Land prices in Western province increase by 74% from 2018 to 2021

According to the annual Land Price Index released by LankaPropertyWeb, Sri Lanka’s number one real estate platform, in the Western province (except the Colombo Municipality area) the overall land price values have increased by 74 percent from 2018 to 2021.

CEB cuts losses substantially on solid demand for power up to April

The Ceylon Electricity Board (CEB) was able to cut its losses significantly during the four months ended in April 2021 as demand surged for power with economy returning to normalcy, while the generation mix tilted slightly towards less expensive non-thermal sources.

Producers continue to struggle with high single-digit price increases

Local manufacturers across wider segments are confronted with the incessant high prices hovering near double digits as lockdowns added to their woes by way of crippling their supply chains and higher import costs amid import controls and weaker rupee, although the demand conditions remained dampened through most of May.

Oceanfront Condominiums reaches completion; commences handing over

Oceanfront Condominiums Galle by International Construction Consortium (Pvt.) Ltd (ICC) has successfully reached completion, despite the challenges arising from the ongoing pandemic situation that slowed down all economic activities.

JAT Holdings IPO opens tomorrow

JAT Holdings, Sri Lanka’s industry leader in finishing and furnishing, will commence its Initial Public Offering (IPO) on July 20.

KFP 1Q earnings halve on restrictions on consumer activity, higher costs

Kicking off the June quarter earnings season, Keells Food Product PLC (KFP) reported lower earnings for the three months ended in June 30, 2021 (1Q22), largely due to the lockdown effect on consumer spending.

Sri Lanka among few APAC nations whose debt/GDP swelled during pandemic

COVID-19 upended the balance sheets of many countries in the Asia Pacific (APAC) region with rising public debt relative to the size of their economies, but the situation became more pronounced in Sri Lanka as the country entered the pandemic with an already high debt stock, according to Fitch Ratings.

People’s Bank ranked amongst world’s Top 1000 Banks yet again

People’s Bank has been named amongst the Top 1000 Banks in the world by The Banker Magazine UK for the fourth consecutive year.

Visa appoints Avanthi Colombage as Country Manager for Sri Lanka and Maldives

Visa Inc., the world’s leader in digital payments, announced the appointment of Avanthi Colombage as Country Manager Sri Lanka and the Maldives for Visa.

Sampath Bank delivers customisable total cash management solutions for businesses of all sizes

Sampath Bank reiterated its commitment to supporting businesses around the island with the integration of its extensive suite of corporate cash management services under one umbrella, to offer greater convenience to its customers.

Fitch affirms People’s Bank at ‘AA-(lka)’; Outlook Stable

Fitch Ratings has affirmed the National Long-Term Rating of People’s Bank (Sri Lanka) (PB) at ‘AA-(lka)’. The Outlook is Stable.

Fitch affirms Bank of Ceylon at ‘CCC’ and ‘AA- (lka)/Stable

Fitch Ratings has affirmed Bank of Ceylon’s (BOC) Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at ‘CCC’.

Communiqué PR bags Bronze for ‘Startup of the Year’

Communiqué PR was recently recognised by The Globee Awards as a Bronze Award winner in the ‘Startup of the Year’ category at the 13th Annual 2021 Golden Bridge Business and Innovation Awards.

LoweLintas gears up to drive next phase of MullenLowe Group’s growth

MullenLowe Group Sri Lanka announced the appointment of Sean Pompeus as Associate Vice President and Business Directorand Jude Jayaprekash as Creative Director at LoweLintas, with effect from 1st July 2021.

MarCom Collective engages clients on sustaining strong advertising eco system

The MarCom Collective recently made an appeal to clients on behalf of marketing communication industry, requesting them to refrain from calling for pitches and competitive quotations with concepts and to continue to work with their existing partners until the current situation eases for all. The proposed timeframe is 18 months, commencing from 1st July 2021.

dentsu Grant appoints Bakmee to Leadership Team

dentsu Grant Group announced the appointment of Bakmee Perera as Director Communications Planning and Media Strategy which will entail the industry veteran with 14 plus years of experience, to overlook consumer insights, media strategy, planning, data analytics and innovation while spearheading the CXM (Customer Experience Management) and CRM (Customer Relationship Management) business in collaboration with Merkel Sokrati - a global data-driven C

ETF announces grant for members’ children

The Employee Trust Fund Board (ETFB) has announced its decision to grant financial assistance for the children of ETF members who have passed the GCE Advanced Level (A/L) 2020 examinations.

No day-7 PCR for fully vaccinated tourists

Sri Lanka is continuing to explore avenues to make the destination increasingly easier for tourists, and the latest is to allow vaccinated travelers who have not travelled from restricted countries, to forgo the second PCR test after arrival.

People’s Bank commemorates anniversary with contribution to Sri Dalada Maligawa

People’s Bank recently made a contribution to the Buddhist Welfare Scholarship Fund of the Sri Dalada Maligawa as a social service in commemoration of their 60th anniversary.

Shield lends helping hand to govt.’s vaccination drive

Shield, a leading hand sanitizer brand of Hemas Consumer Brands has once again stepped forward to support the nation’s course in curbing the Covid-19 outbreak.

Ceylinco Life donates respiratory equipment to Matara General Hospital

The District General Hospital Matara is the latest beneficiary of a Ceylinco Life initiative to provide essential equipment to hospitals treating patients with respiratory failure.

Sri Lanka High Commission in Nairobi unveils Kenya’s first Buddha statue together with LOLC

The Sri Lanka High Commission in Nairobi, Kenya has installed a statue of Lord Gautama Buddha outside the premises of the Chancery building.

Work on new social security fund for all employees deprived of a pension begins

As the initial step to setup towards guaranteeing all employees access to a pension at their golden age, a special tripartite committee, consisting of the representatives of labour unions, Employers’ Federation of Ceylon (EFC) and government, have been appointed to draft a preliminary for a new social security fund covering the employees deprived of pensions.

Petition challenging alienation of state properties through Selendiva Investments Limited fixed for Sept. 21

A Fundamental Rights petition filed seeking an order preventing the Treasury Secretary from taking any steps to sell, lease or alienate state properties vested with Selendiva Investments Limited Company was on Thursday (15) fixed for September 21 by the Supreme Court.

Barista launches Sri Lanka’s first Coffee app

Barista, the largest and much-loved cafe chain in Sri Lanka, recently launched its dedicated Coffee app, digitally crafted by Arimac Lanka, in order to allow customers easy access to their favourite Barista goodies.

Dammika appointed as new MBSL CEO

Experienced leasing and banking officer H.K.D.W.M. Dammika Kumara Hapuhinna has been appointed as CEO of Merchant Bank of Sri Lanka and Finance PLC (MBSL).

City University programme launched to produce graduates targeting job market

Fulfilling another promise in President Gotabaya Rajapaksa’s Vision of Prosperity policy statement, the City University programme of establishing universities in every district commenced on Thursday.

Entire whisky distillery ships out to China

An entire whisky distillery was being shipped out from Scotland to China yesterday.

Teejay first Sri Lankan company to become U.S. Cotton Trust Protocol member

The U.S. Cotton Trust Protocol welcomes Sri Lankan textile manufacturer Teejay Lanka and its wholly-owned subsidiary Teejay India as new members.

Modern and general trade made up for lost sales from HORECA sector for processed food makers

The food and beverage sector saw a robust transition of volumes from the hotels and restaurant sector to the modern and general trade sectors, as the pandemic-induced restrictions on in-door dining, banquets, resort stays and other events upended consumer behaviour and where they enjoy their favourite foods.