Nepali billionaire Binod Chaudhary-owned firm gets approval to buy stake in Union Bank

CG Capital Partners Global Pte. Ltd., a private company incorporated under the laws of Singapore has received approval from the Monetary....

Ambeon Group appoints Dr. Sajeeva Narangoda as Group CEO/Group Executive Director

Ambeon Holdings PLC and Ambeon Capital PLC conjointly announced the appointment of Dr. Sajeeva Narangoda as the Group CEO....

Economy contracts by 3.1% YoY in 2Q23

Sri Lanka’s Gross Domestic Product (GDP) growth rate for the second quarter of 2023 (2Q23) contracted by 3.1 percent, the Department ....

High-level Sri Lankan delegation visits Indonesia to study social security system

A high-level Sri Lankan tripartite delegation embarked on a four-day intensive study visit to Indonesia earlier this month to learn...

SL’s financial institution ratings not affected by sovereign downgrade

Sri Lanka bank ratings are unaffected by the downgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default, affirmed Fitch Ratings.

New Central Bank Act goes into effect giving financial sector regulator more independence

The new Central Bank Act, which paves the way for the financial sector regulator to be more independent, came into effect this week, with the law being certified by Speaker Mahinda Abeywardana.

Suresh Subasinghe joins Kapruka Holdings as Independent Non-Executive Director

Kapruka Holdings PLC, Sri Lanka’s pioneering and largest locally-owned e-commerce enterprise, is pleased to announce the appointment of Suresh Subasinghe as an Independent Non-Executive Director.

Bearish sentiments due to declining volumes at Colombo Tea Auction a concern: Brokers

The offerings were barely maintained at the Colombo Tea Auction this week and totalled 5.0 million kilogrammes. There was fair general demand and often the prices appreciated on a selective basis.

Tea production in August shows marginal 0.36% dip YoY

Sri Lanka tea production for the month of August 2023 totalled 18.25 million kilogrammes, showing a marginal decrease of 0.36 percent year-on-year (YoY).

ASMET elects Rohan Abeywickrema as President

The Association of Small and Medium Enterprises in Tourism (ASMET) elected Rohan Abeywickrema as its President, at the 16th Annual General Meeting held this week.

Ceylon Agro and Bio-Technology Company in Kenya to explore organic fertiliser manufacturing

A delegation of Ceylon Agro and Bio Technology Company Ltd, led by CEO Ravin Nawaratne and High Commissioner for Sri Lanka in Kenya Kana V. Kananathan held a constructive meeting yesterday with Kenya’s State Department for Investment Promotion Principal Secretary Abubakar Hassan Abubakar and the team of officials of the Agriculture Ministry, which centred on establishing a manufacturing unit for organic fertiliser in Kenya.

Fitch downgrades SL’s Long-Term Local-Currency IDR to ‘Restricted Default’

Fitch Ratings announced yesterday it has downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default), from ‘C’.

FTZMA welcomes government’s move on deferring Simplified VAT repeal

The Free Trade Zone Manufacturers’ Association (FTZMA), representing the collective voice of the Board of Investment-affiliated companies, this week joined in on commending the government to defer the repeal of the Simplified Value-Added Tax (SVAT) scheme until April 1, 2025.

Oil hits 2023 highs on tight supply outlook

REUTERS - Oil prices climbed yesterday to their highest this year, as expectations of tighter supply outweighed worries about weaker economic growth and rising U.S. crude inventories.

Sri Lanka ranked as one of best 50 islands in the world for travel in 2023 by Big 7

Sri Lanka has been listed as one of the 50 best islands in the world for travel for 2023 by Big 7 Travel. The island nation was ranked 13 in the annual round up of the world’s best islands.

Inaugural meeting reviews progress in implementing IMF economic reforms

The inaugural meeting to assess Sri Lanka’s progress on the implementation of new economic reforms proposed by the International Monetary Fund (IMF) was held at the Presidential Secretariat yesterday.

Siyambalapitiya confident in SL unlocking second IMF tranche

A c t i n g F i n a n c e Mi n i s t e r R a n j i t h Siyambalapitiya yesterday expressed confidence in Sri Lanka›s first External Fund Facility (EFF) review with the International Monetary Fund (IMF) being a success, which will give access to the second tranche of the bailout, which amounts to US$ 330 million.

