Notice re-issued on Teejay Lanka over alleged sludge waste dumping

The Colombo Magistrate Court on Monday (10th) issued a fresh notice on Teejay Lanka PLC, one of the country’s leading textile manufacturers, to appear in court on the 19th of this month in an ongoing court case in connection to an alleged attempt to dump hazardous sludge waste, originated from a plant owned by the company, into the sea via Madampitiya pumping station, through a contracted party.

Overseas Realty says no premature lease terminations due to COVID-19

Overseas Realty Ceylon PLC said the company hasn’t so far seen any premature lease terminations at its World Trade Centre (WTC) or cancellation of sale agreements of its Havelock City residential properties despite the pandemic depressed business and incomes of many companies and individuals.

Non-bank finance sector NPLs hit over 16% of total loans

Asset quality troubles with Sri Lanka’s non-bank lenders could go deeper with their non-performing loans (NPLs) estimated to have reached 16-18 percent by end-June as the sector is reeling from a multitude of challenges exacerbated by the pandemic-induced hardships.

Sri Lanka Tourism extends open invitation to content creators

The Sri Lanka Tourism Promotions Bureau (SLTPB) this week extended an open invitation to content creators across the country to put forward photographs and video footages of the island nation to be used in future promotional campaigns.

Special gazette outlines ministries and functions

President Gotabaya Rajapaksa yesterday published a special gazette notification on the ministries and their specific functions. The ministers are expected to be sworn-in on Wednesday.

Pandemic may force nearly 75% of biz to downscale office space: Survey

Close to three-quarters of Sri Lankan businesses say they might downscale utilisation of their office space during the next 12 months, since nearly 50 percent of the businesses are planning to keep all or some of their office-based staff working from home on a long-term basis, as the pandemic upended how companies view work.

LOLC becomes most profitable conglomerate two years in a row

LOLC Group (LOLC), the premier blue-chip conglomerate, concluded another financial year on a high note, as per the results for the year ended March 31, 2020.

ICCSL congratulates Prime Minister

The International Chamber of Commerce Sri Lanka (ICCSL), the domestic chapter of the Paris-based International Chamber of Commerce (ICC), in a statement yesterday congratulated President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa on their resounding success at the recently held parliamentary election.

Sri Lanka receives Safe Travels stamp from World Travel and Tourism Council

Recognising the safety protocols introduced by the Government of Sri Lanka along with the standards mandated by the Sri Lanka Tourism Development Authority (SLTDA) to ensure the safety of domestic and international travellers,

Jetwing boss calls for sustainable model to preserve tourist attractions before visitors return in numbers

Sri Lankan authorities were urged to devise a sustainable and practical model for operating hundreds of tourist sites before they start decaying and being inflicted with permanent damage, losing their natural or archaeological value, prior to visitors start returning in numbers as the pandemic dissipates and borders reopen.

Access Motors hopeful of resumption of auto imports towards end of 3Q

One of Sri Lanka’s top franchise holders of global automotive brands is hopeful of a gradual softening of the current stringent import restrictions on vehicles and other automotive components including spare parts into the country towards the end of the third quarter.

Ahmad Tea - The momentous journey in serving you the best quality tea!

Drawing on four generations of tea blending and tasting experience, Ahmad Tea was established in Hampshire, UK in year 1986 with a heightened passion for the finest teas produced in the world.

Four Asiri Group Hospitals awarded Australian Healthcare Accreditation demonstrating safety and service excellence in patient care

At Asiri Group of Hospitals, a patient’s safety has always been a top priority, based on a framework built within foundations of knowledge, advanced technology and compassion. In recognition of the Group’s continuous pursuit of safe and high quality healthcare, Asiri Surgical and Medical Hospitals in Colombo and Asiri Hospitals Galle, and Matara, were recently awarded accreditation by the Australian Council on Healthcare Standards International (

Urgent economic action plan for new Cabinet

Now that the parliamentary elections are concluded, the focus of the new government should shift to the serious business of fixing the economy. COVID-19 has hit Sri Lanka’s economic outlook harder than expected.

