• Mon. Oct 18th, 2021

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…

Prime Lands Residencies Expects Rs.10B Cashflow from Pre-sold units over next 2-3 years

The latest IPO entrant to Colombo Stock Exchange (CSE), Prime Lands Residencies (PLR) expects nearly Rs 10 billion cash flow over the next 24-36 months from its pre-sold apartments stock,…

Intermediate Care Facility at Jetwing Beach by Ninewells Start Welcoming Covid-19 Positive Patients

The 5-star Jetwing Beach Hotel in Negombo today (3rd of May) started operations as an Intermediate Care Facility in partnering with Access Group’s Ninewells Hospital to offer world-class health & safety with…

Sri Lanka Declares Worst Economic Downturn in 73 years

(AFP) : Sri Lanka announced Friday that its economy shrank 3.6 percent last year due to the Covid-19 pandemic, making it the worst downturn since independence from Britain in 1948.…

JLL Sri Lanka Joins SLASSCOM with Plans to Invest in Proptech Start-ups

Eyeing emerging Proptech Start-ups, Leading global commercial real estate services firm, Jones Lang LaSalle Incorporated (JLL)’s Sri Lankan unit joined the Sri Lanka Association for Software and Service Companies (SLASSCOM) which is…

Singapore to stop entry of visitors from Sri Lanka and two other SA countries

(PTI): Singapore will stop the entry or transit to visitors with recent travel history to Bangladesh, Nepal, Pakistan and Sri Lanka from May 2 following “deterioration” of coronavirus situation in…

Shares back in RED after a rollercoaster ride

The Colombo Bourse today continued to play on a rollercoaster movement throughout the session reverting ASPI back to negative posture “The index spiked in the first few minutes and then…

Former US Ambassador to UN Samantha Power Secures Senate Vote to Become the New USAID Administrator

The Former United States (US) Ambassador to the United Nations (UN) Samantha Power was confirmed by United States Senate as the nineteenth Administrator of the United States Agency for International…

Maga Engineering Takes a Large Chunk of ADB’s Construction Contracts in Sri Lanka

The leading construction comoany, Maga Engineering Pvt. Ltd emerged as the top contractor in Asian Development Bank (ADB) funded projects in the country by securing contracts valued at a staggering…

Sri Lanka’s GDP to grow by 4.1% in 2021 – ADB

Sri Lanka’s Gross Domestic Product (GDP) is projected to grow by 4.1% recovering from the Coronavirus crisis on an expansive budget and stronger global demand with a marked rebound expected…

Sri Lanka needs a resilient logistics system

By Winnie Wang Logistics carry dreams. Back in 2007, when I applied to graduate schools in the United States, nothing could beat the excitement of handing over my applications to FedEx,…

Shipping during COVID-19: Why container freight rates have surged

By United Nations Conference on Trade and Development (UNCTAD) When the Ever Given megaship blocked traffic in the Suez Canal for almost a week in March, it triggered a new…

United States Launches “Clean Cities, Blue Ocean Program” in Sri Lanka to Tackle Plastic Pollution

U.S. Ambassador to Sri Lanka Alaina B. Teplitz announced the first grants awarded through the U.S. government’s Clean Cities, Blue Ocean program yesterday, totaling $345,000. These grants to Sri Lankan…

Hayleys Fabric to Become the largest fabric manufacturer in Sri Lanka After Acquisition of Ambeon’s South Asia Textiles

Dhamike Perera-controlled, Hayleys Fabric PLC (MGT) entered into an agreement with Ambeon Holdings PLC (GREG) yesterday (22nd April) to acquire the fourth largest fabric manufacturer in Sri Lanka South Asia Textiles…

Sri Lanka’s mobile internet speeds yet to rebound to pre-pandemic levels

Sri Lanka’s mobile internet speeds are yet to rebound to pre-pandemic levels while, while Fixed Broadband speeds improved in March surpassing the pre-pandemic levels, according to Ookla’s latest Speedtest Global…

IFS outlines a three-year sustainability strategy

Sweden-based multinational enterprise software firm, IFS today announces its promise to sustainability through a plan to improve the company’s own operations, enable customers to achieve their sustainability goals, as well as…

IATA Welcomes WHO Emergency Committee Risk Management Recommendations

The International Air Transport Association (IATA) urged states to comply with recommendations on international travel from the World Health Organization’s International Health Regulations (2005) Emergency Committee on testing and risk management during…

The real estate industry needs to transform to serve the needs of people and cities

The real estate industry needs to transform to serve the needs of people and cities in the next decade, according to a new report released today by the World Economic…

CSE listed firms posts record earnings for December Quarter

The Earnings of Colombo Stock Exchange (CSE) listed firms rose by 33% percent Year-on-Year (YoY) to Rs 88.6 billion in December quarter maintaining the growth momentum for the second straight…

Lankan Angel Network’s Invest in a BaaS platform

The Angel Fund, an initiative of the Lankan Angel Network (LAN) has invested Rs. 10 million in Niftron, a blockchain-as-a-service (BaaS) platform that aims to make blockchain simpler and more…

How the Tiny Kingdom of Bhutan Out-Vaccinated Most of the World

The Lunana area of Bhutan is remote even by the standards of an isolated Himalayan kingdom: It covers an area about twice the size of New York City, borders far…

Supreme Court to further consider petitions challenging Colombo Port City Economic Commission Bill tomorrow

The Supreme Court today postponed further consideration of the petitions filed challenging the ‘controversial’ Colombo Port City Economic Commission Bill until 10 am tomorrow (20th). The Bill aims to provide…

EU backs U.S. call for global minimum corporate tax, but rate to be decided

(Reuters) – The European Commission backed on Tuesday a call from U.S. Treasury Secretary Janet Yellen for a global minimum corporate tax, but said its rate should be decided in…

NEXT Recognises Trade Union at its Plant in Sri Lanka

The British multinational clothing, footwear, and home products retailer, NEXT agreed to recognize the newly formed branch of Free Trade Zones and General Services Employees Union (FTZ & GSEU) at its plant (Next Manufacturing (Pvt)…

New Zealand ban live exports of animals by sea citing reputational risks from poor animal welfare practice

Citing reputational risk from poor animal welfare practice, New Zealand is banning live exports of animals by sea. New Zealand’s Agriculture Minister Damien O’Connor on Wednesday announced the controversial practice…

Farmers move to occupy a critical elephant corridor in Sri Lanka

By Malaka Rodrigo Earlier this month, more than 300 people gathered near the borders of the Dahaiyagala Wildlife  Sanctuary in Sri Lanka’s Uva province armed with axes, long knives, ropes and handheld…

Sri Lanka Signs $500M emergency loan agreement with China as rupee hits record low

Sri Lanka secured a US$500 million loan from China Monday (Apr 12) in a desperate bid to shore up its foreign exchange reserves as the local currency hit a record…

