Colombo Tea Auction sees quantities improve but demand to pick up

The overall offerings at the Colombo Tea Auction are observed to be increasing, with this week showing a further improvement, as the quantities totalled 5.3 million kilogrammes. However, the offering was met with less demand for the High and Medium Grown Small Leaf teas, whilst the Low Grown and Large Leaf varieties encountered mixed demand, Forbes and Walker Tea Brokers said. The Ex-Estate offerings totalled 0.67 million kilogrammes, marginally

Maersk to cut 10,000 jobs as shipping demand falls

BBC: One of the world’s biggest shipping firms is to cut 3,500 more jobs due to lower freight rates and demand. AP Moller-Maersk already cut 6,500 roles earlier this year as part of “rigorous cost containment measures” but said more redundancies were needed. The firm, which transports goods for major retailers such as Nike, said profits had plunged by nearly US $ 8.5 billion (£6.9 billion) in its most recent results. It said “worsening” prices fo

INFOTEL 2023 puts spotlight on ICT sector after three-year hiatus

INFOTEL 2023 ICT exhibition kicked off yesterday at the Bandaranaike Memorial International Conference Hall, Colombo, focusing on the theme ‘Fuelling the Digital Economy’. While putting the spotlight on key areas of the digital economy, to support the government’s effort to fuel Sri Lanka’s economy through intelligent and modern technology, the exhibition will also cover di

Elon Musk sees an AI future where ‘no job is needed’

NN: Elon Musk declared artificial intelligence (AI) “one of the most disruptive forces in history” in a sit down conversation with British Prime Minister Rishi Sunak that dove into the dangers and opportunities of AI on Thursday, capping off the UK’s inaugural AI Safety Summit. “AI will be a force for good most likely,” Musk said. “But the probability of it going bad is not zero percent.” The two men spoke in an interview-style chat from a stage

UK Trade Envoy Lord Davies concludes 3-day visit to Sri Lanka

UK Prime Minister’s Trade Envoy for Sri Lanka Lord Davies of Abersoch visited Colombo from October 31 to November 02, 2023. During the visit, Lord Davis had meetings with Central Bank Governor Dr. Nandalal Weerasinghe, Power and Energy Minister Kanchana Wijesekera, Trade Minister Nalin Fernando and State Enterprise Restructuring Unit Director General Suresh Shah. Lord Davies discussed and exchanged ideas on Sri Lanka’s trading relationship, mar

High-level Indian CEO delegation visits BOI

The Confederation of Indian Industry (CII) delegation, accompanying Finance Minister of India Smt. Nirmala Sitharaman, visited the Board of Investment (BOI) on Thursday, to discuss investment opportunities and understand the current investment climate. The delegation was briefed by Ports and Aviation Ministry Secretary Ruwanchandra, BOI Chairman Dinesh Weerakkody, Sri Lanka Ports Authority Chairman Keith Bernard and the officials of the BOI and

Sri Lanka’s total volume of digital retail payments poised to reach Rs.77tn by 2027

Sri Lanka’s total volume of digital retail payments can potentially reach up to Rs 77.2 trillion by 2027, 128 percent more than the 2022 level, analysis from Robocash Sri Lanka has revealed.

High electricity tariffs, taxes keeping investors away from Sri Lanka: minister

The escalating cost of operations in the country is making Sri Lanka an unappealing destination for doing business, where now convincing investors to look at the island nation is a fresh challenge, the minister in charge of investment promotions said.

Tourist arrivals targets missed for three consecutive months

Sri Lanka has not met its monthly tourist arrivals targets for three consecutive months, with October falling short as well, the data released by the tourism authority showed.

President to prioritise private sector proposals in upcoming 2024 budget

President Ranil Wickremesinghe has expressed his commitment to prioritising proposals from the private sector in the 2024 budget and conducting separate examinations of related areas.

Dr. Arittha Wikramanayake appointed as Independent Director of Overseas Realty

Overseas Realty Ceylon PLC has announced the appointment of Dr. Arittha Wikramanayake, Attorney-at-Law, LL.M. (Brussels), LL.M. (Georgia), M.A.L.D. (Fletcher), as an Independent Director to its board of directors. Dr. Wikramanayake is Precedent Partner of Heritage Partners. He is a veteran Corporate and M&A lawyer and heads the firm’s corporate

CCI proposals for Budget 2024 to revive construction industry

Due to many events in the past, such as the Easter Sunday bomb blasts, lasting impacts of the Covid-19 pandemic and unprecedented economic crisis that crippled Sri Lanka, the construction industry suffered repeated contraction

Prime Group unveils revolutionary 1% payment plan with ‘The Colombo Border’

Prime Group, the real estate giant, is proud to introduce an exceptional investment opportunity that promises luxury living, modern amenities with an unbelievable payment plan. The groundbreaking venture is the company’s latest 27-story luxury development at the border of Colombo. What sets the development

RIUNIT launches comprehensive reports on South Asia’s real estate market trends

In a significant stride towards fostering transparency and informed decision-making within South Asia’s real estate landscape, the Research Intelligence Unit (RIUNIT) unveiled a series of reports during the eighth Islamic Finance Forum of South Asia

SLT-Mobitel signs agreement to deliver Fibre connectivity to Golden Tower living complex

SLT-Mobitel, has signed an agreement with Golden Tower (Pvt.) Ltd to provide comprehensive ICT solutions with SLT-Mobitel Fibre co

Twelfth round of ETCA talks held in Colombo after extended break

After a five-year pause, India and Sri Lanka have resumed discussions on the Economic and Technology Cooperation Agreement (ETCA). The twelfth round o

State Bank of India to open two new branches in Jaffna and Trinco

Indian Finance Minister Nirmala Sitharaman, who is currently on a visit Sri Lanka, is expected to inaugurate two new branches of the State Bank of India (SBI) in Trincomalee and Jaffna today (Nov.3). SBI is a public se

Fitch assigns ComBank’s debenture issue up to Rs.12bn final ‘BBB+(lka)’

Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (COMB, A(lka)/Stable) proposed rupee-denominated Basel III-compliant subordinated debentures of up to Rs.12 billion a final National Long-Term Rating of ‘BBB+(lka)’.

