• Wed. Sep 21st, 2022

Food insecurity continues to remain a concern for the majority of Sri Lankans

The latest report by World Food Program (WFP) warns that overall acute food insecurity continues to remain a concern as the majority of people are still forced to cut meals…

Sri Lanka Agripreneurs’ Forum holds the second AGM after serving the country’s crisis-hit agricultural sector as a professional agri-entrepreneurial organization

As the country’s agriculture sector starts to recover, Sri Lanka Agripreneurs’ Forum (SLAF) held its 2nd Annual General Meeting on 31st August 2022 at the Institution of Engineers Sri Lanka,…

Sri Lanka’s offshore Wind generation capacity may reach 1GW by 2030- World Bank

The World Bank (WB) has commenced the industry consultation process to develop an offshore Wind Development Roadmap for Sri Lanka. By 2030, installed offshore Wind generation capacity is estimated to…

Workplace Violence and Harassment Costs Sri Lankan Businesses Millions of Dollars: IFC Study

The impacts of workplace violence and harassment has led to the loss of six working days per employee every year, costing the nine Sri Lankan companies surveyed at least $1.7…

Sri Lanka lost a large chunk of its tax base due to changes made in tax system in 2020

Sri Lanka has lost a large chunk of its tax base due to significant changes in its tax system made in 2020 including the increase in VAT registration threshold on…

Plantation Sector to Get a Special Allowance under WFP and World Bank Funds from October onwards

Minister of Labour and Foreign Employment Manusha Nanayakkara last week announced that all plantation workers would be given a special allowance under the World Food Program (WFP) and World Bank…

Sri Lanka – Canada Business Council holds 31st Annual General Meeting

The 31 st Annual General Meeting of the Sri Lanka – Canada Business Council (SLCBC) of the CeylonChamber of Commerce was held recently. Daniel Bood, Counsellor for Political & Trade…

Sri Lanka Secures Initial IMF Approval for $2.9 B Bailout Package

An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki visited Colombo from August 24 to September 1, 2022, to continue discussions on IMF support for Sri…

Ceylon Chamber calls on the government to focus on the Implementation of Progressive Proposals in the Interim budget of 2022

The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President RanilWickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding themacroeconomic framework…

Ceylon Chamber’s National SME Forum 2022 highlights Resilience Measures for SMEs

Digital transformation and innovation that sees opportunity in turbulence in order to attainresilience and growth, were among key themes that were explored at the National SME Forum2022 organised recently by…

House & Apartment Prices accelerates with Escalating Construction Costs In Sri Lanka

The recently released Q2 data of the House Price Index of LankaPropertyWeb showed that the overall selling prices of apartments increased by 45.17% when compared to Q2 of 2021. According…

IMF staff plans to visit Colombo ths week

An IMF Staff delegation led by Peter Breuer and Masahiro Nozaki plans to visit Colombo during August 24-31 to continue discussions with the Sri Lankan authorities on economic and financial…

U.S. partners with David Pieris Motor Company to boost electric mobility in Sri Lanka

The U.S. government, through its development agency, the U.S. Agency for International Development (USAID), is committed to accelerating clean energy to drive social and economic sustainable growth in Sri Lanka. …

CBSL Establish 17-member Stakeholder Engagement Committee Chaired by Prof. Sirimal Abeyratne

The Central Bank of Sri Lanka (CBSL), with a view to broadening its engagement with key stakeholders of the economy, established the Stakeholder Engagement Committee (SEC) by replacing the Monetary…

Indian Oil Corp unit to open 50 fuel stations in Sri Lanka to help alleviate crisis

(Reuters) – Sri Lanka has given approval for India’s Lanka Indian Oil Corporation (LIOC) to open 50 new fuel stations, a company official said on Monday, as part of efforts…

Eight member committee appointed to propose recommendations to restructure CEB

The Government yesterday appointed eight-member committee to propose recommendations within a month to restructure Ceylon Electricity Board (CEB), the Minister of Power and Energy Kanchana Wijesekera announced. The eight members…

UN Secretary-General Calls Governments to tax ‘Immoral’ Profits of Oil and Gas Companies

As the war in Ukraine continues to rage, skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people, warned the UN Secretary-General’s Global Crisis Response Group (GCRG)…

TUI extend the suspension of Sri Lanka holidays

TUI has further extennded the cancellation of holidays to Sri Lanka. The operator’s program is being suspended for an extra week until August 22th. Tui started holiday cancellations to Sri…

Sri Lanka roll out QR code system-based fuel distribution from today

Sri Lankans have been urged not to overcrowd fuel stations in the country as the fuel distribution process for vehicles as per the QR code system which was delayed earlier,…

Airlines cuts capacity and import cargo amidst jet fuel crisis

Sri Lanka’s economic crisis and lack of fuel has resulted in airlines cutting capacity to the country and embargoing inbound cargo. The lack of passengers and fuel, which airlines have…

ADB projects Sri Lanka’s economy to contract by 7.6% in 2022

Asain Development Bank (ADB) highlighted that Sri Lanka’s economic conditions have deteriorated drastically on a sharp fall in usable reserves, causing the government to suspend external public debt servicing (excluding…

it’s in China’s interest to restructure Sri Lanka’s debt – Yellen

China is a “very important” creditor of Sri Lanka and it would likely be in the interest of both countries if China participated in restructuring Sri Lanka’s debt, U.S. Treasury…

Stock market thrives consecutively over recent political developments

Colombo bourse recorded gains for the second straight session with faint improvement in investor sentiment over recent political developments in the country with the affirmed resignation of President Gotabaya Rajapaksa,…

Jet Fuel crisis in Sri Lanka brings in new income streams for South Indian airports

The ongoing turmoil and fuel shortage in Sri Lanka have boosted aviation turbine fuel (ATF) sales in South Indian airports including Adani Group-managed Thiruvananthapuram Airport, Cochin Airport and Chennai Airport, according to…

Ceylon Chamber calls for President to resign and party leaders to ensure smooth transition of power

The Ceylon Chamber of Commerce reiterates its call for President Gotabaya Rajapakse to resign immediately for the sake of the country and its stability as he has lost the trust…

JKH to benefit from the Cabinet Decision to streamline Sri Lanka’s casino industry

Sri Lanka’s John Keells Holdings (JKH) is expected to benefit from the proposal to streamline the country’s casino industry which could pave the way for JKH to rent space at…

COPE Recommends an Investigate into the cancellation of the gas tender given to Siam Gas Company Limited and opting to purchase gas at a higher price

The Committee on Public Enterprises (COPE) chaired by Prof Charitha Herath recommended an investigation be conducted through the Auditor General’s Department on the cancellation of the Term Tender, which had been…

Policy Rate Hike Dampens the Equity Market

Bourse recorded losses for the fourth straight session with investors taking a defensive approach following the policy rate hike by the Central Bank of Sri Lanka (CBSL), First Capital Research…

Ceylon Chamber appeals to all parties to prevent violence during Saturday protest

Ahead of the protest scheduled on Saturday this week, the Ceylon Chamber of Commerce (CCC) appealed the participants to refrain from violence. Ceylon Chamber of Commerce notes that a number…

Political stability is critical for Sri Lanka to resolve the economic crisis – U.S Ambassador

The United States Ambassador to Sri Lanka, Julie Chung last Friday stressed that the political stability is critical to undertake lasting and decisive structural reforms in addressing the root causes…

Potential in biofuels for transport sector in Sri Lanka

By Ravinda Soysa All states currently rely substantially on petroleum based fuels for power generation, transportation and agricultural activities. The fact that only a few countries generate the majority of…

War in Ukraine raises global shipping costs, stifles trade – UNCTAD

The UN Conference on Trade and Development (UNCTAD) says the war in the Ukraine is stifling trade and logistics of the country and the Black Sea region, increasing global vessel…

President Biden announces $20 Million in additional assistance to feed over 800,000 Sri Lankan children

At the G7 Summit today, President of the United States Joe Biden announced $20 million in additional assistance to strengthen food security in Sri Lanka.  Building on other recent funding…

High-Level U.S Delegation to visit Crisis-hit Sri Lanka next week

A high-level delegation representing the U.S. Department of the Treasury and the U.S. Department of State will visit Sri Lanka from June 26 – 29.  Members of the delegation include…

A new Cabinet Sub Committee proposed to address the country’s food crisis

The Committee on Public Accounts (COPA) recommended that all Ministries should unite and set up a Cabinet Sub-Committee on Food Security to address the food crisis in the country. The…

Liquor demand down by 30% in Crisis-hit Sri Lanka

 Sri Lanka Excise Department revealed that t the demand for the liquor has decreased by about 30% due to the recent increase in the price of liquor and the decrease…

Dhammika Perera sworn in as a Member of Parliament

Top Businessman Dhammika Perera was sworn in as a National List Member of Parliament of the Sri Lanka Podujana Peramuna before Hon. Mahinda Yapa Abeywardana, the Speaker of Parliament today…

United States to Provide an Additional $5.75M to Crisis-hit Sri Lanka

The U.S. government announced a third tranche of new funding today to address the immediate needs of people hardest hit by the economic crisis in Sri Lanka.  This humanitarian assistance,…

WFP ramps up emergency support in Sri Lanka, with a quarter of the population requiring food aid

The World Food Programme (WFP) on Thursday began distributing food vouchers to pregnant women in underserved districts of the Sri Lankan capital, Colombo, marking the start of the UN agency’s…

United States extends technical support to VEGA to Promote Green Energy and Electric Vehicles in Sri Lanka 

In continuing its support to promote sustainable energy and economic growth in Sri Lanka., United States yesterday agreed to provide technical assistance to VEGA Innovations to help them further develop Sri…

Crisis-hit Sri Lanka plans to deploy Army, Civil Defense Force, and Prisoners to cultivate food

In the face of the current food crisis, the Minister of Agriculture and Minister of Wildlife and Forest Resources Conservation, Mahinda Amaraweera announced that plans are underway to deploy Army…

