Indices close in red

Indices closed in red as a result of price losses in counters such as Sampath Bank, Melstacorp and Hatton National Bank with the turnover crossing Rs. 854 mn. High net worth and institutional investor...

ComBank building future-ready platforms and culture through digital transformation

The Commercial Bank of Ceylon has already converted a substantial number of customers to digital banking and is stepping up its efforts to further facilitate access and functionality, while focusing....

HNB and Standard Chartered bag ADB’s Best Trade Deal of the Year award

Recognising the contribution to supporting trade in Asia and the Pacific, HNB and Standard Chartered Bank were awarded top honours, receiving the coveted Best Trade Deal of the Year award for Issuing Bank...

Union Assurance introduces another industry first initiative in underwriting automation

In a groundbreaking move, Union Assurance, Sri Lanka’s leading life insurance provider, has introduced automation of the financial questionnaire evaluation to streamline the underwriting....

AIA Health Passport offers Lankans access to best healthcare both locally and globally

AIA Health Passport is an industry leading and trendsetting health insurance cover that can be obtained with a life insurance policy. This is a pure health...

SMall businesses remain catalyst for Sri Lanka’s economic recovery

The small and medium enterprise (SME) sector is still suffering as a result of the turmoil caused by the sudden and drastic increase in policy rates that triggered the abnormal increase in interest rates...

Le Grand Galle Hotel celebrates 5th anniversary

Le Grand Galle, the highly distinguished Belluna Co. Japan-owned luxury hotel, recently hosted an event to celebrate its fifth anniversary. The hotel is known for its exquisite service and breathtaking vistas...

Browns Hotels & Resorts celebrates World Tourism Day with an insightful forum

The World Tourism Day, celebrated globally on September 27, serves as a reminder of the pivotal role tourism plays in fostering economic growth, cultural exchange and environmental....

University of Colombo’s Sustainable Tourism Unit marks a milestone for Sri Lanka tourism

The Faculty of Arts at the University of Colombo inaugurated its Sustainable Tourism Unit (STU) on October 2, 2023, at the Senate Hall, College House, marking a significant milestone for Sri Lanka’s tourism...

WB raises Sri Lanka’s growth forecast, but says significant downside risks remain

While revising Sri Lanka’s growth forecast upwards for next year, the World Bank (WB) yesterday called for improved revenue mobilisation for sustainable fiscal stability, as significant downside....

LOLC Group to raise US $ 100mn via sustainability bonds

Sri Lanka’s LOLC Group is raising US $ 100 million through the iissuance of sustainable bonds, which will be listed on the Frankfurt Stock Exchange.

Tourist arrivals surpass 100K in Sept.; China ranks second in tourist traffic

Sri Lanka reached the 100,000 tourist arrival mark in September, marking the eighth month of 2023 this milestone was achieved.

IFAC chief in Colombo to inaugurate CA Sri Lanka’s National Conference today

President of the International Federation of Accountants (IFAC), Asmâa Resmouki, will arrive in Sri Lanka on a special invitation extended to her by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). During her stay in Colombo, Resmouki who is the head of the international body representing the accounting profession across the globe will also ceremoniously inaugurate the 44th National Conference of Chartered Accountants organised

Australian Migration and Education Expo on October 8

The Australian Migration and Education Exhibition organized by Sanji Caldera Associates will be held on October 8 at the Galadhari Hotel in Colombo, where the Managing Director of Sanji Caldera Associates consultant Sanji A. Caldera Sri Lankans can resolve their migration related problems by meeting with him. In addition, the exhibition explores the current state and progress of Australia’s immigration policies. The Australian government has ann

Asmaa Resmouki Keynote Speaker at CMA Excellence in Integrated Reporting Awards

The Institute of Certified Management Accountants of Sri Lanka (CMA) will be hosting the ‘CMA Excellence in Integrated Reporting Awards 2023’ for the 9th consecutive year on 6th October at 6.30 p.m. at the Taj Samudra under the distinguished patronage of the President International Federation of Accountants (IFAC) Asmaa Resmouki keynote speaker together with Prof. Ho Yew Kee Chairman Panel of Judges, Guest of Honour Faizal Salieh Chairman SEC, Gu

Exterminators certified ISO 9001 quality mgt. system for 15 years

Exterminators PLC announced that it has been certified with the prestigious ISO 9001 quality management system for the 15th consecutive year. This certification acknowledges the company’s commitment to providing exceptional pest management and disinfection services to its clients.ISO 9001 is an internationally recognized standard that sets out the criteria for a quality management system. By achieving this certification for the past 15 years, E

Sri Lanka India Society commemorates 77th Independence Day of India

The President of the Sri Lanka India Society Kishore Reddy and the executive committee of the society organized a commemorative dinner for the 77th Independence Day of India with Prime Minister Dinesh Gunawardena as the Chief Guest, Gopal Baglay, High Commissioner of Sri Lanka to India as the guest of Honour and Renuka Ekanayake, Director SAARC Cultural Centre as the keynote speaker. Chief Justice Jayantha Jayasuriya, Minister Manusha Nanayaka

