President’s Office calls for swift action to achieve agricultural modernisation

The President’s Office this week issued clear directives to the relevant authorities to expedite the implementation of the agricultural modernisation programme, so that the island nation can witness tangible outcomes at the earliest.

Oil prices gain around 1% as Red Sea tension persists

REUTERS: Oil prices rose as much as one percent yesterday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.

The UK edges closer to recession as new data shows economy shrinking

CNN: The United Kingdom’s economy shrank in the third quarter of this year, according to revised official data, stoking concerns that it could be heading for a shallow recession.

Timing of VAT hike raises concerns among tax experts 

As the government is leaving no stone unturned to increase tax revenue, experts in the field asserted that while doing away with Value Added Tax (VAT) exemptions is necessary, the authorities couldn’t have picked a worse time to implement the policy.

Apparel export earnings dip 13% in November

Continuing on the declining path, Sr Lanka’s apparel export earnings in November contracted by 12.68 percent Year-on-Year (YoY), totaling US$ 371.17 million.

Vallibel Finance opens for business in Matale

Strengthening its footprint islandwide, Vallibel Finance recently inaugurated its new branch in Matale. The new location was inaugurated by the senior management of Vallibel Finance, in the presence of the staff and customers in the r

Sri Lankan Bankers Association in UAE holds inaugural Members Night

The inaugural Members Night of the Sri Lankan Bankers Association in the UAE (SLBA - UAE) was held recently, at Crown Plaza

People’s Bank selects millionaire winners for October and November

People’s Bank’s People’s Remittance Vaasi Kotiyai 2023 draw to select the millionaire winners for the months of October and

Pay&Go revolutionises SL with innovative all-in-one payment solution

In a pioneering step aimed at improving convenience and efficiency in payments, Pay&Go, the groundbreaking, innovative payment solution, establishes itself as a game-changer in Sri Lanka. With over 1000+

ComBank felicitates employees for 25 years of service

Commercial Bank of Ceylon recently celebrated ‘25 years of shared prosperity and achievement’ with a group of long-serving employees at the 2023 edition of the bank’s annual Seniority Awards. The event at Gr

Pan Asia Bank partners LinearSix to implement Lime

Pan Asia Bank, one of Sri Lanka’s leading financial institutions and LinearSix, a cutting-edge technology company specialising in a

Orient Finance’s AFBU wins international accolades

Orient Finance’s Alternative Finance Business Unit (AFBU) recently marked a significant milestone in its journey as a distinguished financial services provider, garnering international recognition as South Asia’s Emerging Islamic Finance Entity of th

HNB wins Service Brand of the Year Bronze at SLIM Brand Excellence Awards 2023

Sri Lanka’s largest private retail bank HNB PLC was crowned as Bronze winners in the Service Brand of the Year, at the recently concluded 22nd Edition of Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2023. Considered the pinnacle of achievement for brands and marketers, HNB emerged as the Bronze winner following a highly competit

Baurs paves way towards sustainable nitrogen management with super urea for SL’s agri sector

In October 2019, Sri Lanka, in partnership with the United Nations Environment Programme, embraced the Colombo Declaration under the title ‘Nitrogen for Life’, adopted by the 15 member states to create road maps that will halve nitrogen was

ComBank and DIMO launch leasing promo for commercial vehicles and agri machinery

Commercial Bank of Ceylon and DIMO have come together once again to offer attractive discounts and other benefits to customers who obtain leasing facilities for the purchase of commercial vehicles and agri machinery from DIMO.

