AIA Insurance recognised as Sri Lanka’s Most Respected Insurer 2023

With a solid foundation, a strong reputation and a big heart, AIA has been recognised as the Most Respected Insurance Company in Sri Lanka in LMD’s Most Respected Entities 2023 ranking...

Think tank calls for end to executive discretion to boost govt. revenue in 2024 budget

The Colombo-based economic think tank, Verité Research, has identified the removal of executive discretion over tax changes as a crucial measure that should be incorporated into the 2024 budget....

Govt. assures further dip in food inflation in 2024

The Trade, Commerce and Food Security Ministry this week said food inflation in the country is expected to contract further in 2024, with efforts also being taken to trim the food prices wherever possible.

US DFC commits US $ 30mn to CDB to support local entrepreneurs

U.S. International Development Finance Corporation (DFC) made a US $ 30 million commitment in DFC financing to Citizens Development Business Finance PLC (CDB), to support women entrepreneurs, sustainable financing and micro, small and medium enterprises (MSMEs).

SL’s failure to address growth barriers continues to make biz vulnerable: ILO

Sri Lanka’s failure to address the impediments to enterprise growth that had been rigorously identified at least 20 years ago has hampered the healthy growth of enterprises, leaving them vulnerable to the kind of cataclysmic shocks that have rocked the economy since 2019, the International Labour Organisation (ILO) said.

Institutions under Primary Industries State Min. present Rs.925mn dividends to Treasury

Five institutions under the purview of the Primary Industries State Ministry formally presented the annual dividends to the Treasury yesterday.

Colombo Tea Auction sees offering improved

The overall auction offerings were marginally higher this week, totalling 5.49 million kilogrammes.

Vidullanka nets a PAT of Rs.614mn during 1H

Vidullanka PLC recorded a profit after tax (PAT) of Rs.614 million from a revenue of Rs.2.9 billion midway through the financial year 2023/24, as per the latest interim financials for the six months ended on September 30, 2023, published on the Colombo Stock Exchange.

Ransomware attack on China’s biggest bank may have hit US Treasury market

CNN: A US unit of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack this week that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may have contributed to a brief market sell-off on Thursday.

SL’s banking sector to get a boost with WB’s new US $ 150mn financing

Sri Lanka is set to receive fresh financing, with the World Bank’s Board of Executive Directors giving the nod to release US $ 150 million to strengthen the island nation’s resilience in the financial sector.

Windforce inks deal for off-grid solar project in Zanzibar’s Bawe Island

Renewable energy company Windforce PLC said yesterday it has entered into an agreement to construct an off-grid solar power project on Bawe Island, part of Zanzibar, Tanzania. The engineering, design, procurement, installation, testing and commissioning of the 389kWp project will be handled by Windforce for its client Bawe Retreat Limited, which is developing a luxury resort with 70 rooms in Bawe Island. The engineering, procurement and construc

US DFC commits $30mn to CDB to support women entrepreneurs and MSMEs

US Development Finance Corporation has committed US$ 30 million financing to Sri Lanka’s Citizens Development Business Finance PLC (CDB). CDB said the DFC financing will be utilised to support women entrepreneurs, sustainable financing and micro, small and medium enterprises (MSMEs).

Hemas records modest 2Q earnings amid sluggish consumer demand

Hemas PLC reported modest earnings growth for the second quarter ending in September 2023 (2Q24) in light of the sluggish consumer demand in the economy. The FMCG juggernaut with interests in healthcare and transportation, reported earnings of Rs.2.04 per share or Rs.1.2 billion for 2Q24, compared to earnings of Rs.1.93 per share or Rs.1.1 billion reported for the same period last year. The revenue for the period rose 10 percent year-on-year (YoY

Property tax likely to be chosen over comprehensive wealth tax: KPMG

As Sri Lanka explores various avenues to enhance its tax revenue, it is likely that the country will opt for a property tax instead of implementing a comprehensive wealth tax, according to KPMG Sri Lanka.

Sri Lanka balances polls and crisis recovery in 2024 budget deliberations

Reuters: President Ranil Wickremesinghe will seek to boost tax revenue and rationalise spending in the government’s second full-year budget on Monday, targeting a return to growth for the crisis-hit economy while keeping an eye on elections.

DIMO Agribusinesses introduces Sri Lanka’s first boat tractor Bison

DIMO, a leading diversified conglomerate in Sri Lanka, once again affirms its commitment towards innovation in agriculture with the launch of the country’s first boat tractor Bison through its agriculture arm, DIMO Agribusinesses.

