Sri Lanka Insurance introduces Virtual Claim Assistance for Motor Plus customers

The most recent initiative introduced by Sri Lanka Insurance to enhance customer experience was the Virtual Claim Assistance value-added...

Trade Finance Association of Bankers holds 26th AGM

The Trade Finance Association of Bankers (TFAB) held its 26th Annual General Meeting (AGM) recently, at Lotus Room, Grand Oriental Hotel....

IMF backs Sri Lanka’s financial sector stability in potential DDR scenario

The International Monetary Fund (IMF) plans to support the government to come up with a strategyto safeguard financial sector stability in a potential domestic debt restructuring (DDR) scenario, a top official of the Fund said.

Browns Investments to buy James Finlay Kenya tea estates business

Finlays, a leading global supplier of tea, coffee and botanical ingredients and solutions, yesterday said it has reached an agreement to sell its James Finlay Kenya tea estates business to Sri Lanka’s Browns Investments PLC.

Moose Clothing enters Singapore in partnership with retail giant Mustafa Center

Moose Clothing Company has made yet another commendable move to expand the global footprint of the brand through their latest partnership with the well-known retail giant - Mustafa Center in Singapore.

Australian mineral exploration company appoints JAT Holdings as country partner

Titanium Sands to acquire James Global and partner with JAT Holdings for Sri Lankan activities

Fed lifts rates by a quarter point

The Federal Reserve voted unanimously to raise interest rates by a quarter point Wednesday, the tenth rate hike since the central bank started its battle against inflation last March.

Cargills ventures into fuel retail business with Lanka IOC

Cargills (Ceylon) PLC is marking a new milestone in its journey by opening Lanka IOC fuel stations at its Cargills retail outlets.

Indian American businessman Ajay Banga elected as new President of WB

The World Bank’s board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.

US $ 53mn sought from ADB to make roads accessible

The government is seeking US $ 53 million from the Asian Development Bank (ADB) to minimise the disruptions to the public due to the stalled road development projects, after the country defaulted on its external debt.

Nestlé Lanka announces plans to go private

Nestlé Lanka PLC yesterday announced its plans to delist its shares from the Colombo Stock Exchange (CSE).

Cabinet nod to table Banks (Special Provisions) Bill in Parliament

In a bid to strengthen the bank resolution framework on a priority basis, the Cabinet nod has been granted to table the draft Banks (Special Provisions) Bill in Parliament for approval.

Emirates renews partnership with Sri Lanka Tourism

Emirates has pledged its renewed support to promoting tourism in Sri Lanka through a memorandum of understanding (MoU) signed with the Sri Lanka Tourism Promotion Bureau.

Govt. to introduce a special incentive package soon to attract large-scale FDIs

The government plans to introduce a special incentive package soon, to attract large-scale foreign direct investments (FDI) into the country.

Investor-centric new investment policies and laws will be introduced: Dilum

Investment Promotion State Minister Dilum Amunugama said that a committee of experts has been appointed to introduce a stable investment policy and a unified investment law, making Sri Lanka the easiest and most attractive country in the Asian region for investment

Tata Sons touted as possible SriLankan Airlines investor

Indian conglomerate Tata Sons is again being touted in media reports as a possible investor in SriLankan Airlines (UL, Colombo International).

Consumer Affairs Authority Act to be updated after twenty-year lapse

The Cabinet nod has been granted to update Consumer Affairs Authority Act No. 9 of 2003, after 20 years, with the aim of establishing a fair market system by further strengthening the legal provisions.

Three new members appointed to Finance Commission

President Ranil Wickremesinghe has appointed three new members to the Finance Commission, on the recommendation of the Constitutional Council.

HIP eyes becoming key transshipment port for India’s EV manufacturing hub

With India looking very positively at becoming a manufacturing hub for electric vehicles (EV), joint venture partners are looking very closely at Hambantota International Port (HIP) as the key transshipment point for their markets in the East and West of the island. HIP participated in the recently held ‘ET Auto Electric Vehicle Conclave 2023’ organised in Delhi.

Colombo Dockyard delivers second vessel of 5000DWT bulk carriers to Norway’s Misje Eco

Norwegian company Misje Eco Bulk AS collected its 2nd vessel ‘Misje Verde’ of the series of 5000DWT Eco Bulk Carriers as Colombo Dockyard PLC (CDPLC) ceremonially delivered the vessel on 21st of April 2023 at the Guide Pier of the CDPLC premises.

Senior shipping personality appointed as Unifeeder Lanka MD

The Unifeeder Group recently integrated their business units in Sri Lanka and formed Unifeeder Lanka (Pvt) Ltd to handle their local activities.

X-Press Pearl disaster: From flames to prevention

Sri Lanka’s ecological disaster related to the MV X-Press Pearl, a container ship carrying hazardous chemicals that caught fire off its coast on 20th May 2021, i

Government to raise Treasury bill ceiling to Rs.6tn

The Cabinet green light has been granted to increase the Treasury bill ceiling to Rs.6 trillion, from the current Rs.5 trillion maximum limit.

CEB to be broken into 14 entities; new regulator in the offing

Public Utilities Commission of Sri Lanka (PUCSL) Chairman Janaka Ratnayake this week charged that the government is attempting to privatise the Ceylon Electricity Board (CEB) by breaking it into 14 entities, through the proposed Electricity Reforms Bill, putting the country’s energy security and national security in grave danger.

Dialog and Airtel to merge operations

Dialog Axiata PLC and its Malaysian parent Axiata Group Berhad and India’s Bharti Airtel Limited have entered into a binding term sheet to combine operations of Bharti Airtel Lanka, Airtel’s wholly-owned subsidiary, with Dialog Axiata.

Pan Asia Bank 1Q net up on lower impairments and forex losses

Net interest income fell at Pan Asia Banking Corporation PLC in the three months ended March 2023 as the margins were hurt by the rise in cost of its deposits which outstripped the rise in the lending rates and also the yields of government securities.

Tourist arrivals cross 100,000 mark for fourth straight month in April

Sri Lanka welcomed a total of 105,498 tourists for the month of April, making it the fourth consecutive month to record over 100, 000 arrivals, provisional data from the Sri Lanka Tourism Development Authority (SLTDA) showed.

HSBC says profits triple as it announces share buyback

CNN: HSBC announced it had tripled its quarterly profit yesterday, blowing past expectations as it benefited from high interest rates around the world.

Govt. may be getting ready for another electricity tariff hike: PUCSL chief warns

The Public Utilities Commission of Sri Lanka (PUCSL) Chairman Janaka Ratnayake yesterday warned the public that the government may be preparing for another hike in electricity prices as CEB’s revenue has fallen below the set target due to decline in demand.

Sampath Bank donates Rs.50 mn to Suwa Seriya project

Sampath Bank has handed over a cheque of Rs. 50 million to support the 1990 Suwa Seriya Foundation’s ‘Adopt an Ambulance’ project.