Shannon Estate awarded Silvertips Golden Award at Leafies 2023

G&G Group of Companies, Hatton Plantation PLC’s Shanon Estate, located in the Hatton region, was crowned Gold for its unique silver needles (silvertips-white tea) at the Leafies 2023 competition organised by the United Kingdom Tea Academy (UKTA) recently. Hatton Plantation PL

Horana Plantations wins 3 Golds at Commonwealth Business Excellence Awards 2023

Leading Sri Lankan Regional Plantation Company (RPC) Horana Plantations PLC (HPL), a member of the Hayleys group, set i

Sri Lanka participates in path to alleviating global hunger programme

The U.S. Soybean Export Council (USSEC) hosted CrushCon and HungerCon in Dubai, UAE, from December 12-14, 2023. CrushCon focused on the imperative role trade plays in collectively meeting the goal of food and nutrition security. Events like Cru

EDB wraps up successful export coaching programme for SMEs

Sri Lanka’s Export Development Board (EDB) completed a comprehensive six-week export coaching programme aimed at assisting the small and medium-sized enterprises (SMEs) with an export potential. The SMEs, regi

1990 Suwa Seriya breaks ground with MR and AI-powered connected ambulance

In a pioneering breakthrough, 1990 Suwa Seriya, Sri Lanka’s national pre-hospital emergency ambulance service, is ushering in a new era in emergency healthcare through its innovative connected ambulance. Powered by state

Benchmark 1-year yield makes about-turn at another outsize auction

The benchmark one-year bill reversed course and added back 10 basis points at the weekly primary bill auction held on Wednes

UK signs financial deal with Switzerland

BBC: Chancellor Jeremy Hunt was in Switzerland yesterday to sign a deal that makes it easier for UK and Swiss financial firms

IMF releases US$ 187mn Zambia payout, says restructuring proposal being revised

Reuters: The International Monetary Fund’s board on Wednesday approved an immediate US$ 187 million loan payout to Zambia and said the country was revising a restructuring proposal for US$ 3 billion of bonds that official creditors had rejected last month. It will be the third payout un

November tea exports expand by 11% YoY

Ceylon Tea exports in November expanded by 11 percent Year-on-Year (YoY), totalling 21.46 Mnkgs. Provisional data fro

Listed company earnings contraction slows in September quarter

Sri Lanka’s listed company earnings appeared to have ended its year-long contraction three months ago, as the earnings slump seen in back-to-back quarters eased sharply in the September quarter which ended up slipping only 3.8 percent from t

Gross official foreign reserves to exceed US$ 4bn by end of 2023

Sri Lanka’s gross official foreign reserves are expected to exceed US$ 4 billion by the end of this year, the President’s Media Division (PMD) said on Wednesday, citing Finance Ministry information. Sri Lanka received US$ 337 million from the International Monetary Fund as the second tranche of the Extended Fund Facility th

Sri Lanka’s global collaborations for hub and energy

In the realm of international cooperation, Sri Lanka stands at a crossroads, seeking transformative partnerships to propel its trajectory towards energy sustainability. The September meeting between President Ranil Wickremesinghe and a World Bank delegation illuminated a broadened discourse that extends beyond conventional boundaries, encompassing ports, trade, and crucially, support for initiatives in digitalization, renewable energy, and educat

Tea exporters express grave concern over implementation of VAT on tea trade

The Tea Exporters Association (TEA) yesterday expressed grave concern over the introduction of the 18 percent Value Added Tax (VAT) on the industry and the practical issues it is bound to create, unless a mechanism is put in place to ensure the seamless functioning of the tea value chain, in light of the VAT issue.

Cabinet nod to amend Information and Communication Technology Act

The Cabinet of Ministers this week approved a resolution furnished by President Ranil Wickremesinghe, who also serves as the Technology Minister, to instruct the Legal Draftsman to prepare a draft bill to amend Information and Communication Technology Act No. 27 of 2003.

SLT-Mobitel and STEMUP Foundation partner for ‘Day of Code 2023’

With an aim to encourage interest in and advancement of computer science education among Sri Lankan students and educators, SLT-Mobitel partnered with the STEMUP Educational Foundation to host the ‘Day of Code 2023’, for the second consecutive year. Day of Code was organized to celebrate and commemorate international Computer Science Education Week held during December 4-10, 2023 As the National ICT Solutions Provider, SLT-Mobitel understands tha