Sri Lanka Economic Summit 2023 kicks off today

The Ceylon Chamber of Commerce will host Sri Lanka Economic Summit (SLES) 2023 on November 28 and 29, at Shangri-La Hotel, Colombo, with President Ranil Wickremesinghe attending as the chief guest.

October sees 20% decline in apparel exports

The apparel exports from Sri Lanka continued their downward trend, with October exports declining 20 percent year-on-year (YoY) to US $ 330.95 million, the data compiled by industry body Joint Apparel Association Forum (JAAF) showed.

MAS Holdings secures 16 Presidential Export Honours

The global apparel and textile giant, MAS Holdings, announced the resounding accomplishment of its subsidiaries, MAS Active Trading (Pvt) Ltd and MAS Intimates (Pvt) Ltd, at the distinguished Presidential Exports Awards for 2021/22 and 2022/23. In recognition of the company’s contribution to Sri Lanka’s export sector, MAS Active (Active and Kreeda divisions) secured Sri Lanka’s overall Exporter of the Year Award for two years 2021/22 and 2022/23.

Browns Investments completes acquisition of James Finlays Kenya

In a historic and landmark move, Sri Lanka’s Browns Investments PLC solidified its presence in Kenya officially by acquiring James Finlays’ extensive tea plantations spanning over 27,000 acres in Kenya, yesterday.

Cabinet clears Sinopec’s US $ 4.5bn refinery proposal

Sri Lanka yesterday approved a proposal by China’s Sinopec to build a US $ 4.5 billion refinery, its energy minister said, making it the largest single investment in the island nation since a crippling economic crisis last year.

ComBank to raise up to Rs.12bn via listed debt

Sri Lanka’s largest private bank Commercial Bank of Ceylon PLC is gearing to raise up to Rs.12 billion via a listed debenture issue, which was first announced in July this year. The bank yesterday said it plans to issue 60 million Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures, with a non-viability conversion feature, at the par value of Rs.100 each, with an option to issue up to further 60 million of

Sysco LABS recognised as SL’s premier technology exporter at Presidential Export Awards

Sysco LABS was honoured with the prestigious Best Exporter Award in the information and communication technology (ICT) sector, at the Presidential Export Awards for both 2021/22 and 2022/23. This ach

Shock as New Zealand axes world’s first smoking ban

BBC: New Zealand’s new government says it plans to scrap the nation’s world-leading smoking ban to fund tax cuts. The legislation, introduced under the previous Jacinda Ardern-led government, would have banned cigarette sales next year to anyone born after 2008. Smoking is the leading cause of preventable deaths in New Zealand and the policy had aimed to stop young generations from picking up the habit.

CB pauses further rate cuts, awaits full transmission to real economy

The Central Bank says it would hold off further rate cuts for some time, at least until the past rate cuts are fully transmitted into the real economy by way of further ease in the market lending rates, as the monetary authority still sees more room for such market rates to come down to ensure a faster recovery in the economy. “The board viewed that, with the reduction of policy interest rates and based on the available information, further mone

John Keells Properties collaborates with HNB to revolutionize homeownership

John Keells Properties has entered into a strategic collaboration with HNB to offer attractive mortgage plans for those who are keen to invest in their latest frontier, Viman Ja-Ela. Under this partnership, customers will benefit from financing options provided by HNB, enabling them to make their dream of owning a home at Viman a reality. Nadeem Shums – Head of Sales & Marketing at John Keells Properties stated, “We are committed to delivering

SLT-Mobitel to power Ocean Breeze Hotel Residencies with Fibre solutions

SLT- Mobitel, the National ICT Solutions Provider recently signed an agreement with Global Housing & Real Estate (Pvt) Ltd to provide SLT- Mobitel Fibre solutions for its luxurious apartment complex, ‘the Ocean Breeze Hotel Residencies’ at Negombo. The agreement was signed between Janaka Abeysinghe, Chief Executive Officer of SLT, and Dasun Wickramarathna, Chairman of the Global Group. Imantha Wijekoon, SLT- Mobitel Group Chief Officer - Consume

Melwa conducts special workshops for masons, welders to achieve NVQ qualification

Steel manufacturer Melwa recently conducted two special training programmes in Ampara and Sainthamaruthu areas to upgrade the professional skills of masons and welders engaged in the construction industry and help them achieve the well-recognised National Vocational Qualification (NVQ) (Level Three) qualifications. More than 300 masons and welders participated in these workshops that had been fully sponsored and organised by Melwa. During the wor

Alumex expands product line-up

Alumex PLC, the flagship entity of the Hayleys Group’s Construction Materials sector, recently revealed a strategic expansion of its product line-up. When improving or constructing a home, many consult architects for long-lasting solutions. The Sliding Windows of the Alumex Building System (ABS) offer durability and a modern look, challenging the perception that wood is the only stylish choice. Alumex combines wood finishes and aluminium’s stre