The United States contributes $27 million to double Sri Lanka’s dairy production

The U.S. Ambassador to Sri Lanka Julie Chung attended the signing ceremony for a Memorandum of Understanding (MOU) with the Sri Lankan Department of Agriculture, for a $27 million project…

Dhammika Perera Tipped to Become the Minister of Technology and Investment Promotion

Top Businessman Dhammika Perera is set to enter the Parliament replacing Basil Rajapakse and is tipped to swear in as the Minister of Technology and Investment Promotion. President Gotabaya Rajapaksa…

Parliament Approves Rs.695 billion Supplementary Estimate

The Supplementary Estimate of Rs. 695 billion presented by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of Finance, was approved yesterday (08) in Parliament without a vote…

Sri Lanka Power Union Announces Strike, Raising Risk of Blackouts

(Reuters) – A power sector union in Sri Lanka said on Wednesday it will go on an indefinite strike from midnight in protest against new government legislation, potentially leading to…

 Sri Lanka needs $6 billion to keep the country afloat for the next six months

Sri Lanka requires $6 billion during the next six months to keep the country afloat, according to Prime Minister Ranil Wickremesinghe. Over half of the requirements is for fuel and…

Ceylon Chamber of Commerce has been certified as a great workplace

The Ceylon Chamber of Commerce has been certified as a great workplace by research andconsulting firm Great Place to Work® in Sri Lanka. The Ceylon Chamber was awarded this certification…

Sri Lanka’s agripreneurial community makes recommendations for the revival of the agriculture sector ahead of food crisis

There are constant dire warnings of impending food shortages citing many causes and blames onpast actions. While it is useful and wise to be forewarned, the warnings alone will not…

The debate on Rs. 695 billion Supplementary Budget is scheduled for the 8th

The debate on the Supplementary Estimate of Rs. 695 billion which is to be presented on the 7th by the Prime Minister, Ranil Wickremesinghe will be taken up for debate…

Sri Lanka appeals for farmers to plant more rice as food shortage looms

Sri Lanka wants farmers to plant more rice as part of plans to avert a severe food shortage, a top official said on Tuesday (May 31), as experts warned of…

Crisis-hit Sri Lanka hikes tax rates to maximise govt revenues

(Reuters): Sri Lanka’s government on Tuesday announced a taxation overhaul to maximise revenue amid the country’s crippling economic crisis, hiking value added taxes and corporate income tax, and slashing the…

Arjun Aloysius’ W.M. Mendis & Co Ltd obtained Rs.7B-worth loans from two State Banks by mortgaging the same property

The Committee on Public Enterprises (COPE) recently observed that W.M. Mendis & Co Ltd has obtained loans by mortgaging the same property in Bank of Ceylon (BOC) and People’s Bank.…

DIMO acquires Germany-based EgeSun GmbH’s local subsidiary, Tropical Health Food for Rs.450.08 million

Diesel & Motor Engineering PLC (DMO) acquired a 94.45% stake in Germany-based EgeSun GmbH’s subsidiary, Tropical Health Food (THF) Pvt Limited for Rs.450.08 million yesterday. The owner of EgeSun, Orhan…

USAID Partners with Keells Supermarket to promote competitiveness in Sri Lanka’s MSMEs

The U.S. and Keells are partnering to strengthen small businesses in Sri Lanka through an agreement to connect Keells suppliers with private business advisory service providers. “The small businesses that…

Sri Lanka increases fuel prices to address economic crisis

(Reuters) – Sri Lanka increased fuel prices on Tuesday, a long-flagged move to mend public finances and combat its debilitating economic crisis, but the hikes are bound to add to…

Japan Donates US$ 1.5M Worth of Medicines To Sri Lanka through UNICEF

The Government of Japan is giving essential medicines to Sri Lanka through UNICEF to meet the urgent needs of the most vulnerable population as the country grapples with shortages due…

Ceylon Chamber meets Sri Lanka’s Political Leaders to discuss economic and political crises

The Ceylon Chamber of Commerce officials met with the leaders of several key political parties during the last 4 days to discuss the serious economic and political challenges faced by…

JPMorgan backs Sri Lanka bonds on bets that crippling crisis to ease

(Reuters) – U.S. investment bank JPMorgan backed Sri Lanka’s crisis-hit government bonds on Wednesday, saying recent political changes in the country should gradually improve its strains and help its talks…

Crisis in Colombo port drives shipping lines to alternative routes

Due to the ongoing political unrest in Sri Lanka, shipping lines are going for transshipment routes that do not pass through the port of Colombo for the transport of goods…

A Sri Lankan Household Spends Nearly a Quarter of Average Monthly Expenditure on One Full Tank of Petrol

Following the latest fuel price increase, a full tank (45 Liters) of Petrol (Octane 92) now accounts for almost 1/4th of average monthly household expenditure in Sri Lanka as measured…

CBSL lanches the Sri Lanka Green Finance Taxonomy to enable low-cost funding for green initiatives

The Central Bank of Sri Lanka (CBSL) recently launched the Sri Lanka Green Finance Taxonomy with an objective to enable the country’s financial market participants to raise low-cost funding for…

Sri Lanka protesters call for new government a day after clashes kill eight

(Reuters) – Protesters and a key trade group in Sri Lanka called for a new government to take control of the crisis-hit country on Tuesday while the president asked for…

UN Secretary-General calls for dialogue to solve Sri Lanka crisis

UN Secretary-General Antonio Guterres wants Sri Lankans to find a solution through dialogue to the crisis in their country, whose Prime Minister Mahinda Rajapaksa resigned amid violent clashes spurred by…

Economic crisis in Sri Lanka and its impact on older adults

By Keshini Madara Marasinghe Sri Lanka is experiencing its worst economic downturn in history. Due to depleting foreign reserves, the country is facing shortages in fuel, food, cooking gas, medicines,…

Sri Lankan tea pickers’ dreams shattered by economic crisis

 (Reuters) – On a lush plantation in Sri Lanka, Arulappan Ideijody deftly plucks the tips of each tea bush, throwing them over her shoulder into an open basket on her…

Committee on High Posts approves Two Ministry Secretaries, one State Ministry Secretary and three Ambassadors

Two Secretaries to Ministries, a Secretary to State Ministry, and three Ambassadors received the approval of the Parliamentary Committee on High Posts today (05). This approval was granted at the…

Stock Market backslides to the red territory

Colombo Bourse closed in the red zone on Wednesday after consecutive gains during the last three trading sessions as a selling spree emerged, First Capital Research said. Following the long…

Sri Lanka to replace ‘unrealistic’ budget, in talks to extend World Bank aid

(Reuters) – Sri Lanka plans to replace its current “unrealistic” budget and is in talks with the World Bank to extend its support by $300 million to $700 million, the…

Sri Lanka identifies 7 key items to import from India

Crisis-ridden Sri Lanka has identified seven classes of products, aside from petroleum, to be imported from India this year under credit facilities, according to Indian media reports. The product classes…

Hike taxes to address debt woes, IMF urges crisis-hit Sri Lanka

Sri Lanka must tighten monetary policy and raise taxes to address its debt crisis, a senior International Monetary Fund (IMF) official said on Tuesday, even as Lanka’s President Gotabaya Rajapaksa and the cabinet…

U.S. Ambassador Julie J. Chung Visits the North

U.S. Ambassador Julie J. Chung visited Jaffna from April 24 to 27 in her initial trip to northern Sri Lanka as Ambassador.   “It was essential to me to visit…

World Bank agrees to provide $600 million in financial aid for crisis-hit Sri Lanka

The World Bank has agreed to provide Sri Lanka with $600 million in financial assistance to meet payment requirements for essential imports, according to Sri Lankan president’s media division said.…

Sri Lanka begins talks with China on refinancing debt

 (Reuters) – Sri Lanka has begun discussions with China about refinancing its debt, a cabinet spokesman said on Tuesday, as Colombo struggles with its worst financial crisis in decades. China…

In Tackling the Current Crisis In Sri Lanka, Put Children’s Needs First – UNICEF

Op-Ed by UNICEF Sri Lanka Article 3(1) of the United Nations Convention on the Rights of the Child (CRC)states that, “ln all actions concerning children the best interest of the…

Expected fuel stocks to end long queues at filling stations

The fuel stocks expected to arrive within the next three days will gradually end the long queues at filling stations around the country, the Ministry of Power and Energy said.…

COPE seeks CID to investigate officials’ claims on lost financial data of Building Materials Corporation due to software glitch

State-Owned Building Materials Corporation (BMC) has failed to prepare financial statements since 2016, Committee on Public Enterprises (COPE) revealed. This was revealed at the COPE meeting chaired by Prof. Charitha Herath…

Conrad Dias takes the helm at Sri Lanka’s largest NBFI, LOLC Finance

Conrad Dias, the previous Chief Executive Officer of LOLC Finance PLC assumed duties as the Non-Executive Chairman of LOLC Finance PLC. In alignment with the financial sector consolidation plan of…

HCL Tech says business as usual, no hiring slowdown in Sri Lanka

Amid the ongoing economic crisis in Sri Lanka, HCL Technologies said that it has not seen any business impact on its deliverables, or any slowdown in hiring in the region,…

Sri Lanka settle payments for Russian coal cargoes

(Reuters)- Crisis-hit Sri Lanka has paid for two Russian cargoes to SUEK AG’s Singapore unit through a telegraphic transfer, two senior government officials told Reuters, in a move that is…

Cash-strapped Sri Lanka hit by record inflation

(AFP) – Crisis-hit Sri Lanka’s inflation hit a record high for the sixth consecutive month, official data showed on Friday as the government asked the IMF for an urgent bailout. The…

AIDA concerned over supply chain issues in Dairy Industry

The prevailing forex crisis in Sri Lanka has severely impacted many industries in the country’s economy, including the dairy industry. As an industry with endless potential to help the economy,…

