HSBC on a roll
HSBC unveiled the new HSBC Live+ Credit Card on Thursday in Colombo. In the picture (from left to right) - James Rebert, Head of Wealth & Personal Banking, HSBC Sri Lanka; Kai Zhang, Head of Wealth & Personal Banking, HSBC South & Southeast Asia; Mark Surgenor, CEO of HSBC Sri Lanka and Maldives and Avanthi [...]
Online casinos attract hundreds of Sri Lankan youths
Sri Lanka is losing significant tax revenue due to the rapid growth of the online casino market, as many youths access various internationally regulated betting sites, according to sources from the Ministry of Finance. At least 10 internationally licensed gambling platforms, including rupee-based online casinos, attract both local and foreign visitors. The legal framework in [...]
Bogambara cells transform to hotel rooms
Spending a holiday in a prison with a cell for a room might seem unusual; yet the oldest and maximum security prison Bogambara in Kandy, now declared as a heritage site, is likely to become part of the Signature Collection of the Hilton Hotel chain. The government has been in discussion with the Melwa Group [...]
Bankers perturbed by increased cash transactions
Sri Lankan banks have raised concerns with the regulator on increased cash withdrawals from accounts after the tax authority requested them to share information on depositor accounts. At a meeting with the Central Bank recently, commercial bankers pointed out that cash circulation in the country has spiked during the past four months. “Some of us [...]
Exports under threat as tensions mount in West Asia
Sri Lanka is set to face a direct threat to its exports and in particular Ceylon tea exports with the escalating tensions in West Asia following this week’s attack on a top Hamas political leader by Israel. Tensions in West Asian region have intensified to levels that did not exist in the past and industry [...]
Higher taxes on essential goods will lead to inflation
Abolishing the special commodity levy and imposing a value-added tax on essential goods will cause price hikes to lead to inflation, tax experts say. The Special Commodity Levy (SCL) was introduced as a composite tax replacing all import duties such as Customs Duty, CESS, Excise Duty etc including 5 per cent basic VAT applicable on [...]
Sri Lanka hit by low consumer spending in US, EU markets
Against the backdrop of a declining consumer spending in both the US and Europe markets Sri Lanka is receiving apparel orders to refill their old stocks with drop in orders experienced compared to last year upto June. The expectations are that buyers will start issuing new orders in the latter part of the year, Joint [...]
Flaws in tourism
The Sunday Times Business, it appears, was the first off the blocks to notice the public of a possible corrupt deal when it questioned in a May 5, 2024 story headlined “VFS charges $25 while local company charges only $1” as to why the government had brought in global visa facilitation agency VFS Global at [...]
“Primary balance hypothesis”
It has been reported recently, over the past 75 years Sri Lanka has achieved a “primary account surplus” only in six years – 1954, 1955, 1992, 2017, 2018 and 2023. Out of the six years, it was twice in two consecutive years: 1954-55 and 2017-18. In all previous occasions – 1955, 1992 and 2018 – [...]
Flight despatchers; holding turbulence in sky at bay
Current climate change is making airplane turbulence more common and severe due to warmer air and changes in wind patterns. The impact of turbulence varies mainly due to vertical wind shear instabilities, convection, mountain waves, flight routes and the type of aircraft. In recent years, there have been many in-flight turbulence incidents reported in different [...]
NDB Bank discussion on digital transformation for SMEs
NDB Bank, in its efforts to support the digital transformation of small and medium-sized enterprises (SMEs), recently hosted a transformative event at the Solis Hotel, Ethul Kotte with the participation of over 100 SME Business Banking customers from Colombo and the Greater Colombo regions. They were invited to explore the potential of NDB’s pioneering offering, [...]
ComBank joins Partnership for Carbon Accounting Financials
The Commercial Bank of Ceylon has become the first Sri Lankan bank to be a signatory to the Partnership for Carbon Accounting Financials (PCAF), a global initiative that enables signatories to measure and disclose the greenhouse gas (GHG) emissions associated with their financial activity. Already certified 100 per cent carbon neutral in terms of its [...]
Seylan Bank records strong PAT of Rs.4.56 bn in 1H 2024
Seylan Bank recorded a robust performance with Profit After Tax (PAT) of Rs.4,558 million for the six months (H1) ending 30 June 2024, reflecting a strong 77 per cent growth from the Rs.2,575 million recorded in the same period in 2023. The Profit Before Tax (PBT) reached Rs.7,331 million, showing a 76 per cent increase [...]
Adfactors PR Lanka shines at SABRE South Asia Awards 2024
Adfactors Public Relations Lanka has announced a first hat-trick victory at the illustrious SABRE South Asia Awards 2024 at the Westin Hotel in Gurgaon, New Delhi. Celebrated as the ‘Oscars of the PR industry’, the awards recognise excellence in strategic planning, creativity, and business results in public relations, with agencies from across South Asia vying [...]
Alpha emerges as key player in SL’s fire protection sector
Alpha Fire Services PLC (AFS), pioneers in fire protection and detection industry in Sri Lanka since 1989, has marked yet another successful financial year 2023/24 with many state and private sector development projects under their belt including major contracts with leading exporters. AFS said it has solidified its position as the preferred fire protection and [...]
