SEC and CSE host another Investor Forum in Negombo

The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) successfully conducted another investor forum in Negombo, at Jetwing Blue, on August 12, 2023. The forum....

Transforming Sri Lanka’s SME Landscape: A Roadmap to Prosperity

SMEs have been an indomitable cornerstone of our nation’s economy. They make up 75% of all enterprises in Sri Lanka, in addition to generating 20% of all exports, 45% of employment and 52%....

Sri Lanka in “pretty good shape” to face first IMF review: Dr.Coomaraswamy

Former Central Bank Governor and senior economist Dr. Indrajith Coomaraswamy sounded upbeat on the prospects of Sri Lanka satisfying the International Monetary Fund (IMF) in the upcoming review this month as it has exceeded expectations in certain aspects.

Bimputh Finance licence cancelled

The Monetary Board has decided to cancel the licence issued to Bimputh Finance PLC (BFP), under the Finance Business Act (FBA) to carry on finance business, with effect from September 1, 2023. Accordingly, BFP is not allowed to engage in finance business, with effect from the same date. The Central Bank said BFP “has continuously been violating/contravening the provisions of the FBA, several general directions and rules that have been issued, w

PA commends growing govt. and TU support for reforms towards revenue share model

The Planters’ Association of Ceylon (PA) commended the government and trade union representatives for voicing preliminary support for long-overdue reforms to the archaic colonial-era daily attendance-based model in favour of a productivity-boosting modern revenue share model. While certain stakeholders have advocated limiting workers’ pay to a mere Rs.1,000, over the years, the PA has consistently championed and promoted a model that empowers wor

Educate Sri Lanka Expo 2023 showcases array of opportunities for students

Educate Sri Lanka Expo 2023, which aimed at showcasing education opportunities for the children in the country and overseas, kicked off at the BMICH yesterday. The event brought students across all ages onto a single platform, providing firsthand insights regarding different fields of study and profession.

Sail Lanka Charter achieves key milestone in SL’s marine tourism

Sail Lanka Charter has reached a historic milestone by introducing female crew members to serve on their fleet of catamarans, a first in Sri Lanka’s marine tourism landscape. The move signifies a major step towards promoting gender equality, empowerment, respect and diversity within the industry. Reflecting on this significant achievement, Sail Lanka Charter Managing Director Mario Stubbs shared the entity is proud to announce the inclusion of o

BMICH Director General Sunil Dissanayake retires

BMICH Director General Sunil Dissanayake retired from the services of the organisation on July 31, reaching retirement age. He was appointed as Director General in May 2015 and helped the BMICH reach great heights in management and operations. The organisation achieved its highest revenue in history in 2019. “We maintained our profit margins with stringent cost management strategies and built our customer base despite severe competition and also

Chinese port operator optimistic about Colombo project

Global Times: An executive at China Merchants Port Holdings (CMPort) told the Global Times on Wednesday that the company is optimistic about the new port complex project at Sri Lanka’s Colombo Port. Construction of the logistics hub, which will have a total investment of US $ 391 million, is expected to begin by the end of this year, Lu Yongxin, General Manager of CMPort, told the Global Times at its interim conference call on Wednesday. “Talks b

July trade deficit widens by US $ 245mn YoY

The terms of trade deteriorated by 0.4 percent in July 2023, compared to July 2022, as the decline in the prices of exports surpassed the decline in the prices of imports. Meanwhile, the workers’ remittances increased notably to US $ 541 million in July 2023, in comparison to US $ 279 million in July 2022. The provisional data shows that the total departures for foreign employment during January to July 2023 and departures in July 2023 amounted

UN sheds light on multidimensional vulnerabilities in SL in new report

Debt and lack of education and ability to adapt to disasters are factors that make most people feel vulnerable, says a new report released by the United Nations Development Programme (UNDP) and University of Oxford’s Poverty and Human Development Initiative (OPHI). The policy report titled ‘Understanding Multidimensional Vulnerabilities: Impact on People of Sri Lanka’ puts forth Sri Lanka’s first-ever Multidimensional Vulnerability Index (MVI),

Central Bank cancels Bimputh Finance licence

The Monetary Board of the Central Banetary Board has decided to cancel the licence issued to Bimputh Finance PLC (BFP)under the Finance Business Act to carry on finance business, with effect from September 1, 2023.