The World Bank extends support to Sri Lanka

The World Bank on Tuesday expressed their support to Sri Lanka during a meeting with Finance Minister Ali Sabry in Washington DC, which was attended by  the World Bank’s private…

Sri Lankan Economic Crisis Inflicted by Self-Serving Elite

By Anis Chowdhury and Jomo Kwame Sundaram Sri Lanka has just defaulted on its foreign debt for the very first time. Attributing its current predicament to a Chinese ‘debt-trap’ is a new Cold War…

India to provide crisis-hit Sri Lanka with an additional US$500 million for fuel

Sri Lanka’s continued fuel crisis has prompted India to extend another helping hand to the troubled island nation with an additional $500 million in financial aid. Sri Lanka’s foreign ministry…

SL Rupee depreciation continues

The Sri Lanka rupee has further depreciated against the US Dollar, the Central bank of Sri Lanka (CBSL) said. The rupee has depreciated by Rs. 5 against the Dollar in…

Crisis-hit Sri Lanka, India revive talks to link electric grids

(Reuters) – India and Sri Lanka have resumed talks on linking their electricity grids, officials told Reuters on Tuesday, a step that could aid New Delhi’s goal of reducing China’s…

Colombo Stock Brokers Association defends the decision to temporarily close down the Colombo Stock Exchange

Colombo Stock Brokers Association (CSBA) defends the decision by the Securities and Exchange Commission of Sri Lanka (SEC) to temporarily close down the Colombo Stock Exchange (CSE) for 5 business…

Sri Lanka’s Business Chambers urges the President to initiate immediate legislative action to repeal the 20th amendment

Concerned by the current political deadlock coupled with growing public unrest, Sri Lanka’s Joint Business Chambers led by the Ceylon Chamber of Commerce (CCC) urged President Gotabaya Rajapakse to immediately…

Indian Companies Scramble To Set Up Renewable Energy Projects In Sri Lanka

Indian companies have bagged several renewable energy projects in economic-crisis hit Sri Lanka. The Indian government has offered a line of credit to Sri Lanka to help the island nation…

World Bank deeply concerned about the uncertain economic outlook in Sri Lanka and its impact on people

Sri Lanka’s economic outlook is highly uncertain due to fiscal and external imbalances. Urgent policy measures are needed to address the high levels of debt and debt service, reduce the…

Fitch Ratings Downgrades Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating to ‘C’

Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’ following the Government’s decision to suspend debt servicing of several categories of its external…

Sri Lanka unilaterally suspends external debt payments, says needs money for essentials

(Reuters) – Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to…

Ceylon Chamber Hosts Investment Promotion Meeting with Bangladesh’s EPZ Authority

With the nation of Bangladesh poised to become an economic powerhouse in the South Asian region,the Ceylon Chamber of Commerce hosted a meeting with a high-level delegation representing theBangladesh Export…

No Stock Market Operations this week

The Colombo Stock Exchange (CSE) will not be operating on 11th and 12th April with the Government having declared special public holidays. It would mean that the stock market will…

Nuwan Gamage Elected as a 44th President of SLIM

The Sri Lanka Institute of Marketing (SLIM) elected Mr. Nuwan Gamage as it’s 44th President in its 52nd year along with New Council of Management and Executive Committee for the…

Sri Lanka doubles interest rates to check inflation; stabilize the economy

 (Reuters) – Sri Lanka’s central bank on Friday doubled its key interest rates, an unprecedented 700 basis points each, to cushion the rise in inflation caused by a crippling shortage…

As ‘economic catastrophe’ looms, private sector demands immediate action from policymakers

23 industry associations, representing private sector firms engaged in export, import andlogistics industries warned of catastrophic consequences for Sri Lanka’s economy and the people if the ongoing economic and political…

Linnean Society of London awards Dr.Rohan Pethiyagoda with Linnean Medal of zoology

Linnean Society of London has awarded veteran naturalist and zoologist Dr.Rohan Pethiyagoda with its prestigious Linnean Medal of zoology for the critical played by him in the understanding and conservation…

Sri Lanka’s economic growth to slow down to 2.4% this year – ADB

Asian Development Bank (ADB) projects Sri Lanka’s economic growth to slowdown to 2.4% this year and to pick up slightly to 2.5% in 2023. “The outlook is clouded by Sri…

Fidelity among big Sri Lankan debt holders staring down risk

GLOBAL asset managers including Fidelity Investments and T Rowe Price Group could be staring down the risk of default in Sri Lanka in the face of a deepening economic crisis.…

 Ceylon tea Industry in crisis over power cuts and fuel shortages 

The Colombo Tea Traders’ Association (CTTA), the apex private sector body comprising ofall Stakeholders namely Growers, Manufacturers, Brokers, and Buyers/Exporters warn of dire consequences if the current fuel and power…

Sri Lankan stocks slide by nearly 33%, world’s worst losers after Russia

(Bloomberg) : The boom in Sri Lanka’s stocks has turned to bust as a 33% slide renders the market the world’s worst performer this year after Russian equities. The slide in Sri…

Sri Lanka’s Central Bank delays Monetary Policy Announcement over political crisis

The Central Bank of Sri Lanka (CBSL) has delayed the announcement of the Monetary Policy Review decision which was scheduled for tomorrow with the resignation of the CBSL Governor, Ajith…

Sri Lanka’s ICT and Startup community concerned over the future of the ecosystem

We represent the product, services, and startup companies of the ICT ecosystem in Sri Lanka. This community is a free and an independent group of industry leaders who deeply value…

Sri Lankan shares post worst week ever amid power crisis

Sri Lanka shares had their worst weekly fall ever on Friday, having extended losses to a fifth straight session, with the Colombo Stock Exchange halting trade for a third consecutive…

IMF to start talks with Sri Lanka on loan request in coming days

(Reuters) – The International Monetary Fund will initiate discussions with Sri Lankan authorities on a possible loan program in coming days, IMF spokesperson Gerry Rice said on Thursday, as the…

Sri Lanka’s utility regulator filled an FR petition on violations of electricity consumers’ rights

Issuing a brief statement today, Sri Lanka’s utility regulator, the Public Utilities Commission of Sri Lanka (PUCSL), Chairman, Janaka Ratnayake announced the filing of a petition with the supreme court.…

Sri Lanka’s Central Bank suspends Money Changing permit issued to Prasanna Money Exchange

Considering the complaints received from general public that Prasanna Money Exchange (Pvt) Ltd is offering higher exchange rates, the Central Bank of Sri Lanka (CBSL) has temporarily suspended the permit…

Sri Lanka’s Exterminators become the first-ever pest control firm to be listed on a stock exchange in South Asia & developing world

Exterminators Limited created history yesterday, becoming the first-ever pest control firm to be listed on a stock exchange in South Asia & the developing and emerging world, the company announced.…

Global consumers support shift from fossil fuels as they expect spike in energy prices to reduce their purchasing power

A new global survey conducted by Ipsos for the World Economic Forum finds that, even though most consumers across the world expect their purchasing power to be impacted by rising energy prices, few blame…

Plenty of fish but no catch as Sri Lanka economic crisis bites

(AFP) – The sky and seas off Sri Lanka’s coast are crystal blue but a worsening economic crisis has kept fishermen moored at Negombo harbour, out of gas and unable to…

Sri Lanka’s Central Bank to Cut nearly one-third of its holdings in government securities

Entering into a reverse course in money-printing, the Central Bank of Sri Lanka (CBSL) plans to cut nearly one-third of its holdings (Rs.500 billion) in government securities amidst rising inflation…

Sri Lanka’s economy grows 3.7% in 2021, below Central Bank projection

(Reuters) – Sri Lanka’s economy grew at a slower-than-expected 1.8% in the fourth quarter of the 2021 financial year, taking its full-year growth to 3.7%, data from the government’s statistics department showed on Tuesday. Lower than…

Power cuts and fuel shortages drive ASPI to a five and half-month low

Colombo Bourse dropped down for the second day while recording the highest intraday loss in four and half weeks amidst the uncertainties attached to the aggravated power cuts and fuel…

Labour Minister Reminds Private Sector on their Social Responsibility towards employees

The Minister of Labour, Nimal Siripala de Silva urged the private sector to prioritize their social responsibility towards their employees in order to achieve shared prosperity. “ For businesses to…

UN report reveals barriers that restrict Sri Lankan workplaces from recruiting women

 In Sri Lanka, women are denied equal access to the jobs market not just because of family or social factors, but also by employers. This is the focus of a…

IMF report says Sri Lanka is facing a Clear Solvency problem

Sri Lanka faces “solvency” issues because of risks stemming from unsustainable debt levels that jeopardize the nation’s economy, according to International Monetary Fund staff. “Based on staff analysis, the fiscal…

Proposed train fare hike temporarily blocked

The proposed train fare hike which was to be in effect from midnight Thursday (24) has been temporarily blocked by the Transport Ministry. According to the Transport Minister, Dilum Amunugama,…

From Crisis to Inclusive Economic Growth in Sri Lanka

By Faris Hadad-Zervos. World Bank and Hans Timmer Sri Lanka has managed the health and safety aspects of the COVID-19 pandemic in a commendable way.  The nation has been and…

Watawala Plantations to acquire cattle fodder growing firm Moragoda Agro Services for Rs.88.5 million

Watawala Plantations PLC has entered into a share sale and purchase agreement on 21st Marchwith Aruna Moragoda, who owns a 100% stake in Moragoda Agro Services (Pvt) Ltd for Rs.88.5…

Sri Lanka’s National inflation accelerates at alarming levels in February

Sri Lanka’s National inflation measured by the national Consumer Price Index (NCPI) accelerated to its highest levels since 2015 17.5 percent on a Year-on-Year basis in February 2022, the Department…

U.S. Under Secretary of State for Political Affairs Victoria Nuland Travels to Colombo for Bilateral Talks

