricacies of this economic turmoil to overcome fiscal obstacles, there is a prevailing sense of concern among the populace. Agai

BOC’s Rs.10bn debenture issue oversubscribed

Bank of Ceylon’s (BoC) Rs.10 billion Basel III Compliant Tier 2 Listed Debenture Issue was oversubscribed and closed on December 22nd 2023. The Basel III Compliant, Listed Issue was a first for a State Bank. This epitomizes the trust placed in th

ComBank honoured by Global Business Outlook with prominent double

The Commercial Bank of Ceylon has been adjudged ‘Best SME Bank’ and ‘Most Innovative Digital Bank’ in Sri Lanka in 2023, rounding off a year of important international and local awards. The latest accolades were presented to the Bank by Global Business Outlook (GBO), a leading UK-based information provider