Treasury Secretary confident in achieving 2024 tax revenue target

Treasury Secretary Mahinda Siriwardana yesterday expressed confidence in the measures taken by the authorities to increase government revenue through taxation, bringing about a positive outcome next year. While the tax reforms implemented from the middle of last year caused a shock to the business community and public, Siriwardana emphasised that such measures were essential for fiscal consolidation. “Next year we are expecting growth to come to

DDR, budget support loans to accelerate yield and interest rate decline

The recently concluded domestic debt restructuring (DDR) and anticipated budget support loans from multilateral lenders are expected to contribute to further reductions in bond yields and market interest rates in the coming months. This comes as the Central Bank temporarily halts any additional rate cuts. The Central Bank said it believes that the government would require less funding than before the DDR, potentially resulting in a reduced need

Our aim is to optimize customer’s e-commerce experience harnessing AI power: Velou Founder

Velou, a cutting-edge AI-powered retail technology start-up, is revolutionizing the e-commerce landscape by optimizing the customer experience for online shoppers. Founded by Sadee Gamhewa, a seasoned industry expert with over two decades of experience in product engineering and data science, Velou is making waves in the world of e-commerce. In this exclusive Q&A with Mirror Business, we delve into the story behind Velou, its vision, and its plan

SLT-Mobitel introduces ‘UNLIMITED MAX’ package

SLT- Mobitel Mobile has introduced an all new, UNLIMITED MAX package, offering customers a new era of limitless potentialand maximising every benefit. With the new UNLIMITED MAX package backed by SLT- Mobitel’s unmatched network coverage and seamless experience, customers can enjoy unlimited data to surf their most favourite social media apps, unlimited calls to any network, along with 1000 SMS and additional Anytime Data for other uses, opening

Hutch and Bancstac partner to accelerate digital payment innovation

Hutch, mobile operator and a subsidiary of Hong Kong-listed CK Hutchison Holdings (CKHH), has announced strategic partnership with Bancstac to launch innovative payment acceptance capabilities across all Hutch digital payment channels to support its business growth. Bancstac is an innovator in the payments industry and a core technology partner to banks and other institutions. Bancstac enables businesses to seamlessly integrate with, and unlock,

Samsung Sri Lanka unveils exclusive offer for Galaxy A05 & Galaxy A05s

In a move set to delight smartphone enthusiasts and tech-savvy consumers, Samsung Sri Lanka has announced a captivating launch offer for its latest additions to the Galaxy family – the Galaxy A05 and Galaxy A05s. This exclusive offer, brought forth by Samsung India Electronics Pvt. Ltd – Sri Lanka branch, is designed to elevate the consumer experience, offering unique benefits to those who embrace the innovation embodied in the Galaxy A05 and Ga

FITIS holds ‘API ASIA Conference’ for second time

Federation of Information technology Industry Sri Lanka (FITIS) hosted API ASIA conference for the second time in Colombo on November 16th at Shangri-La bringing industry experts, with keynote speakers and delivery experts to an open forum to expand the reach to the interested group of over 500 professionals, business leaders and developers to create opportunities and delivering business value. The event was organized by the Software Chapter of F

OREL IT revolutionizes cloud industry with Red Cloud Summit

The Red Cloud Summit, which was organised by OREL IT, took place from November 3rd to 5th conjunction with INFOTEL 2023. The Red Cloud Summit showcased OREL IT’s commitment to innovation, empowerment, and cyber security, all of which are essential for Sri Lanka’s digital transformation journey. The company’s key announcements and insightful panel discussions solidified its position as a leader in the cloud computing industry and a driving force

SRU chief highlights private sector’s crucial role in safeguarding reform process

As reform and restructuring efforts are underway across various sectors of the economy, the private sector stands out as a key element crucial to safeguarding the entire reform process, stated the chief of the State-Owned Enterprise Restructuring Unit (SRU). According to SRU Director General Suresh Shah, this applies not only to the reforms of the state-owned enterprises (SOEs) but also to the reforms in general. “If, for instance, the private

Saudi investment fund to buy 10% stake in Heathrow airport

BBC: Saudi Arabia’s Public Investment Fund (PIF) has agreed to buy a 10 percent stake in Heathrow airport from Spanish infrastructure giant Ferrovial. Another 15 percent in its parent company, FGP Topco, will be sold to France-based private equity fund Ardian. Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37 billion (US $ 3 billion). The transaction is still subject to regulatory conditions, according to the

Sri Lanka needs US $ 100bn to become net zero emitter by 2040, says President

REUTERS: Sri Lanka needs US $ 100 billion to become a net zero emitter by 2040, President Ranil Wickremesinghe said on Tuesday, as the island also attempts to build climate change resilience while navigating its worst financial crisis in decades. Sri Lanka would focus on green financing tools, including debt for nature swaps as it attempts to reach the net zero target, Wickremesinghe told Reuters in an interview. But he added it does not have imm

Charlie Munger, friend and business partner of Warren Buffett, dies

CNN: Billionaire investor Charlie Munger, the long-time friend and business partner of Warren Buffett, has died. He was 99 years old. Berkshire Hathaway, the investment firm where Munger served as Vice Chairman, said in a press release that Munger passed “peacefully” on Tuesday morning in a California hospital. No cause of death was given.