Cabraal Leads Sri Lankan Delegation to Lulu Regional Office

A high-level delegation from Sri Lanka headed by the State Minister of Money & Capital Market and State Enterprise Reforms H E Ajith Nivard Cabraal visited Lulu regional headquarters recently.…

Sri Lanka finalizes air bubble pact with India to resume air travel

India has finalized a bilateral air bubble arrangement with Sri Lanka for the operation of special international passenger flights between the two countries, the Civil Aviation Ministry said on Saturday.…

IMF, World Bank Begin Push To Swap Debt Relief For Green Projects

(AFP): The idea of forgiving debt held by poor countries in exchange for “green” investments gained ground this week during the spring meetings of the IMF and World Bank, with…

HMD Global introduces six new Nokia phones across three distinct lines and continues its move into the mobile services sector

X-series: Nokia X20 and Nokia X10 – refined quality and experiences that you will love, with extra durability G-series: Nokia G20 and Nokia G10 – innovative features in a reassuringly secure package,…

The United States Blacklists Seven Chinese Supercomputing Entities

The Department of Commerce’s Bureau of Industry and Security (BIS) has added seven Chinese supercomputing entities to the Entity List for conducting activities that are contrary to the national security…

MolecuLight Appoints Nanomedix as a specialized Distributor in Sri Lanka

 MolecuLight Inc., the leader in point-of-care fluorescence imaging for detection of wounds containing elevated bacterial loads Nanomedix (PVT) LTD as the specialized Distributor in Sri Lanka for its i:X fluorescence…

Sri Lanka Among 30 Nations Joining A Global Initiative to Tackle Marine Litter

A major international project that will help reduce marine plastic litter from maritime transport and fishing sectors is up for a successful start, after getting 30 countries including Sri Lanka on board.…

Central Bank Retain Policy Rates At the Current Levels

The Monetary Board of the Central Bank of Sri Lanka (CBSL) decided to maintain the policy interest rates of the Bank at the current levels. “The Board observed the stronger…

Policy Rates to Hold Steady As Indicators Make Headway – First Capital Research

The Monetary Board of the Central Bank of Sri Lanka (CBSL) is widely expected to hold policy rates steady in the upcoming Policy Review meeting, according to First Capital Research…

Sri Lanka’s President bans Palm Oil Imports, Orders Companies to Uproot Palm Oil Plants…

Sri Lanka’s President Gotabaya Rajapaksa has instructed to completely ban the importation of Palm Oil with immediate effect while ordering plantation firms to uproot Palm Oil Plants in a phased-out…

Launch of the “Bath Curry (බත්කරි ) Indicator” by the Advocata Institute

Food inflation has risen over the last year, although the overall inflation is low. According to the National Consumer Price Index, overall prices rose by 3.7% between January 2020 and…

Nike wins halt to sales of Lil Nas X ‘Satan Shoes’

(Reuters) – A federal judge on Thursday sided with Nike Inc in ordering a Brooklyn company to temporarily stop further sales of “Satan Shoes” it produced in collaboration with the…

Cracking the Code of Financial Inclusion in Sri Lanka

By Savani Jayasooriya The refreshing taste of thambili, otherwise known as king coconut, is a preferred beverage for many Sri Lankans. Roadside stalls laden with thambili, like one owned by…

Sri Lanka had the Sixth Most selfie-related accidents in the World

Sri Lanka recorded the World’s sixth most selfie-related accidents over the past decade, according to Inkifi. The country experienced six causalities from selfie-related accidents in the period and five of…

Prime Lands Residencies Plans Rs 1.95B IPO

A top real-estate developer and the leader in the mid-market residential condo segment, Prime Lands Residencies Ltd plans a Rs 1.95 billion Initial Public Offering (IPO) in the Colombo Stock…

Softlogic brings all retail operations into one core vertical

Softlogic Holdings PLC completed the transfer of all retail operations into one core vertical under Softlogic Retail Holdings (Pvt) under the restructure plan announced over two years ago. “Softlogic Retail…

IATA Recocomends Rapid Antigen Tests for Air-travel

The International Air Transport Association (IATA) today urged governments to accept best-in-class rapid antigen tests in fulfillment of COVID -19 testing requirements based on the latest research findings of OXERA…

Visa moves to allow payment settlements using cryptocurrency

(Reuters) – Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance…

CBL Group Clinches Best Corporate Citizen Award

The leading biscuit, chocolate, and confectionery manufacturer CBL Investments Limited (CBL Group) won the Best Corporate Citizen Award (BCCA) of Ceylon Chamber of Commerce (CCC) beating Commercial Bank of Ceylon…

Japan’s Takeda Pharmaceutical Plans to Submit Regulatory Filings for its Dengue vaccine in Sri Lanka this year

Takeda Pharmaceutical Company Limited today announced that the European Medicines Agency (EMA) has accepted the Company’s filing packages for its dengue vaccine candidate (TAK-003) which is being investigated for the…

UN Human Rights Council Votes to strengthen rights office probe into Sri Lanka’s long civil war

The 47-member UNHRC adopted a resolution on Tuesday, brought by Great Britain on behalf of a group of countries, boosting UN rights chief, Michelle Bachelet’s staff and powers, with a view…

Arcade Independence Square Lease out to Ashok Pathirage-controlled Odel for 10 Years

Sri Lanka’s Odel PLC, a subsidiary of Ashok Pathirage-controlled Softlogic Holdings has entered into an agreement with the Urban Development Authority (UDA) to lease, operate and manage the Arcade Independence…

Sri Lanka’s Central Bank Signs $1.5 B bilateral currency swap Pact WIth China

Sri Lanka’s Central Bank (CB) entered into a $1.5 billion ( CNY 10 billion) bilateral currency swap agreement with the People’s Bank of China (PBoC) for a three-year period. However,…

BreadTalk To Close Down All Outlets in Sri Lanka Until Further Notice

The Board of Directors of FoodBuzz (Private) Limited, the sole custodian of franchise rights for BreadTalk in Sri Lanka decided to temporarily suspend its business operations. The parent of FoodBuzz…

Sri Lanka lowers its apparel export earning target to $5.1 B

Sri Lanka has lowered its apparel export earning target to $5.1 billion for the year from the original $6 billion-target announced in January this year. “The government is enthusiastic to…

Adani Ports to get 51% equity stake in WCT at Colombo Port

With a 51 percent equity stake, India’s Adani Ports and Special Economic Zones Ltd. (APSEZ) is partnering with John Keells Holdings PLC (JKH) and with the Sri Lanka Ports Authority…

Sri Lanka asks Amazon to remove bikinis and doormats featuring its flag

Sri Lanka has asked retail giant Amazon to take down bikinis, briefs and doormats featuring the nation’s lion flag from its site, authorities said Sunday, two days after it protested…