VAT increase my dampen consumption in the near-term: CT CLSA

Colombo-based equity brokerage and investment bank CT CLSA says the Value-Added Tax (VAT) increase slated to come into effect from January 1, 2024, is likely to dampen consumer spending in the near term.

Economy still on a knife edge, leaving no room for policy reversals: Dr. Coorey

The economic crisis in Sri Lanka may seem to have mellowed from what it was when it erupted in 2022 but the island nation still stands on a knife edge and there’s simply no room for setting off policy reversals, asserted a top economist, yesterday.

Sri Lanka launches new initiatives to retain skilled workforce in hospitality and tourism

In an effort to tackle the brain drain issue faced by the tourism sector, the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) has initiated rolling out short-term training programmes, where it will be mandatory for the students to serve the local hospitality sector to receive the certification.

Sri Lanka seeks bids in divestment of loss-making state carrier

REUTERS: Sri Lanka has invited bids for state-run carrier SriLankan Airlines as the island nation looks to reduce losses incurred by government-owned enterprises under a US $ 2.9 billion International Monetary Fund (IMF) programme. The South Asian country secured a staff-level IMF agreement on the first review of its bailout recently but it still needs approval from the IMF’s Executive Board. The economy is gradually recovering from a crisis last

State Bank of India to open two new branches in Jaffna and Trinco

Indian Finance Minister Nirmala Sitharaman, who is currently on a visit to Sri Lanka, is expected to inaugurate two new branches of the State Bank of India (SBI) in Trincomalee and Jaffna, tomorrow. SBI is a public sector bank and is the largest in India. SBI has been operating in Sri Lanka since 1864. The Colombo branch of the bank was opened mainly to handle the business of export of coffee and government business. Apart from Colombo, SBI Sri L

Twelfth round of ETCA talks held in Colombo after extended break

After a five-year pause, India and Sri Lanka have resumed discussions on the Economic and Technology Cooperation Agreement (ETCA). The 12th round of negotiations for the agreement took place in Colombo this week, Indian media reports said. After 11 rounds of negotiations conducted between 2016 and 2o18, the talks between the two countries came to a halt amid heavy opposition from Sri Lankan trade unions and professional groups. “During this r

Majority of Lankan MSMEs left to fend for themselves during pandemic, economic crisis: ILO report

A new International Labour Organisation (ILO) report has revealed that an overwhelming majority of micro, small and medium-sized enterprises (MSMEs) did not receive support from institutions dedicated to supporting MSME development during the pandemic and economic crisis and instead, struggled or closed on their own. The ILO has announced the launch of its flagship report ‘Impact of Multiple Crises on Sri Lanka’s Micro, Small and Medium Enterpris

Teejay bounces back in 2Q amid improving industry sentiments

Top textile maker Teejay Lanka PLC has achieved a remarkable recovery from its first quarter losses to post strong top and bottom line figures for the second quarter of 2023-24. Sri Lanka’s first multinational textile manufacturer has reported profit before tax of Rs.1.2 billion for the three months ending on September 30, 2023, reflecting a gain of Rs.1.9 billion over the pre-tax loss of Rs.701 million in the preceding quarter, recording a quart

WB Managing Director urges need for reform continuity

World Bank Managing Director for Operations Anna Bjerde concluded her four-day visit to Sri Lanka yesterday, encouraging the Government of Sri Lanka to stay the course on reforms for recovery and sustainable growth.

MAS completes phase II of Project Photon

MAS Holdings has just announced the completion of the second phase of Project Photon, a roof mounted photovoltaic (PV) solar power project. This ambitious venture, initiated in 2017, has catapulted MAS Holdings to the forefront of the country’s renewable energy industry, making it Sri Lanka’s largest generator and supplier of roof-mounted solar energy. Before Project Photon, MAS Holdings had a modest 1.7 MW of solar capacity scattered across vari

Singer launches exclusive Digital Experience Store and Signature Store at Havelock City Mall

Singer Sri Lanka PLC announced the grand opening of its exclusive Digital ExperienceStoreas well as the Signature by Singer store at the Havelock City Mall. The new stores are poised to redefine the retail experience for tech enthusiasts and patrons as Singer’s unwavering commitment to delivering top-quality solutions takes center stage in this new venture. Unveiled on the 19th of October, the Digital Experience Store serves as a one-stop destin

Colombo Oktoberfest 2023: A triumph of Bavarian culture at Lotus Tower

Colombo Oktoberfest 2023, the much-anticipated celebration of Bavarian culture, concluded in a grand style at the iconic Lotus Tower in Colombo. From October 2nd, 4th to 8th, the festival took attendees on a memorable journey through the streets of Munich, offering six nights of revelry from 6 p.m. to 1 a.m. each day. This year’s Colombo Oktoberfest surpassed all expectations, providing an authentic and immersive experience of Bavarian culture. T