The United States’ Under Secretary of State for Political Affairs Victoria Nuland arrived in Colombo with an interagency delegation for meetings with the Government of Sri Lanka, as well as…

35,000 Metric Tonnes of Diesel arrive from India

A shipment worth 35,000 Metric Tonnes of diesel from India arrived this morning. This is the first diesel shipment purchased under the Credit Line obtained from India. According to the…

In cash-strapped Sri Lanka, two men die waiting in queue for fuel

At least two people have died in Sri Lanka while waiting in long queues for fuel, officials say, as widespread shortages and sky-rocketing prices cause misery and hardship across the…

Sri Lanka’s Central Bank Withdraws Proposed additional incentive scheme for remittances and export earnings

Following the decision to float the exchange rate of the Rupee, the Central Bank of Sri Lanka (CBSL) announced the decision to withdraw the proposed scheme for additional incentives for remittances…

Construction of new elevated highway in progress

The highways Minister Johnston Fernando had reviewed the progress of the new highway project, which spans from Ingurukade junction to Colombo Port city. The project is to be completed and…

Business earnings to take a hit from Sri Lana’s rising inflation levels

Business earnings to take a hit from rising inflation levels which are projected to accelerate at double digits for the rest of the year, First Capital Research stated. “While 2022…

Sri Lanka to obtain $1 bn credit from India

Sri Lanka’s Finance Minister Basil Rajapaksa signed a $1 billion credit line with India on Thursday to help ease crippling shortages of essential items, including fuel, food and medicine, officials…

Sri Lanka’s Distilleries increases liquor Prices

Increase in production costs resulted in all soft and hard liquor prices in Sri Lanka to go up from today midnight, with approximately Rs.100 per bottle of arrack and Rs.10…

Sri Lanka to setup SEZs in Galle, Bandarawela, Ratnapura,Thimbirigasyaya, Fort, Pettah and Kollupitiya

The Urban Development Authority (UDA)  has proposed to set up Special Economic Zones (SEZs) in Galle, Bandarawela, Ratnapura city center, Thimbirigasyaya, Fort, Pettah, and Kollupitiya under proposed city development plans. Urban…

Britain blocks several luxury exports to Russia

Russian oligarchs will no longer have access to baubles such as the cars, artworks and designer handbags sold by British companies, after the government blocked exports worth hundreds of millions…

U.S. Marks Two Cultural Preservation Milestones in Sri Lanka with a $265,000 grant

This week U.S. Ambassador Julie Chung visited Kandy to preside over events marking two milestones in the United States’ long-standing support to preserving Sri Lanka’s diverse cultural heritage.    On March 14,…

Sri Lanka finance minister meets top IMF official amid economic crisis

(Reuters) – Sri Lanka’s finance minister held talks with a top International Monetary Fund (IMF) official on Monday, two sources said, as the island nation seeks help to deal with…

Bus fares increased by 15% after Rupee collapse

Sri Lanka’s cabinet of ministers had given the go ahead to raise bus fares by an average of 15 percent, reports said, in the wake of a steep fall of…

Oil price surges to highest since 2008

Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider…

Big four consultancy firms to cease operations in Russia and Belarus

The big four consulting firms — Deloitte, KPMG, EY and PwC have announced the withdrawal of operations in Russia and Belarus over Moscow’s invasion of Ukraine. A spokesperson for KPMG…

Twitter launches a new version to bypass Russia restrictions

Twitter has launched a privacy-protected version of its site to bypass surveillance and censorship after Russia restricted access to its service in the country. Russia has blocked access to Facebook…

Sri Lanka’s Central Bank Removes interest rate caps on forex deposits

The Central Bank of Sri Lanka (CBSL) has removed the interest rate caps imposed on foreign currency deposit products of licensed commercial banks and the National Savings Bank following its…

What Can be Done to Reduce Land Forgery in Sri Lanka?

By Maheswary Sivapragasam (IDN) — As land forgery continues unabated in Sri Lanka, something has to be done to prevent the prevalent rate of land fraud, with legal owners and…

Sri Lanka’s Public Institutions are faced with wastages of Public Fund over occasional ad-hoc decisions of the Board of Directors

The COPE Chairman (Prof.) Charitha Herath stated that decisions taken by the Board of Directors of Public Institutions occasionally, cause chaos when it comes to public money. The Chairman stated…

Sri Lanka restricts import of 367 non-essential items

A Gazette Extraordinary has been issued by the Department of Import and Export Control limiting the import of 367 non-essential goods to Sri Lanka. Accordingly, the Imports and Exports Control…

Sri Lanka sees small dip in forex reserves in Feb

(Reuters)- Sri Lanka’s central bank said foreign currency reserves dropped to $2.31 billion by the end of February, a level that could provide a month’s breather in efforts to lure…

THE WALL OF STRENGTH AGAINST AGGRESSION

By Asanga Abeyagoonasekera 141 of the 193 United Nations member states voted for the UN resolution on Russia’s aggression (thirty-five abstained and five voted against). Almost the entire world has…

Softlogic buys Bangaladesh’s second-biggest retail chain at an undisclosed price

(TBSNews): Sri Lankan conglomerate Softlogic’s retail holdings wing entered into an agreement on Friday to fully acquire Agora, Bangladesh’s first-ever and second-largest supermarket chain, according to public disclosure by the…

IMF Urges Sri Lanka to implement an ambitious fiscal consolidation program to overcome the economic crisis

The International Monetary Fund (IMF) urges Sri Lanka to implement an ambitious fiscal consolidation that is based on high-quality revenue measures which consist of raising income tax and VAT rates…

Russia-Ukraine Conflict: Economic Implications for Sri Lanka

By Asanka Wijesinghe The Russian invasion of Ukraine deepens the existing global economic woes – persistent supply chain bottlenecks and associated rising inflation – clouding the prospects of a smooth global economic recovery from…

Further Policy Tightening in Bracing for Global Spillovers – First Capital Research

Colombo-based independent research house, First Capital Research predicted an 80 percent probability for a policy rate hike at the upcoming Monetary Policy Review Meeting of the Central Bank of Sri…

The United States and DFCC Bank provide MSMEs financing to women and youth

U.S. Ambassador Julie Chung witnessed the signing of the Memorandum of Understanding (MOU) between DFCC Bank and the U.S. government’s Agency for International Development (USAID) Private Sector Development project to…

Ceylon Chamber of Commerce launches Outlook 2022 Report – ‘Road to Recovery: Overcoming Challenges

The Ceylon Chamber of Commerce (CCC) recently launched the 7th edition of its flagship annual OutlookReport for 2022 at the Economic Outlook 2022 webinar. Titled ‘Road to Recovery: Overcoming Challenges’,…

Sri Lanka’s tourism earnings have overtaken Workers’ remittances inflows in January

Sri Lanka’s tourism earnings have overtaken Workers’ remittances inflows in January this year as emittances inflows fell to a fresh 13-year-low of $ 259 million in January amidst parrel exchange…

Sri Lanka shares slump amid nationwide power cuts, worsening economic crisis

 (Reuters) – Sri Lankan shares plunged nearly 7% on Wednesday as fuel shortage-induced countrywide power outages spooked investors amid the nation’s worst economic crisis in years. The CSE All-Share index…

Sri Lanka Leader Ramps Up Spending in High-Risk Bid for Support

(Bloomberg) — Many Sri Lankan voters who backed President Gotabaya Rajapaksa’s election bid three years ago are now struggling to make ends meet. His government is spending to ensure that…

Sri Lankan Economy Spiralling out of control; Requests IMF assistance

By Asanga Abeyagoonasekera Sri Lanka’s economic meltdown is one of the worst in recent decades, pushing many families into poverty. The situation is rapidly spiraling out of control with multiple…

Investment Insights on Port City and Cinnamon Life Presented to International Audience

With Colombo Port City and Cinnamon Life emerging as Sri Lanka’s most attractive investmentopportunities in the property and leisure sectors, a webinar hosted recently by the Sri Lanka CanadaBusiness Council…

New USPTO study finds no one company dominating 5G

 A new report published by the United States Patent and Trademark Office (USPTO), “Patenting Activity among 5G Technology Developers,” concludes that there is global competition in 5G innovation, with no one company dominating the…

Ceylon Chamber Pleads Government to Reconsider the Surcharge Tax Bill

The membership of the Ceylon Chamber of Commerce notes serious concerns on the provisions of the Surcharge Tax Bill that has been gazetted recently to implement the budget proposal on…

Sri Lankan bunker suppliers rescind HSFO offers amid energy crunch

(SPGlobal): Suppliers at the port of Colombo have retracted offers for delivered 380 CST high sulfur fuel oil due to shortages of the bunker grade as local refineries direct the…

Dialog Axiata to Incur Rs.3-4 Billion under the proposed one-off “Surcharge Tax”

Sri Lanka’s Dialog Axiata PLC, a subsidiary of Malaysia’s Axiata Group Berhad expects to incur Rs.3-4 billion payment for the proposed one-off “Surcharge Tax” to be levied on large companies.…

Semiconductors, Electronics and Pharmaceuticals Lead Digital Transformation in Manufacturing

A new report launched today by the World Economic Forum reveals that the Semiconductors, Electronics and Pharmaceuticals sectors are leading the way in the digital transformation of manufacturing. The Manufacturing Transformation…

EU strongly urges Sri Lanka to lift forthwith import restrictions

The European Union (EU) has strongly urged Sri Lanka to lift forthwith import restrictions preventing many European products from entering its market during the 24th meeting of the Joint Commission held…

Sri Lanka to focus on sending skilled manpower to Saudi Arabia

(Arab News) : Sri Lanka will focus on sending more skilled manpower to the Kingdom and inviting Saudis to tap into its family tourism market, Colombo’s new consul in Jeddah…

Soaring Construction Materials Costs Drives Forex-Crisis-hit Sri Lanka’s Housing Prices To An All-Time High