Sri Lankan Airlines Signs engineering maintenance agreement with FITS Aviation

Sri Lankan Engineering, the Engineering arm of Sri Lankan Airlines signed a total 360 engineering maintenance agreement with FITS Aviation, encompassing base maintenance, line maintenance, and other engineering services, for FITS Aviation’s Airbus A320 fleet…

The Ceylon Chamber of Commerce signs MOU with McLarens Maritime Academy

The Ceylon Chamber of Commerce (CCC) and the McLarens Maritime Academy recently entered in to a Memoranda of Understanding where CCC appointed surveyors will have an opportunity to undertake training…

Global Fashion Brands Face Legal Complaints On Labour Rights Violations at Hirdaramani Mercury Apparel

Sri Lanka’s Stand Up Movement and Commercial & Industrial Workers’ Union (CIWU) filed a complaint with the Labour Commissioner to conduct an inquiry into nonpayment of workers’ wages and bonuses,…

Central Bank Announces Six Month concessionary Period for Lease Payment Obtained By Passenger Transport Sector

The Central Bank (CB) instructed licensed commercial banks and licensed specialized banks to grant a concession for lease facilities obtained by COVID-19 affected businesses and individuals in passenger transportation services…

Sri Lanka’s discussions for emergency financial support with IMF failed due to disagreements over policy requirements

The International Monetary Fund (IMF) couldn’t proceed with disbursing emergency financial support for Sri Lanka as the discussions failed due to disagreements over policy requirements on debt sustainability to address…

China approves $1.5 billion currency swap with Sri Lanka

(Reuters) – China has approved a 10 billion yuan ($1.54 billion) currency swap with Sri Lanka, a government spokesman in Colombo said on Wednesday. The deal will allow the island…

United States First Lady presents Sri Lanka’s Ranitha Gnanarajah with the International Women of Courage award

On the 8th of March, First Lady of the United States Dr. Jill Biden and Secretary of State Antony Blinken honored Ranitha Gnanarajah as an International Women of Courage (IWOC) award winner for her commitment…

India Denies Approving Sri Lanka’s WCT Deal with Adani group

India on Friday denied Sri Lanka’s announcement that New Delhi had cleared the proposal of an Adani group company to develop the West Container Terminal (WCT) at Colombo port, according to…

Gembridge appoints top gem merchant Armil Sammoon as its ambassador to Sri Lanka

Digital coloured gemstone trading platform Gembridge appointed top gem merchant Armil Sammoon as its ambassador to Sri Lanka. Under its global ambassador network, Gembridge plans to popularise the trading platform…

CB decides to hold policy rates steady

The Central Bank(CB) decided to hold its policy rates steady while reemphasizing its commitment to sustain the low-interest rate structure until the economy recovers. The Monetary Board of the CCB,…

DFCC Bank’s impairment charge nearly doubles in 2020

DFCC Bank’s impairment charge nearly doubled to Rs Rs 3.3 billion at the end of 2020 when compared to the previous, the Bank announced. TheBank’s total impairment charge increased by…

Sri Lanka brings back offer of developing deep-sea port to India and Japan

Sri Lanka is once again offering a strategically located deep-sea port to India and Japan as the island seeks to balance traditional ties against China’s rising regional influence. The government…

Daily Turnover at CSE falls to the lowest point this year

The daily turnover of the Colombo Stock Exchange (CSE) fell to Rs 1.89 billion today, the lowest value seen so far during the year. The benchmark stock index ASPI ended…

COPE Orders to Sri Lanka Insurance submit a report on Maldives and Seychelles Branch Closures

Sri Lanka’s Legislative Committee on Public Enterprises (COPE) has ordered the State-Owned Sri Lanka Insurance Corporation (SLIC) to submit a report expeditious on its decision to close operations in Maldives…

Over 500 Sri Lankan migrant workers have died’ building Qatar’s World Cup infrastructure

557 migrant workers among the 6,500 migrant workers who have died during Qatar’s football World Cup preparations over the last decade, according to a report. It reported that On average…

Pakistan Offers $50 Million New Credit Line to Sri Lanka to Boost Defence Ties

Cash-strapped Pakistan has offered a $50 million new credit line to Sri Lanka to boost cooperation in the defence and security sectors. Pakistan Prime Minister Imran Khan announced the new…

Pakistan Pitches China-backed CPEC to Sri Lankan Investors

Pakistan’s Prime Minister Imran Khan who’s currently on his maiden official visit to Sri Lanka has invited Sri Lanka’s business community to invest in the $46 billion China-Pakistan Economic Corridor (CPEC)…

Sri Lanka CB says controlling foreign debt will ‘no doubt’ require some austerity

(Reuters) : Sri Lanka’s central bank governor said on Wednesday lowering the country’s reliance on foreign debt will require some austerity, as Colombo attempts to shore up confidence in its…

Spotify to Expand into Sri Lanka over the next few days

Swedish audio streaming and media services provider and the world’s largest music streaming platform, Spotify announced that it would expand into Sri Lanka over the next few days, as it…

USAID Supports Sri Lanka’s Efforts in safely Transporting Pathological Waste

Thanks to the Ampara Regional Health Directorate and the American people, Ampara now has a vehicle to safely transport pathological waste.  Dr. Prasanga Serasinghe, the Regional Director of Health Services…

Finance companies are permitted to lend up to 80% of the value in used motor vehicle purchases

The Central Bank (CB) decided to increase the loan to value ratio (LTV) of licensed finance companies up to 80 percent on auto loans in purchasing used passenger vehicles in…

Asset risk looms over Sri Lankan insurers

Sri Lankan insurers are facing heightened asset risk due to the country’s weaker credit profile and lower national ratings of several state-owned and private institutions, a Fitch Ratings report said.…

Indian mission in Sri Lanka denies Trincomalee oil tanks deal off

The Indian High Commission in Colombo has rejected Sri Lankan energy minister’s claim that the deal between the two countries on the 99 World War II-era Trincomalee oil tanks leased…

Daraz, Dialog, Samsung, Singer, and SLTMobitel Are Most Popular Brands Online in Sri Lanka

Daraz, Dialog, Samsung, Singer, and Mobitel were named among the top five visible brands by internet users in Sri Lanka, according to a survey. The Asia Pacific Institute of Digital…

Bitcoin tops $50,000 as it wins more mainstream acceptance

(Reuters) – Bitcoin rose above $50,000 on Tuesday for the first time, adding steam to a rally fuelled by signs that the world’s biggest cryptocurrency is gaining acceptance among mainstream…

Property Buyers Are Flocking Back To Residential Property Market – LankaPropertyWeb

Sri Lanka’s leading property portal, LankaPropertyWeb says that there has been an increase in real estate activity by property buyers and sellers since the turn of the year Sri Lanka’s…

