State-owned banking giant Bank of Ceylon (BOC) has crossed the Rs.3 trillion milestone in total assets, becoming the first Sri Lankan bank to achieve such a feat and cementing its undisputed leadership position in Sri Lanka’s financial sector.

PGP Glass Private Limited, previously known as Pristine Glass, and a part of US-based private equity giant Blackstone Group, yesterday bought the controlling stake of Sri Lanka-based Piramal Glass Ceylon PLC in a Rs.6.2 billion deal.

With the establishment of the Special Economic Zone in Colombo Port City (CPC), the government has granted sweeping powers to the proposed Economic Commission, for the promotion and regulation of CPC as a leading international business hub in the reg

Private sector credit growth, which reflects the speed of economic recovery, accelerated in February from a month with private individuals and businesses borrowing for consumption and investment.

Sri Lanka’s vehicle registrations saw a marginal recovery in February, compared to the previous month, mainly driven by the high volumes of hand tractors in the commercial segment and an uptick in locally assembled vehicles.

Sri Lanka’s Ministry of Technology is gearing to launch two techno parks in Kandy and Galle equipped with world-class facilities before end of this year.

Sri Lanka’s Tile and Sanitaryware Importers Association (TSIA) yesterday claimed that the current suspension on tile imports is indirectly paving the way for the creation of a duopoly in the country’s tile market, at the expense of the consumer,

Sri Lanka’s merchandise export earnings reached a five-year high barely missing the US$ 1 billion mark in February as exports recovered from the second COVID-19 wave that emerged in the final quarter of 2020.

As the economy is expected to recover from a contraction in last year to a positive growth of 3.3 percent this year, the Central Bank yesterday stressed that the country does not need an episode of high growth but rather stable and shared growth to b

Deposit rates, which declined sharply throughout last year, appear to have ended their run, according to the latest available data for January 2021.

The interest rate caps hinder the formal banking sector’s penetration into the microfinance sector, as the default risks in the sector have increased substantially, while the banking sector braces for a rise in general market interest rates, on the

The Central Bank rebuffed the recent uptick seen in Treasury yields, calling the development “unwarranted”, although the investors were beginning to wonder whether the current cycle of low interest rates is over, as inflation to raise its ugly he

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) plans to award the initial 5G spectrum band slots to the country’s mobile operators towards the end of this year, under a new spectrum management framework that is currently being de

Sri Lanka’s Gross Domestic Product (GDP) contracted 3.6 percent in 2020 compared to 2.3 percent expansion in 2019, displaying the severity of the disruptions caused by the COVID-19 pandemic on the island nation’s economy, despite the last two qua

Adani Ports and Special Economic Zones (APSEZ) Ltd., India’s largest private ports & logistics company and a key subsidiary of the diversified Adani Group yesterday said it has received a Letter of Intent (LOI) from the Ministry of Ports and Shippi

The prime lending rate, which indicates where the broader market lending rates are heading, touched a fresh low last week, a week after the Monetary Board doubled down their commitment for lower rates.

Sri Lanka continues to trim the trade account deficit as merchandise imports slip amid the lid on non-essential imports and weak textiles exports, but a higher fuel bill is likely to make a comeback amid rising global crude prices.

Sri Lanka’s listed entities reported their best-ever earnings in the three months ended in December 2020, defying the pandemic-triggered disruptions and the worst predictions by certain rating agencies and other analysts who painted a gloomy outloo

People’s Bank yesterday announced the results for its year ended December 31, 2020 reporting consolidated net loan growth of Rs.315.7 billion, representing 21.6 percent growth year-on-year (YoY), and accounting for close to one third of overall net

Sri Lanka’s merchandise export earnings recorded a slight slowdown in January, following the strong rebound in export earnings in December 2020, due to Brexit and impacts from the second wave of the COVID-19 pandemic extending to 2021.

A few high net worth stock market investors met with State Minister of Money & Capital Markets and State Enterprise Reforms, Ajith Nivard Cabraal last week to discuss a sustainable way forward for the country’s capital market, which saw increased i

Norwegian Development Finance Institution (Norfund), which is owned and funded by the Norwegian government, yesterday entered into an agreement with Sri Lanka’s National Development Bank PLC (NDB) to invest up to a 9.99 percent stake in the bank.

While expressing concerns on the recent spike in market interest rates and slowdown in credit disbursements to the private sector combined with inadequate lending to productive sectors, the Central Bank (CB) vowed to continue with the “historically

The crude oil prices, which began to nudge ahead to reach pre-pandemic highs in recent weeks and the growing demand for oil due to the improving economic activities, both domestically and globally, could determine where the rupee would be in relation

The Cabinet of Ministers granted approval to develop the West Container Terminal (WCT) of Port of Colombo on build, operate and transfer (BOT) basis for a period of 35 years as a public-private partnership (PPP) with India’s largest terminal operat

Bank credit to the private sector expanded in January, continuing the growth momentum set forth in August, last year, indicating the potential for higher economic growth at the dawn of the new year, after a pandemic-hit 2020. According to the latest

Sri Lanka’s apparel exports got off to a gloomy start in 2021 with export earnings recording 11 percent decline in January, which is below the US$ 400 million mark, as constant COVID-19 related disruptions undermined buyers’ confidence concerning

While acknowledging that Sri Lanka will have to undergo a period of austerity under the government’s alternative policy approach to break out from the debt trap, the Central Bank (CB) suspects a possible link between the recently published “damag

Sri Lanka and Pakistan yesterday affirmed commitment to actively explore and further deepen trade relationships, an effort that would not only benefit the two nations but also help the Indian subcontinent emerge stronger on the world stage.