Richard Pieris Group profits rise sharply
Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, recorded a Profit Before Tax (PBT) of Rs.1.75 billion for Q1 of the 2024/25 financial year, recording a profit growth of 281 per cent over the corresponding period from the last financial year which was Rs.459 million. This strong performance of Richard Pieris [...]
Offshore banking regulations for banks at Port City Colombo
The Port City Colombo has gazetted for commercial operations two regulations, Offshore Banking, and Offshore Banking — Prudent Management and Confidence, to operative within the area of authority of the Colombo Port City Special Economic Zone. This was made official through the Gazette Notification <2394/66 and 2394/67> dated 26th July 2024. Being yet another key [...]
Govt to introduce new legislation to streamline state asset management
The Government is preparing to identify and manage state assets that have previously been neglected by successive regimes, according to a recent cabinet memorandum. On Monday, July 29, the Cabinet of Ministers approved a proposal from President Ranil Wickremesinghe, as Finance Minister, to publish the draft Bill on State Asset Management in the Government gazette [...]
IMF ensures continuation of support for Sri Lanka’s reforms
Sri Lanka’s forthcoming Presidential election and resulting political uncertainty could complicate the continuation of the International Monetary Fund (IMF) bailout programme, Finance Ministry sources warned. Two key opposition parties SJB and NPP have pledged to amend conditions set by the IMF. An IMF staff team concluded its visit to Sri Lanka this week, noted that [...]
Accountants’ role transcends all verticals in companies
The use of accountants’ rich data plays a crucial role in ensuring more informed business decisions across different verticals, like Procurement, Risk Management, Corporate Strategy etc, professionals say. “Accounting has changed in the past few years and the role of the accountant has become increasingly more important because of this,” Ann-Marie Tan, Head of Global [...]
tuktukrental.com plans to double fleet by year-end
tuktukrental.com, a prominent social business revolutionising the transportation sector in Sri Lanka, has announced plans to expand its fleet to 1,000 tuktuks by the end of 2024. The company, whose aim is to support local tuktuk drivers, recently held its annual Tuktuk Owners Conference. The event gathered over 600 tuktuk owners from across the country, [...]
Solar energy not expensive anymore
Now going solar does not have to be an expensive option. A significant hurdle for many considering a switch to solar power has been the high upfront costs. However, over the years, the solar industry has developed various innovative financing options to overcome this challenge, making solar power affordable for consumers, solar energy experts said. [...]
Digital Innovation Fund makes strategic investment in Scybers
Scybers Inc., the fast-growing global cybersecurity firm, has announced that the Digital Innovation Fund (DIF), managed by BOV Capital and powered by Dialog Axiata PLC, has made a strategic investment in the company. In a challenging landscape, Scybers enables enterprises to rapidly reduce cyber risks, achieve compliance and build resilience leveraging a proven global delivery [...]
Cinnamon Life investment drives up costs for JKH in Q1 2024/25
John Keells Holdings Group EBITDA in the first quarter of 2024/25 recorded a decrease of 13 per cent against the corresponding period of the previous financial year to Rs.7.70 billion. Group EBITDA includes substantial pre-opening costs pertaining to the ramp-up associated with the opening of the ‘Cinnamon Life’ hotel at ‘City of Dreams Sri Lanka’, [...]
Enhancing the contribution of the farming sector
Agriculture in Sri Lanka consists of the Small Farm Sector and the Plantation Sector. The intention of this paper is to discuss the former that provides mainly the food needs of the country. The great potential of this sector has not been realised as politicians have used it as a vote generating base only by [...]
US supports Sri Lanka to implement Single Window System for trade
Sri Lanka’s Trade National Single Window System (TNSWS) is now poised to proceed following delays in its establishment, initially planned for December 2022 due to economic constraints, Finance Ministry sources divulged. The United States supports the implementation of Trade National Single Window System (TNSWS) through USAID. This initiative of the finance ministry aims to modernise [...]
Santani-MDF partnership transforms cultural tourism landscape
Santani Wellness Resort has announced a partnership with the Australian Government-funded Market Development Facility (MDF), marking a transformative milestone in the development of Sri Lanka’s cultural tourism. This strategic collaboration aims to create an innovative, sustainable tourism product that showcases the rich cultural and wellness heritage of Sri Lanka, positioning the island nation as a [...]
Hemas Holdings reports stable FY25 Q1 amidst market challenges
Hemas Holdings PLC, in announcing its financial results for the first quarter ended June 30, 2024, says it demonstrated resilience in a challenging economic environment. The group’s consolidated revenue was Rs. 25.5 billion alongside operating profits of Rs. 1.9 billion and earnings of Rs. 0.9 billion. The revenue decrease compared to the previous year was [...]
Greenlam Industries’ event sparks Indo-Sri Lankan Design Dialogue
Greenlam Industries, a global leader in surfacing solutions, successfully concluded its highly anticipated DesignNXT 3.0 event in Sri Lanka on July 27. The ‘Indo-Sri Lanka Design Summit’ brought together renowned architects, interior designers, and industry professionals from both countries for a day of insightful discussions, trend exploration, and product launches, the company said in a [...]