SL told to consider debt for nature swaps as part of debt restructuring deal

As Sri Lanka strives to get its ducks in a row to meet the targets set by the International Monetary Fund (IMF) for the upcoming review in September, sovereign debt restructuring veteran Lee. C. Buchheit said the authorities could consider debt for nature swap as part of the broader external debt restructuring discussions. He said some discussion in that regard is expected going forward as the debt for nature component is becoming popular with s

Kandy Transport Hub to be built with World Bank assistance

Construction work to begin before end of this year

President Wickremesinghe launches school-level financial literacy enhancement programme

Sri Lanka has launched a ‘Capital Market Club’ programme at the school level to enhance financial literacy among the country’s students. Preside

Sinopec begins fuel retailing operations in Sri Lanka

Sinopec Lanka, a subsidiary of China Petroleum & Chemical Corporation (Sinopec), has officially commenced business operati

Adani hits back at new ‘stock manipulation’ report

AFP: India’s Adani Group hit back yesterday at a new report investigating alleged manipulation of the conglomerate’s share prices, accusing its authors of conspiring to drive down its stocks for profit. The globe-spanning ports-to-power conglomerate saw around US$ 120 billion wiped from its market value after US short-seller investment firm Hindenburg Research accused it of “brazen” corporate fraud.

China’s Baidu rolls out ChatGPT rival ERNIE to public

AFP: China’s Baidu has rolled out its ChatGPT rival ERNIE Bot to the public, in a major leap for the country’s tech sector as it aims to cash in on the artificial intelligence gold rush. The Chinese g

Colombo inflation slows to 4% in August on decline in food prices, high base effects

Inflation in Colombo has continued its decline through August compared to the previous year, providing much-needed relief to both individuals and businesses. However, the persistent high cost of living is still straining household budgets, as incomes have not kept pace.

Optimism prevails in Sri Lanka’s construction industry despite July contraction

While Sri Lanka’s construction sector experienced a contraction in activities during July, the industry maintains a positive outlo

Tourist arrivals cross 900,000 milestone for first time since 2019

Sri Lanka tourism reached a new milestone on Wednesday with over 900,000 international visitors having visited the island nation.

JFS Holdings records highest ever net dollar income in FY23

Amidst the ongoing economic difficulties in Europe, JFS Holdings Ltd said it has achieved a remarkable feat by recording its highest ever net US dollar income for the fiscal year 2022/23. Despite the recessio

SLT-MOBITEL receives top honours at NPME

SLT-MOBITEL, the national ICT solutions provider, has secured five top honours at National Project Management Excellence (N

Dialog MAS Enabler Programme offers corporate immersion to persons with disabilities

Two-week pilot programme supports university students with disabilities to gain corporate experience

Informatics-powered AYA SOMPO Insurance wins big at Insurance Asia Awards 2023

Informatics International Limited (IIL), a leader in IT software, infrastructure solutions and services, recently announced the res

Redington to distribute Adobe software in B’desh, SL, Nepal, Bhutan and Maldives

Redington, a leading technology solutions provider, recently announced that it has been appointed as Adobe’s exclusive distribution and market development partner across key markets in South Asia, including Sri Lanka, the Maldives, Bangla

TikTok hosts Community Guidelines workshops for creators in Sri Lanka

TikTok has launched an exciting campaign in Sri Lanka to amplify awareness and comprehension of its Community Guidelines. Central to this init

ComBank launches Sri Lanka’s first Green Home Loans scheme

Commercial Bank of Ceylon has announced another initiative under its Green lending portfolio to support customers who share the bank’s commitment towards the environment. Green Home L

People’s Bank, only Sri Lankan bank to secure Gold at Int’l ARC Awards 2023

People’s Bank’s Annual Report 2022, titled Creating a Legacy of Caring for Generations to Come, won five awards at the recently held International ARC Awards 2023. With a history spanning over 30 years and an annual application pool of over 1,600 applications from over 90 countries, the A

NDB facilitates SME integration with digital technologies in partnership with IFC

National Development Bank (NDB) partnered with the International Finance Corporation (IFC) to conduct a series of workshops and