Bandwagoning with China: Geopolitics of a container terminal in Sri Lanka

By Asanga Abeyagoonasekera It is rather unusual for trade union leaders to speak geopolitics. “Geopolitics should not be a determinant factor for us to lease our own East Container Terminal…

India propels Telegram to become most downloaded non-gaming app in Jan: Sensor Tower

Telegram was the most downloaded non-gaming app worldwide for January 2021 with more than 63 million installs, 3.8 times its downloads in January 2020. The countries with the largest number…

Leading airlines join UNICEF’s historic mission of transporting COVID-19 vaccines around the world

UNICEF is today launching the Humanitarian Airfreight Initiative. Under this landmark initiative, over 10 leading airlines are signing agreements with UNICEF to support the prioritization of delivery of COVID-19 vaccines, essential medicines,…

PUCSL Nod To Award 300MW Kerawalapitiya LNG Power Plant Contract to Lakdhanavi

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator approved the power purchase agreement to build 300 MW Kerawalapitiya Liquid Natural Gas power plant in Sri Lanka…

Edtech startup Eupheus Learning raises $4.1 million ahead of its plans to expand into Sri Lanka

Ahead of its foreign expansions, India’s Edtech startup Eupheus Learning has raised $4.1 million in a Series B funding round, led by Kuwait-based United Education Company (UEC) and Al Rayan Holding…

Sri Lanka’s food and beverage imports grow by 9 percent in 2020

Sri Lanka’s food and beverage imports grew by nearly 9 percent topping $1.5 billion last year (2020) compared to 2019 despite import restrictions, according to the Central Bank (CB). The…

India Has Its Way On Chinese Projects In North Sri Lanka – Analysis

India has got even with China by bagging the West Container Terminal and making Sri Lanka yield to its security concerns over Chinese power projects in the islands off Jaffna.…

Sri Lanka to Double Fresh Milk Production by 2024

The government aims to double the local fresh milk production to meet 80 percent of the country’s consumption by 2024, Prime Minister Mahinda Rajapaksa announced in Parliament yesterday. He said…

Henry Ford Cardiologists Find Apple iPhone 12 Magnet Deactivates Implantable Cardiac Devices

One of the newest features of the Apple iPhone 12 series of mobile devices is a strong magnet that helps align the phone on Apple’s MagSafe accessory to maximize charging…

Investment decline in productive assets spells trouble for poorer nations

Although developing countries attracted a record share of global foreign direct investment in 2020, finance for infrastructure and productive sectors fell significantly, weakening their COVID-19 recovery prospects. Foreign direct investment…

Bezos to give Amazon reins to cloud boss Jassy as sales rocket past $100 billion

(Reuters) Amazon.com Inc founder Jeff Bezos will step down as CEO and become executive chairman, naming the head of its lucrative cloud computing division as successor in a sign of…

Sri Lanka halts port deal with India and Japan

Sri Lanka on Tuesday scrapped a deal to develop a major port terminal with India and Japan amid weeks-long protests by trade unions and opposition parties while India called on…

Adani Group’s T K Kannan appointed to Watawala Plantation Board as an Alternate Director

Adani Group’s T K Kannan is appointed as an Alternate Director to Madhu Ramachandra Rao in the Board of Sri Lanka’s Watawala Plantation PLC with effect from today. Kannan, who…

Sri Lankan shares drop most in nearly four months as financials, industrials fall

(Reuters) Sri Lankan shares on Tuesday suffered their worst single-day fall since October, led by sharp declines in financial and industrial stocks. Sri Lanka’s CSE All Share Index ended 6.56%…

IFS growth outperforms market in 2020 with 26% increase in software revenue

IFS, the global enterprise applications company has seen a 26% Year-on-Year increase in software revenue, according to its financial results for the full year ended December 31, 2020. 2020 saw widespread…

USPTO announces relief for delays in filing certified copies of foreign priority applications due to the COVID-19 outbreak

The United States Patent and Trademark Office (USPTO) recognizes that the COVID-19 outbreak has imposed significant hardships on many of our stakeholders. In particular, some foreign intellectual property (IP) offices…

Rupee to depreciate by 12% in 2021- First Capital

Sri Lanka’s First Capital Research expects LKR to depreciate approximately by 12 percent during this year. “With the weak foreign currency reserve position, high foreign currency debt repayment and a…

Cinnamon Life to handover office and residential units at two towers in March

Sri Lanka’s largest mixed development, the $1 billion Cinnamon Life project announced the handover of units at ‘The Suites’ residential tower and ‘The Offices’ tower by March 2021, following delays.…

Nutrition crisis looms with over 39 billion in-school meals missed since start of pandemic – UNICEF and WFP

Over 39 billion in-school meals have been missed globally since the start of the COVID-19 pandemic due to school closures, according to a new report released today by the UNICEF…

Wall Street gears up for second bout against Reddit traders

(Reuters) – Wall Street is gearing up for another week of market mayhem, with signs that the retail frenzy that pumped up the stock prices of the likes of GameStop…

The World’s Best Stock Rally Is in Sri Lanka – Bloomberg

Sri Lanka stocks have returned a world-beating 30% so far in 2021 as domestic investors get more active, Bloomberg reported yesterday. Local traders have bought a gross Rs 155 billion…

Sri Lanka – Korea Business Councill urges Tourism Authorities to target high spending South Korean Tourists

Sri Lanka – Korea Business Council (SLKBC) urges the Tourism Promotion Bureau to target South Korea’s outbound tourism market to attract high-spending tourists to the country. “The Per Capita income…

Access Engineering acquire a 50% stake in Lanka AAC Ltd for Rs 131 M

Access Engineering PLC (AEL) has invested Rs. 131 million to acquire a 50 percent stake in the light-weight brick manufacturer, Lanka AAC Ltd. “Access Engineering PLC announces that it has…

EU Urges Sri Lanka to Notify Imposed Import Restrictions Measures to WTO

The Europan Union (EU) has urged Sri Lanka to notify import restrictions measures imposed since April 2020 to the World Trade Organisation (WTO), while stressing the need for a level…

Billionaires thriving as poor suffer in widening COVID-19 divide – Oxfam

(Thomson Reuters Foundation) – Billionaires including Amazon’s Jeff Bezos and Tesla founder Elon Musk have seen their wealth soar during the COVID-19 pandemic while the world’s poor face years of…

Renewables overtook fossil fuels in EU electricity mix in 2020

(Reuters) – Renewables overtook fossil fuels as the European Union’s main source of electricity for the first time in 2020 as new projects came online and coal-power shrank, a report…

Central Bank Bars Banks from entering into new forward FOREX contracts

Sri Lanka’s Central Bank (CB) yesterday barred banks from entering into new forward foreign exchange contracts for three months with immediate effect to contain excess volatility in the foreign exchange…

Sri Lanka emerging as a small, yet growing market for U.S consumer food products in South Asia