The overall selling prices of houses had increased by 22.53% and apartments by 17.68% in Q4 2021 when compared to Q4 of 2020, indicating an all-time high price, according to…

IMF Says It Is ‘Ready’ To Help Sri Lanka – If Asked

AFP : The International Monetary Fund is ready to discuss “options” with Sri Lanka if the government asks for financial support, its mission chief for the island told AFP on…

Pakistan likely to issue $200 million loan to Sri Lanka

Pakistan is likely to issue a $200 million loan to Sri Lanka after the country will get a loan installment of $1 billion from International Monetary Fund (IMF). According to…

Sri Lanka seeks IMF advice amid worsening crisis

(AFP) : Sri Lanka has asked for “advice” from the International Monetary Fund amid a worsening economic crisis, the finance minister said Wednesday, signalling Colombo could seek an international bailout. The…

Ceylon Graphite achieves a significant breakthrough in the performance of its silicon enhanced vein graphite anode material for the lithium-ion

Ceylon Graphite Corp. (“Ceylon Graphite”) announced that it has achieved a significant breakthrough in the performance of its silicon enhanced vein graphite anode material for the lithium-ion (“Li-ion”) battery market.…

9 Finance Companies Infused Rs.12.6B in fresh capital to meet regulatory capital requirements

Under the Central Bank of Sri Lanka’s (CBSL) Masterplan for Consolidation of Non-Bank Financial Institutions, nine Finance companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory…

Sri Lanka’s saving interest rates cross 5 percent

Sri Lanka’s saving interest rates are continuing on an upward trajectory in responding to monetary policy tightening measures taken by the Central Bank of Sri Lanka (CBSL). The Average Weighted…

Sri Lanka imported $351.9 million worth of telecommunication devices up to November 2021

Sri Lanka imported $351.9 million worth of telecommunication devices (mainly mobiles and telephones) in the first eleven months of 2021 indicating a 52.3 percent increase over the corresponding period of…

ASPI to reach 15,000 in 1Q with negative returns predicted to materialize from 2Q onwards with possible shocks

The main index of the Colombo Stock Exchange (CSE), the All Share Price Index (ASPI) is forecasted to reach the 15,000 mark in the first quarter of the year before…

CEB Engineers Calls for Removal of CEB Chairman over the appointment of ‘bogus’ GM

Ceylon Electricity Board Engineers Union (CEBEU) calls for the removal of the CEB Chairman M C Ferdinando amidst escalating row on the appointment of CEB General Manager (GM) in the…

CBSL increases policy rates by 50 basis points

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has increased policy rates by 50 basis points to l curtail the possible build-up of underlying demand pressures in…

International and Local Experts Stress the Need For Bold And Radical Reforms for Sri Lanka this year

International and local economic experts and corporate leaders stressed the need for a concrete, long-term and bold reform agenda for the economy as the country braces for a critical year…

Colombo Port’s East Container Terminal’s Construction Second Phase Begins

Construction of the second phase of the Eastern Container Terminal (ECT) of Colombo harbor commenced today (12th) morning under the patronage of President Gotabhaya Rajapaksha and Prime Minister Mahinda Rajapaksha.…

Sri Lanka focus on ‘homegrown solutions’ to settle $6.9 billion external debt servicing obligations for 2022

Sri Lanka will focus on ‘homegrown solutions’ to settle $6.9 billion external debt servicing obligations for 2022 with nearly half of these obligations falling within the 1st quarter of the…

Ceylon Graphite successfully Renews the Environmental Licence for K1 Mine Project

Ceylon Graphite Corp. has successfully renewed its Environmental Protection Licence from the Central Environmental Authority (CEA) of Sri Lanka for ongoing operations at the K1 Mine project, the company announced.…

LANKAQR transactions top Rs. 1 billion in value in 3Q

Sri Lanka’s standardized National Quick Response code – LANKAQR based transactions topped Rs. one billion in value for the first time in the third quarter of 2021. With a total…

Sri Lanka’s Business Chambers urge the Government to seek IMF Support

Sri Lanka’s top business chambers urged the government to seek the support of the International Monetary Fund (IMF) as the forex crisis deepens pushing some businesses to consider relocating and…

Sri Lanka’s government to acquire unutilized lands of plantation companies in six months – Labour Minister

Minister of Labor Nimal Siripala de Silva says that the government has decided to distribute the abandoned lands of the plantation companies to the plantation workers or the youth of…

Sri Lanka economy contracts 1.5% in 3Q

(Reuters) – Sri Lanka’s economy shrank 1.5% in the third quarter from a year earlier due to a third COVID-19 wave that peaked in August hitting industries and services, the government…

EU strengthens protection against economic coercion

The European Commission has today proposed a new tool to counter the use of economic coercion by third countries. This legal instrument is in response to the EU and its…

Most Sri Lankan Exporters Grappled with high costs and shortages in sourcing inputs for exports

Most of Sri Lanka’s exporters are grappled with high costs in sourcing export inputs with some exporters are struggling to source export inputs while facing shortages, according to a recent…

President Biden Appoints Former U.S Ambassador to Sri Lanka Alaina B. Teplitz as Assistant Secretary of State for Administration

Today, United States President Joe Biden announced he has appointed Alaina B. Teplitz to serve as Assistant Secretary of State for Administration. Ambassador Alaina B. Teplitz is a career member…

LOLC Group Locks In Leasehold Rights of another Two Land Plots in Colombo Port City for $98M

Browns Investment PLC, the strategic Investment Arm of Ishara Nanayakkara-controlled LOLC Group moves to invest in key leisure and tourism projects of Chinese-backed Colombo Port City (CPC) as it secured…

Sri Lanka’s Power Regulator Preparing To Regulate LP Gas Industry Amidst Multiple LP Gas Cylinder Explosions

A Standard for LP Gas has already formulated The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator and the designated regulator for the petroleum industry, together with…

U.S. donates nearly 200,000 additional Pfizer-BioNTech vaccines to Sri Lanka

Nearly 200,000 additional Pfizer-BioNTech vaccine doses arrived in Sri Lanka today as a donation from the American people.  This gift demonstrates the ongoing commitment of the United States to support Sri…

Monisha Abraham Replaces Nedal Salem as new CEO/MD of Ceylon Tobacco Company PLC (CTC)

Monisha Abraham has replaced Nedal Salem as the new Managing Director (MD), Chief Executive Officer (CEO), and n Executive Director of Ceylon Tobacco Company PLC (CTC) with immediate effect, making…

IFC Supports First Sri Lanka Chapter of Women Corporate Directors to Promote Diversity in Boardroom

In a bid to promote boardroom diversity and establish a network of existing and prospective women directors, the Women Corporate Directors Foundation (WCD)—the largest organization of women corporate board members…

Crises in the Sri Lankan Economy: Need for National Planning and Political Stability

By Dr.Vagisha Gunasekara Summary Sri Lanka’s current economic quagmire is due to three overlapping economic crises: a meshing of another long drawn-out global capitalist bust phase (which commenced with the…

China Communications Construction Company Bags Two Lucrative Port Deals in Sri Lanka

Chinese-state owned China Communications Construction Company has secured two lucrative port deals at the deep-water East Container Terminal (ECT) of Port of Colombo as China made further inroads deep into…

Sri Lanka among four countries most vulnerable to an exchange rate crisis in the next 12 months – Nomura

Sri Lanka along with  Egypt, Romania, Turkey are vulnerable to an exchange rate crisis in the next 12 months, according to Nomura’s early warning indicator of exchange rate crises, Damocles.…

Sri Lanka Receives another $100M from Bangladesh Bank under the currency swap facility

(The Daily Star): Bangladesh Bank has lent $100 million more to Sri Lanka to help the island nation stay afloat tackling a foreign exchange crisis. The fund was transferred from…

Mahinda Samarasinghe to assume duties as the new Sri Lanka’s Ambassador to the United States and Mexico on 29th of November

Former Sri Lanka Podujana Peramuna (SLPP) Kalutara District parliamentarian and Former Minister Mahinda Samarasinghe is scheduled to take up the post of Ambassador of Sri Lanka to the United States…

Stax Secures strategic investment from US-based Blue Point Capital Partners

Stax Inc, an analytically-driven global M&A strategy consulting firm management consultancy with offices in Sri Lanka and the United States secured a strategic investment from a US-based private equity firm, Blue…

First Capital, Vallibel Power, and Laxapana Batteries emerges as the strongest dividend-paying Sri Lankan stocks

First Capital Holdings has emerged as the strongest dividend yield stock among listed entities on Colombo Stock Exchange (CSE) for the one-year period ending on the 30th of June this…

Approval for the appointment of 08 Secretaries to Ministries granted by the Committee on High Posts

The appointment of 08 Secretaries to Ministries has been approved by the Committee on High Posts. General (Retd.) Kamal Gunaratne, Secretary to the Ministry of Defense was among the Secretaries…

USAID Launches Fresh 5-year, $19m Initiative to Support Sri Lanka’s renewable energy Ambitions

 The United States Agency for International Development (USAID) announced its new $19 million, 5-year Sri Lanka Energy Program recently. Once finalized, this grant will support the Government of Sri Lanka’s…

Inaugural LANKA COFFEE ASSOCIATION Aims to Restore Ceylon Coffee Brand

Sri Lanka was once the third-largest producer of coffee in the world. Devastatingly, the coffee leaf rust disease wiped out the country’s plantations in the 1860s and exports have remained…

Commercial Bank Captures the ‘Best Corporate Citizen Sustainability Award for the first time

Commercial Bank of Ceylon PLC won the coveted ‘Best Corporate Citizen Sustainability Award 2021’ at an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber,…

Sri Lanka’s Central Bank to Steer Towards a More Hawkish Direction – First Capital

Ahead of the Monetary Policy Review Meeting of the Central Bank of Sri Lanka (CBSL), the First Capital Research predicted a 50% probability for a policy rate hike to prevent…

