Ceylon Chamber hosts economic policy debate
The Ceylon Chamber of Commerce organised an economic policy debate featuring experts nominated by the four main Presidential candidates in Colombo on Thursday. In the picture from left: Dr. Harshana Suriyapperuma (representing Anura Kumara Dissanayake), Prof. Ranjith Bandara (representing Namal Rajapaksa), Dr. Harsha De Silva (representing Sajith Premadasa) and Shehan Semasinghe (representing Ranil Wickremesinghe). See [...]
Urgent need to speed up approvals of locally-produced drugs
One of Sri Lanka’s top pharmaceutical manufacturing facilities is urging the government to streamline the approval of locally-manufactured vital drugs and medicines, saying speed is the essence as it would save lives. At the Morison’s 5.5 acre world-class pharma manufacturing plant located in the SLINTEC Nanotechnology zone at Homagama, the company currently produces 6-7 drugs [...]
SEC to acquire new market surveillance system
Sri Lanka’s capital market regulator, the Securities and Exchange Commission (SEC) will implement a new supervision system to effectively monitor and regulate the market, thereby boosting investor confidence and promoting a fair and transparent trading environment. “This system was awarded last month and it will be able to handle the increased trading volumes and the [...]
Ceylon Tea sets global standards in Sri Lanka
Sri Lanka’s tea industry has established a new standard in a bid to improve the quality of the world’s only Ceylon Tea. This is through collaboration with Unilever Pepsi for funding the project on regenerative agriculture to achieve the Code for Ceylon Tea. The Pepsi Lipton Tea partnership is a joint venture between PepsiCo and [...]
SLPA to reduce workforce
As part of a government initiative to reduce the head count within state institutions the Sri Lanka Ports Authority (SLPA) is currently on a drive towards outsourcing their staff. Under the scheme of recruitment initiated by the government the port was instructed to reduce the present cadre from 8000 to 6000 over time, SLPA Chairman [...]
MTD to update 2 m driving licences under new system
The Department of Motor Traffic (MTD) is set to launch a new system aimed at updating the information of approximately 2 million driving license holders who have not yet updated their details. Secretary to the Ministry of Transport and Highways, Engineer Ranjith Rubasinghe said the department plans to complete this entire updating process by the [...]
More than 1000 SriLankan flights cancelled in 2023/24
SriLankan Airlines, during April 1, 2023 and March 31, 2024, was forced to cancel more than 1000 flights (10 per cent of the scheduled flights) which cost more than US$60 million, its chairman Asoka Pathirage said. Presenting his statement in the company’s annual report for 2023/24, he said this was due to the fleet availability [...]
Web of corruption
At a recent media conference discussing the non-payment of dues by liquor companies, a journalist posed a question why the authorities cannot take stern action to recover billions of rupees in unpaid dues from liquor companies, when they are quick to charge a small-time trader for selling a small item above the regulated price. The [...]
Energising the energy supply
On Wednesday, I attended the inagural commissioning of the Sobadhanavi LNG-based Power Plant at Kerawalapitiya. The plant with 350 MW capacity is the newest addition to the group of subsidiaries and sub-subsidiaies of the LTL Holdings Company. It is only a matter of few days more for the opening of Initial Public Offering (IPO) of [...]
SL’s economic stability hinges on IMF-backed fiscal reforms
The Sri Lankan government must adhere to the International Monetary Fund’s (IMF) Extended Fund Facility conditions until 2028 to ensure prudent fiscal management for the 2025 budget, according to Minister of Transport, Highways, and Mass Media, Dr. Bandula Gunawardana. Regardless of the governing administration, securing the necessary foreign funding to address the external resource gap [...]
Why progress on Sustainable Development hinges on IP
Typically, a nation’s capacity for physical labour determines the upper limit of the economic value it’s capable of generating. Increasingly however, it is the labour of the mind – the ideas, innovations, and intellectual assets it produces that drive progress. While physical work will always be needed to build the infrastructure of our world, and [...]
WNS Sri Lanka marks 20 years in existence
WNS, started in 2004 as a global Business Process Management (BPM) company expanding its footprint by establishing its first offshore delivery centre outside India in Colombo, has by its 20th year in Sri Lanka evolved into an NYSE-listed powerhouse, with over US$1.3 billion in annual revenue It has 60,000+ employees worldwide, 65 offices across 13 [...]