Sri Lanka which has the highest per-capita GDP in South Asia has emerged as a small, yet growing, consumer food products market for the exporters of the United States, according…

New SEC Act Likely to Be Enacted Within Next Two months

The Securities and Exchange Commission of Sri Lanka (SEC) expects the New SEC Act to be enacted within the first quarter of the year. ” The new SEC Act, which…

ADB Calls for Far-Reaching Reforms to Build Resilient Education Systems Amid COVID-19

Governments and stakeholders in Asia and the Pacific should initiate far-reaching reforms to strengthen the resilience of education and training systems as they deal with the coronavirus disease (COVID-19) pandemic,…

Huawei founder praises U.S. tech in first word from company since Biden inauguration

(Reuters) – The United States remains a “beacon of technology” to be emulated and China’s Huawei Technology should consider cutting products in the wake of U.S. actions against it, the…

Licensed Banks to decide on cash dividend payments After Completing 2020 Financial Statements Audit

The Central Bank (CB) says that licensed banks could pay cash dividends and licensed foreign banks could repatriate profits following the completion of the audit of their financial statements for…

Asian stocks climb to record highs on Biden stimulus hopes

(Reuters) – Asian stocks scaled to record highs on Thursday as investors were hopeful the incoming Biden administration will be able to secure passage of a massive new stimulus package…

Hayleys Group and subsidiaries announce stock splits

Billionaire Dhammika Perera-controlled Hayleys Group and all its listed 13 subsidiaries announced stock splits today, subject to shareholders’ approval. Following the announcement, the trading was halted until 11.30 am today.…

Covid-19: Maldives signs deal with AstraZeneca for 700,000 vaccine doses

Maldives has entered an agreement with AstraZeneca Singapore Private Limited to procure 700,000 vaccination doses for the ongoing Covid-19 pandemic. This was revealed by the Health Emergency Operations Center (HEOC)’s…

Sri Lanka’s mobile and fixed broadband speeds improve in December

Sri Lanka’s mobile and fixed broadband speeds recorded an improvement in December, however, still continued to remain below the pre-pandemic levels, according to Ookla’s latest Speedtest global index. The mobile…

Second phase of GRI’s $100M Tyre Project to Be Commissioned in December

Global Rubber Industries (GRI) last week broke ground and laid the foundation stone for the second phase of a $ 100 million project with a new manufacturing facility in Badalgama,…

Latest $200 million SLDB issuance undersubscribed

The latest $200 million issuance of Sri Lanka Development Bonds (SLDBs) closed undersubscribed on Tuesday with only bids received amounting to $62.64 million, the Central Bank (CB) data showed. The…

Central Bank orders banks to delay dividend payments

The Central Bank (CB) ordered the local banks to differ cash dividend payments and foreign banks to differ profit repatriation until their 2020 accounts have been audited. “Every licensed commercial…

Etihad Airways Set to Become the First Global Airlines to Launch IATA Travel Pass

The International Air Transport Association and Etihad Airways, the national airline of the UAE, today announced a partnership to launch the IATA Travel Pass for Etihad Airways’ guests. The IATA…

Central Bank Holds Policy Rates Steady with plans to introduce priority sector lending targets

The Monetary Board of the Central Bank (CB) decided to maintain the policy rates at the current levels at the first Monetary Policy Review meeting held for the year. At…

Sri Lanka to Introduce a New education Policy

The government plans to introduce a new education system that will protect the dignity of labour and aimed at creating a skilled society in the new normal environment. President Gotabaya…

Vietnam and Sri Lanka Express Interest to pursue a Preferential Trade Agreement

During a farewell call on Foreign Minister Dinesh Gunawardena this week, the Ambassador of Viet Nam in Colombo, Pham ThiBich Ngoc endorsed that Sri Lanka and Vietnam have immense potential…

Sri Lanka’s President Confirms Adani Group’s Involvement in East Container Terminal

President Gotabaya Rajapaksa today assured representatives of Port Trade Unions that the East Container Terminal (ECT) of the Colombo Port will not be sold or leased. According to him, the…

United States provided $6M in aid to reduce the spread of COVID-19 in Sri Lanka

With the recent donation Of a mobile testing unit to the Regional Health Services in Moneragala, the U.S. Government has provided $ 6 million in aid to reduce the spread…

Republicans face growing corporate backlash after Capitol assault

(Reuters) – Republicans in the U.S. Congress faced growing blowback on Monday from businesses that said they would cut off campaign contributions to those who voted last week to challenge…

Central Bank to wind up ETI Finance through Courts

The Monetary Board of the Central Bank (CB) has decided to cause the Director, Supervision of Non-Bank Financial Institutions to make an application to a competent court for the winding…

First Capital Expects Central Banks to hold its Policy Rates Steady

The Colombo-Based, First Capital Research expects the Central Bank to hold its policy rate steady at the upcoming monetary policy review amidst sweeping measures to insulate the economy. “We believe…

Sri Lanka and Thailand eye to finalize the Proposed FTA

The Foreign Minister Dinesh Gunawardena and the outgoing Ambassador of Thailand in Sri Lanka Chulamanee Chartsuwan has endorsed the importance of finalizing the Free Trade Agreement to spearhead the bilateral…

President appoints De-Regulation Commission Chaired by Lalith Weeratunga and Krishan Balendra

President Gotabaya Rajapaksa has appointed an 18-member De-Regulation Commission for the Simplification of the Existing Laws and Regulations to spur the growth of the COVID-19 battered economy. The Commission is…

Wall Street at record highs as Democrats take control of Senate

(Reuters) – Wall Street hit record levels on Thursday as market participants bet on more pandemic aid under a Democrat-controlled U.S. Congress to help the economy ride out a steep…

MSC to launch a new direct service from India to West Africa with a call at Port of Colombo

The World’s second-largest shipping line, the Mediterranean Shipping Company(MSC) announced a new direct service, MSC India Africa Service (IAS) from India to West Africa with a call at Port of…

India Agrees to Prioritize Sri Lanka in Providing COVID Vaccine

India’s foreign minister pledged Sri Lanka’s president Gotabaya Rajapaksa yesterday to prioritize the country when Indian-produced COVID-19 vaccines are ready for export, the President Media Division (PMD) said. Visiting Indian External…

Global Air Passenger Demand Recovery Grinds to a Halt in November – IATA

The International Air Transport Association (IATA) today announced that the recovery in passenger demand which had been slowing since the Northern hemisphere’s summer travel season came to a halt in…

Elon Musk overtakes Amazon’s Bezos to become world’s richest person

(Reuters) – Tesla Inc chief and billionaire entrepreneur Elon Musk surpassed Amazon.com Inc’s top boss Jeff Bezos to become the world’s richest man, Bloomberg News reported on Thursday. Including Thursday’s…

