Tourism industry takes to the streets next week over high-handed bureaucracy
Sri Lanka’s tourism industry is taking to the streets next week vehemently opposing the iron wall of bureaucracy that the “all-powerful” Sri Lankan Immigration Controller Harsha Ilukpitiya was holding out, going against directives from the executive and the judiciary. Right now a tourist is forced to spend around two and a half hours on arrival [...]
Supermarket sector displays resilience amid economic uncertainty
Sri Lanka’s consumer market has faced significant challenges since 2023, with the supermarket sector proving to be relatively stable, bolstered by essential goods. Despite the ongoing economic difficulties, including fluctuating inflation and a sluggish overall economy, the supermarket sector saw modest growth in the second quarter of 2024, industry sources said. This growth was attributed [...]
Government debt rises despite restructuring efforts in Q2 2024
Despite finalising debt restructuring agreements with official creditors and International Sovereign Bond (ISB) holders, the government’s total debt marginally increased by 0.25 per cent in the second quarter of 2024, according to the latest quarterly debt report of the Ministry of Finance. The report highlighted that the government’s total debt reached Rs.100.65 billion by the [...]
Japanese shareholders sue Asia Capital
In a private plaint, Asia Capital PLC’s top officials, directors, and ex-employees face charges for fraud involving dishonestly enticing foreign investors into a hotel project in Galle. Japanese CC Trust Pte Ltd. is suing Asia Capital PLC’s management and two former employees for cheating and criminal breach of trust, punishable under sections 403 and 398 [...]
Colombo Port spearheads capacity by 2026
The Port of Colombo has expectations of sustaining its position in the region despite the possibility of a looming threat of losing business to the recently established Port of Vizhinjam in India. In the backdrop of the Red Sea crisis, the Colombo Port has been handling volumes above its capacity, Sri Lanka Ports Authority (SLPA) [...]
Less work, more play!
In July, Sri Lanka’s Parliament was informed that draft laws were being drafted providing legal provision for working from home (WFH), a concept that has become popular after the COVID-19 crisis. The then Labour Minister Manusha Nanayakkara told Parliament that this provision was one of the changes being introduced in a new labour law that [...]
Competitive bidding for non-existent resources!
At the outset, let me pose an interesting and timely question: How important is “poverty” in elections? By the term poverty, I don’t mean exactly the poverty level of the population defined by national or an international poverty line. I mean “poverty of the nation” in a broader sense which implies the hardship of life, [...]
SL Capital market bracing for transparency, innovation and facilitation
The Sri Lankan capital market is steering for further digitalisation and innovative solutions, revamping rules to address emerging and potential risks in the market, enhancing transparency, safeguarding public interest and investor protection, and encouraging market participation. The Multi-Currency Board set up to facilitate foreign companies seeking dual listings in Sri Lanka, is set to see [...]
Sri Lanka’s retail industry contributes to 14 % of GDP
The retail industry in Sri Lanka contributes approximately 14 per cent to the GDP and the industry provides employment to over 15 per cent of the workforce in the country, according to Charitha Subasinghe, President of Sri Lanka Retailers’ Association. This year Sri Lanka hosted the 21st Asia Pacific Retailers’ Convention and Exhibition at the [...]
Discover the beauty of Sri Lanka with Shangri-La
Shangri-La has extended a warm invitation to travellers seeking an extraordinary journey through the vibrant city of Colombo and the serene coastal paradise of Hambantota. This exclusive package offers discerning travellers a unique opportunity to experience the best of both worlds, where modern luxury meets the timeless allure of Sri Lanka’s natural beauty. Experience the [...]
JKH, Brillion Consumer Products relaunch Baygon in Sri Lanka
John Keells Logistics (Pvt) Ltd (JKLL) in collaboration with Brillion Consumer Products Lanka (Pvt) Ltd is relaunching the widely-known pesticide brand “Baygon” in Sri Lanka. JKLL has been selected once again as their exclusive logistics partner for Baygon, a decision by Brillion Consumer Products Lanka based on the exceptional service quality and customer satisfaction experienced [...]
Orient Finance reverses loss with profit in 2023/24
Orient Finance has achieved a significant turnaround in its financial performance for the year 2023/24, recording a Profit after Tax of Rs.348.53 million, an impressive growth of 584 per cent compared to the previous year’s loss of Rs.72 million. Total assets increased by 17 per cent to Rs.20,477 million, reflecting accelerated growth that has surpassed [...]
ComBank’s special concessions on foreign university payments
The Commercial Bank of Ceylon has announced a series of attractive concessions for students making payments to foreign universities in the next three months. The bank said in a media release that it would slash the initial telegraphic transfer (TT) charges by half for Sri Lankans opening new student files before November 30, 2024, and [...]
PickMe announces IPO seeking more than Rs.1.5 bn
PickMe owner, Digital Mobility Solutions Lanka Ltd, has announced its forthcoming Initial Public Offering (IPO) on the Colombo Stock Exchange (CSE). The IPO will feature an offer for sale of 43,474,179 existing ordinary voting shares at a price of Rs.36 per share hoping to raise Rs.1,565,070,444. It will open on September 13 and aims to [...]
Sri Lanka’s LTL group with record IPO to fly high in Africa
LTL Holdings aims to replicate success in East Africa, offering a blueprint for foreign investors after a record Initial Public Offering (IPO) in the Colombo Stock Exchange. LTL announced the largest IPO in the history of the Colombo Stock Exchange, at Rs. 20 billion. Explaining the company strategy, Nuhuman Marikkar, LTL Holdings CEO in an [...]
Central Bank’s measures to stabilise financial system: CB Governor
The Central Bank (CB) has introduced a series of measures aimed at stabilising the country’s financial system and preventing the collapse of the banking network during the ongoing economic crisis. Central Bank Governor Nandalal Weerasinghe highlighted the significance of the new Central Bank Act and recently introduced banking regulations, noting that these legal frameworks are [...]
LOLC sets new trends in Graphene technology
LOLC Advanced Technologies (LOLC AT), Australia, a subsidiary of LOLC Advanced Technologies (LOLC AT), Sri Lanka, has announced a strategic partnership with the Khalifa University of Science and Technology in Abu Dhabi. This development builds on the Memorandum of Understanding signed in August 2023, which marked the official launch of the partnership between Khalifa University’s [...]
Samsung’s screen experience innovation and AI progress
Samsung Electronics has transformed people’s lives by popularising wall-mounted TVs and smart TVs. Long at the forefront of innovation in TV hardware and software, Samsung is now utilising AI to overcome limitations in the viewing experience and define the next generation of screen experiences, the company said in a media release. In today’s hyper-connected era, [...]
Huawei launches 9th Edition of ‘Seeds for the Future’ in Sri Lanka
Huawei recently launched the 9th edition of its flagship corporate social responsibility initiative, Seeds f or the Future, in Sri Lanka. The event was attended by guests, including representatives from the Ministry of Education, the Chinese Embassy in Sri Lanka, the University Grants Commission, university deans, and heads of departments. The spotlight was on six [...]