Amana Bank-Singer make solar power affordable for all

In a significant step towards a more sustainable future, Amana Bank PLC and Singer PLC have teamed up for a greener future, to make solar power accessible and affordable for everyone. Through this part

Cargills Bank’s Rs.500mn IPO opens for subscription

Cargills Bank announced its initial public offering (IPO) to raise Rs.500 million of Tier 1 capital, through the issuance of 62.5

Italy pulls out of China’s Belt and Road Initiative

BBC: Italy will pull out of China’s flagship Belt and Road Initiative (BRI), the government has confirmed. Prime Minister Giorgia Meloni’s administration notified Beijing that it would cease participating in the BRI ahead of a deadline a

Fabric makers highlight importance of vertical integration; call for govt. support to cut operational costs

Manufacturers of fabric and accessories in Sri Lanka’s apparel industry have highlighted the importance of vertical integration to reduce lead time and the need for government policy support to reduce the industry’s operational costs, largely

Marella Discovery 2 cruise marks inaugural visit to Colombo Port

The luxury cruise ship M.V. Marella Discovery 2, operated by Marella Cruises and carrying 1,800 passengers along with 755 crew

ComBank, HNB and Sampath Bank enter Colombo Port City

Three of Sri Lanka’s leading commercial banks—Commercial Bank, Hatton National Bank (HNB), and Sampath Bank have been issued an Authorized Persons (AP) license by the Colombo Port City Economic Commission (CPCEC).

Earnings recession seems over for listed companies as economy recovers

Sri Lanka’s listed corporates seem to have emerged from the earnings recession that affected the stock market over several quarters, and analysts anticipate a modest rebound starting from the current quarter, potentially bolstering stock indices by the year-end and beyond.

President calls for regular property valuation cycle to bolster tax system

President Ranil Wickremesinghe has advocated for a systematic property valuation cycle, to enhance Sri Lanka’s tax system, proposing assessments to be conducted every five years. He expressed this stance during the centenary celebration of the Government Valuation Department. Recognising the positive impact such assessments can have on tax collection, he commended the department’s strides in digitalisation, acknowledging the efforts made in thi

Sri Lanka and India to conclude ETCA technical talks by March

Sri Lanka and India have agreed to conclude the technical level discussions of the Economic and Technology Co-operative Agreement (ETCA) by March, next year, Cabinet Spokesperson Minister Bandula Gunawardana said. Sri Lanka and India have held 12 rounds of ETCA negotiations up to now and the 13th round will be held in India from January 08 to 10, 2024. Gunawardana said the Cabinet of Ministers reviewed the information submitted by President Ranil

State sector evaluation policy set in motion by General Treasury

The Project Management and Supervision Department at the General Treasury has initiated preliminary efforts for the implementation of the National Evaluation Policy within the state sector, starting from next year. Recognising the need for an institutional structure to execute this policy, without establishing a new institution, it has been decided to establish a permanent National Evaluation Committee. This committee will be responsible for maki

Lawsuits challenging implementation of MRR to be taken up at Supreme Court today

By Shabiya Ali Ahlam The recently introduced Minimum Room Rate (MRR), which has the tourism industry divided, will be taken up at the Supreme Court today, Mirror Business learns. Two separate cases have been filed at the Supreme Court, challenging the MRR. One, by a Colombo city hotel and the other, jointly by three industry associations, namely the Sri Lanka Inbound Tour Operators (SLAITIO), Association of Small and Medium Enterprises in Touris

T-bill yields fall across maturities; Rs.185bn raised

The Central Bank successfully raised a mammoth Rs.185 billion through the sale of Treasury bills yesterday, marking one of the largest auctions in recent memory. The yields fell across all three maturities, underscoring the ongoing trend of easing in government securities yields throughout the year. This shift follows the Central Bank’s adoption of a somewhat aggressive monetary easing stance. The Central Bank sold Rs.87.59 billion in three-mon

Sri Lanka to borrow US $ 150mn from WB to strengthen financial sector

Sri Lanka is poised to secure a US $ 150 million loan from the World Bank, to enhance the resilience of the country’s financial sector. This week, the Cabinet of Ministers granted approval to the president, who also serves as the finance minister, to initiate the necessary agreements with the development lender to facilitate the loan. During the Cabinet meeting on April 24, 2023, approval was granted for the implementation of a project aimed at

RIUNIT releases report on remarkable rebound of Sri Lanka’s tourism sector

The Research Intelligence Unit (RIUNIT) has released a comprehensive report shedding light on the current state of the Sri Lankan Travel and Tourism sector. Despite the challenges posed by the global COVID-19 pandemic and subsequent economic crises, the data reveals promising trends in tourist arrivals and spending, indicating a gradual recovery in the industry, paving the way for ample opportunities for investors to explore.  In an exclusive in

Hiran Cooray honoured with THASL Lifetime Achievement Award

Hiran Cooray was honoured with the Lifetime Achievement Award at the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL). The award, presented by President Ranil Wickremesinghe and President of THASL M. Shanthi Kumar, celebrates his exceptional contributions and steadfast dedication to the growth and enhancement of the hospitality and tourism industry in Sri Lanka.   Walking in the monumental footsteps of the late Herbert

Trio of hotels under Radisson and Radisson Blu brands celebrates journey in Sri Lanka

The cluster of three properties in Sri Lanka under the Radisson and Radisson Blu brands located in Colombo, Kandy, and Galle commemorated an important milestone - celebrating a successful year of operations in the country. Property owners Sino Lanka, along with management company La Vie Hotels & Resorts, and Radisson Hotel Group held a grand celebratory event at Radisson Hotel Colombo which was attended by dignitaries and local business owners.