Sri Lanka’s Electronic Travel Approval (ETA) system not updated to cater to the needs of a modern traveler – COPA

Sri Lanka’s Department of Immigration and Emigration is yet to update the “Electronic Travel Approval” (ETA) system which aims to provide a more comprehensive and attractive service for tourists planning…

Gem Dealers in Sri Lanka Welcomes Govt Moves on Ease of Doing Business in Budget 2022

The Largest Association of Gem Dealers in Sri Lanka, the Chinafort Gem and Jewellery Traders Association welcomes the Government’s initiatives to promote Ease of Doing Business measures in the Gem…

Sri Lanka shuts only oil refinery to manage forex crisis

By Uditha Jayasinghe (Reuters) – Sri Lanka has temporarily shut its only oil refinery as part of efforts to manage dwindling foreign exchange reserves, the energy minister said on Tuesday, triggering…

Expolanka Survives from 25% surcharge tax proposed in budget 2022

Sri Lanka’s second-largest listed firm, Expolanka Holding PLC will not be subjected to a one-off 25% surcharge tax proposed in budget 2022 given the company’s earnings heavily skewed its overseas…

The United States Delivers $150 Million Funding to Sri Lanka’s DFCC Bank to Support Female-led MSMEs

The United States government disbursed $150 million in financing to DFCC Bank on November 12 to support the sustainable development of Sri Lankan community-based businesses, the U.S Embassy in Colombo announced…

Sri Lanka’s 2021 fiscal deficit forecast revised to 2020 levels; Aim to curtail fiscal deficit to 8.8% of GDP in 2022

Sri Lanka’s government has revised the fiscal deficit projection to 11.1 percent of GDP in 2021 from the original 8.9 percent target with large shortfalls in income tax, Customs Import…

25% one-time income tax on 62 individuals and companies with over Rs. 2 billion turnover proposed in the budget 2022

Sri Lanka’s Government proposed to impose a one-time surcharge tax of 25 percent on 62 individuals and companies with an annual turnover of more than Rs. 2 billion in the…

The Central Bank publishes “Recent Economic Developments: Highlights of 2021 and Prospects for 2022″

The Central Bank of Sri Lanka today published “Recent Economic Developments: Highlights of 2021and Prospects for 2022” online with an overview of the performance of the Sri Lankan economy in…

The growth of Sri Lanka`s investment ecosystem and its future potential

The investment ecosystem in Sri Lanka has drastically changed over the last few years, leading tomore opportunities and growth for local entrepreneurs. To better understand this growth, the Council for…

Sri Lanka Eyes air connectivity for tourism recovery as the Island destination attracted 22,771 tourists in October

Sri Lanka’s tourism officials eyes direct air connectivity for tourism recovery as the Island destination attracted 22,771 tourists in October indicating modest improvement owing to factors such as vaccination advances…

Sri Lanka Commits to declare minimum 30% of the country’s marine reserves as protected areas at COP26

Sri Lanka signed up to the 30by30 target committing to declare a minimum of 30% of the country’s marine reserves as protected areas by 2030 at COP26 in Glasgow along…

Premium-priced Cinnamon Life’s Condo units moving at a snail’s pace

Pre-sales of John Keells Holdings (JKH)’s Pre-sales of ‘Cinnamon Life’ Residential Towers continue to move at a snail’s pace as of 30th of September this year despite the project nearing…

Major ocean carriers sailing towards astonishing $200b profit this year

With stock market-listed ocean carriers reporting even better-than-expected profits for the third quarter, their executive boards are being forced yet again to upgrade full-year earnings forecasts. A third of the…

BPPL Holdings Sets Eyes on a third polyester yarn plant with a brush filament extrusion plant

Buoyant by strong demand for its brush filament and polyester yarn products, Sri Lanka’s leading brush marker, BPPL Holdings PLC is considering installing a third polyester yarn plant with another…

Investing vs Saving: Tenets of Financial Management

Seeds for a smart culture of financial management Whether you take a personal or a societal viewpoint, smartsaving and investing isn’t just a process. It’s a culture, and as ‘Lifestyle…

Lack of Budget Credibility a Significant Challenge to the 2022 Budget With Intensification of the “Closed” Culture, Says Verité Research

Verité Research’s BudgetPromises dashboard on the PublicFinance.lk platform sheds light on two questions aboutSri Lanka’s budget: “is the Government doing what it is saying?” and “is the Government saying whatit…

Expolanka makes history becoming the first company on CSE to reach Rs.400 billion market capitalization

Expolanka Holding PLC (EFL) last week became the first company on Colombo Stock Exchange (CSE) to reach Rs.400 billion in market capitalization. Capitalizing on favourable pricing trends in the logistic…

Sri Lanka’s rising food prices belies deeper economic issues

By Dushni Weerakoon Sri Lanka recently passed emergency regulations to deal with food shortages and price increases. Such powers are typically invoked to address public security concerns. But in this instance, they…

Sri Lanka’s Capital Alliance Partners with BetaOne Investments to Enter Bangladesh’s Thriving Merchant Banking Sector

Sri Lanka’s leading player in the Capital Markets services sphere entered into an investment and partnership agreement with Bangladesh’s BetaOne Investments Limited as it continues with its journey to realize…

CBSL expects inflation to deviate from its targeted levels

The Central Bank of Sri Lanka expects headline inflation to deviate somewhat from the targeted level of the 4-6 percent range in the near term while continuing to prioritize policy…

Central Bank of Sri Lanka holds policy interest rates steady

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 13 October 2021 decided to maintain policy rates at current levels In consideration of the…

Sri Lanka’s Fastest-Growing Apparel Manufacturer Hela Clothing Officially Joins U.S. Cotton Trust Protocol

The U.S. Cotton Trust Protocol welcomes global apparel manufacturer Hela Clothing, a provider of sustainability-focused supply chain solutions, as a new member. With facilities located in Sri Lanka, Kenya, Ethiopia…

International community strikes a ground-breaking global minimum corporate tax rate sans Sri Lanka and three others

Major reform of the international tax system finalised yesterday at the OECD will ensure that Multinational Enterprises (MNEs) will be subject to a minimum 15% tax rate from 2023. The…

Navigating through High Maritime Freight Rates

By Imesha Dissanayake Maritime Freight rates have been on an upward trend since the second half of 2020. The Drewry’scomposite World Container Index (WCI) as of 30th September 2021 increased…

Making state-owned enterprises work for commercial investors

By William P. Mako, David Robinett State-owned enterprises have long provided crucial infrastructure and other goods and services across Asia and the Pacific. Historically, these companies raised money directly from governments, or…

ADB Approves $110 million Additional Funding for Primary Health Care System (PHC) Project in Sri Lanka.

The Asian Development Bank (ADB) has approved a $110 million loan as additional financing for the ongoing Health System Enhancement Project that is improving the primary health care system (PHC)…

Sri Lanka Lifts margin deposit requirement on mobiles, home appliances, and over 600 other imported goods

The Central Bank of Sri Lanka (CBSL) removed the 100 percent cash margin deposit requirement imposed on 623 ‘non -essetial’/non urgent’ imported goods including mobiles, home appliances, clothing, household, and…

Sri Lanka bans China manufactured ‘organic’ fertilizer after detection of bacteria again

Sri Lanka banned the import of organic fertilizers manufactured in China after state agriculture authorities detected harmful bacteria in them for the second time. Director General (DG) of Agriculture, Ajantha…

Sri Lanka to End Covid Lockdown on Oct 1; Medical Experts Warn Against Reopening

Sri Lanka will end its COVID-19 lockdown enforced last month on October 1, health minister Keheliya Rambukwella said on Wednesday, even as the medical professionals warned against the unrestricted re-opening…

China’s power crunch dwarfs Evergrande’s troubles in investors’ eyes

(Reuters) – China’s power supply crunch, that has shut factories across the country, may pose a much bigger threat to the economy than the debt crisis at Evergrande Group (3333.HK), prompting…

TikTok hits 1 billion monthly active users globally – company

(Reuters) – TikTok hit 1 billion monthly active users globally this summer, the company told Reuters, marking a 45% jump since July 2020. The United States, Europe, Brazil and Southeast…

Sri Lanka’s Forex Crisis Worries South Indian textile and fabric exporters

South India’s textile and fabric exporters are worried that the economic crisis in Sri Lanka–India’s second-largest export destination for clothing products—may lead to a delay in payments from buyers in…

China’s Global Network of Shipping Ports Reveal Beijing’s Strategy

VOA News: A powerhouse in global trade, China has more shipping ports at home than any other country. Key investments add about another 100 ports in at least 60 nations.…

Asanga Seneviratne Back on CSE Board

The Colombo Stock Exchange (CSE) today announced the appointment of Asanga C. Seneviratne as a Directorof the CSE Board with effect from 23rd September 2021. Seneviratne has previously served on…

Seven countries, including Sri Lanka and Chile, have agreed to stop using the dirtiest fossil fuel

Seven countries have signed a pledge initiated by the United Nations to stop building new coal power plants, with the aim to gather more signatures before the global climate summit COP26 in…

Inflation Spectre Floats on Developing World’s Horizon including Sri Lanka

By Rabah Arezki and Jean-Pierre Landau As the global economy begins to emerge from the COVID-19 crisis, managing inflation risks will be much more challenging in developing countries than in…

Sri Lanka’s Agripreneurs Alarmed Over Contaminated Organic Fertilizer Sample Imported From China

Sri Lanka Agripreneurs’ Forum (SLAF) expressed grave concerns regarding the importation of a batch of contaminated organic fertilizer following confirmation from the Minister of Agriculture and National Plant Quarantine Services…

New Fortress and Sri Lanka’s Government inked the definitive agreement for LNG deal

United Stated-based New Fortress Energy Inc. (“New Fortress”) and Sri Lanka’s Government have executed a definitive agreement for New Fortress’ investment in West Coast Power Limited (“WCP”), the owner of the 310…

Sri Lanka food crisis: Forex dips to risky levels. Can Colombo avoid IMF?

