Construction sector contraction continues despite modest overall economic rebound

Despite a modest rebound in the overall economy in the third quarter, Sri Lanka’s construction sector, a crucial segment known for generating significant employment across all levels, has continued to contract.

Over 200,000 Russian tourists likely to visit Sri Lanka next year

Sri Lanka is one of the most preferred and favourite destinations for Russian tourists, said Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Sri Lanka, Levan S. Dzhagaryan.

Ceylinco Life is Sri Lanka’s Brand of the Year for second successive year

Ceylinco Life conquered the ‘Everest’ of Brand Excellence in Sri Lanka this week, winning the company’s second successive Brand of the Year title and three other Golds at the Sri Lanka Institute....

Srilal Miththapala honoured with THASL Lifetime Achievement Award

The Hotels Association of Sri Lanka (THASL), at its 58th Annual General Meeting, honoured Srilal Miththapala with the prestigious Lifetime Achievement Award. The award....

People’s Bank powers youth tech skills programme to shape a digital economy for Sri Lanka

As one of Sri Lanka’s most digitalised banks and a pioneer in digital financial inclusion, People’s Bank recognises the growing importance of empowering youth in digital technologies and skills...

INSEE Ecocycle collaborates with authorities for responsible disposal of confiscated heroin

INSEE Ecocycle, Sri Lanka’s pioneer in waste management services, has partnered with the Sri Lanka Police Narcotics Bureau (PNB) and National Dangerous Drugs Control Board (NDDCB) to ensure....

Occidental Eden Beruwala holds Christmas tree lighting

In a night of festive cheer, Occidental Eden Beruwala welcomed guests to a spectacular Christmas tree lighting event on December 15, 2023. The atmosphere was nothing....

SriLankan Airlines among first in SA to roll out eco-friendly carpets onboard

In a pioneering move, SriLankan Airlines will become one of the first airlines in South Asia to introduce eco-friendly carpets onboard its aircraft after a successful trial. The eco-friendly...

Sri Lanka to welcome 35 luxury passenger cruise ships next year

Sri Lanka will see the arrival of around 35 luxury passenger cruise ships next year, according to the Navigation Division of Sri Lanka Ports Authority (SLPA).

Sri Lanka Tourism lights up Colombo city

Sri Lanka Tourism will be lighting up key streets and areas of Colombo this festive season for the second consecutive year, following last year’s success. The month....

Govt. to revise down SSCL threshold to Rs.60mn from Rs.120mn

The Cabinet of Ministers has given its approval to amend the Social Security Contribution Levy Act No. 25 of 2022 to revise down the threshold of the Social Security Contribution Levy (SSCL) to Rs.60 million....

NSB Act to be amended to facilitate bank’s growth

A proposal presented by President Ranil Wickremesinghe, who also serves as the Minister of Finance, Economic Stabilisation, and National Policies, to amend certain sections of the National Savings Bank Act ....

Firms resume hiring staff after months-long contraction

Companies, representing both the manufacturing and services sectors, have resumed their recruiting activities, ending months-long streak of hiring freezes and layoffs caused due to the deep contraction...

​November tea production down nearly 4%

Sri Lanka’s tea production experienced a 3.82 percent year-on-year contraction in November, amounting to 19.58 million kilograms. Comparing this with October’s output of 22.85 million...

Tourist arrivals cross 100,000 mark in first 17 days of December

Tourist arrivals to Sri Lanka crossed the 100,000 mark this Sunday, provisional data from the Sri Lanka Tourism Development Authority (SLTDA) showed. For the first....

Cabinet nod to segregate life and general biz of SLIC

The Cabinet of Ministers this week approved a proposal to initiate the necessary measures to segregate the life and general insurance businesses of State-run Sri Lanka Insurance Corporation....

Growth in private sector credit extends to fifth consecutive month in October

Banks extended Rs.37.9bn in net credit to private sector in Oct., compared to Rs.70bn in Sept.

SL to unveil digital economy policy that does not change when governments change

Technology State Minister Kanaka Herath yesterday said that they are working on the introduction of a digital economy policy for Sri Lanka, which does not change when the governments change.