MiHCM receives prestigious Malaysia Digital status
MiHCM Asia Sdn Bhd has been awarded the prestigious Malaysia Digital status by the Malaysia Digital Economy Corporation (MDEC), which drives Malaysia’s digital economy. MiHCM Asia Sdn Bhd is a subsidiary of Sri Lankan homegrown company MIHCM Solutions Ltd., which operates in Asia with offices in Malaysia, Sri Lanka, Bangladesh, and Pakistan, the Sri Lankan-headquartered [...]
People’s Bank achieves income of Rs.181.9 bn in H1-2024
People’s Bank this week reported total consolidated operating income of Rs.44.6 billion and post-tax profit of Rs.3.2 billion for the first half of 2024. “Excluding the impact of exceptional adjustments in view of greater prudence considering current macro-economic circumstances, these figures on a normalised basis were otherwise Rs.62.6 billion and Rs.12.7 billion, respectively, reflecting a [...]
Banks’ CIO Forum engages key partners ahead of ‘The CIO Confluence 2025’
The Banks’ Chief Information Officers Forum (BCIOF), the largest premier C-level forum within Sri Lanka’s banking and financial sector, successfully hosted a ‘Partner Meet Up’ on August 27 in Colombo in preparation for the event: ‘The CIO Confluence 2025’. Recognising the banking and financial sector’s position at the forefront of digital transformation, BCIOF initiated this [...]
Need to improve productivity of existing coconut palms
While there is lack of data available geographically and demographically on Sri Lanka’s coconut growing sector, the country needs to improve productivity of existing coconut palms, replant unproductive coconut lands and plant new areas that are suitable, according to Ceylon Chamber of Coconut Industries (CCCI), President, Jayantha Samarakoon. He made these remarks during the inauguration [...]
Dialog subscribers rise to 20 m with Airtel acquisition
Dialog Axiata PLC has completed the amalgamation with Bharti Airtel Lanka (Pvt) Ltd under the applicable provisions of the Companies Act, with Dialog remaining as the surviving entity. This marks the official cessation of Airtel Lanka as a corporate entity, effective August 30, 2024, with its operational performance fully subsumed and consolidated within Dialog’s financial [...]
Ceylinco Cancer Centre’s latest Siemen CT Simulator enhances patient care
The Ceylinco Cancer Centre has acquired a state-of-the-art, AI-supported, CT Simulator from Siemens Healthcare GmbH of Germany, significantly enhancing the accuracy of the radiation therapy it offers, as well as the comfort of patients. The acquisition of the CT Simulator entailed an investment of Rs. 200 million, and that this is the only CT Simulator [...]
Port City attracts 100+ companies
Port City Colombo has attracted 100+ companies as Authorised Persons (AP’s), as of August 24th. These companies represent a diverse range of sectors identified to the Colombo Port City Special Economic Zone, including IT, Finance, Professional Services, Shipping, Logistics, Tourism, Healthcare, Real Estate Development, and Global Capability Centres, the company said in a media release. [...]
Jetwing Kaduruketha on Wanderlust UK’s “The Travel Green List 2024”
Jetwing Kaduruketha, a pioneering agro-eco luxury hotel that mirrors a traditional Sri Lankan village, has earned a place on the Wanderlust Travel Green List 2024. This accolade underscores the resort’s steadfast commitment to sustainability and environmental conservation, establishing its position among the world’s foremost green destinations, the resort said in a media release. The Wanderlust [...]
Sri Lanka’s Presidential election: The debate and the issues
There were four men up on the stage and all four took the podium to belt out their plans for a future Sri Lanka. While two spoke with numbers one preferred to labour on an old vision and the last one picked the easy way out by just bashing up the rest. Sri Lanka is [...]
LOLC Al-Falaah continues its legacy at SLIBFI awards 2024
LOLC Al-Falaah, Sri Lanka’s premier Alternate Financial Services brand, has once again demonstrated its leadership in the Islamic Banking and Finance sector by securing multiple accolades at the 13th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Industry) awards. The event, held on August 8, 2024, at Shangri-La Hotel, Colombo, celebrated the outstanding [...]