Sri Lanka is experiencing acute food emergency. Long food queues are seen even in Colombo neighbourhoods amid tight lockdown measures. Shelves at government-run supermarkets are running low – some even…

Cumulative workers’ remittances inflows into Sri Lanka declines in the first eight months

Workers’ remittances inflows into Sri Lanka declined sharply for the third consecutive month in August erasing the growth see in remittances inflows in the early months of the year. The…

Natural Gas Prices Soar Worldwide In A Mark Of Extreme Volatility

Natural gas prices are soaring around the world in what has become something of a global supply crunch. Prices in the U.S. recently hit a 7-year high, natural gas prices…

Outstanding foreign currency borrowings by Sri Lanka’s banks up for the first time in a year

The outstanding foreign currency borrowings of Sri Lanka’s banking sector rose for the first time in a year in the second quarter(2Q2021) in the line with the Central Bank of…

Sharmini Coorey to Retire as Director of the IMF’s Institute for Capacity Development

International Monetary Fund (IMF) Managing Director Kristalina Georgieva today announced that Sri Lankan national Sharmini Coorey who has been the Director of the Institute for Capacity Development (ICD) since 2012,…

Unpacking New Beginnings, Expack Announces Rs 700M IPO

Sri Lanka’s largest corrugated carton manufacturer, Ex-Pack announced an unpacking of a new beginning, through its impending Rs.700 million initial public offering (IPO) for a 25 percent stake in the…

FCR recommends cutting exposure to equities to 50% amidst expectations on overall Interest rates and tax hikes

First Capital Research (FCR) recommends investors to limit the exposure to equities to 50% or to aggressively shiftportfolio to defensive counters amidst expectations on overall Interest rates rise and a…

Back to the ‘smaller pond’: MSCI to downgrade Pakistan to Frontier Market

Pakistan was downgraded from its status as an emerging market, a little over four years after it was reclassified from the Frontier Markets (FM) Index by Morgan Stanley Capital International…

Bourse ended in red for the fourth consecutive days

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) today recorded the largest single-day point decline of 328 points as the Bourse ended up closing in red…

Sri Lanka claims $267 billion worth of oil and gas deposits in the Mannar Basin

Sri Lanka has $267 billion worth of oil and gas resources hidden in the Mannar Basin in the North-West of the country where the government stands to gain $ 133.5…

Sri Lanka’s National Inflation Rises to 6.8% in July

Sri Lanka’s Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National ConsumerPrice Index rose to a record high of 6.8 percent in July 2021 from 6.1 percent…

Local Investors Drives CSE to New Heights

Indices at Colombo Stock Exchange (CSE) reached new heights yesterday making robust gains while turnover recorded a high at Rs.10.8 billion surpassing the earlier record set nearly seven months back…

Children in Sri Lanka ranked 61st riskiest globally to the impacts of the climate crisis – UNICEF

Young people living in Sri Lanka are ranked at 61st riskiest globally to the impacts of climate change, threatening their health, education, and protection, according to a new UNICEF report…

Sri Lanka becomes first in Asia to tighten policy in pandemic-era

(Reuters) – The Central Bank of Sri Lanka (CBSL) became the first in Asia on Thursday to raise interest rates since the pandemic began, as it acted to stem inflationary…

Sri Lanka Imposes stricter regulations relating to import delivery fees and import container deposit refunds

Stricter regulations relating to import delivery fees and import container deposit refunds have been announced by the Sri Lankan Director General of Merchant Shipping (DGMS). Under this new regime, the maximum…

166,284 Credit Cardholders in Sri Lanka on CRIB’s Blacklist

166,284 Credit Cardholders in Sri Lanka were placed on the Credit Information Bureau’s (CRIB) blacklist with Rs.16 billion in arrears by the end of Q12021, CRIB data showed. Defaulted Credit…

Sri Lanka’s SME Business sentiment remains pessimistic in June

Business sentiment among  Sri Lanka’s small and medium-sized enterprises (SMEs) remained pessimistic with an overall score of 36.3 out of 100, ‘SME pulse’ survey conducted by Sri [email protected] SME pulse computes…

Emirates extend Suspension of inbound flights from Sri Lanka up to 7th August

UAE’s flagship airline Emirates confirmed yesterday that the suspension of inbound flights from Sri Lanka, India, Pakistan, and Bangladesh has been extended at least till August 7, 2021. The airline…

CCC Announces Virtual “Exhibition on Agri and Livestock Sector Innovations ready for Commercialization”

The Ceylon Chamber of Commerce (CCC) and the Accelerating Higher Education Expansion and Development (AHEAD) Operation will be jointly organizing a Virtual Exhibition to promote Agri and Livestock Sector Innovations…

National Inflation remained unchanged in June

Headline inflation based on the National Consumer Price Index remained unchanged at 6.1 percent in June1 due to the statistical effect of the high base prevailed in June 2020. Meanwhile,…

Sri Lanka’s FIU imposes financial penalties on DFCC Bank and Union Bank for non-compliance with AML/CFT rules

Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the Financial Intelligence Unit (FIU) imposed financial penalties on Union Bank of Colombo PLC and DFCC Bank PLC…

Central Bank of Sri Lanka eyes to attract Singaporean Fintech players to its Fintech Sandbox

Sri Lanka – Singapore Business Council (SLSBC) headed by leading venture capitalist Prajeeth Balasubramaniam is facilitating cooperation between Sri Lankan and Singaporean authorities to support the Central Bank of Sri Lanka…

Large-scale solar capacity growth expected to top wind in 2022 for the first time

Growth in large-scale solar capacity is expected to exceed wind growth next year for the first time, according to a new report from the U.S. Energy Information Administration. In its…

Central Bank of Sri Lanka holds policy rates at their current levels despite inflationary concerns

The Central Bank of Sri Lanka (CBSL) decided to hold key policy rates at their current levels despite concerns over rising inflation rates and possible inflationary pressures over the medium…

Ceylon Graphite Enters into Strategic Partnership with Sri Lanka’s LOLC to Capture Global Battery Anode Market

Sri Lanka’s diversified Conglomerate LOLC Holdings PLC has entered into MOU with Vancouver-based Ceylon Graphite Corp. to jointly develop at least three new graphite mines and to set up a…

United States Provides $75 million to NDB Bank to Strengthen Sri Lankan Small and Medium Businesses

The United States is providing a welcome boost to Small and Medium Enterprises (SME) in Sri Lanka struggling with the impact of the pandemic.  The U.S. International Development Finance Corporation…

Ceylon Chamber welcomes acceleration of vaccine drive

The Ceylon Chamber of Commerce commends the efforts taken by the President, Ministry of Health, and other relevant authorities to accelerate the process of vaccinating the population of Sri Lanka…

Digital Marketing Association launched, establishing a much-awaited industry body for Sri Lankan Digital Marketers

In an effort to drive growth in the Digital Marketing industry, Sri Lanka’s foremost digital marketing experts have come together to launch the Digital Marketing Association of Sri Lanka (DMASL),…

Sri Lanka extends forex restrictions on capital flight by six months

The government has extended suspensions/restrictions on capital forex outflows (outward remittances) by six months with effect from the 2nd of July this year to preserve the country’s shrinking FX reserves.…

A surging crisis in Sri Lanka: A new wave of COVID-19 is causing chaos

By Jeevethan Selvachandran Over the last few months, the world has watched India struggle through an unimaginable COVID-19 situation – over the first half of 2021, the pandemic’s second wave wreaked havoc…

Vish Govindasamy takes over as the new Chairman of the Ceylon Chamber of Commerce

The Ceylon Chamber of Commerce elected Vish Govindasamy as its Chairman during the Chamber’s 182nd Annual General Meeting on Tuesday (29). He succeeds Dr. Hans Wijayasuriya who completed his 2-Year Term as…

Sri Lanka expects $250 million to its dwindling FX Reserves from Bangladesh in Crucial July

The Central Bank of Sri Lanka is expecting a $250 million boost from its dwindling foreign exchnage reservers from the Bangladesh Bank in July. “Inflows expected to the Central Bank…

India aims to meet vaccine orders placed by Sri Lanka in August

Depending on the scale of production of vaccines, India is aiming to meet vaccine orders placed by Sri Lanka and other South Asian neighbors by July-end or August, The Print…

U.S. Bans Import of dogs from Sri Lanka and other countries

The United States is imposing a ban on the entry of dogs from Sri Lanka and several dozen other countries that have been identified as “high risk for importing dog…

Sri Lanka and IFAD partners to launch $42.7M project to reduce poverty and increase food security in the face of climate change

The International Fund for Agricultural Development (IFAD) together with the Government of Sri Lanka last week signed a financial agreement to launch the Smallholder Agribusiness and Resilience Project (SARP). The…

Asian renewable investments expected to double to $1.3T by 2030

Reuters: Asia Pacific investments in renewable energy generation by 2030 may double to $1.3 trillion from the previous decade, dwarfing fossil fuel power expenditures that are expected to drop by…

The Ceylon Chamber of Commerce to conduct the National SME Forum 2021

In an effort to support all players in the SME Eco-system, the Ceylon Chamber of Commerce has organized a National SME Forum in collaboration with public, private, and Non-Governmental sector…

SEO & Coronavirus: Your SEO approach in the New Normal

The coronavirus crisis has indicated a major twist in the approaches utilized by the corporate work setting all around the globe. Instead of visiting the office regularly and engaging in…

Sri Lanka Retailers’ appeals for cost-sharing from Business Partners amid current economic crisis

The Sri Lanka Retailers’ Association (SLRA), the apex body for organized retail in Sri Lanka is requesting landlords, lessors, and business partners to reduce leases and rentals for the Association’s…

