John Keells Holdings 1Q25 profitability slips

Premier blue-chip company John Keells Holdings PLC reported a decline in group profitability for the first quarter of the financial year 2025 (1Q25) due to pre-opening expenses and non-cash exchange losses of its upcoming high-profile property, and a notable deferred tax credit at the ports and shipping business.

Major reforms to absorb SL’s informal employees into formal sector

Sri Lanka’s estimated four million informal sector employees may soon be absorbed into the formal sector, granting them the dignity of their labour through two landmark initiatives.

CBSL says no intention of regulating interest rates

​The Central Bank last week said it does not want to intervene in setting the interest rates, and will leave them to market forces.

SOERU sets record straight on HDL and SLT divestiture

The State-Owned Enterprise Restructuring Unit (SOERU) yesterday addressed the misconceptions regarding the divestiture of Hotel Developers Lanka (HDL) Ltd and Sri Lanka Telecom PLC (SLT).

Sri Lanka unveils blueprint to transform outdated plantation sector to thriving agro-business

President Ranil Wickremesinghe yesterday unveiled a blueprint to transform the country’s outdated plantation sector towards a modern and thriving agro-business by rolling out a slew of major reforms with an inside-out approach.

CB cuts key rates by 25bps to prop up credit, economic growth

The Central Bank trimmed the policy rates by 0.25 percentage points. While the decision caught some sections of the economy off guard, others were not surprised.

1H merchandise exports top US$ 6 bn

Sri Lanka’s merchandise export performance for the first half of the year (1H24) totalled US$ 6.098 billion, a 3.87 percent growth Year-on-Year (YoY) when compared with the corresponding period in 2023.

Colombo Port congestion lowers transshipment volumes for second consecutive month

The transshipment volumes declined for the second straight month in June this year, as some services rerouted to avoid the heavy congestion at the Port of Colombo.

Shippers’ Council slams successive governments for policy failures

The Sri Lanka Shippers’ Council strongly criticised successive governments for their inconsistent....

Palm Oil Industry Association calls for evidence-based decisions amid government delays

Sri Lanka’s Palm Oil Industry Association (POIA) yesterday urged the government to make evidence-based decisions regarding the ongoing delay in lifting the ban on palm oil and allow the small-scale cultivations in specified areas.

HR leaders gather to solve Sri Lanka’s talent crisis

Sri Lanka’s workforce challenges took centre stage yesterday as local and international experts gathered to find solutions to the island nation’s growing talent drain.

SL should not have major issues in shaking off current default status: Experts

As Sri Lanka awaits the removal from ‘restrictive default’, a status discouraging the potential investors, experts are optimistic about the nation’s ability to move beyond this ranking.

Govt. urges businesses to pass on benefits of electricity tariff drop to consumers

Businesses were yesterday urged to pass on the benefits from the recent electricity tariff reduction to consumers, who are grappling with the country’s high cost of living.

Sigh of relief for commercial sector with electricity tariff cut

Sri Lanka’s commercial sector can breathe a sigh of relief as the Public Utilities Commission of Sri Lanka (PUCSL) approved the awaited reduction in electricity tariffs.

June quarter earnings season to kick off in earnest with a bang

The stock market’s performance has been lackluster in recent weeks. However, the upcoming corporate...

SL eyes export boost in cinnamon

As Sri Lanka strives towards economic recovery by reducing its reliance on imports, President Ranil Wickremesinghe called for seizing new export market opportunities, particularly in the cinnamon sector.

Hambantota Port records significant 1H gain in LPG, bunker volumes 

Hambantota International Port (HIP) reported a strong performance in the first half of the year (1H24) with significant growth in LPG operations and bunker volumes, highlighting its expanding capabilities.

SL's new visa fee does not discourage int’l visitors: VFS Global

Sri Lanka’s tourism industry has expressed serious concerns over the government’s decision to outsource visa issuance, making entry slightly more expensive.

Post-crisis construction interest surpasses economic boom levels: Industry

Sri Lanka’s construction industry, crippled by poor policies and crisis events, is bouncing back with renewed vigor, industry leaders said, as they see a surge in interest surpassing even the boom times of economic growth.

Marine expert calls for sustainable shift in SL’s tourism focus

Sri Lanka’s tourism industry requires a major shift towards long-term thinking and a collective approach to protect and promote the country’s natural resources, a prominent marine scientist said.

Sri Lanka must create a conducive environment for rating upgrade: Semasinghe

With the completion of three key steps in its debt restructuring— the finalisation of Domestic Debt Optimisation....

IMF awaiting more details on ISB deal to ensure compliance with debt sustainability

The International Monetary Fund (IMF) said it is awaiting further information regarding Sri Lanka’s recent negotiations on the International Sovereign Bonds (ISBs), to ensure compliance with the debt sustainability objectives under its programme for the island nation.

Pvt. sector slams authorities for poor handling of Customs disruption

Sri Lanka’s private sector delivered a scathing critique yesterday, slamming authorities for their sluggish response in shielding industries from disruptions caused by key institutions such as Sri Lanka Customs.

Sri Lanka closes US $ 12.5bn bond restructuring deal

Sri Lanka has successfully concluded its discussions with the bondholders, reaching an agreement on the restructuring terms yesterday. This follows an unsuccessful first round of talks in April.

Reforms and rupee rise ramp up SOE profits

Sri Lanka’s State-Owned Enterprises (SOEs) that come under harsh criticism for their financial inefficiencies have reported “robust performance” in the first four months of 2024, according to the Ministry of Finance.

Experts call for structural reforms to boost Sri Lanka’s trade success

Amid the intensified government efforts to capitalise on trade liberalisation through new preferential agreements, international trade experts stress the need for structural changes in Sri Lanka’s production sector before pursuing new pacts.

May trade deficit contracts 12.1% YoY

Sri Lanka’s trade deficit narrowed in May as the merchandise exports remained resilient from a year ago levels...

Colombo inflation gains pace in June to 1.7%

Inflation in the Colombo district accelerated in June as widely expected, mainly due to the higher food prices, but the prices still remain largely below Central Bank’s medium term target of 5 percent.

Banks slam lawmakers for misleading remarks

The Sri Lanka Banks’ Association (SLBA) strongly refuted recent criticisms from two senior lawmakers, labelling the comments as “misconceived, inaccurate, misleading, and unhelpful.”

Sri Lanka strikes debt deals with bilateral lenders

Sri Lanka yesterday marked a significant milestone in its economic recovery journey as it brought to close more than yearlong talks with the bilateral lenders.