Facilitating non-state HEIs can save Rs.50bn in forex annually: Think tank

Sri Lanka has not been entirely open to establishing non-state higher education institutions (HEIs), especially for the medical but facilitating such entities would help the island nation save about Rs.50 billion in foreign exchange annually, the Institute of Policy Studies (IPS) said.

financial advisory CT CLSA revises down tourist arrivals target for 2023 by 11%

CT CLSA, a prominent financial advisory and investment banking service provider based in Colombo, has revised down its tourist arrivals target for Sri Lanka by 11 percent, citing a noticeable decrease in daily arrivals. In an industry update, CT CLSA announced that it has lowered the tourist arrival target for 2023 to 1.4 million. Consequently, th

Daraz announces plans to become the ‘Digital Silk Road’ by 2025

Daraz, Sri Lanka’s fastest-growing online marketplace, is committed to elevating the local e-commerce landscape by enabling local entrepreneurs to seamlessly sell their products to the international market. The platform, currently

Bairaha Farms’ subsidiary invests Rs.310mn to produce niche meat products for export

Pioneer chicken processor Bairaha Farms PLC subsidiary Glboal Reach Foods Pvt. Ltd. has invested Rs.310 million in a new venture that involves the production and export of certain niche meat-based products. The company is e

Chevron Lubricants Lanka 3Q earnings down on flat top line

Chevron Lubricants Lanka PLC, the country’s lubricant market leader in terms of market share, saw its third quarter earnings ended September 30, 2023 (3Q23) falling amid flat revenues and higher cost of sales. The company reported

Printcare to set up packaging company in Kenya

Printcare PLC, a leading printing and packaging company in the country said it is setting up a fully-fledged packaging company in Kenya. A stock market filing sa

Lanka IOC secures Petroleum Products License for twenty more years

Lanka IOC PLC said yesterday it has been granted with the renewal of Petroleum Products License for a period of 20 years with effect from January 22, 2024. Prior to the re

Australian BOI venture Autogroup looks to boost Lankan operations despite challenges

Autogroup International Sri Lanka (AGI), a 100 percent Australian-owned company specialising in the conversion of vehicles from left-hand drive to right-hand drive and then reex

CSE to introduce regulated short selling via stock borrowing and lending from Nov. 6

The Colombo Stock Exchange (CSE) yesterday announced the launch of regulated short selling (RSS) through stock borrowing and lend

Sri Lanka looks to strengthen trade ties with Asian nations for development and prosperity

Sri Lanka is looking to enter into more trade agreements with Asian nations to enhance its trade integration across South, Southeast and East Asia, as the country seeks to improve its economic prospects. The President’s of

SriLankan Airlines crowned as Leading International Airline - South Asia at SATA 2023

`SriLankan Airlines was crowned as the Leading International Airline - South Asia, at the South Asian Travel Awards (SATA), in Bangalore, India, recently. SriLankan further sec

Radisson Blu Resort Galle wins APEX for Most Scenic Destination Wedding Venue

In recognition of its picturesque setting and exceptional hospitality, Radisson Blu Resort Galle has been honoured with the prestigious APEX Award for Most Scenic Destination Wedding Venue. Situated in the scenic southern

Classic Travel’s Sabry Bahaudeen elected as IAASL President for 2023/24

Expolanka Holdings PLC/Classic Travel (Pvt.) Ltd Director Leisure Cluster Sabry Bahaudeen was elected as President of the IATA Agents Association of Sri Lanka (IAASL), at the 35th Annual General Meeting. An old boy of Royal Co

SLES 2023 announces key session on accelerating growth through unlocking trade and investment

The third session of Sri Lanka Economic Summit 2023 (SLES 2023), conducted by the Ceylon Chamber of Commerce on November 28 and 29, will centre around exploring how Sri Lanka can capitalise on its strategic location and implement a ‘+1 strategy’ to boost trade and investment. Titled ‘Acceleratin

CDS signs agreement with LankaPay Online Payment Platform

The Central Depository Systems (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE), recently signed an agreement with LankaPay, Sri Lanka’s national payment network, joining its Online Payment Platform, to develop an innovative paym

EDB Ornamental Fish Advisory Committee highlights obstacles impeding industry

Sri Lanka’s ornamental fish industry received a much-needed boost from the Export Development Board (EDB) Ornamental Advisory Committee meeting, which was held recently at the EDB. Chaired by Orn

US congratulates Sri Lanka on IMF deal, urges fair treatment for all creditors

The United States has stressed the equal and equitable treatment of all creditors in Sri Lanka’s debt restructuring efforts while congratulating the island nation on securing a staff-level agreement with the International Monetary Fund (IMF).