Protectionist policies in construction sector challenge urban affordable housing: Advocata

An uneven playing field prevails in the local construction sector, due to an array of protectionist policies, all of which make it increasingly challenging for the urban population to have access to affordable housing, Advocata Institute said. “We found that there was a nexus between trade policy and anti-competitive practices in the construction industry and these trade practices or event competitive practices have affected consumers through hi

Uber study reveals potential 8% rise in female workforce in Colombo by 2028

A study by the ride-hailing company Uber says access to mobility could increase female workforce in Colombo by 8 percent by 2028 and it could contribute to the capital city’s economy by over 3 percent. The study shows how ride-hailing services have become a vital vehicle for women to access the workforce or move up the ladder to achieve financial independence. As per the report, the ride-hailing boost will result in over 50,000 women joining the

Exchange rate stability and price softening propelled economy out of recession: Statistics office

The favourable movement or largely stable exchange rate and softening prices, which had sprinkled a cooling effect on supply chains, had a substantial positive impact on pulling the economy from a prolonged recession in the third quarter, said the Department of Census and Statistics (DCS). Sri Lanka’s gross domestic product (GDP) or the total value of goods and services produced by the economy rebounded by a modest 1.6 percent in the July-Septem

Oil rises on Red Sea jitters, ample supply weighs

Oil posted gain last week, after seven weeks of decline Russia to deepen oil export cuts in Dec. by 50,000 bpd or more Shipping firms avoiding Suez Canal amid attacks on vessels REUTERS: Oil rose yesterday as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruptions, although scepticism around Russia’s plan to cut exports in December limited gains. BP has temporarily paused all transits through the Red Sea, it said

Challenges mount for Sri Lanka’s legal liquor sector with volume drop, illicit market rise

By Nishel Fernando The players in Sri Lanka’s liquor industry are grappling to stay afloat, due to a significant drop in volume, with the consumers increasingly turning to the illicit market amid heavy taxation and some industry players are resorting to corrupt practices to evade taxes in an attempt to stay competitive. “We make high investments and we have high fixed costs. When the volume falls below a particular point, it becomes very hard to

Macksons Paint Industries clinches Gold at NCE Export Awards

Macksons Paint Industries (Private) Limited, the innovators of the esteemed Multilac brand, has clinched the coveted Gold award in the Extra-Large category for the Chemical Products Sector at the NCE Export Awards, hosted by the National Chamber of Exporters of Sri Lanka. This recognition not only cements Multilac’s status as a premier paint manufacturer but also showcases the company’s unwavering dedication to elevating Sri Lanka’s presence on

Three Sinha Group shines at National Industrial Excellence Awards

Three Sinha Group of Companies was awarded the Gold Award under the Medium Category at the National Industrial Excellence Awards – 2023 organized by the Industrial Development Board (IDB). The award ceremony was recently held at the Nelum Pokuna Theatre in Colombo under the patronage of President Ranil Wickremesinghe, and the company’s Managing Director Manjula Ariyakumara received the Award. Established as a small-scale business venture, Three S

Lanka Aluminium Group shows up in strength at Kedella 2023

Lanka Aluminium Industries PLC together with their fully owned subsidiaries Comark Engineers (Pvt) Ltd, MerbokLanka (Pvt) MDF Ltd, and Marshall Investments (Pvt) Ltd, have generated much interest for their extensive construction, hardware, and household product ranges at the Kedella 2023 exhibition held recently at the BMICH. The high level of enthusiasm for construction and hardware-related products and equipment augurs well, indicating a consu

Samson Rajarata Tiles secures Gold at NCE Export Awards

Samson Rajarata Tiles, a subsidiary of DSI Samson Group added another feather to its cap by winning the Gold Award at the NCE Export Awards 2022-2023, under the Ceramic, Porcelain & Other Clay Product sector. The award ceremony took place on December 8th at the Shangri- La Colombo, where industry leaders gathered to celebrate excellence in export. The national chamber of exports has bestowed an Award upon Managing Director Chandula Rajapaksha an

OTR Wheel Engineering Lanka attends ‘CII EXCON 2023’ fair

OTR Wheel Engineering Lanka Pvt Ltd took part in the recently concluded 12th edition of CII EXCON 2023, South Asia’s largest construction equipment trade fair organized by the Confederation of Indian Industry (CII). Over 1000 exhibitors from more than 100 countries showcased their products and a number of companies launched new products and services at CII EXCON 2023. The exhibition also attracted 5 country pavilions from France, Germany, Italy,

Prime Lands Residencies clinches dual honours at TAGS Awards 2023

Prime Lands Residencies recorded stellar achievements at the TAGS Awards 2023, where it secured the Silver Award in both the Land and Property Companies Sector and the Emerging Listed Companies Sector. The awards ceremony, held at the Shangri-La Hotel in Colombo, marked a momentous achievement for the Prime Group. TAGS, an acronym for Transparency, Accountability, Governance, and Sustainability, represents the annual report competition organised

Overseas Realty subsidiary to provide facility mgt. services to Port City Colombo duty-free mall

CHEC Port City Colombo, recently joined hands signing an agreement with Realty Management Services Pvt Ltd (RMS), a fully-owned subsidiary of Overseas Realty (Ceylon) PLC to enhance facility management operations of the first downtown duty-free mall in Sri Lanka. Under the terms of the agreement, Realty Management Services Pvt Ltd will provide a comprehensive suite of facility management to Port City Colombo, which includes MEP and soft service