Assetline Lands spreads wings to Negombo

Assetline Lands (Private) Limited, the real estate trading arm of the David Pieris Group of Companies, expanded its operations with the opening of a new branch in Negombo. This branch, located centrally at Colombo Road, Negombo, is ideally situated to serve the needs of clients in the region. To commemorate the event, three delighted customers who acquired land plots from ‘The Marina’ a residential land development project located in Marawila re

AkzoNobel Paints Lanka inks MoU with VTA

AkzoNobel Paints Lanka (Pvt) Ltd.- producer of Dulux paints in Sri Lanka- has signed a Memorandum of Understanding with the Vocational Training Authority (VTA). This partnership, inked recently will provide its loyal Dulux painter community in the country with the valuable opportunity to obtain level 3 of the National Vocational Qualification (NVQ) in ‘Professional painting.’ The new initiative is part of the company’s MHP –Mind, Heart and Pocket

JAT Holdings reports topline growth in 2Q; records highest export turnover

Sri Lanka’s market leader in wood coatings and emerging regional conglomerate, JAT Holdings PLC, reported robust financial performance for 2Q of FY 2023/24, recently. Most notably, the Group recorded its highest-ever export Turnover at Rs. 1,827 million, against Rs. 795 million in the corresponding period in the year prior, a growth of 130 percent, driven in part by market expansion. Alongside this, the Group also recorded a healthy 11 percent

Sri Lanka to OK Sinopec’s US$ 4.5 bn refinery proposal today

Sri Lanka will likely approve today (Monday) a proposal from Chinese state refiner Sinopec to build a US$ 4.5-billion-dollar refinery, the South Asian island nation’s Energy Minister said....

November tourist arrivals surge, but reaching 200,000 monthly target seems unlikely

Tourist arrivals in November have shown improvement; however, the current pace may fall short of reaching the desired milestone of 200,000 or meeting the set month-end target. Provisional data....

PM Modi asks Indians to say no to destination weddings

Indian Prime Minister Narendra Modi on Saturday expressed displeasure on Indians holding weddings overseas and stressed that such celebrations must be held within the country to ensure the money....

Zambia bondholder deal flop prompts calls for rethink of debt reworks

The collapse of Zambia’s US$ 3 billion bond rework deal this week is reverberating well beyond the country’s borders, raising doubts about the very framework designed to get bankrupt nations....

Re-connection fee to be revised

The re-connection for the continuity of electricity supply will see a downward revision, Power and Energy Minister said. The government has issued instructions....

Cargills Bank announces share listing plans

Cargills Bank Limited, the banking arm of Cargills Group, has announced plans for a listing on the Colombo Stock Exchange (CSE). An application in this regard....

Potential relief for electricity consumers next year with anticipated improvement in CEB’s financials

Electricity consumers are likely to get some relief next year from the thrice-hiked electricity tariff with Power and Energy Ministry sharing that likely improved financial performance of the Ceylon....

Hemas Hospitals pioneers same-day discharge with ambulatory care

Redefining the healthcare space in Sri Lanka, Hemas Hospitals is transforming patient recovery from advanced surgeries, allowing patients to return home on the same day and recover faster....

CEPA to hold symposium on poverty alleviation strategies

The Centre of Poverty Analysis (CEPA) is set to host an insightful symposium titled ‘Retrospect and Prospects on Poverty Alleviation in an Era of Economic Crisis’ on November 29th and 30th....

HNB-Japlan Diagnostic partner to enhance healthcare services

Revolutionising the healthcare industry, Sri Lanka’s leading private sector bank HNB PLC partnered with a trusted supplier of globally recognised diagnostic brands, Japlan Diagnostics....

Vision Care unveils newest branch at Havelock City Mall

Vision Care, Sri Lanka’s leading vision and eyewear solutions provider, has further solidified its commitment to delivering high-quality eye care services by opening its newest branch at Havelock City....

CB chief shrugs off growth concerns from higher taxes

After cutting rates for the fourth time last week to spur economic growth, Central Bank Governor Dr. Nandalal Weerasinghe said he doesn’t think the higher taxes are going....

EU extends EUR 15mn grant to promote circular economy in SL’s food sector

Sri Lanka and the European Union (EU) entered into a financing agreement to promote a circular economy and sustainable consumption and production in the food sector.

CB cuts rates further to spur growth as inflation remains anchored

Defying the expectations of market participants for a pause in the rate cuts at this week’s monetary policy meeting, the Monetary Policy Board delivered another 100-basis-point rate cut yesterday, bringing the total reduction in policy rates to 650 basis points since they initiated the rate-cutting campaign in June this year.