President gives thumbs down for minimum room rate policy

The highly debated minimum room rate (MRR), which was imposed on the Colombo City hotels, came under the spotlight this week, with President Ranil Wickremesinghe stating point blank that Sri Lanka should do away with such measures. Wickremesinghe expressed his displeasure on the MRR twice this week, at the fully-packed Sri Lanka Economic Summit 2023 on Tuesday and at The Hotels Association of Sri Lanka (THASL) Annual General Meeting on Monday.

Sri Lanka and Paris Club official creditors reach preliminary debt deal

Sri Lanka and the country’s Official Creditor Committee (OCC) co-chaired by India, Japan and France as the Chair of the Paris Club have agreed on a debt restructuring deal, a statement issued by the Paris Club Secretariat said.

Sri Lanka secures US$ 60mn ADB loan for urgent road development work

Sri Lanka is set to borrow US$ 60 million from the Asian Development Bank (ADB) under the Second Integrated Road Investment Programme – Tranche 4. The Cabinet....

Govt. plans varied water tariffs based on user categories

The Ministry of Water Supply and Estate Infrastructure announced this week that water tariff reforms are underway, with a primary focus on ensuring “fairness” among specific user groups. Water Supply....

Cabinet nod to lease 87-acre land to CTC for forest farming

The Cabinet of Ministers has green lighted to lease an 87-acre land plot under the jurisdiction of Lands Reforms Commission to Ceylon Tobacco Company PLC (CTC) for a forest farming....

President issues wake-up call to private sector; stresses need to break dependency cycle

President Ranil Wickremesinghe delivered a stern message to Sri Lanka’s private sector last evening at an event organised by the Ceylon Chamber of Commerce, questioning the nation’s prolonged dependence on seeking assistance from other countries.

SL to implement QR code-based refund system to tackle single-use plastic pollution

Sri Lanka is calling for proposals from suitable parties to implement a QR code-based deposit refund system to tackle the environmental harm created by single-use plastic pollution. The Cabinet....

SL’s path-breaking reform agenda commended

Sri Lanka’s efforts towards addressing the issues in the economy and measures that have gone into its revival were commended by Montek Singh Ahluwalia, a former Deputy Chairman of India’s....

October records fifth straight month of private sector credit growth

Credit to the private sector has extended its growth streak for the fifth consecutive month in October, indicating a relaxation in financial conditions, the provisional data released by the Central Bank....

ComBank - AIA ink referral deal

Commercial Bank of Ceylon PLC said yesterday it entered into an exclusive long-term referral partnership with AIA Insurance Lanka Limited in respect of the long-term insurance products....

MMBL Money Transfer expands network

MMBL Money Transfer Services (joint venture between Aitken Spence and Mercantile Merchant Bank), the largest representative of industry giant Western Union in Sri Lanka, held an inauguration....

Würth Lanka marks 25 years of excellence in automotive aftermarket industry

Würth Lanka, a fully-owned subsidiary of the renowned German-based global brand Würth, celebrated its 25th anniversary on November 3, 2023, at Hilton Colombo Residencies. Synonymous....

Abans Auto unveils three new models of cutting-edge Yadea electric scooters

Abans Auto, a prominent vehicle supplier in Sri Lanka, has taken a bold step into the future by launching three innovative models of Yadea electric scooters. The official....

People’s Bank triumphant at SLIM – Battle of Brain Champs – Marketers Quiz 2023

The People’s Bank team was crowned as champions for the second time in a row at the recently concluded SLIM – Battle of Brain Champs 2023 – Marketers Quiz, held at Marino Beach Hotel in....

CEAT Kelani celebrates resilience at first post-pandemic dealer awards gala

A two-and-a-half-decade journey of manufacturing excellence leading to market domination was acknowledged when CEAT Kelani Holdings felicitated the company’s top dealers at a spectacular....

Vallibel One records Rs.4.47bn net profit for 2Q

Notwithstanding the macroeconomic constraints and conditions that prevailed during the year, Vallibel One Group remained focused on delivering steadfast value to its stakeholders. The group....

Discounts up to 50% at 3,500+ retail outlets for ComBank cardholders

Festive shopping is set to begin in earnest with Commercial Bank of Ceylon launching its much-anticipated annual seasonal card promotion for credit and debit card holders. The bank has....

Proposed upgrade of Hingurakgoda Airport: Strategic asset or economic burden?

Sri Lankan aviation stands at a pivotal moment as it considers the transformation of Hingurakgoda Airport, also known as Minneriya Airport, from a primarily Air Force facility to a fully-fledged international....