Stocks cruise pass 7,000 psychological level after 7 years

The benchmark All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) broke the 7,000 point mark today for the first time since August 2014. The market saw a…

Nasdaq futures slump 2% on prospects of Democrat-controlled Senate

Futures tied to the tech-heavy Nasdaq 100 index sank 2% on Wednesday as the possibility of Democrats gaining control of the Senate sparked fears of tighter regulations on technology mega-caps.…

World Bank Forecasts 3.3% economic growth for Sri Lanka in 2021

The World Bank (WB) projects Sri Lanka’s economy to grow by 3.3 percent while expressing concerns over elevated debt distress in the country. The WB in its latest 2021 Global Economic…

Sri Lanka targets 1.5 million tourist arrivals for 2021

Sri Lanka targets 1.5 million tourist arrivals this year as the government plans to re-open the country’s airports to travelers within the month with COVID-19 health and safety guidelines in…

Cabinet directs Legal Draftsman to draft the Colombo Ports Commission Bil

The Cabinet of Ministers has approved a proposal instructing the Legal Draftsman to draft the Colombo Ports Commission Bill to place Colombo Port City as a leading investment hub in…

Sri Lanka’s Telephone Penetration Drops in 3Q2020

Sri Lanka’s telephone Penetration (including Cellular Phones) declined by 19.3 percent in the third quarter of last year compared to one year ago. Sri Lanka’s telephone Penetration stood at 164.1…

Arpico Finance and Associated Motor Finance advances with the proposed merger

Arpico Finance Company PLC (AFC) and Associated Motor Finance Company PLC (AMF) announced the merger of two entities subject to the approval of shareholders and the Colombo Stock Exchange (CSE).…

Sri Lanka’s economy contracted by 3.9% in 2020- Central Bank

The Central Bank (CB) expects Sri Lanka’s economy to have contracted by 3.9 percent in 2020 well below its earlier projections. “The marginal decline in the first, and the relatively…

Protectionism To Rise In 2021 States Attempts To Stimulate Domestic Recovery – Economist

Governments in 2021 are likely to ramp up protectionist economic measures in a bid to stimulate domestic recovery from the COVID-19 pandemic despite the interests of the private sector lying elsewhere, Kathmina…

Sri Lanka to ban maize-based alcohol and ethanol production

President Gotabaya Rajapaksa has ordered the Excise Department Chief to issue a gazette notification banning the use of maize (corn) for the production of alcohol and ethanol. The Commissioner is…

Sri Lanka resumes Tourism Activities with the arrival of First Tour Group

Ukrainian low-cost  Carrier, SkyUp brought the first group of tourists to the island nation since March when the country halted foreign tourist arrivals country in order to contain the spread…

Arrival of Russian Tour Group postponed

Russia’s national airline Aeroflot has postponed the scheduled flight to Sri Lanka with 300 Russian tourists as a new strain of COVID-19 spread in the United Kingdom (UK) and across…

Buyer of Piramal Glass Ceylon part of Blackstone Group

ICRA India confirmed that Blackstone Group Inc’acqusition of Piramal Group’s Piramal Glass includes its Sri Lankan unit, Pirmal Glass Ceylon PLC. With the announcement of Blackstone Group Inc’acqusition of Piramal…

Dialog Axiata to acquire Hirdaramani’s H One for Rs 300-350 million

Dialog Axiata PLC has reached an agreement to acquire full ownership of Sri Lanka’s largest reseller of Microsoft enterprise solutions (MSFT) , H one from Hirdaramani Group. “The transaction is…

Sri Lanka waives off the landing and parking fees at Two International Airports

The cabinet of Ministers has approved a proposal to waive landing and parking fees for International airlines in order to attract airlines to Rajapaksha International Airport in Mattala, and Colombo…

Sri Lanka’s fruit and Vegetable industry enters into MOU with WB’s Agriculture Sector Modernisation Project

The Lanka Fruit and Vegetable Producers, Processors and Exporters Association (LFVPPEA) have entered into a memorandum of understanding (MOU) with the World Bank’s (WB) Agriculture Sector Modernisation Project (ASMP) anticipating…

Global electricity generation from coal is set to drop by the largest amount on record in 2020

Global coal generation is estimated to fall by 5% in 2020 to 2012 levels, marking the largest annual decrease on record, the International Energy Agency (IEA) estimated in a new…

Justice K. Sripavan appointed as the New Commercial Bank Chairman

The Board of Directors of Commercial Bank green-lighted the appointment of Justice K. Sripavan as the New Chairman of the Bank with effect from 21st of this month, upon the…

United States assures support for Sri Lanka in responding to COVID and building its economy despite the withdrawal of the MCC grant

The United States assures support for  Sri Lanka in responding to COVID and building its economy, despite the withdrawal of  Rs. 89 billion   Millennium Challenge Corporation (MCC) grant. ” On December…

IATA to launch its Travel Pass within 1Q2021

The International Air Transport Association (IATA) is on the schedule to release the IATA Travel Pass early in the first quarter of 2021 to help reconnect our world safely.  The…

Sri Lankan Airlines plans to procure two freighters in 2021

Sri Lankan Airlines (UL) plans to call Request for Proposals (RFP) to procure two dedicated freighters shortly. “There’s so much cargo business at the moment. Exports have picked up, so…

Sri Lanka targets $2.5 B FDI in 2021

Sri Lanka targets $2.5 billion worth of Foreign Direct Investments (FDI) in 2021 backed by committed investments from Chinese firms. “We are targeting at least $2.5 billion in FDI inflows,…

Sri Lanka faces worst decline as debt crisis looms

Sri Lanka Tuesday announced its worst economic slump with second-quarter GDP plunging 16.3 percent as international concern grows over its ability to repay foreign debt. The department of Census and…

LOLC acquires Hemas’ Serendib Hotel PLC for Rs.792M

Sri Lanka’s Hemas Holdings PLC (HHL) has divested its’ shareholding in Serendib Hotel PLC to LOLC Holdings PLC for Rs 791.7 million. Eden Hotel Lanka PLC, a unit of LOLC…

Sri Lanka plans to resume international flight operations after Christmas

Sri Lanka plans to resume international flight operations from the 26th of December allowing commercial and cargo flights to operate to Island Nation without a restricted schedule, the Civil Aviation…

Sri Lanka’s trade deficit declines in October

Sri Lanka’s trade deficit declined by $320 million to $514 million in October compared to the preceding month, the Central Bank (CB) data showed. The $ 514 million trade deficit…

No Final Decision yet on Airport re-opening in January

The government hasn’t made a final decision yet on opening up Sri Lanka’s borders for foreign travelers in January next year, Sri Lanka Tourism, Chairperson, Kimarli Fernando said. Taking part…

Blackstone acquires Piramal Glass for $1 billion

The World’s largest alternative equity firm, Blackstone Group Inc,   has signed an agreement to acquire Piramal Group’s Piramal Glass including its unit in Sri Lanka for an estimated $1…

