Hambantota Port expects 13 ship calls between June and September

The Hambantota International Port (HIP) will be entering the tourism mix of Indian cruise ships, with an agreement of 13 ship calls to the port between June and September this year.

Nawaloka Hospitals clarifies…

In response to Mirror Business story titled ‘Trading suspension slapped on Nawaloka Hospitals shares’, appeared on June 9, 2023, Nawaloka Hospital PLC says that it is extending its fullest cooperation to KPMG to finalise the audit and KPMG has not refused to give an opinion as stated in the article.

FCH confident acquisition by PLC will help it enter B’desh

First Capital Holdings (FCH) shared yesterday it is upbeat about its prospects of expanding its footprint in the South Asia region, as its recent part acquisition has opened new avenues for venturing.

Culinary art meets global flavours at Cafe 2023

From tantalising plates to creative bakes, Cafe 2023, the culinary art food expo - international processed food and hospitality exhibition, showcased the best of global cuisines in Colombo.

AFI Corp launches Innovation Labs in Colombo

AFI Corp, a technology solutions company that services a diverse clientele across the globe, unveiled its state-of-the-art Innovation Labs recently.

ICC former chief Ajay Banga becomes 14th World Bank President

Distinguished global leader and former International Chamber of Commerce (ICC) Chairman Ajay Banga takes on the post of 14th President of the World Bank for a five-year term, beginning June 2023.

Nihal Jayawardene appointed as HNB Chairman; he takes over after Chairperson Aruni Goonetilleke resigns

Hatton National Bank PLC (HNB) yesterday announced the resignation of its Chairperson Aruni Goonetilleke and the subsequent appointment of Nihal Jayawardene PC as its new Chairman.

Apparel exporters join bandwagon to oppose move to abolish SVAT scheme

The Joint Apparel Association Forum (JAAF) yesterday expressed “deep” concern and disappointment on the government’s decision to terminate the long and well-functioning Simplified Value-Added Tax (SVAT) scheme.

SLT privatisation opposed on national security concerns

The Sectoral Oversight Committee on National Security has opposed the government’s proposal to privatise Sri Lanka Telecom PLC (SLT), as such a move could be detrimental to national security.

Compensation payment to Swarnamahal Financial Services depositors resumes today

Payment of compensation for depositors of Swarnamahal Financial Services PLC (SFSP) will recommence under the Sri Lanka Deposit Insurance and Liquidity Support Scheme, the Central Bank announced.

People’s Leasing & Finance to acquire 33% of First Capital Holdings for Rs.4.95bn

People’s Leasing & Finance PLC yesterday said it entered into a share purchase agreement with Janashakthi Limited to acquire 33 percent stake in First Capital Holdings PLC for a consideration of Rs.4.95 billion.

Sri Lanka now eligible to access ADB’s concessional financing

Sri Lanka will be able to speed up its efforts in reviving its economy as it has obtained approval from the Asian Development Bank (ABD) to access concessional financing.

Advantis welcomes India’s Cordelia Cruises in Hambantota

Ushering in a new wave of inbound luxury cruise tourists to Sri Lanka, Advantis, the transportation and logistics arm of Hayleys Group, welcomed the MS Empress of Cordelia Cruises yesterday.

Trading suspension slapped on Nawaloka Hospitals shares

The trading to Nawaloka Hospitals PLC shares has been suspended with effect from June 16, 2023 due to Disclaimer of opinion in the Independent Auditor’s Report on the company’s annual report for the year ended March 31, 2022.

Orel IT unveils Sri Lanka’s largest single technology cloud platform

Orel IT, Sri Lanka’s leading IT exporter, is once again making big waves with Orel Cloud—the nation’s largest Single Technology Cloud Stack, empowering businesses to unleash their full potential.

Niche tourism way forward for Sri Lanka, says Tourism Development Authority

The way forward for Sri Lanka’s tourism sector is to improve focus on niche tourism instead of focusing on the number of visitors entering the island nation, Sri Lanka Tourism Development Authority (SLTDA) said.

Govt. expects income tax files to increase five-fold to one million by end of this year

Facilitated by recent tax reforms, the government expects income tax files to increase by nearly five-fold from 205,200 to one million boosting the country’s income tax revenue and enhancing the direct and indirect tax ratio to 40 percent vs. 60 percent by end of this year, which would pave the way for a potential Rs.400 billion cut in indirect taxes.

Digital Promotion Agency to be set up for collection and monitoring of public data

President Ranil Wickremesinghe this week announced plans to establish a Digital Promotion Agency aimed at developing computer applications for the collection and monitoring of data from various government entities in the country.

Tea exporters concerned over government’s move to abolish SVAT scheme

Sri Lanka’s tea exporters yesterday expressed “deep concerns” over the government’s decision to abolish the Simplified Value-Added Tax (SVAT) system as they fear the move will create cash flow difficulties for them among several other issues.

Barista expands with 25 outlets becoming Sri Lanka’s largest cafe chain

Coffee chain Barista has taken another significant stride in its journey towards becoming Sri Lanka’s largest and most preferred cafe chain with the opening their 25th outlet in Sri Lanka. This expansion not only solidifies Barista’s position as an industry leader but also demonstrates its commitment to providing exceptional coffee experiences to its customers. The recent launch of the 25th Barista Express outlet in Nugegoda Cool Planet marks a r

Sri Lanka now eligible to access ADB’s concessional financing

Sri Lanka will be able to speed up its efforts in reviving its economy as it has obtained much-awaited approval from the Asian Development Bank (ABD) to access concessional financing.

Women’s organisations slam government’s move to amend labour laws

The women’s organisations yesterday slammed the authorities’ attempt to amend the country’s labour laws, calling it a move to exploit the labour of women and suppress all workers’ rights.

Pegasus Hotels announces plans to raise Rs.160mn via rights issue

Pegasus Hotels Ceylon PLC yesterday disclosed plans to raise Rs.160 million from shareholders.

Treasury bill yields plunge across maturities

The Treasury bill yields plunged across maturities at yesterday’s bill auction, in response to the policy rate cut announced by the Central Bank last week.

US sues Coinbase as crypto crackdown widens

BBC: The US has charged the biggest crypto trading platform in the country with operating illegally, widening its crackdown on the industry.

Import restrictions on 300 products to be lifted by this weekend

The import restrictions on 300 more products would be lifted by this weekend, Finance State Minister Ranjith Siyambalapitiya said yesterday.

Sri Lanka eyes free trade pact with Thailand by March next year

REUTERS: Sri Lanka and Thailand could sign a free trade agreement (FTA) by March 2024, a top official of the Indian Ocean nation told Reuters yesterday, as it attempts to rebuild its crisis-stricken economy.

Government aims to improve share of direct taxes to 40%

The government aims to improve the ratio between direct and indirect taxes to 40 percent vs. 60 percent.

World Bank maintains Sri Lanka’s growth forecasts; highlights possible risks in financial sector

While outlining the possible risks in the country’s financial sector, the World Bank (WB) maintained Sri Lanka’s economic recovery prospects almost unchanged, despite the anticipated slowdown in the global economy.

Govt. urged to reopen social safety net registration to capture all vulnerable groups

As Sri Lanka is looking to support the poor and vulnerable population, which has significantly expanded since the pandemic and economic crisis, Colombo-based policy think tank LIRNEasia urged the government to reopen the registration of the new welfare scheme ‘Aswesuma’, so that the right candidates are captured in the system.