Strengthen reforms, IMF tells SL ahead of fourth review

The International Monetary Fund (IMF) will closely monitor Sri Lanka’s fiscal and structural reforms ahead of the fourth review, following the successful completion of the third review under the Extended Fund Facility (EFF) programme.

SLSEA to construct 100 MW Solar Power Garden in Monaragala district

In a significant step toward expanding renewable energy production, the government has set up plans to establish a 100 MW Solar Power Garden in the Uva province.

February 2025 tea sales show decline

Sri Lanka’s national tea sales recorded a decline in February 2025, with the average price per kilogram dropping to Rs. 1,168.93 (US$ 3.96). This represents a Rs. 16.50 (US$ 0.07) decrease compared to the January 2025 average of Rs. 1,185.43 (US$ 4.03).

People’s Bank achieves record profit in 2024

People’s Bank for the year ended 31 December 2024 reported a total consolidated operating income of Rs. 145.1 billion and post-tax profit of Rs. 28.8 billion, reflecting a growth of 49.9 percent and 152.7 percent. This included the benefit stemming from ISB restructuring which was fairly modest relative to peers.

CPC to develop 24 oil tanks in Trincomalee

The Ceylon Petroleum Corporation (CPC) is set to commence the development of 24 oil tanks at the Upper Tank Yard in Trincomalee, marking a continuation of a long running plan to develop the area as a regional energy and industrial hub.

Strong 4Q for Sri Lanka’s listed companies as profits climb 19%

Sri Lanka’s listed corporates wrapped up another quarter of blowout profits in the forgoing December quarter last year with the earnings rising by 19 percent from the same period in 2023, led by a jump in earnings from the banking sector.

Rubber market faces price declines and lower auction supply in February

Sri Lanka’s rubber market experienced a price decline in February, with a notable reduction in the quantity offered at the public auction, according to the latest report from Forbes and Walker Commodity Brokers.

Mixed activities persist as volume traded remains thin

The secondary market saw mixed interest yesterday, with 2028, 2029 and 2030 tenures observing slight buying interest whilst 2031 and 2032 tenures saw slight selling interest during the day.

Indices close in red

The ASPI closed in red as a result of price losses in counters such as Ceylinco Holdings, DFCC Bank and Hatton National Bank with the turnover crossing Rs. 2.3 bn.

Ceylinco Life records Rs.37.14bn premium income in 2024

Ceylinco Life has emphatically reaffirmed its continuing supremacy in Sri Lanka’s life insurance industry with a gross written premium income of Rs.37.14 billion and total income of Rs.65.54 billion in 2024, the company’s 21st year of unbroken market leadership.

SriLankan Airlines introduces wireless in-flight entertainment

SriLankan Airlines will be introducing wireless in-flight entertainment on select narrow-body A320 aircraft, enabling passengers to seamlessly stream content on their own devices.

Grit Property unlocks SL-US investment opportunities

Grit Property Group, a globally recognised real estate firm with a strong presence in Australia, Dubai, Sri Lanka and now the United States, is unlocking new investment opportunities for Sri Lankan investors looking to expand into the US market.

CCISL seminar to explore green energy solutions to lower electricity cost

The Chamber of Construction Industry of Sri Lanka (CCISL) is to host an insightful seminar/webinar on ‘Possible Green Energy Solutions to Lower Electricity Cost’.

HNB wins 7 honours at National Sales Awards

Hatton National Bank (HNB) has set a new benchmark for excellence in the banking sector, securing seven prestigious awards at National Sales Awards (NSA) 2024.

AIA-ComBank mark first anniversary of bancassurance partnership

AIA Insurance marks the first anniversary of its exclusive bancassurance partnership with Commercial Bank. Driven by a joint mission of ‘Protecting Sri Lankans Like Never Before’, this collaboration has rapidly delivered on its promise, achieving transformative outcomes for Sri Lankans. In less than a year since inception, the partnership has achieved remarkable results, underscoring its profound impact on the Sri Lankan community. The partnersh

IEPSL’s Eco Convergence 2025 to focus on sustainable development

The Institute of Environmental Professionals Sri Lanka (IEPSL) is gearing up for its much-anticipated Annual Technical Sessions under the theme ‘Empowering Environmental Professionals for a Sustainable Future’. The event focuses on the importance of equipping environmental professionals with the knowledge, skills and ethical standards required to advance sustainable development initiatives.