New Media Solutions triumphs with Effie win for Softlogic Life’s Christmas Tree campaign

New Media Solutions recently won a Bronze Effie in the Insurance Category for its outstanding work with Softlogic Life, Sri Lanka’s second largest life insurer. The accolade honours New Media Solutions’ creative and strategic excellence in bringing Softlogic Life’s distinctive seasonal campaign to life. Last Christmas, the company captured the nation’s imagination by unveiling the world’s first-ever vegetable Christmas Tree. The objective of th

GroupM wins four top honours at Campaign Asia Agency of the Year awards

GroupM agencies Mindshare & Wavemaker win all 4 of the top awards across digital & media categories This marks a historic first for any Sri Lankan agency group GroupM, the global leader in media investment management, yet again marked its influential two-decade plus presence in Sri Lanka’s media industry, securing the top honours across Media & Digital at the highly coveted Campaign’s Agency of the Year awards for the year 2023. The Campaign’s Ag

Dialog champions in eliminating avoidable blindness and improving access to education

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, pledged its commitment to provide school children in need with spectacles, in celebration of World Sight Day, and as part of the company’s Nethsuwaya programme conducted in partnership with the Ministry of Health’s V2030 initiative. The announcement follows the company’s continued support of the national Vision 2020 programme that was launched in 2007 via Nethsuwaya. A joint venture be

EDB and Moratuwa Uni collaborate to drive innovative packaging solutions for SMEs

In a significant stride towards advancing Sri Lanka’s presence in international markets, the Sri Lanka Export Development Board (EDB) has partnered with the Department of Integrated Design at the Faculty of Architecture, University of Moratuwa (UoM) to launch an Innovative Packaging programme tailored for Small and Medium-sized Enterprises (SMEs). This collaborative effort, targeting SME companies, recently concluded with a showcase at the Desig

Singer joins Daraz platform, marking a significant milestone in consumer goods e-commerce

Daraz, a leading online marketplace in Sri Lanka and wider South Asia, recently announced its collaboration with Singer Sri Lanka. This partnership marks a significant milestone for both entities, as Singer Sri Lanka becomes the first major consumer durables business to join Daraz as a flagship supplier. The alliance between Daraz and Singer will offer a diverse assortment of premium electronics and lifestyle commodities to online consumers, all

Georgian business delegation explores enhanced trading links with Sri Lankan agri sector

A Georgian business delegation paid a visit to the Sri Lanka Export Development Board (EDB) recently to enhance trading opportunities with the Sri Lankan agricultural sector. EDB Chairman/CEO Kingsley Bernard welcomed the visiting delegation and extended his appreciation for visiting Sri Lanka to bolster commercial and business ties between the two countries. Georgia is Sri Lanka’s 91st export destination. In 2022, Sri Lanka’s exports value to Ge

LOLC Divi Saviya unveils unique Christmas edition

LOLC Divi Saviya yesterday announced the launch of the third phase of its transformative educational initiative, coinciding with the true spirit of Christmas. This phase....

PRISL holds Annual General Meeting

The Plastics and Rubber Institute of Sri Lanka (PRISL) recently convened its Annual General Meeting (AGM) at its head office in Rajagiriya. Against the backdrop...

CA SL’s APFASL highlights epitome of financial excellence in public sector at 7th BARA Awards

The Association of Public Finance Accountants of Sri Lanka (APFASL), which is the public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), showcased the pinnacle...

JKH Property Sector President addresses Singapore-SL Biz Forum on real estate investment opportunities

John Keells Properties, the country’s largest developer, has played a pivotal role in shaping Sri Lankan real estate, delivering notable successes such as The Emperor, The Monarch, 7th Sense...

Economic resilience in real estate: Navigating fiscal, monetary and tax policies

In recent times, it’s evident that fiscal, monetary and tax policies have a significant impact on the real estate sector, especially in Sri Lanka, as it undergoes economic changes. In this article...

ICC’s The Residencies Kotte model apartment unveiled

The Residencies Kotte, another groundbreaking project of International Construction Consortium (Pvt.) Limited (ICC), has achieved its latest milestone, as it unveiled its model apartment, allowing...

HNB renews partnership with Expo Property Developers

Sri Lanka’s most customer-friendly bank HNB PLC renewed its partnership with Expo Property Developers (Pvt.) Ltd to offer prospective homeowners with tailored and concessionary rates for...

Orel Corporation partners Prime Residencies for The Palace Gampaha

Orel Corporation, the leading electrical manufacturer in Sri Lanka, recently announced a strategic partnership with Prime Residencies, a leading real estate company in the country, for its upcoming....