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.

Seylan Bank 1Q profits up; loan book contracts

Seylan Bank PLC reported strong top line and bottom line growth for the first quarter of 2023 (1Q23), though credit growth turned negative as a result of the impact coming from the appreciation of the rupee.

LIOC registers superlative performance in FY 2022-23 despite challenging environment

Despite numerous challenges, Lanka IOC PLC (LIOC) continued with exemplary performance throughout the year with remarkable increase in revenue by nearly 213 percent year-on-year (YoY) to Rs.282 billion in FY 2022-23, largely due to high international oil prices as compared to the last year.

‘What Went Wrong?’ by Chandrasena Maliyadde

Sri Lanka is facing the worst economic crisis of unprecedented magnitudes while the world seems to be lurching from one crisis to another as we have experienced a global pandemic, economic crises, dramatic changes to how we conduct our daily lives, economic uncertainty and political and social turmoil, exploding the bipolar world order with the rise of Asia and Africa as well as an array of natural disasters.

Samsung launches Rediscover Sri Lanka photography competition

Samsung, Sri Lanka’s No. 1 smartphone brand, recently launched its photography competition titled ‘Rediscover Sri Lanka with Galaxy’, to great acclaim.

SriLankan Aviation College enters landmark partnership with Embry-Riddle Aeronautical University

SriLankan Aviation College, the training arm of SriLankan Airlines, has etched a landmark partnership with the prestigious Embry-Riddle Aeronautical University, to bring highly coveted aviation programs to Sri Lanka and the region.

Feelo experience-oriented platform announces first investor partnership

Feelo, a Sri Lankan start-up company that offers unique experiential packages, has announced its first investor partnership just four months into business.

Lupin India explores SL with BCD Meetings and Events, Aitken Spence Travels

BCD Meetings and Events India, one of the leading global Meetings, Incentives, Conferences and Exhibitions (MICE) operators, together with Aitken Spence Travels, the leading tourism company in Sri Lanka, recently hosted a group of 750 esteemed visitors from Lupin, a renowned global pharmaceutical company headquartered in India.

Banking sector seeks more clarity on proposed Domestic Debt Optimisation

Sri Lanka’s banking sector has sought more clarity and transparency from the government on the recently proposed Domestic Debt....

First in-depth study on adoption and use of e-commerce in Sri Lanka presented to President

The report titled ‘E-commerce: A Driver of Inclusive Growth in Sri Lanka?’ was presented to President Ranil Wickremesinghe...

Revenue contribution to economy by value-added rubber continues to dip: SLAMERP

Sri Lanka’s value-added rubber export sector has continued to move on a declining revenue generation path since 2022 and shows....

China Merchants Group investment in Sri Lanka reaches US $ 2bn

The chairman of the China Merchants Group (CMG), China’s largest diversified conglomerate, who was on a visit to Sri Lanka, said the group’s latest investment plans would up its accumulated investments in the island to reach nearly US $ 2 billion.

Imports show recovery on the back of seasonal demand in March

Sri Lanka’s imports showed recovery in March, on the back of the seasonal demand as well as the return of economic stability....

Union Bank kicks off March banking sector earnings with subdued profits

Union Bank of Colombo PLC (UBC) saw its loan book continuing to shrink during the quarter ended on March 31, 2023, reflecting tighter...

Expolanka sees slowing trade volumes amid softening global economy

The performance at Expolanka Holdings PLC continued to moderate in the three months ended in March 2023, as the trade volumes....

First Republic: JP Morgan to take over major US bank

JP Morgan Chase is set to take over the troubled US bank First Republic in a deal brokered by regulators. The Federal Deposit Insurance....

Plans underway to restart over 500 housing units in RPCs: PA

The Planters’ Association of Ceylon (PA) announced that nearly Rs. 1 billion will be allocated towards recommencing the construction....

LOLC Advanced Tech introduces rice fortification technology to local market

LOLC Advanced Technologies, a fully-owned subsidiary of LOLC Holdings, together with Brown & Company PLC, has introduced....

131ST DEATH ANNIVERSARY OF CEYLON’S TEA PIONEER: James Taylor envisioned the potential of tea as a plantation crop

The vision of James Taylor regarding the enormous potential of tea as a plantation crop, the difficult conditions under which....

HNB clinches ten awards at SLIM NSA setting new benchmark

Consolidating its reputation for service excellence, HNB PLC, set a benchmark for the financial services industry taking home 10 awards....

Asia Asset Finance opens 75th branch in Homagama

Asia Asset Finance PLC has reached a significant milestone by opening its 75th branch in Homagama. This achievement is part....

Pan Asia Bank among Business Today’s Top 40 for 2022

Pan Asia Bank cemented its position in the Business Today Top 40 ranking for the year 2022. The Business Today Top 40 2022 winners...

LOLC Finance recognized for excellence in management practices

LOLC Finance PLC recently won three awards at the Best Management Practices Company Award 2023. These include....

ComBank highest ranked bank in BT Top 40 for 14th successive year

The Commercial Bank of Ceylon led Sri Lanka’s banking sector when it received the Business Today Top 40 award from President....