Flexiprint shines at NBE Awards again

Flexiprint Private Limited, a leader in the packaging industry of Sri Lanka, bagged the Merit Award in the Printing and Related Services Sector at the National Business Excellence Awards 2022 organised by the Ceylon Chamber of Commerce (CCC). Flexiprint Team including its Managing Director (MD) Sathis Abeywickrama received the Award from Deputy President of CCC, Kavinda Rajapaksa at a glorious event held at the Shangri-La Hotel in Colombo.

C. W. Mackie PLC publishes 22/23 Annual Report announcing best financial results in over 100 years of operation

C. W. Mackie PLC, one of Sri Lanka’s leading and longest-standing diversified conglomerates, published its integrated annual report for the 22/23 financial year, highlighting the Company’s resilience during a period defined by unprecedented challenges to register its best financial results in over a century of operation.

Ocean Lanka inaugurates new office premises

Ocean Lanka (Pvt) Ltd, the joint venture between Fountain Set (Holdings) Limited, Brandix Lanka Limited, and Hirdaramani Group, inaugurated its new office premises recently. The momentous occasion was celebrated with a grand ceremony, symbolizing a significant milestone in the collaboration between these organizations. The welcome note was delivered by Dr. Austin Au, the Managing Director of Ocean Lanka, who expressed his gratitude and enthusias

Hilmy’s take on why Tata Sons Chairman’s visit is significant

With a population of 1.4 billion and among the fastest growing economies in the world, Sri Lanka is in a vantage position to benefit and learn from the world’s sixth largest economy. Within India, Sri Lanka should further strengthen its strategic relationship with the Tata group.

DFCC Bank becomes first Sri Lankan entity of Green Climate Fund

DFCC Bank PLC this week announced its accreditation by the Green Climate Fund (GCF), making it the first Sri Lankan entity to achieve this significant milestone. This accreditation empowers DFCC Bank to access concessionary funding for projects with a value of up to US $ 250 million from the GCF, enabling financing climate mitigation and adaptation projects across Sri Lanka.

Indian CEO Forum meets Tata Sons Chairman in Colombo

The board of the Indian CEO Forum-Sri Lanka (ICF) recently met Tata Sons Chairman Natarajan Chandrasekaran, who was on a visit to Sri Lanka. The ICF had an interactive meeting with Chandrasekaran and highlighted on the positive environment opportunities for investments in Sri Lanka.

USAID signs agreements with eight Lankan businesses to promote commercial mediation

Eight Sri Lankan business conglomerates have signed agreements to pursue commercial mediation to settle disputes as opposed to always using litigation, a move that will help make the Sri Lankan judicial system more efficient and effective by reducing case backlogs.

WB’s recommendations for SL’s economic recovery

Shifting to a more productive and outward-looking economy

European Commission proposes 4-year extension to GSP+

The European Commission has proposed a four-year extension to the current GSP+ scheme, until December 31, 2027, so that countries such as Sri Lanka do not lose their preferential access in the interim.

Next two years critical for Sri Lanka’s recovery: World Bank

The next two years would be critical for Sri Lanka’s recovery, the World Bank (WB) Country Director for Sri Lanka said, while cautioning that there are further significant headwinds that need to be closely monitored. WB Country Director for the Maldives, Nepal and Sri Lanka Faris Hadad-Zervos asserted that while improvements are seen in the economic and social landscape in the island nation, it is not the end of the road.

Sri Lanka gets EUR 9.8mn grant to strengthen public finances

Sri Lanka has signed financing agreements to secure a grant of EUR 9.8 million from the World Bank, European Union (EU) and Française de Développement (AFD) to strengthen the country’s management of public finances. The grant aims to support improving economic governance, transparency and accountability in how public finances are spent. The grant will be utilised to strengthen the overall accountability framework by improving the performance of t

T-bill yields rise as investors favour high-yielding, long-term bonds

For the second consecutive week, yields increased at the weekly bill auction, indicating tight liquidity in the system and a preference among investors for bonds, which continue to offer relatively higher yields for longer tenures. This trend comes in light of the recently announced domestic debt restructuring plan, which has been better than initially anticipated. During the bill auction conducted yesterday, the yields experienced an increase a

SL secures EUR 9.8mn grant to strengthen public finances

Sr Lanka has signed financing agreements to secure a grant of EUR 9.8 million from the World Bank, European Union (EU)and Française de Développement (AFD) to strengthen the country’s management of public finances.

