CB imposes lending rate caps to drive interest rates down

The Monetary Board of the Central Bank yesterday slapped banks with administrative measures to reduce the notable spread between market deposit rates and lending rates despite the substantial easing in the policy interest rates.

Apparel exports continue downward spiral; face risk of losing market share

Sri Lanka’s apparel sector continues undergo distress and has now begun to lose its market share to competing nations, said the apex industry body, Joint Apparel Association Forum (JAAF).

Saudi Arabia, UAE and Iran among six countries invited to join BRICS group

CNN: Oil powers Saudi Arabia and the United Arab Emirates have been invited to become members of the BRICS group of developing nations in its first expansion in over a decade. Also joining next year will be Iran, Egypt, Ethiopia and Argentina, South African President Cyril Ramaphosa said yesterda

India’s sugar export ban raises global price concerns

India is expected to halt its sugar exports in the next season, beginning in October, a decision with potential ramifications for both local and international economies. According to sources, this decision comes after a lack of rain has severe

Peoples Bank provides cutting-edge payment acceptance solutions to state institutions

Peoples Bank, which is known for its innovative digital banking solutions, has embarked on a mission to transform the way the government manages payments. By leve

Govt. to resume 24 projects halted due to COVID, economic crisis

Urban Development and Housing Minister Prasanna Ranatunga has instructed authorities to resume 24 projects that were put on hold due to the Covid-19 pandemic and economic crisis. The Urban Develop

BOI takes key steps to go fully digital

The Board of Investment (BOI) has launched a Virtual Help Desk at the World Trade Centre as part of their digital transformation strategy to digitise key customer touch points. The BOI is also moving towards digitising the application process to cut back on the days needed for a project to be approved. Other initiatives include an Employment and Banking Guide to improve the information flow and make it easier for potential investors, and the laun

India set to ban sugar exports for first time in 7 years

After slapping 40 percent tax on onion exports with immediate effect, India is expected to ban mills from exporting sugar in the next season beginning October, Reuters reported.

CB slaps banks with administrative caps to push interest rates down

The Monetary Board of the Central Bank has decided to impose administrative caps on certain lending products of financial services institutions, as interest rates charged on these products still remain at extremely high levels despite the sharp decline in policy interest rates

Government to resume 24 projects halted due to COVID, economic crisis

Urban Development and Housing Minister Prasanna Ranatunga has instructed authorities to resume 24 projects that were put on hold due to the Covid-19 pandemic and economic crisis.

Thailand’s ex-central bank Governor optimistic about SL’s economic recovery

Sri Lanka will come out of the crisis situation it is faced with now, as it has the key requisites to steer the economy towards revival, according to former Bank of Thailand Governor Dr. Veerathai Santiprabhob.

National Food and Beverage Conference to reshape F&B sector

The Industrial Development Board’s (IDB) National Food and Beverage Conference that will be held tomorrow (August 25), will feature an eminent lineup of speakers to help reshape the Sri Lankan Food and Beverage (F&B) industry and grow its export potential. The National Food and Beverage Conference, organized in collaboration with the Ministry of Industries (MOI), and the United Nations Industrial Development Organization’s (UNIDO) BESPA-FOOD pr

Pushpika Janadheera takes helm as SLAMERP Chairman

The Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) has appointed Dipped Products PLC (DPL) Managing Director Pushpika Janadheera, as its new Chairman. Janadheera comes with a wealth of in-depth industry experience which he aims to leverage towards promoting key industry priorities at a critical juncture in the value-added rubber sector

John Keells Group’s Plasticcycle launches Start-Up-Cycle to tackle plastic pollution

Plasticcycle, the social entrepreneurship project of the John Keells Group recently launched one of its main projects for the year, ‘Start-Up-Cycle’, a challenge platform launched in collaboration with John Keells X (JKX) - the Group’s startup accelerator, and John Keells Research (JKR) - the Group’s R&D and Innovation arm. It aims to provide Sri Lankan innovators and entrepreneurs the opportunity to pitch their solutions to address the problem

Sri Lanka’s Graphite: A potential player in global electric vehicle revolution

Sri Lanka has a rich history of mining and exporting graphite, which thrived during the World Wars, hitting 35,000 metric tons in annual exports. The vein graphite produced by Sri Lanka stands out for its remarkable purity, flawless crystal structure, and strong electrical conductivity, making it suitable for various commercial uses. However, in 2023, only 2,792 metric tons were exported, yielding approximately US$ 6 million in revenue. The eme

Lyca Productions to take Sri Lankan films to global audience

Lyca Productions this week launched its Sri Lankan operations by announcing six movies directed by six Sri Lankan directors, marking a significant milestone in Sri Lanka’s entertainment industry. Lyca Productions is an Indian entertainment company, which was established in 2014 by British-Sri Lankan billionaire Allirajah Subaskaran.