Think tank calls for urgent policy action to tackle brain drain

As Sri Lanka continues to deal with the outflux of its talent pool, largely owing to the prevailing economic conditions, the Institute of Policy Studies (IPS) stressed the need to look at designing an appropriate mix of policies to address labour and skill shortages at the earliest.

President reveals plans to merge plantation and agriculture sectors

Sri Lanka plans to amalgamate the country’s plantation industry and agriculture sector as part of its effort to modernise the country’s agricultural landscape.

Japan to provide JPY 200mn grant to boost North-East fisheries infrastructure

The Cabinet of Ministers this week approved a resolution to accept a JPY 200 million grant from the Government of Japan to promote the growth of the Sri Lankan fisheries industry.

Jaffna International Trade Fair returns with 14th edition next year

The Jaffna International Trade Fair 2024, a transformative annual event that has played a pivotal role in fostering economic growth and community development in Sri Lanka’s Northern Province, is back with its 14th edition. Organized by Lanka Exhibition and Conference Services (Pvt) Ltd (LECS) together with the Chamber of Commerce & Industry of Yarlpanam (CCIY), the Jaffna International Trade Fair 2024 will take place from January 19th to 21st, 20

BOI facilitates more technological advancements in rubber industry with Salus Safety Robotics

The BOI, keeping with its strategic planning goals of attracting more digital and technology-driven FDI with Salus Safety Robotics Pvt Ltd a subsidiary of Salus Safety Inc., a South Korean company with over three decades of industry experience, is introducing its latest venture, Salus Safety Robotics Pvt Ltd, a pioneering company newly established in Sri Lanka. Committed to expanding the horizons of glove and machine manufacturing, collaboration

Boat & Marine Show 2023 to begin tomorrow at Port City Marina

Boat & Marine Show 2023 organized by Chamber of Marine Industries of Sri Lanka (CMISL) and Sri Lanka Export Development Board (EDB) in association with Ministry of Industries, Tourism Promotion Bureau and other relevant stakeholders will be held from October 27-29 at the Port City Marina, Colombo. The 8th edition of the Boat Show is organized with the objective of enhancing the international profile of Sri Lanka as a marine tourism destination a

Sinopec Group Chairman meets President in Beijing

President Ranil Wickremesinghe held discussions with Sinopec Group Chairman Ma Yongsheng and top executives of Sinopec Group in Beijing last week to discuss their ongoing projects in Sri Lanka. Sagala Rathnayake Senior Advisor to President, Governor Central Bank Dr. Nandalal Weerasinghe, Dinesh Weerakkody Chairman BOI and Port City Commission and Thekshana Abeyawardana Director Presidential Secretariat and Anura Fernando Counsel General for Sri L

Colombo Dockyard delivers third bulk carrier to Norway’s Misje Eco Bulk

Colombo Dockyard PLC (CDPLC) this week ceremoniously handed over the third vessel of the 5000DWT Eco Bulk Carriers series, named Misje Viola, to Norwegian company Misje Eco Bulk AS. The event was attended by Misje Eco Bulk AS Chairman Roald Misje, company’s CFO Alina Printseva, Alexander Misje along with representatives, including Thusitha Herath, Prince Dharmarajan, Venura Wanasinghe and Aleksei Belousov. Also, the vessel’s crew and DNV Country

Heineken warns of slowdown in consumer demand

AFP: Dutch brewing giant Heineken said yesterday that it sold less beer in the third quarter, noting that higher prices and the poor economic outlook was affecting consumer demand. The company, whose stable of brands includes Amstel, Sol and Tiger, sold 63.2 million hectolitres of beer in the three months to end of September, a drop of 5.4 percent. Like many firms, Heineken raised prices as inflation hit the cost of its inputs, so overall revenue

SC affirms interim injunction against Chint Power Solutions

The interim injunction issued by the Colombo Commercial High Court, restraining the four defendants, including Chint Power Solutions (Pvt.) Ltd, from using the ‘Chint Power’ trade name in any manner and using Chint Power name or any other name that is misleadingly similar or nearly resembling the trademark or trade name of Chint Group Corp., was unanimously ruled and ordered to dismiss the appeal petition filed against the said interim injunction

Chaudhary Group completes deal to acquire majority stake in Union Bank

The Colombo Stock Exchange was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC. The deal was first announced in December 2022 and received the Central Bank and Finance Ministry nod in September 2023. Accordingly, CG Capital Partners Global Ltd, a private company incorporated under the laws of Singapore, has acquired Culture Financial

Nepalese billionaire Chaudhary’s CG Group acquires majority stake in Union Bank

The Colombo Stock Exchange (CSE) was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC.

Dialog Axiata strengthens commitment to data security and privacy with ISO 27701

Dialog Axiata PLC recently achieved a significant milestone by becoming the first telecommunications service provider in the country and among the select few in South Asia to be awarded the ISO 27701 certification, the internationally recognised standard for Privacy Information Management Systems.