Sri Lanka advances climate resilience with FAO support
Sri Lanka, in a bid to combat the escalating challenges posed by climate change, has commenced the formulation of its first Climate-Smart Agriculture (CSA) Investment Plan. This landmark initiative, funded by the Green Climate Fund (GCF) and implemented by the Food and Agriculture Organization of the United Nations (FAO) in partnership with the Ministry of [...]
Roar AdX Strengthens Sri Lanka’s banking sector
Roar AdX, as a Meta Managed Partner, continues to redefine the digital marketing space in Sri Lanka by leveraging Meta Platforms to optimise digital advertising strategies for businesses across multiple industries. Building on its commitment to advance the digital marketing industry, Roar AdX has introduced a series of specialised workshops tailored specifically for Sri Lanka’s [...]
Rhino roofing products secures gold at CIOB green awards
RBS Cement Panels, a pioneering innovation by Rhino Roofing Products Ltd, has won the esteemed “Gold Award” at the CIOB Green Awards 2024. The accolade was conferred by the Ceylon Institute of Builders (CIOB) during a prestigious ceremony held at the Taj Samudra recently, coinciding with the 12th World Construction Symposium. This recognition solidifies RBS [...]
IFC, partners promote respectful workplaces in Sri Lanka
The International Finance Corporation (IFC) has joined forces with Diversity Collective Lanka (DCLK) and Women in Management (WIM) to launch a first-of-its-kind training programme aimed at combating gender-based violence and harassment (GBVH) in Sri Lanka’s private sector. The two-year training of trainers initiative will enhance business and social outcomes by promoting respectful workplaces and empowering [...]
Revamping tax policies: Govt’s strategic shift to boost fiscal revenue
The government will be introducing new taxes to comply with the current IMF programme. Under the IMF’s Extended Fund Facility (EFF), the government has agreed to reform the property tax system and introduce a wealth transfer tax to aid fiscal consolidation. By 2025, it plans to implement an Imputed Rental Income Tax (IRIT) with specific [...]
Hambantota Port plans 50% growth in 2024
The Hambantota International Port (HIP) has experienced a substantial increase in volumes, with a 40 per cent growth recorded in 2024 to date. The port’s Commercial and Marketing division says the growth is expected to reach 50 per cent by the year end, according to a company media release. “The impressive performance and strategic growth [...]
HNB’s rating unaffected by proposed acquisition of Alfalah’s Bangladesh business: Fitch
Hatton National Bank PLC’s (HNB; A(lka)/Stable) potential acquisition of Bank Alfalah Ltd’s (BAFL) Bangladesh operations is unlikely to affect the Sri Lankan bank’s ratings, says Fitch Ratings. “We believe the acquisition, if it proceeds, would have only a modest impact on HNB’s capital. HNB announced on August 26 that it has made a non-binding offer [...]
Digitalisation can save Sri Lanka’s economy
In the high-stakes world of trade and logistics, corruption at Sri Lanka’s customs, Inland Revenue Department (IRD), ports, and airports is not just an inconvenience—it’s a crisis that’s crippling the nation’s export sector, according to industry officials. Outdated, manual systems have become breeding grounds for corruption, where bribery and inefficiency rule, bleeding exporters dry and [...]
IronOne ATrad launches in Nepal Stock Exchange
ATrad, Sri Lanka’s premier platform for online stock trading and stockbroker back-office solutions, achieved a significant milestone last month as it went live in Nepal at the Nepal Stock Exchange (NEPSE) and successfully completed the first set of live orders. ATrad empowers clients with real-time remote order placements, portfolio management, advanced analytics, and seamless transactions, [...]
Local industries urge reduction in water tariffs
A collective of trade associations including the Joint Apparel Association Forum (JAAF), the Federation of Chambers of Commerce and Industry in Sri Lanka (FCCISL), the European Chamber of Commerce in Sri Lanka (ECCSL), the Exporters Association of Sri Lanka (EASL), the International Chamber of Commerce Sri Lanka (ICCSL), and the National Chamber of Exporters (NCE), [...]