EPF opts for Debt Exchange offer with long-term view under DDO

The Monetary Board, as the custodian of the Employment Provident Fund (EPF), yesterday announced that it has considered the options available and has decided to opt for the Debt Exchange offer with a long-term view in the best interest

Mayo Clinic in town to discuss progress of Port City Colombo Hospital project

Mayo Clinic Team, a global icon in healthcare, education, and research, is currently in Sri Lanka to discuss the progress of the Port City Colombo Hospital project. Having partnered with Asiri Hospital of Softlogic, the two entities are looking to shape the future of healthcare for the region. Mayo Clinic is an American academic and medical center focused on integrated healthcare education and research. It employs over 4,500 physicians and sci

IPS publishes ‘Unveiling Trade Potential: An Ex-Ante Analysis of SL-Thailand FTA’ study

Sri Lanka and Thailand are engaged in expedited negotiations for a free trade agreement (FTA) to enhance bilateral trade, facilitate trade activities and promote investments. The two nations aim to complete the discussion rounds by the beginning of 2024. A new publication by the Institute of Policy Studies of Sri Lanka (IPS) delves into the potential benefits and challenges of this proposed FTA. The study titled ‘Unveiling Trade Potential: An Ex

Sri Lanka gears for World Tourism Day with a series of special events

The tourism industry in Sri Lanka is gearing up for an exciting series of events to celebrate World Tourism Day 2023, which falls on September 27, 2023. The Sri Lanka

Emirates and Maldivian establish interline partnership

Emirates and Maldivian have announced an interline partnership, enabling Emirates customers to access 16 popular holiday destinations in the Maldives beyond Malé. The agreement suc

CFA Society Sri Lanka embarks on 2023/24 CFA Institute Global Research Challenge

CFA Society Sri Lanka has commenced the local leg of the CFA Institute Global Research Challenge that was officially inaugurated at the Colombo Stock Exchange, on September 13, 2023. The Research Chall

Port City Colombo draws global investor attention as Gold sponsor of Dubai’s i3 Summit

Port City Colombo took centre stage as the Gold sponsor of the prestigious i3 Summit by Khaleej Times in Dubai, which was held under the theme, ‘Redefining Innovation, Inspiring Change and Shaping the Future of Business’. This key sponsorship strategically captured the attention of the global investor community, whilst highlighting Port City Colombo’s unwavering commitment to nurturing innovation and fostering collaboration in the region. It fir

Investment Promotion State Minister in China to deepen economic ties

Investment Promotion State Minister Dilum Amunugama is currently on an official visit to the People’s Republic of China. As a country, China is the largest foreign direct investor in Sri Lanka. China has contributed to uplifting the foreign direct investment threshold. Amunugama addressed three main global investors’ summits on this visit: 23rd China Inter National Fair for Investment Promotion and Trade, Fifth Silk Road Maritime International

Sri Lanka’s Money Laundering, Terrorist Financing risk assessed as ‘medium’: Financial Intelligence Unit

The Financial Intelligence Unit (FIU) of Sri Lanka in its recent sanitised report of the 2021/22 National Risk Assessment (NRA) on Money Laundering and Terrorist Financing (ML/TF) has assessed the overall risk for the country as medium.

Hemas Group Sri Lanka sets sights on Africa

Diversified conglomerate, Hemas Group Sri Lanka, has taken a significant step towards expanding its global footprint, and is looking at Africa. To explore prospects in this regard, a high-profile delegation from Hemas, led by Kasturi Chellaraija Wilson CEO, was hosted by High Commissioner Kana Kananathan at the High Commission office in Nair

TEA welcomes govt. decision to defer SVAT removal

Sri Lanka’s tea sector yesterday joined the bandwagon in welcoming the decision made by the government to defer the SVAT removal. In a statement to the media yesterday, the Tea Exporters Association (TEA) was relieved over the government decision to defer the removal of SVAT until April 2025. The association commended t h e P r e s i d e n t ,

Unlocking Creativity: A Deep Dive into TikTok’s Community Guidelines

In the digital age, creativity has found a new canvas on TikTok, the global shortform video platform that has captured the world’s imagination. However, with the surge in creativity comes the need for guidelines that ensure a safe, inclusive, and enriching user experience. TikTok’s commitment to fostering creativity while maintaining a responsible content ecosystem has led to the development of its Community Guidelines. In this article,

SL fulfils 39% of tourist arrival target set for September

Sri Lanka has welcomed over 46,000 tourists in the first two weeks of September, the provisional data from the Sri Lanka Tourism Development Authority showed.