United States kick-off $20M Project to Support Small Businesses and empower Female Participation in Sri Lanka’s Labor Force

The United States launched a new Rs3.6 billion ($ 19.5  million) initiative to help small businesses and economically empower Sri Lankan women. The Private Sector Development Project, which is funded through…

Sanjaya Mohottala assumes duties as the Head of BOI

Sanjaya Mohottala assumed duties today as the 21st Chairman of the Board of Investment (BOI), the apex Investment Promotion Agency of Sri Lanka after Susantha Ratnayake stepped down from the position…

Sri Lanka shares bulldozed pass the 6,500 mark after 2 years

Sri Lankan shares bulldozed pass the 6,500 mark after 2 years & 7 months while recording the highest intraday gain nearly after a month,  riding on gains in financial and…

Global Aviation Bodies Urge governments Follow Global Guidelines on Crew Testing

The International Air Transport Association (IATA) and the International Federation of Air Line Pilots’ Associations (IFALPA) jointly urged governments to follow the International Civil Aviation Organization (ICAO) Council Aviation Recovery…

Sri Lanka eyes to open borders next month targeting long-term travelers

Sri Lanka’s government eyes to re-open the country for foreign travelers from next month with a proposal to issue six-month visas for tourists instead of the current one-month visas targeting…

Airbnb plans to raise $2.5B in IPO

San Francisco-based short-term rental company, Airbnb, Inc. to raise $2.5 billion in its Initial Public Offering (IPO). According to a filing with the US Securities and Exchange Commission, the company will…

Ceylon Graphite commences trading on the OTCQB Venture Market

Vancouver- based Ceylon Graphite Corp. announces that its common shares have been approved for trading on the OTCQB Venture Market in the United States from 3rd of December this year. Ceylon…

Sri Lanka’s President Calls Private Sector to make bold investment decisions

Sri Lanka’s President Gotabaya Rajapaksa called the country’s private sector to make bold investments moving away from conservative and low-risk strategies to live up to its reputation as the engine…

Sri Lanka seeks consultants for $100M India-funded solar project

The Sri Lanka Sustainable Energy Authority (SLSEA) is seeking consultants for the pre-feasibility study of installing solar rooftop systems in State buildings. The project is to be developed under a…

Budget 2021 is unlikely to provide a meaningful boost to the economy – Moody’s

Sri Lanka’s growth-oriented budget is unlikely to provide a meaningful boost to output, according to Moody’s Investors Service. “Despite the growth focus of the budget, we do not expect it…

Transform your kitchen with Singer’s elegant array of built-in appliances

As we continue to witness the rise of luxury residences and apartments, modern living has become a familiar concept highlighting the need for design functionality and efficiency in our fast-paced…

Experience HUTCH at your finger Tips, with the new advanced HUTCH Self Care App

HUTCH, Sri Lanka’s preferred choice for mobile broadband services has unveiled the newest version of the popular HUTCH Self Care app to offer HUTCH subscribers with an enhanced, all-inclusive digital…

SEC expects an increase in access to capital for Sri Lankan corporates

In welcoming budget 2021, the Securities and Exchange Commission of Sri Lanka (SEC) said that the proposed measures would deepen the capital market activity with increased access to capital for…

Key trends in Sri Lankans’ mobility habits during the second wave of COVID-19

COVID 19 has drastically changed the mobility trends around the world. Sri Lanka is no different to these changes and in fact, the country’s mobility trends were extremely volatile with…

Thailand leads in race for ASEAN Digital Hub with upgraded ICT infrastructure

Thailand, which leads ASEAN in 5G rollout, is eyeing the pole position in the race for ASEAN digital hub with its initiative to boost the ICT infrastructure and ecosystem, government…

Ocean Lanka Enters into Partnership with Cotton made in Africa (CmiA)

Ocean Lanka Pvt Ltd, Sri Lanka’s largest weft knitted fabric manufacturer, announced that it has entered into a partnership with Cotton made in Africa (CmiA), one of the world’s leading…

ABS Courier awarded ‘3PL of the year 2020’ at Daraz Seller Summit

Wins first place in recognition of its high standards in delivery ABS Courier – established in 2006 as the courier wing of AB Securitas (Private) Limited – recently won the…

Sri Lanka’s INIVOS and UK’s Muzulu in milestone partnership to offer full-scope Enterprise solutions

INIVOS Consulting, the fully fledged Sri Lankan Enterprise Resource Planning (ERP) solutions provider announced its partnership with Muzulu, the UK based provider of industry leading ERP business solutions. The partnership…

48 MP Quad AI Camera, 5000mAh battery, 4GB Ram + 128GB Rom packed Huawei Y7a up for grabs in Sri Lanka

Huawei, the global smartphone brand recently launched Y7a – a mid-range smartphone with one of the largest screens that would undoubtedly be craved by heavy social media users and mobile…

Huawei’s Ryan Ding: Maximizing Wireless Network Value for a Golden Decade of 5G

At the 2020 Global Mobile Broadband Forum (MBBF), Huawei’s Executive Director and President of the Carrier Business Group Ryan Ding gave his keynote speech “Maximizing Wireless Network Value for a…

Sri Lanka Will Manage its looming debt crunch without IMF Support – Cabraal

The State Minister of Money Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal reiterated that the Government is able to manage the debt servicing with the available without resorting…

Sri Lanka’s air pollution levels back to normal

Sri Lanka’s air pollution levels have returned back to normal levels from the sudden rise in air pollution levels recorded in late October. “the pollutant levels are in decreasing trend…

American investment creates jobs and not debt – Ambassador Teplitz

The United States (U.S.) expressed its strong commitment to promote and expand private sector investments aimed at employment creation in Indo-Pacific Region including in Sri Lanka as an alternative to…

Sri Lanka eyes to expand Sapugaskanda oil refinery to limit forex outflows

The Cabinet of Ministers recently approved a proposal to conduct a feasibility study to expand the capacity of Sapugaskanda oil refinery which is owned by the Ceylon Petroleum Corporation. The…

Mental Wellness Is a $121B Market – Global Wellness Institute

The Global Mental Wellness economy is estimated to be over $121 billion in value, according to the first-ever global research in measuring mental wellness as a global industry. The Global…

A fresh approach needed in city and town planning amidst the new normal triggered by the Pandemic – Institute of Town Planners of Sri Lanka

Sri Lanka’s Town Planners urge for a fresh approach in urban planning by taking up the unprecedented challenges as well as opportunities posed by the global pandemic disrupting daily life…

Swadeshi Khomba Baby Hoda Purudu celebrates World Children’s Day with “Hoda Purudu ” educational campaign

The Swadeshi Industrial Works PLC launched a novel hygiene awareness campaign for Sri Lanka’s primary school children to coincide with the World Children’s Day celebrations. Titled “Swadeshi Khomba Baby Hoda…

