Economy shows signs of improvement but recovery remains a challenge: IMF DMD

Sri Lanka’s economy is showing tentative signs of improvement, due to the implementation of critical policy actions, acknowledged visiting senior International Monetary Fund (IMF) official but noted recovery remains challenging.

Improved supply of imported goods expected as govt. looks to ease restrictions

Sri Lanka will see a further improvement in the supply of goods from the global market as early as next week, with the government announcing plans to ease the currently prevailing import restrictions.

Tea Auction prices decline further this week as rupee strengthens

The Colombo Tea Auction this week saw the prices for almost all the categories decline further, as the Sri Lankan rupee strengthened.

Macy’s and Costco sound a warning about US economy

CNN: Macy’s, Costco and other big chains say shoppers are pulling back at their stores and changing what they buy. That could be a red flag for the US economy.

Hela Apparel Holdings completes FY 2022/23 with resilience amidst challenging operating environment

The fourth quarter of FY 2022/23 marked the close of a challenging year for Hela Apparel Holdings PLC.

Top ME influencer in SL

Leading social media influencer Khalid Al Ameri, who is based in the Middle East, yesterday announced his visit to Sri Lanka.

China says always stands by SL’s sovereignty, political independence and socioeconomic development

China this week reiterated its commitment to Sri Lanka, stating it would always stand by Sri Lanka’s sovereignty as well as for political independence and socioeconomic development.

Vidullanka reports Rs.913mn PAT for FY 2022/23

Vidullanka PLC reported a profit after tax (PAT) of Rs.913 million for the financial year ended on March 31, 2023, as per the latest interim financials published in the Colombo Stock Exchange.

Central Bank shifts gears to growth with surprise policy rate cut

The Central Bank yesterday delivered a surprise policy rate cut, bringing nearly two years long tightening cycle to a close and left open the door for further rate cuts in the next few months among other measures to ease remaining restrictions on imports to reverse the prolonged economic contraction.

Govt. to introduce ‘Lab methodology’ to promote investments and implement biz proposals

Ranil Wickremesinghe Sri Lanka will introduce a new system called ‘Lab methodology’ to promote investments ensuring effective implementation of business proposals, President Ranil Wickremesinghe said in his televised address to the nation yesterday.

Govt. issues fresh gazette aiming to widen tax net

The government in a fresh gazette yesterday specified additional classes of persons required to register with the Inland Revenue Department (IRD), which is an attempt to broaden the country’s taxpayer base.

NSB presents Annual Report 2022 to President

The Annual Report of National Savings Bank (NSB) for the year 2022

SJB trade union seeks court intervention for SLT privatisation blue-print

‘Samagi Sewaka Sangamaya’, a trade union attached to the ‘Samgi Jana Balawegaya’ (SJB) political party, has filed a Fundamental Rights petition seeking Supreme Court’s intervention in regularising the proposed privatisation of Sri Lanka Telecom (SLT).

SLT-Mobitel unveils technologically advanced operational HQ in Welikada

SLT-Mobitel recently unveiled its technologically advanced, high-tech operational green headquarters, first in the history of SLT, located at Welikada, Colombo.

Monthly tourist arrivals fall below 100, 000 for first time this year

Tourist arrivals to Sri Lanka fell below the 100,000 mark for the first time this year due to the drop in momentum in the month of May,

Every Canadian cigarette will soon carry a health warning

BBC: Canada will soon print warning labels directly on cigarettes in a world-first, the country’s health agency announced.

Tourist arrivals fall below 100,000 for first time in 2023

Tourist arrivals to Sri Lanka fell below the 100,000 mark for the first time this year, with the month of May welcoming a total of 83, 309 international visitors.

ADB-backed initiative to improve Lankan SMEs’ access to bank loans

In a bid to support the country’s small and medium-sized enterprises’ (SMEs) access to commercial loans, the government is moving towards operationalising the Asian Development Bank (ADB)-backed National Credit Guarantee Institution (NCGI) initiative as a public-private partnership (PPP), with an initial capital infusion of around US $ 110 million.

Colombo inflation declines to 25.2% in May largely on higher base effects

The consumer prices measured by the Colombo Consumer Price Index fell sharply in May, the second consecutive month such prices cooled by an outsize amount since the current disinflation path began in October last year.

Plan to restructure balance sheet of CEB by end of June

The efforts to restructure the balance sheet of the state-run utility Ceylon Electricity Board (CEB) is continuing with the technical support of the World Bank, Power and Energy Minister Kanchana Wijesekera said.

Sri Lanka enters deal with Korea for first floating solar project

Sri Lanka yesterday entered into an agreement with the Korea Institute for Advancement of Technology (KIAT) to develop the country’s first floating solar development project.

CB cautions public that participating in pyramid schemes punishable by law

The Central Bank yesterday cautioned the public against getting tangled in pyramid schemes, pointing out such activities are punishable by law.

MAS Holdings subsidiary acquires IP rights and other intangible assets of French lace maker

In groundbreaking industry news, Noyon Lanka (Pvt.) Ltd, a subsidiary of MAS Holdings and Desseilles Calais, a subsidiary of the Calais Dentelles holding company, announced the sale of Noyon Calais’ intellectual property (IP) rights and other intangible assets toNoyon Lanka.

Trade deficit continues to narrow amid sharp fall in imports

Sri Lanka’s trade deficit continued to narrow in April, as the decline in imports outpaced the decline in exports, the external sector data released by the Central Bank showed.

Citrus Leisure to manage banquet halls, revolving restaurant at Lotus Tower

Citrus Leisure PLC yesterday said it entered into a management agreement with Colombo Lotus Tower Management Company (Private) Limited to engage in the management of certain spaces in the Colombo Lotus Tower.

EDB to hold ‘Open Day’ on June 15 as platform to educate exporters

The Sri Lanka Export Development Board (EDB) has announced the upcoming ‘EDB Open Day’ event - a one-day programme – which will take place on June 15th, from 9.30 a.m. to 4.30 p.m. at the EDB office in Navam Mawatha, Colombo 2.

CEOs Forum of CIPM highlights significance of ‘People First Culture’

The keynote speaker, Bingumal Thewarathanthri, the CEO of Standard Chartered Bank, Sri Lanka, delivered an inspiring keynote address focusing on the People First Culture emphasizing on the role of HR in Business particularly at a time when Sri Lanka had experienced a pandemic followed by the most recent episodes such as political unrest, economic downturn, high inflation which had far-reaching consequences on the country.

IsDB officials from Saudi Arabia visit BOI

Were policies govt. implemented to stabilise economy since April 2022 effective?

The answer in my view, is both-yes and no. This is because, due to strict monetary and fiscal policies adopted since April 2022, the inflationary tendencies are now somewhat controlled, but real economic activities and the GDP growth are decreasing.

Damro Group revives Agalawatte Plantations in verdant start to 2023

Agalawatte Plantations PLC (APL) has reported impressive revenue and profit growth in the first quarter of 2023, consolidating on the remarkable turnaround achieved subsequent to the acquisition of a majority stake in the company by the Damro Group.