European Commission proposes 4-year extension to GSP+

The European Commission has proposed a four-year extension to the current GSP+ scheme until 31 Dec 2027, so that countries, such as Sri Lanka, do not lose their preferential access in the interim.

Financial assets unlikely to come under proposed wealth tax

Financial assets are unlikely to come under the proposed wealth tax, which is set to come into effect in 2025, due to practical difficulties and complex nature in administration and tax collection, according to a top tax expert.

Industrial sector faces setback amid apparel industry struggle

Sri Lanka’s industrial sector heft took a surprising dive in May reflecting weaknesses in the apparel sector, which has been going....

Strong June tea production boosts first-half output to positive territory

Sri Lanka’s tea production for the month of June grew by 13.4 percent Year-on-Year (YoY) to 22.9 MnKgs, contributing to the marginal...

India’s HCL eyes Eastern province for major IT facility

India’s HCL Technologies (HCL), a leading global technology company, which already has a strong presence in Sri Lanka, is exploring....

SL to amend Inland Revenue Act to nudge pension funds to agree with DDO

Cabinet green light has been granted to draft a bill amending the Inland Revenue Act to revise income tax rates levied on the interest income earned from Treasury bonds by superannuation funds, if the fund holders disagree with the domestic debt optimisation (DDO) process.

Industrial sector faces setback amid apparel industry struggle

Sri Lanka’s industrial heft took a surprising dive in May reflecting weaknesses in the apparel sector, which has been going through a bad patch due to softening global demand in response to inflation and higher...

Sri Lanka celebrates 100,000 Russian tourist arrivals through direct flights

The Sri Lanka Tourism Promotion Bureau (SLTPB), in collaboration with Airport and Aviation Services, organised a special ceremony to celebrate 100,000 tourist arrivals from the Russian Federation through...

Manufacturing in June records setback; services expand

Sri Lanka’s manufacturing activities continued to underperform in the month of June while services activities recorded a healthy performance. Manufacturing PMI recorded...

No better time to be in capital markets than today: CSE Chairman

Undervalued stocks on the back of a recovering economy, backed by critical reforms, present investors with a rare investment opportunity to come into the market, according to Colombo Stock Exchange...

Embarkation Levy exemption for Jaffna International Airport extended by six months

The Cabinet nod has been granted to extend the Embarkation Levy exemption for Jaffna International Airport by six months. Minister of Ports, Shipping....

EUR 15mn grant from EU to promote circular economy in food sector

The Cabinet nod has been granted to enter into an agreement with the European Union (EU) to secure euro 15 million grant to implement a project aimed at promoting the circular economy in the food...

Indices continue to close on positive note

The ASPI closed in green as a result of price gains in counters such as Commercial Bank, Hatton National Bank and Ceylinco Insurance with the turnover crossing Rs. 3.1 bn. Similar behavior...

Barking up the wrong tree: Economic bankruptcy due to tax cut policy

The country became insolvent after the government of President GR granted massive tax concessions, Leader of Opposition SP was quoted as saying in Parliament on July 6, when the Speaker announced...

Sri Lanka’s debt restructuring road map: Following evidence

Debt restructuring is fundamentally about allocating the associated economic costs to someone. The onus is typically on the debtor country to secure participation from its creditors, applying comparable treatment....

SL, Nepal look to deepen economic partnership

Sri Lanka and Nepal are currently exploring the possibility of having an exchange of high-level visits and business delegations, in an effort to firm up ties between the two countries, Minister of Foreign Affairs Ali Sabry said.

SL to cross 700,000 tourist arrival milestone today

As tourism activity is picking up after several challenges faced since 2019, Sri Lanka is witnessing an improved pace of tourist arrivals, and it is very likely to cross the 700,000 mark today. The provisional data released by the Sri Lanka Tourism Development Authority showed that as of July 16, the island nation has lured a total of 694,908 international travellers for the year so far. The analysis shows that the 700,000 milestone will be cross