Tariff wars: How will US reciprocal tariff impact Sri Lanka?

The proposed additional tariffs on the US imports from Canada, China and Mexico went into effect early Tuesday morning (March 4), paving the way for a trade war between the US and major trade partners. In addition, the Presidential Memorandum on Reciprocal Trade and Tariff of the United States (US) has called for studies on the ‘unfair trade practices’ of the US trade partners to determine reciprocal tariff rates as a counter measure. This means

Zahara Ansary new Cambridge Country Head

Cambridge University Press & Assessment has announced the appointment of Zahara Ansary as the new Country Head for Sri Lanka and the Maldives.

Tourism earnings top over 5-year high in January 2025

Sri Lanka kicked in to a fine start with the earnings from the tourism trade surpassing US $ 400 million, after more than five years,

Employers must strengthen policy engagement to address labour challenges: ILO

Sri Lanka’s private sector, as employers, must strengthen its support for the government by providing policy solutions to facilitate progressive transitions in the economy, a senior representative from the International Labour Organisation (ILO) said.

HSBC Sri Lanka voted as Best Trade Finance Bank in Euromoney’s Trade Finance Survey 2025

HSBC has been voted as the Best Trade Finance Bank in Sri Lanka and #1 in Client Service and Products and Technology in the benchmark Euromoney Trade Finance Survey 2025.

EPF losses from bonds, equity deals near Rs.20bn, with Rs.12bn in missed gains

Sri Lanka’s Employees’ Provident Fund (EPF) has incurred nearly Rs.20 billion in losses from bond and equity market investments, along with an additional Rs.12 billion in foregone earnings, due to the investments in unlisted equity that bypassed the due process, according to a report by Verité Research.

March begins in red

The ASPI closed in red as a result of price losses in counters such as Hatton National Bank, Melstacorp and Bukit Darah with the turnover crossing Rs. 1.5 Bn

Buying interest emerges in market as IMF concludes 3rd review of EFF agreement

On February 28, 2025, the International Monetary Fund (IMF) announced that its executive board had completed the third review of Sri Lanka’s 48-month Extended Fund Facility (EFF) arrangement, enabling the government to access SDR 254 million (approximately US $ 334.0 million) to support economic policies and reforms.

Assetline Finance and DPRE enter into strategic partnership

Assetline Finance Limited (Assetline Finance) entered into a strategic partnership with David Pieris Renewable Energy (Private) Limited (DPRE) to provide specialized green loans designed to support the financing of renewable energy solutions.

MillenniumIT ESP implements SL’s 1st Transparent Data Encryption Solution for DFCC Bank

MillenniumIT ESP has partnered with DFCC Bank PLC to achieve a significant milestone in banking data security.

Shippers’ Academy organises digital payment solutions and technology forum

Shippers’ Academy Colombo is organising a forum to guide the industry with currently available digital technologies and the future plans of the government and the private sector.

NDB Bank introduces smart banking solution for teens and parents

NDB Bank has introduced ‘NDB Pixel,’ an innovative digital banking solution crafted specifically for Sri Lankan teenagers aged 13 to 18.

VFS Global launches AI-powered Chatbot for UK visa customers in 141 countries

VFS Global has recently launched a new Generative AI-powered chatbot to enhance customer support for travellers to the UK.

People’s Bank honours Lankan expatriates with ‘Vaasi Kotiyai- 2025” rewards programme

People’s Bank launched its “People’s Remittance Vaasi Kotiyai” for the 4th consecutive year to appreciate and engage with the growing Sri Lankan expatriate community, recognizing their invaluable contribution to the nation’s economy.