To rebuild our economy let’s start with a logically assigned, development-oriented Cabinet

We are on the threshold of yet another parliamentary election. Whoever forms the next government will have a daunting task to revive our economy, badly battered by the COVID-19 pandemic.

EDB gets new Director General

The Export Development Board (EDB) yesterday announced the appointment of Chitranjali Dissanayake as the new Director General (DG) with effect from August 4, 2020.

Budget deficit in first 5 months up as lockdowns hit revenue

Sri Lanka’s budget deficit for the five months up to May rose as the economic shutdown triggered by the pandemic hit the tax revenues, but the government cut public investments to keep the deficit from over-stretching.

Commercial paper issuers face rollover challenges as investors find safe haven in G-Secs

Commercial paper issuers in Sri Lanka found themselves in a fix at the height of the pandemic, as they found it difficult to find investors to roll over their debt instruments as investors had parked their funds in low-risk assets such as government securities, ICRA Lanka observed.

SMEs upbeat and hopeful of new govt.

Sri Lankan SMEs have strong, newfound hope on the incoming new administration for their long overdue revival, a statement by a trade chamber representing the country’s small and medium business said.

NCE pins hope on new govt. to develop export sector

The National Chamber of Exporters of Sri Lanka (NCE), which represents export fraternity of the country, has congratulated the newly concluded election and the great victory achieved, in the formation of a new government.

Cargills Bank puts off listing deadline to June 2021 as pandemic upsets plans

Cargills Bank Limited has deferred the timeline set for listing the company by more than a year to June 2021 as the bank doesn’t think the current atmosphere is appropriate to go public while dealing with its own issues such as higher non-performing loans and related challenges stemming from the pandemic.

Staff still shun London’s ‘ghost town’ finance hubs

Deserted streets, empty restaurants, shuttered stores: London’s financial districts remain largely abandoned by workers still worried about the pandemic and reluctant to return to office life.

Foreign reserves gain over US$ 400mn in July

Sri Lanka’s official foreign reserve, often used gauge external sector strength, increased by US$ 407.4 million during the month of July, bringing the total reserves position to US$ 7.1 billion by the end of the month as the Central Bank took receipt of US$ 500 million from Reserve Bank of India (RBI) through a swap arrangement.

China exports see unexpected spike in July

China saw another surprise jump in exports last month as the global economy slowly reopened after virus lockdowns, data showed yesterday, but there were warnings that while the country is expected to get back on track by year’s end overseas shipments would likely struggle.

Biz community hopeful of two-thirds majority delivering

The local business community yesterday sounded upbeat on their expectations from the new parliament that was elected with a landslide victory by the Sri Lanka Podujana Peramuna (SLPP) and its allies, securing two-thirds majority.

Port City Colombo invites university students for amazing competition

Port City Colombo is marking yet another milestone event in the country in its next phase of development.

U.S.-listed Chinese firms that fail to meet audit standards to be delisted

Trump administration officials have urged the president to delist Chinese companies that trade on U.S. exchanges and fail to meet U.S. auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.

UK to provide N. Irish firms free customs help post Brexit

Businesses in Northern Ireland will be able to use a new free service to complete import paperwork after UK-EU trading terms change later this year, the British government said yesterday.

Asia markets hit by China-US tensions, stimulus wrangling

A new China-US flare-up sent markets tumbling yesterday, while the mood was also soured by US lawmakers’ struggles to agree on a new economic stimulus - all against a backdrop of surging virus infections.

Lockdown emissions fall will have ‘no effect’ on climate

The unprecedented fall in greenhouse gas emissions from lockdowns during the pandemic will do “nothing” to slow climate change without a lasting switch from fossil fuels, an international team of researchers said yesterday.