‘Uga Chena Huts’ named Best Small Hotel in the World by Trip Advisor

Uga Chena Huts, an esteemed property under the renowned Uga hospitality group recently announced its remarkable achievement as the recipient of the prestigious Best of the Best Trip Advisor Award 2023.

SriLankan Aviation College spreads wings to North and East

SriLankan Aviation College, the training arm of SriLankan Airlines, has spread its wings to the North and the East of Sri Lanka by partnering with British College of Applied Studies (BCAS) to provide students in the region a pathway to internationally-recognized qualifications in aviation.

ITC Ratnadipa, Colombo welcomes Sujeet as GM

ITC Ratnadipa, Colombo yesterday announced the appointment of Sujeet Kumar, as the General Manager. With over three decades of experience as a skilled hospitality professional with international brands comprising ITC Hotels, Marriott International / Starwood Hotels & Resorts, Sujeet is a seasoned leader with a wealth of experience.

Two Browns Group hotel companies to raise Rs.28bn via rights issues

Browns Group hotel companies, Eden Resorts PLC and Palm Garden Hotels PLC are gearing to collectively to raise fresh capital to the tune of about Rs.28.2 billion via rights issues to rectify serious capital losses at the two companies.

Prez invited to address Summit for New Global Financing Pact in Paris

French President Emmanuel Macron has extended a formal invitation to Sri Lankan President Ranil Wickremesinghe to participate in the highly anticipated Global Leaders’ Summit for a New Global Financing Pact.

Fitch maintains BOC’s National Rating at ‘A(lka)’/RWN

Fitch Ratings (Fitch) affirmed Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CC’, on June 13, 2023.

Amãna Bank adopts 1990 Suwa Seriya Ambulance to help save lives

Responding to a national need, Amãna Bank recently adopted a 1990 Suwa Seriya Ambulance as part of its commitment to support the people of Sri Lanka, which resonates with the bank’s people-friendly banking model.

US inflation at lowest since 2021 as fuel prices fall

BBC: Prices for eggs, petrol and furniture dropped in the US last month, helping to slash inflation to less than half of its peak a year ago. Inflation, the rate at which prices rise, was 4 percent over the 12 months to the end of May, the Labor Department said.

Muditha Dhammika Silva receives CIM UK Fellowship

Muditha Dhammika Silva, a professional with an illustrious career spanning over 25 years in the banking, financial services, and also in sales and marketing sectors, has been awarded an esteemed fellowship by the Chartered Institute of Marketing (CIM) UK.

Oil demand could peak this year: IEA

CNN: Global oil demand is projected to peak in the next few years even as some major energy companies announce plans to reinvigorate their fossil fuel businesses. The world’s appetite for oil is still rising, the International Energy Agency (IEA) said in a report yesterday but annual growth is expected to slow to just 0.4 percent by 2028.

Govt. cautious on lifting ban on vehicle imports

Responding to the speculation that the ban on vehicle imports may be lifted, the government asserted that an in-depth study is required before lifting any restrictions slapped on vehicle imports, given the fact that the rupee has appreciated by only 20 percent against the US dollar so far during the year, after depreciating by a record 78 percent last year. The Parliamentary Committee on Economic and Physical Plans, chaired by MP Mahindananda Alu

E.B. Creasy subsidiary Lanka SSL invests Rs.1.3bn in new GI wire manufacturing plant

Lanka Special Steels Limited (Lanka SSL), a subsidiary of E.B. Creasy & Co. PLC and the market leader in galvanised steel (GI) wire, this week launched the operations of its state-of-the-art manufacturing facility located in Lanka Industrial Estate in Sapugaskanda, with an investment of Rs.1.3 billion.

T-bill yields continue their decline; 6-month yield down 129bps

The Treasury bill yields continue their decline this week, after a substantial plunge last week, following a 250-basis-point policy rate cut by the Central Bank. At yesterday’s bill auction, the Public Debt Department (PDD) of the Central Bank raised Rs.180 billion for the government by offering the same amount in three-month, six-month and 12-month

SOE restructuring focuses on market failures, not profits and losses: Shah

The state-owned enterprises (SOEs) should be unchained from government control, regardless of whether they are profit or loss-making, if the benefits arising from their performance are to flow into the national economy, said Suresh Shah, the head of the SOE Restructuring Unit.