Sri Lanka’s mobile and fixed broadband speeds sharply deteriorate in May

Sri Lanka’s mobile and fixed broadband speeds sharply deteriorated in May as the country reverted to Working From Home (WFH) with the unofficial lockdown coming into effect from late April.…

IFC’s Investment in Sunshine Holdings to Help Diversify Business Operations in Sri Lanka, Drive Efficiency

Consumers in Sri Lanka are set to benefit from a  new $5 million investment by International Finance Corporation (IFC) to Sunshine Consumer Lanka Ltd, a subsidiary of Sunshine Holdings PLC…

Spice Industry Veteran and Gulam Chatoor from the Spice Arena

Gulam Chatoor the present Chairman of Saboor Chatoor (Private) Ltd, one of the leading spice exporters of Sri Lanka records nearly seven decades of piloting the company. To date, Gulam…

IMF Welcomes G7 Action to Support the World Exit the Pandemic Crisis

International Monetary Fund Managing Director Kristalina Georgieva made the following statement yesterday at the conclusion of her virtual participation in the G7 Leaders’ Summit: “I would like to thank Prime…

Costa Rica’s Rebeca Grynspan to Head UNCTAD

Rebeca Grynspan of Costa Rica will be the new Secretary-General of UNCTAD, the UN trade, and development body. Her nomination to the post by UN Secretary-General António Guterres was approved…

Sri Lanka’s FX reserves hit a new low of $ 4.02 billion in May

Sri Lanka’s gross official foreign exchange reserves tumbled to $ 4.02 billion at end of May from $4.5 billion a month ago as the country faces $3.5 billion external debt…

IATA Says Global Travel Restart Still Stalled In the Absence of Harmonized Measures-IATA

The International Air Transport Association (IATA) expresses frustration at the lack of coordination among governments worldwide for a data-driven risk-managed approach to re-establishing the freedom to travel while welcoming relaxation…

CSE envisages transforming to a multi-product securities exchange before 2025

The 35-year-old Colombo Stock Exchange (CSE) set eyes to take a quantum leap – towards a much more comprehensive and multi-product securities exchange before 2025 in catching up with lost…

Sri Lanka Prepares to launch its first official Tourism ‘Travel App’ to Assure post-COVID travelers with Unique Experiences

Sri Lanka is preparing to launch its first official Tourism ‘Travel App’ with the assistance of WorldBank and Asian Development Bank with a focus on enhancing the visitor experience and improving the…

United States Airlifts Emergency Supplies to Help Sri Lanka Combat Covid-19 Surge

The United States continues to stand with the people of Sri Lanka in the battle against the COVID-19 surge.  Yesterday, U.S. Embassy Charge d’Affaires Martin Kelly and Secretary to the…

Sri Lanka’s Electricity Regulator Approves Second LNG Plant in Kerawalapitiya

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, granted its approval for the 2nd Re-gasified Liquid Natural Gas-fired Combined Cycle power plant to be tendered to…

Potential Russian Nuclear Power Plant In Sri Lanka Not On SPIEF Agenda

(UrduPoint News / Sputnik) The prospective plans for Russia to develop a nuclear power plant for Sri Lanka are not part of the agenda of this year’s St. Petersburg International Economic Forum (SPIEF), Sri Lankan State Minister of Money and…

CCC Partners with Australia’s Market Development Facility to promote inclusive and sustainable private sector-led growth

The Ceylon Chamber of Commerce (CCC) recently entered into an MOU with Market Development Facility (MDF), Australia’s flagship private sector development program, to support the private sector in innovating to…

Fitch Ratings Expects IMF Board to Approve Proposed SDR allocation in August

Fitch expects the new general special drawing rights (SDR) allocation to be approved by the IMF’s board of governors, likely in August. The move will raise foreign exchange reserves for…

Delhi-Colombo-Beijing triangle undergoes another shift

By Professor Harsh V Pant Chinese Defence Minister Gen. Wei Fenghe was in Sri Lanka last week seeking to shore up support for Chinese projects at a time when new…

U.S. Senate advances bipartisan legislation to counter China’s growing influence

(CNN): The Upper Chamber of United States Congress, Senate last Thursday advanced bipartisan legislation that would counter China’s growing influence by investing over $200 billion in American technology, science, and…

New Investor to soon acquire Breadtalk’s Sri Lankan franchisee

RIL Properties PLC is progressing with negotiations with a potential investor to dispose of its entire stake in FoodBuzz (Private) Limited which owns franchise rights of BreadTalk in Sri Lanka. The…

Keells plans to open over 75 outlets by early 2024 amidst intensifying competition from newcomers

Feeling the heat from intensifying competition from newcomers, John Keels Holdings (JKH) re-targets to open over 75  Keells branded supermarkets by early 2024. “The Retail sector has seen intensifying pressure…

Sri Lanka To Sue Singapore Ship Owners Over Marine Pollution

AFP:Sri Lankan authorities Sunday said they will sue the owners of a Singapore-registered cargo carrier which has burned for 11 straight days off the island’s west coast and caused some…

Costly Chinese COVID Vaccine Sparks Row in Sri Lanka

Disclosure of procurement price of China’s Sinopharm vaccine in Sri Lanka has sparked a row after reports emerged that Colombo had to shell out a higher per-dose price than its…

Bangladesh Offers $500M Lifeline to Sri Lanka ahead of $1B Dollar Bond Maturity

In a first for Bangladesh, the country has extended a lifeline of sorts to the beleaguered Sri Lankan economy, offering to top up the island nation’s depleting foreign reserves by…

Sri Lanka to Secure $200m currency swap facility from Bangladesh to maintain FX Reserve

The Bangladesh Bank board on Sunday approved in principle a draft $200-million currency swap deal with Sri Lanka, which is struggling to maintain a moderate foreign exchange reserve. The currency…

Global trade recovered at a faster pace from the Pandemic-fueled recession compared with the past two trade recessions

World trade’s recovery from the COVID-19 crisis hit a record high in the first quarter of 2021, increasing by 10% year-over-year and 4% quarter-over-quarter, United Nations Conference on Trade and…

Viper Networks Partners with Airtel, Hutch and SLT to Launch $100 M Smart City Project in Sri Lanka

A United States (U.S.)-based international leader in Smart City solution provider, Viper Networks Inc along with its local partner Inc entered into three (3) separate contracts with Sri Lanka Telecom…

CBSL to Launch a New Mechanism to Monitor Foreign Exchange Operations through Banking Sector in 2022

The Central bank of Sri Lanka (CBSL) is in the process of operationalizing an International Transactions Reporting System (ITRS) that will monitor both cross-border and foreign currency transactions in the…

Advocata Proposes Changes to Colombo Port City Commsion Bill to Maximize Economic Benefits for Sri Lankans

Colombo-based Pro-market Think-Tank, Advocata Institute proposed five key areas for the consideration of Sri Lanka’s Members of Parliament (MPs) in order to maximize the economic benefits of China-backed Colombo Port…

How Discovery and Warner Media plan to take on Netflix

It was a plot hatched in the utmost secrecy. After striking up a rapport over their shared interest in golf, Discovery chief executive David Zaslov and AT&T boss John Stankey…

Indian and Chinese multinational corporations and financial institutions could influence the proposed ban on agrochemicals imports into Sri Lanka

A Sri Lankan-based leftist agrarian movement warned the government of possible influences by Indian and Chinese multinational corporations and financial institutions to do away with the recent decision to ban…

No more tax tricks! Global minimum tax for corporations could raise 100 billion

What may seem impossible to employees is common practice for multinationals: they shift their profits around the world until they no longer have to pay taxes on them. A global minimum tax…

The Chamber Academy and ETIS Lanka conducts short Courses on Business Economics

The Chamber Academy of the Ceylon Chamber of Commerce together with ETIS Lanka recently concluded a short course in Business Economics.  The three-session course equipped participants with an alternative, more…

Sri Lanka AG’s Department Receives a U.S-Funded Training Center and E-Case File Tracking System

With support from the United States, the Attorney General’s Department inaugurated a state-of-the-art training center and launched an electronic system to track cases and legal files will, which strengthen the…

Prime Lands IPO Oversubscribed On Opening, Offers Additional 87.5M Shares

The Initial Public Offering (IPO) of 100,000 ordinary voting shares of Prime Lands Residencies (PLR) was oversubscribed on Colombo Stock Exchange (CSE) on its opening today (11th), triggering the company…

Virtusa Founder and CEO Kris Canekeratne To Step Down Ending 25-Year Run

Virtusa Co-Founder and CEO Kris Canekeratne is setting down at- end of this June after growing the Global business consulting and IT outsourcing provider to $1.3 billion in revenue. Canekeratne along…

Sri Lankan Consumers Shifts to dining from home at a Uber Speed in 2020 – CAL Research

In line with the global shift in course towards dining from home, the Sri Lankan private consumption expenditure on dining out in restaurants and hotels experienced a steep decline whilst…

Sri Lanka’s Banking Sector’s MSME Lending Portfolio Among Weakest in Asia-Pacific

Despite much hype, Sri Lanka’s banking sector’s to Micro, Small and Medium-sized Enterprises (MSMEs) lending portofolio is one of the poorest in the Asia-Pacific region in terms of loan disbursements…

Giving 2 Doses Of Different COVID-19 Vaccines Could Boost Immune Response

Typically, if you get a COVID-19 vaccine that requires two doses, you should get two of the same vaccine. Two Pfizer shots, or two Moderna shots. Not one and then…

Mobitel extends the lead over Dialog in user experience, while Hutch emerges as the most improved in Q42020

Sri Lanka’s State-owned mobile telco operator, Mobitel extended its lead over Dialog Axiata in mobile network experience while Hutch emerge as the most improved mobile telco operator in Q42020. Holding…

Sri Lanka: Chinese come calling

by Col R Hariharan Chinese defence minister’s visit  The recently held Quad summit, which transformed an informal framework of the US, India, Japan, and Australia, into a formal grouping with…