British Airways cancels dozens of Heathrow flights after IT problem

BBC: There has been a second day of disruption for travellers at Heathrow after British Airways cancelled at least 42 more short-haul flights following Thursday’s IT problems.

Build SL Expo 2023 puts construction sector under fresh spotlight

Construction and housing expo Build Sri Lanka 2023 kicked off yesterday at the BMICH, showcasing the latest development in the industry.

Ratnapura kithul reaches shelves of international market

The kithul industry in the Ratnapura district has developed into a high income generating industry by the Agriculture Ministry, with several product categories successfully reaching the shelves of international markets.

High volume, low quality, currency instability contribute to declining market at this week’s tea auction

The offerings at the Colombo Tea Auction totalled 7.1 MnKgs, similar to that of last week and were met with fair demand at easier rates.

Merchandise exports in April plunge amid global demand slowdown

Sri Lanka’s merchandise exports plunged 16.5 percent year-on-year (YoY) to US $ 814.1 million in April, bringing the cumulative export earnings for the first four months of 2023 to US $ 3.81 billion, an decrease of 9.78 percent YoY, data from the Export Development Board (EDB) showed.

Sri Lanka needs to boost entrepreneurship to overcome ongoing crisis: CB Governor

Sri Lanka needs to step up efforts in enticing a larger proportion of its population across all provinces towards embracing entrepreneurship so that the impacts of the ongoing economic crisis would lessen, the Central Bank asserted.

President says Sri Lanka will apply for RCEP membership

In an effort to become more integrated in global trade, Sri Lanka will apply for membership to the Regional Comprehensive Economic Partnership (RCEP), President Ranil Wickremesinghe announced yesterday.

Sri Lanka records Rs.48 bn primary surplus in 1Q

For the sixth time in its post-independent history, Sri Lanka has been able to record Rs.48 billion surplus in the primary balance of fiscal accounts during the first quarter of this year, State Minister of Finance Ranjith Siyambalapitiya revealed.

Aitken Spence records Rs.30.1bn EBITDA with growth of 30.3% for FY23

The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortization) of Rs. 30.1 billion with a growth of 30.3 percent, showcasing the contribution from all sectors for the year ended 2022/2023.

Browns Hotels and Resorts unveils Thaala Bentota

Thaala Bentota, formerly known as Avani Bentota, unveiled its rebranding yesterday, marking a new era of excellence in Sri Lankan hospitality.

Damith Pallewatte selected as next GM/CEO of HNB

Senior banker Damith Pallewatte is set to take reins from Jonathan Alles as the Managing Director/CEO of Sri Lanka’s second largest private bank, Hatton National Bank PLC with effect from August 24, 2024.

Tea production expected to rebound in second quarter

The downward trajectory of Sri Lanka’s tea production is expected to reverse in 2Q23, tea brokers said.

Agasthi Jayagoda to head Laugfs Group’s Strategy Division

Laugfs Holdings Limited, one of Sri Lanka’s largest diversified conglomerates with a portfolio of over 20 businesses spanning multiple industries, has recently appointed Agasthi Jayagoda as General Manager - Group Head of Strategy.

Sri Lanka Insurance posts a record profit of Rs. 12.47 billion before taxation for the year 2022

The nation’s insurer, Sri Lanka Insurance yet again recorded a stellar performance in the year 2022 to record a profit before taxation of Rs. 12.47 billion for the year 2022, with a combined Gross Written Premium (GWP) of Rs. 41.2 billion.

Sri Lanka fails to fulfil two IMF programme commitments due in April

Sri Lanka has failed to fulfil two of the International Monetary Fund (IMF) programme commitments that were due in April 2023, publicfinance.lk, a platform for public finance-related information in Sri Lanka run by Colombo-based think tank Verité Research, revealed.

Tourist arrivals cross half a million mark

The tourist arrivals to Sri Lanka crossed the half a million mark this week, fulfilling 25 percent of the arrivals target set for 2023, official data released yesterday revealed.

Sri Lanka Insurance posts Rs.12.47bn PBT for 2022

Sri Lanka Insurance Corporation (SLIC) yet again recorded a stellar performance in the year 2022, to record a profit before taxation (PBT) of Rs.12.47 billion for the year 2022, with a combined gross written premium of Rs.41.2 billion.

Hemas top line surges in 4Q; earnings flat as finance cost bites

Consumer goods juggernaut Hemas Holdings PLC saw its revenue for the quarter ended on March 31, 2023 (4Q23) surging, most likely amid price increases but the group’s earnings remained flat, as finance costs soared.

JKH says talks progressing smoothly with several leading international gaming operators

John Keells Holdings (JKH) revealed that negotiations with several leading international gaming operators are progressing smoothly to commence gaming operations at its flagship Cinnamon Life Integrated Resort.

SEC slaps Rs.5mn fine on Access Engineering for delayed disclosure

Stock market watchdog Securities and Exchange Commission (SEC) has slapped a Rs.5 million administrative penalty on Access Engineering PLC, for delayed disclosure relating to a rating downgrade.

Hotels to see sharp reduction in electricity bills

Sri Lanka’s hotel sector will finally receive some breathing space, with a decision being made to place it under the ‘industries’ category for electricity tariff.

Rakhil Fernando appointed as Daraz Group Chief Corporate Affairs Officer

Daraz Sri Lanka Managing Director Rakhil Fernando has been appointed as Chief Corporate Affairs Officer of Daraz Group, headquartered in Singapore, with effect from June 1, 2023.

People’s Bank given possession of property mortgaged by Yashodha Holdings in Nuwara Eliya

People’s Bank has been given possession of a property mortgaged by Yashodha Holdings Private Limited in the Nuwara Eliya town, following a court order.

Lankan plantations closely watched by global entities for malpractices

Sri Lanka’s tea plantations are being closely watched by some of the world’s leading manufacturers, after an investigation from The Guardian highlighted poor working conditions and payments of workers.

General Electric to establish high-tech distribution control centre for CEB

A consortium led by GE T&D India Limited (GE) and GE Digital Services Europe recently signed a contract with the Ceylon Electricity Board (CEB) to embark on a project for the establishment of SCADA supported Distribution Control Centre for the Western Province South 1 (WPS1). Richardson Projects(Pvt) Ltd., as the local partner of GE, is to be part of this transformative digital initiative.

Chulendra De Silva appointed to Global Sustainability Standards Board

Chulendra De Silva, Co-Founder of InterBalance, was recently appointed to the Global Sustainability Standards Board (GSSB), the independent body responsible for setting the GRI Standards, the world’s most widely used sustainability reporting standards.

Global Steering Group for Impact Investment sets footprint in Sri Lanka

The Global Steering Group for Impact Investment (GSG) has chosen Sri Lanka as a pioneer for impact investments. Starting May 3, 2023, the Sri Lankan National Advisory Board (NAB) for Impact Investments has been established to facilitate the inflow of global impact capital and sustainability finance to Sri Lanka.

IronOne Technologies appoints Manori Unambuwe as VP to drive global expansion

IronOne Technologies announced the appointment of Manori Unambuwe as Vice President of Strategy and International Markets.

Governor’s office, ILO and EY collaborate to advance private sector investments to North

The Office of the Governor - Northern Province, International Labour Organization (ILO) and Ernst & Young (EY), collaborated to organize stakeholder meetings on generating investment-driven growth in the Northern Province.

Harsha says financial security of EPF members should be safeguarded in any domestic debt optimisation

Sri Lankan Opposition MP Harsha de Silva highlighted the critical considerations surrounding domestic debt optimisation and its impact on Employees Provident Fund (EPF) members.