NDB partners with The British Council to Empower Future Generations with English!

In line with NDB’s strategic objectives as a responsible corporate citizen, the bank has made a conscious effort to advocate for sustainable development, significantly those that serve for the betterment of the country, including long term initiatives that empower future generations.

US holds interest rates steady in first since 2022

The US Federal Reserve has announced it will hold interest rates steady - the first time it has opted against a rise in more than a year.

Institute of Analytics UK to pave way for data-driven innovation in Sri Lanka

“You need to nurture a thriving analytics ecosystem in Sri Lanka,” said Institute of Analytics Director of Education Dr. Clair Walsh, the visionary behind the institute. She revealed this at the official launch of the Institute of Analytics UK, held at Courtyard by Marriot, Colombo, on June 5.

Child labour on the rise for first time in 20 years: ILO

For the first time in 20 years, child labour is on the rise, the International Labour Organisation (ILO) shared.

Sri Lanka to extend capital controls by further six months

The government has decided to extend capital controls by further six months limiting the movement of foreign currency out of the country in order to continue to re-build the country’s foreign...

Government to implement 25 recommendations to promote tourism

The Cabinet green-light has been granted to implement 25 proposals mooted by the Ministerial Sub-Committee on Tourism for tourism promotion.

Customs revenue below target amid import ban on vehicles

Sri Lanka Customs officials this week told a parliamentary committee that it may not be able to achieve the revenue target set in the budget due to import restrictions slapped on certain categories of goods...

Sri Lanka to repeal colonial-era Bread Ordinance

The government has decided to repeal colonial-era Bread Ordinance No. 13 of 1864 and to introduce provisions under the Consumer Affairs Authority (CAA) Act to regulate Sri Lanka’s bread sales.

Yellen set to ask Congress to lend more to developing nations to counter China

US Treasury Secretary Janet Yellen is set to ask Congress to lend more money to developing countries to counter China’s growing influence, according to a copy of her prepared remarks viewed....

Hemas acquires remaining stake in Atlas for Rs.3.4bn

Hemas yesterday announced the acquisition of 24.9 percent stake of Atlas Axillia Company (Private) Ltd, for a total consideration of Rs.3.4 billion. With this strategic move...

‘Aswesuma’ welfare scheme to be rolled out from July

The newly approved consolidated welfare scheme, ‘Aswesuma’ will be rolled out from next month where 2 million families across the island will receive relief from the ongoing economic crisis, the Ministry of Finance....

Indices continue to close in green

The ASPI closed in green as a result of price gains in counters such as Expolanka Holdings, Sampath Bank and LOLC Finance with the turnover crossing Rs. 1.5 bn. Similar behaviour was witnessed...

PIMA says ready to play its role as catalyst in SL’s growth journey

The Postgraduate Institute of Management (PIM) and Postgraduate Institute of Management Alumni (PIMA) held a joint press conference recently, marking a strong collaboration of two of the stalwart....

IFC organises Sri Lanka Climate Finance Workshop

The International Finance Corporation (IFC) recently organised Sri Lanka Climate Finance Workshop to deliberate on the importance of climate finance opportunities and challenges for financial institutions...

DMASL to host Sri Lanka Digital Marketing Summit 2023 in July

The Digital Marketing Association of Sri Lanka (DMASL), the professional body for digital marketers in Sri Lanka, along with Dialog Axiata PLC, will be hosting Sri Lanka Digital Marketing Summit 2023....

People’s Bank installs CRM in Shri Maha Bodhi upper sanctum

Ushering in added convenience to the devotees, a cash recycle machine (CRM) was recently installed by People’s Bank in the upper sanctum of the historic Jaya Shri Maha Bodhi in Anuradhapura. Through this CRM....