UK-India trade talks enter ‘final, trickier’ stage

BBC: The UK trade talks with India are reaching their “final but trickier” stages, according to government sources. Trade Secretary Kemi Badenoch is visiting India for a meeting of G20 trade ministers this week. There has been speculation about whether a trade deal may be struck before UK Prime Minister Rishi Sunak visits India in September. But the BBC has been told there is currently no expectation in government a full deal will be agreed by th

Chinese phone maker Xiaomi wins state planner nod to make EVs

REUTERS: Xiaomi Corp has won the approval of China’s state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker’s goal of producing cars by early next year. The National Development and Reform Commission (NDRC), which regulates new investments and production capacity in China’s auto industry, gave the nod for EV manufacturing to Beijing-based Xiaomi earli

T-bill yields edge up; Rs.125bn raised

The Treasury bill yields edged up at yesterday’s auction from last week and the authorities raised little under Rs.125 billion, after offering Rs.130 billion in bills. The three-month bill yield rose 42 basis points to Rs.17.97 percent and the Public Debt Department (PDD) of the Central Bank raised the full Rs.70 billion offered amount through this tenure. The PDD raised Rs.30 billion via six-month bills after offering the same amount. The bill y

SPARK 2023 grand finale ignites entrepreneurial spirit among Sri Lanka’s youth

‘SPARK’, a national competition for Sri Lanka’s next generation of entrepreneurs, celebrated the grand finale on August 21, coinciding with the World Entrepreneurship Day. The much-awaited event saw the country’s most promising innovators, problem solvers, thinkers and creators aged 15-24 showcase their transformative ideas and vie for the SPARK 2023 award. Mihindi Minupama Bandara, the winner of SPARK 2023, expressing her thoughts said, “I’m

‘No-objection’ letters not required for vehicle insurance claims: IRCSL

Insurance Regulatory Commission of Sri Lanka (IRCSL) yesterday said it had informed insurance companies not to ask for ‘No-objection’ letters from financiers to pay insurance claims on vehicles that are under hire purchase or lease agreements.

Landmark 100 MW solar project by WindForce, Lakdhanavi, and The Blue Circle to shape SL’s future power pricing

The 100 MW solar power generation project undertaken by the consortium comprising WindForce PLC, Lakdhanavi, and Singapore’s The Blue Circle, is set to become a significant milestone in Sri Lanka’s power sector as it aims to establish benchmark pricing for upcoming power generation ventures conducted by the private sector.

SL holds significant off-shore wind power potential: The Blue Circle

The Blue Circle CEO/Co-founder Olivier Duguet yesterday said Sri Lanka’s potential to generate power via off-shore wind remains very high.

CMTA questions move to allow import of 10-year-old buses

The Ceylon Motor Traders Association (CMTA) yesterday expressed reservations about the decision taken to relax import restrictions on commercial vehicles and buses as the new policy allows the import of buses up to 10 years old, as opposed to the previous limit of 5 years.

CB unveils comprehensive financial consumer protection regulations

Central Bank has introduced the Financial Consumer Protection Regulations, No. 01 of 2023, under Section 10 (c) of the Monetary Law Act, No.58 of 1949 to enhance the existing financial consumer protection frameworks.

Colombo district land value up 15.2% in first half  

Land Valuation Indicator (LVI) for the Colombo District recorded 215.3 during the first half of 2023 with a year-on-year increase of 15.2 percent....

Special unit established at BIA to combat human trafficking

Sri Lanka has established a Safe Migration Promotion Unit (SMPU) at the Bandaranaike International Airport (BIA) in Katunayake to combat human trafficking, a statement from Labour and Foreign....

Central Bank unveils comprehensive financial consumer protection regulations

Central Bank has introduced the Financial Consumer Protection Regulations, No. 01 of 2023, under Section 10 (c) of the Monetary Law Act, No.58 of 1949 to enhance the existing financial consumer protection....

S&P downgrades five US banks

S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. The ratings agency...

Indices close in red

Indices closed in red as a result of price losses in counters such as Commercial Bank, Hatton National Bank and John Keells Holdings with the turnover crossing Rs. 2.9 bn. High net worth....