HUTCH signs up Gayathri Shan as new Brand Ambassador

Sri Lanka’s preferred choice for mobile broadband services, HUTCH has appointed popular social media influencer and a movie star Gayathri Shan as a new brand ambassador. With this appointment, HUTCH…

Singer Finance leads Tier Two Rankings by K Seeds Investments

In the latest national rankings of ‘Listed Finance Companies of Sri Lanka’ Report by K Seed Investments, Singer Finance (Lanka) has seized the best performing Finance Company rank among Tier…

Five reasons why Huawei Nova 7 SE is the smartphone you should switch to

Huawei Nova 7 SE is the latest 5G smartphone to arrive in Sri Lanka featuring top of the line specifications and a game-changing design. With Nova 7 SE, Huawei revolutionizes…

UAE cancels lenient penalties for ‘honour killings’

The United Arab Emirates said on Saturday it was cancelling lenient penalties for so-called “honour killings” and amending inheritance laws for residents as part of a reform of personal and…

Sri Lankan shares end at 10-month high on industrials, financials boost

Sri Lankan shares rose for a fourth straight session to end at their highest level since early January on Friday, helped by gains in industrial and financial stocks. The benchmark…

The CCC to host Its Annual Sri Lanka Economic Summit virtually amidst COVID-19 threat

The Ceylon Chamber of Commerce CCC) decided to organize its 20th Sri Lanka Economic Summit (SLES) on the 1st and 2nd of December 2020 virtually for the first time in…

Sri Lankan shares end higher on gains in industrial, consumer stocks

Sri Lankan shares ended at their highest in more than a month on Thursday, driven by gains in industrial and consumer staples stocks. The benchmark stock index ended up 1.66%…

Hatch and LSEG SL completed the 4th iteration of the KICKASS Bootcamp

Amidst a backdrop of uncertainty, Hatch and London Stock Exchange Group (LSEG) SL successfully completed the fourth iteration of the KICKASS Bootcamp, a one-month long development programme designed to address…

VMware Empowers Customers to Build their Multi-Cloud Future

VMware’s Multi-Cloud Strategy Unlocks the Value From Any Cloud While Delivering Better Security and Simplified Operations VMware, Inc. (NYSE: VMW) announced new innovations to help customers build, run, manage, connect,…

HUAWEI CLOUD Releases Device-Cloud Synergy Meeting Solution in APAC

Huawei launched HUAWEI CLOUD Meeting, its full-scenario, secure and reliable global video conferencing solution in Asia Pacific on Monday. The award-winning device-cloud synergy solution enables effective internal and external meetings…

Uber, Lyft spend big, win in California vote about drivers

Uber, Lyft and other app-based ride-hailing and delivery services spent $200 million in a winning bet to circumvent California lawmakers and the courts to preserve their business model by keeping…

Elevated capex requirements may force Airtel Lanka to seek a M&A deal – Fitch

Bharti Airtel Lanka may still seek a merger and acquisition (M&A) deal due to competition and higher taxes amid elevated capex requirements, Fitch Rating said a latest report. “Telcos in…

Milliman begins operations in Sri Lanka acquiring a local Actuarial firm

Milliman, Inc., a premier global consulting and actuarial firm, announced that it will begin operations in Sri Lanka after an agreement to acquire Colombo-based Spark Actuarial Private Limited came into…

Gear up for 5G with Huawei Nova 7 SE, the first-ever mid-range 5G smartphone

The age of 5G has dawned. Huawei, a pioneer in 5G technology and the global smartphone manufacturer recently unveiled the first ever mid-range 5G smartphone. Huawei Nova 7 SE is…

PATA recognises Sri Lanka’s renowned hotelier Hiran Cooray with its highest individual honor

The Pacific Asia Travel Association (PATA) has awarded its highest individual honor, Life Membership to one of Sri Lanka’s renowned hotelier and Jetwing Symphony PLC, Chairman, Hiran Cooray in recognizing…

5GDNA Joins the 3GPP Family

3GPP recently announced that the 5G Deterministic Networking Alliance (5GDNA) has become its Market Representation Partner (MRP), making it the third organization member from 5G vertical industry after 5G Automotive…

Hong-Kong based Alta Hospitality Asia fund eyes a prime real-estate in Galle

The newly launched Alta Hospitality Asia fund of Hong-Kong-based Alta Capital Real Estate eyes a prime real-estate in Galle to develop a premier wellness retreat with comprehensive facilities and luxury…

Pyxle International and Trabeya announce merger

Combined entity will have the leadership, resources and scale to successfully capitalize on opportunities in the fast-growing data industry.   Merged capabilities will create a single comprehensive and fully integrated…

Sri Lanka’s bonds hammered as U.S. dubs China “predator”

Sri Lanka’s government bonds fell heavily on Wednesday as the United States ratcheted up pressure on the country’s government over its ties with China. U.S. Secretary of State Mike Pompeo,…

HP Printers now available at Singer

Singer Sri Lanka PLC, country’s premier consumer durables retailer has partnered with Trident Corporation, a leading distributor of IT hardware, software and printing solutions in Sri Lanka to serve globally…

Mike Pompeo arrives in Colombo as U.S seeks to balance China’s growing influence in the region

The United States (U.S.) Secretary of State, Mike Pompeo yesterday arrived in Sri Lanka for a two-day visit during which he would hold talks with the top Lankan leadership, as…

ICICI Bank exits Sri Lanka

India-based ICICI  bank has shut down its offshore unit in Sri Lanka after securing approval from the country’s Central Bank (CB) last week. “The Monetary Board of the Central Bank…

VMware Unveils 5G and Edge Advancements, Driving Sri Lanka Towards New Chapter of Innovation-Led Growth

Strengthened 5G Telco Cloud Portfolio with Cloud Native Support enables businesses to better harness emerging technologies in Sri Lanka’s cloud and mobile first economy VMware, Inc. (NYSE: VMW) recently announced…

‘Rani Sandalwood’ tributes loyal consumers with gold necklaces and household items worth Rs. 1 Million

Win a gold necklace and many more exciting gifts every week! The Swadeshi Industrial Works PLC has launched yet another exciting promotion for the loyal consumers of Rani Sandalwood soap…

Huawei revenue in Q3 2020 at a 9.9% growth

Huawei recently announced its business results for the first three quarters of 2020. During this period, Huawei generated CNYv671.3 billion in revenue, an increase of 9.9% over the same period…

Ideal Motors and Ideal First Choice breaks new ground in Sri Lanka offering industry-first free insurance cover

Ideal Motors Pvt Ltd and its subsidiary Ideal First Choice Pvt Ltd (part of the Ideal Group of Companies) have pioneered an insurance reward scheme free of charge, an industry…

Sri Lanka’s cement volumes to recover in FY2022