AB Mauri recognizes star performers with Star Awards

AB Mauri Lanka recently recognized key employee excellence at a special event, “AB Mauri Star Awards 2023 – “Rising Above. Leading the Way.” Affiliated with Associated British Foods plc and with a presence in 52 plants across more than 30 countries, AB Mauri maintains a strong commitment towards delivering premiumquality ingredients that empower industrial and artisan bakers everywhere.In keeping with that globally delivered promise, the company

Link Natural’s Earth Essence now available onboard SriLankan Airlines duty-free

Link Natural, a subsidiary of the CIC Group, has partnered with SriLankan Airlines to introduce a range of ‘Earth Essence’ personal care products to the airline’s onboard duty-free collection. Link Natural is a leading R&D based manufacturer and marketer of herbal healthcare and herbal personal care products in addition to ayurveda pharmaceuticals. Its flagship brand, Link Samahan, is a 100 percent natural authentic herbal drink formulated with 1

First Capital Research assigns 60% probability for a policy rate cut announcement on Thursday

First Capital Research (FCR) has assigned 60 percent probability for the Central Bank to cut policy rates at the upcoming seventh monetary policy announcement for this year on Thursday, October 5. “We believe that there is a 60 percent probability that the CBSL may consider relaxing policy rates in the upcoming policy review meeting, moving into a dovish stance, with a view to stimulate economic growth and accelerate the decline with interest rat

Golden Week: Chinese seek cheap wanderlust in economic gloom

BBC: China’s gloomy economy has not dampened its people’s wanderlust. It is seeing record travel for the annual ‘Golden Week’ holiday despite slow growth, high youth unemployment and a property market in crisis. More than 21 million people will fly during the 10-day break, which began on Friday, according to China’s civil aviation regulator. That includes 14,000 domestic flights a day as young Chinese on a shoestring budget look to explore clo

Sri Lanka slips in economic freedom

Sri Lanka ranks 116, out of 165 jurisdictions included in the ‘Economic Freedom of the World: 2023 Annual Report’, released by the Advocata Institute in conjunction with Canada’s Fraser Institute. The current ranking represents a decline in the economic freedom of the country, which ranked 104th during 2020. The report measures the economic freedom of individuals—their ability to make their own economic decisions—by analysing the policies and i

EFC calls for political will to realise competitive and relevant labour law reforms

The Employers’ Federation of Ceylon (EFC) recently reiterated the need for labour reforms in Sri Lanka, which are critical for investment promotion and called for political will to competitive and relevant labour laws. The EFC was recently invited for a series of meetings with political representatives, including the prime minister and Executive Council of the Parties in the Opposition, to discuss labour law reforms to be introduced through the p

Asia Internet Coalition calls government’s Online Safety Bill ‘draconian’

The Asia Internet Coalition (AIC) has expressed its concerns about the Online Safety Bill, which was gazetted recently, calling it “draconian” and a blow to Sri Lankans’ “rights to expression”. The AIC said it is concerned that the Sri Lanka government is moving the Online Safety Bill without undertaking any stakeholder consultation. “The bill provides for a draconian system to stifle dissent and Sri Lankans’ rights to expression,” AIC Managing

Watawala Plantations invests Rs.90mn in cinnamon processing centre in Udugama

Diversified agribusiness company Watawala Plantations PLC recently marked a significant milestone in the country’s agricultural landscape, with the opening of its state-of-the-art cinnamon processing centre in Udugama, Galle. Completed with an investment of Rs.90 million, this facility is one of the largest cinnamon processing centres in Sri Lanka, which operates under the Good Manufacturing Practices (GMP) standards. The facility was opened by

August trade gap expands amid sluggish apparel exports

Sri Lanka’s trade balance expanded in August, as earnings from merchandise exports fell due to the continuous decline in apparel exports, while the imports during the month remained subdued. August trade deficit expanded to US $ 307 million, from US $ 260 million a year ago. However, the cumulative deficit in the trade account during January to August 2023 narrowed to US $ 2,964 million, from US $ 3,889 million recorded over the same period in 20

Local banking sector not spared from ongoing brain drain: HNB chief

The massive brain drain witnessed in Sri Lanka has left the local banking sector to deal with a fresh set of challenges, as the rate of talent outflow in the industry has almost doubled from what it was five...

Construction sector inches toward normalcy in August

Sri Lanka’s construction sector continued to show constrained performance in August 2023, although it did move towards the neutral threshold, the construction Purchasing Manager Index...

Lankan tech consortium launches platform to manage US$ 300mn in donor funding in Mozambique

A pioneering Sri Lankan tech consortium has launched an innovative platform, offering the government of Mozambique access to US$ 300 million in donor funding. This revolutionary system....

Banks see light at the end of the tunnel as asset quality concerns peak amid economic recovery

Banks’ asset quality issues appeared to have peaked in the second quarter as they looked past the worst of the crisis that hit the economy last year, as the country is looking to stage a mild rebound...