Sri Lanka’s female migrant workers: Flying abroad on borrowed time

In a small roadside hut in Nattandiya, Asoka Malini, a returnee migrant worker, spends her days with a handful of vegetables. She worked for six years in Saudi Arabia as a housemaid and a care worker, earning a monthly salary of Rs.20,000. As a m

Dispelling myths on health and welfare of plantation workers in RPCs

Few sectors are as emotionally and politically charged as the Sri Lankan plantation industry. Media often portrays the ‘estate sector’ as the single-most impoverished, malnourished and lacking in basic amenities, often holding the Regional Plantation

Union Bank supports coconut cultivation through ‘Kapruka Ayojana’

As part of its efforts to develop small and medium enterprises (SMEs) and build sustainable businesses, Union Bank, through the ‘Kapruka Ayojana’ credit line, continues to uplift and support coconut cultivators with funding and advisory.

Elpitiya Plantations launches HarrowHouse.lk

Elpitiya Plantations (Pvt.) Ltd, a fully-owned subsidiary of the Aitken Spence group, is delighted to announce the grand launch of HarrowHouse.lk, an online store inviting gastronomy enthusiasts to embark on a journey through an array of exceptional flavours. Elpitiya Plantations prou

HNB renews Singer partnership to offer agri sector deals on John Deere

Sri Lanka’s leading private sector bank HNB PLC renewed its long-standing partnership with Singer, the premier consumer durable retailer and sole local agent of John Deere, to support the agricultural sector with state-of-the-art vehicles, machin

Achieving consensus to sustain reforms and growth in focus at Sri Lanka Economic Summit 2023

The fourth session of Sri Lanka Economic Summit 2023, conducted by the Ceylon Chamber of Commerce on November 28 and 29, will explore the most effective means to achieving consensus to sustain reforms and growth. Session 4 will delve i

ComBank and Daraz spark shopping fever with series of year-end promotions

As shopping begins to occupy thoughts with the year drawing to a close, the Commercial Bank of Ceylon has unveiled a series of exciting discount opportunities in November and December in partnership with Daraz, South Asia’s largest ecommerce platform. From Saturday, 11th to Friday 17th November, all purchases by Commercial Bank Credit Card holders will be eligible for a site-wide 10% discount under the Daraz 11.11 promotion. Simultaneously, Comme

Sithaka tea sets record at weekly auction with Rs.4,800 per kg

In a remarkable event at this week’s tea auction on November 7 and 8, 2023, Avissawella Tea Factory, trading its produce under the

Sri Lanka aims to revive coffee and cocoa production and diversify export markets for spices

Sri Lanka is looking to revitalise its high-quality coffee and cocoa production alongside measures to boost the country’s spice indus

99x expands global presence with acquisitions in Portugal and Brazil

99x continues to expand its global presence with two new acquisitions in Portugal and Brazil. The acquisitions of Cleverti - Portugal and LeanOn Systems - Brazil were formally concluded by 99X Investment AS, Norway in Octobe

Port City Colombo signs MoU to attract investors at ‘Invest Sri Lanka – Retire Sri Lanka’ event in Singapore

‘Invest Sri Lanka – Retire Sri Lanka’– an event focused on attracting investment to Sri Lanka was held in Singapore recently. The even

Deterioration in financial profile prompts rating downgrade for Hela

Fitch Ratings has downgraded Sri Lanka-based Hela Apparel Holdings PLC’s National Long-Term Rating to ‘BB+(lka)’, from ‘AA-(lka)’. The Outlook is Negative. The downgrade fol

U.S. DFC commits US $ 553mn to develop Colombo West International Terminal

U.S. International Development Finance Corporation (DFC) yesterday said it would lend US $ 553 million to develop Colombo West International Terminal (Pvt.) Ltd (CWT), a deep-water shipping container terminal in the Port of Colombo. India’s largest port operator Adani Ports and SEZ holds 51 percent of CWT, which it is developing with Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) and state-run Sri Lanka Ports Authority (SLPA). JKH

Sri Lanka, Argentina top list of most vulnerable economies- study

REUTERS: Sri Lanka and Argentina remain very vulnerable amid a worsening in global financial conditions while China has suffered a sharp deterioration in financial resilience since pre-COVID times, a think-tank study found yesterday. The resilience indicator, published by the Washington-based Centre for Global Development, assesses which countries would be most economically and financially affected if an external shock were to materialise. It is