Sri Lankan Ambassador takes part in diving experience in the Philippines
Sri Lankan Ambassador to the Philippines Dr. Chanaka Talpahewa had the privilege of taking part in a diving experience in the Philippines along with the Tourism Secretary (Minister) of the Philippines. Although ambassadors from South Korea, Bangladesh, India, Lao-PDR, Malaysia, New Zealand, Sri Lanka, Thailand, Vietnam and representatives from the Embassies of Cambodia, China, France, [...]
Sri Lanka plans to import coconuts after research study
Sri Lankan authorities are working with the coconut manufacturers on the possibility of importing whole coconuts and coconut milk for the export industry aimed at reducing the burden on the existing shortage in the Sri Lankan market. Ceylon Desiccated Coconut Manufacturers Association Secretary Jason Samaranayake told The Sunday Times Business that they are currently working [...]
HNB’s game changer to global play; three foreign branches in five years
Hatton National Bank (HNB) is ready to stamp its brand regionally and make a global play while reengineering banking for Sri Lankans. To position HNB Bank as an innovative financial solutions provider with aspirations for regional expansion and global outreach, the bank is set to implement a comprehensive strategy that enhances customer experience, aligns with [...]
Defunct Mihin Lanka owes billions to state banks
Mihin Lanka, a low-cost carrier initiated by the Mahinda Rajapaksa administration in 2007, has suffered huge losses and thus drained public funds. The airline had closed operations in 2016, but the winding-up process remains incomplete, while no step was taken to recover billions of rupees in loans given by two state banks. According to an [...]
IRD extends tax filing deadline amid bad weather and system issues
The Inland Revenue Department (IRD, struggling to meet the demand to file tax returns by the due date, finally extended the deadline for filing Income Tax Returns for the Year of Assessment 2023/2024 to yesterday (December 7). This action has been taken following bad weather conditions and computer system issues that made it impossible for [...]
Sri Lanka’s political stability strengthens debt restructuring efforts
Sri Lanka’s newly elected administration has opened a window to its International Sovereign Bond holders to tender bonds in exchange for new instruments during a three-week period ending December 12, 2024. This follows the endorsement and ratification of the debt restructuring deal negotiated with international sovereign bondholders by government authorities in an attempt to stabilise [...]
Tourism industry loses cruises to Red Sea crisis
Sri Lanka’s tourism industry is pinning all their hopes on the global promotion campaign that needs to be kicked off in the first quarter of next year to see a substantial growth since the sector is facing other challenges beyond their control. Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Buddhika Hewawasam has assured the industry [...]
Deflation – the how and why!
Deflation? The only word I understand is deflating a cycle tyre,” laughed Kalabala Silva, the often-agitated academic. During a Thursday morning phone conversation, we were discussing the latest economic term to describe the country’s economy. Last week, the Central Bank said Sri Lanka had entered an era of deflation. There are three terms that govern [...]
“Mighty dollar” as the reserve currency
One of the Twitter messages posted by the US President Donald Trump caught the international media attention this week. The message reads as follows: “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these countries that they [...]
Orion City – only IT Park to invest in 700 kW Solar Power
Orion City, the nation’s premier IT and business park, has expanded its sustainable infrastructure with a fully operational 700 kW solar energy project at its Colombo 9 complex. The solar project integrates with Orion City’s advanced power management systems, reducing reliance on conventional energy sources and ensuring 24/7 uninterrupted power for tenants. Orion City’s dedication [...]
Union Bank appoints Nirvana Chaudhary as Deputy Chairman
Union Bank of Colombo PLC has announced the appointment of Nirvana Chaudhary as the new Deputy Chairman of the Bank, following the retirement of Trevin Fernandopulle, the former Deputy Chairman. Mr. Chaudhary is a Non-Independent Non-Executive Director on the Union Bank’s Board since October 2023 and is the Managing Director of CG Corp Global, a [...]
Dairy producers pledge support to new government
The All Island Dairy Association (AIDA) has pledged support to the new NPP government and welcomed the newly appointed Minister of Agriculture, Livestock Development, Land and Irrigation – K.D. Lal Kantha. In a media release, AIDA said it serves as the central forum for consensus building amongst different stakeholders within the dairy industry and develops [...]
SLIM Campus Kandy reopens
The Sri Lanka Institute of Marketing (SLIM) Campus Kandy recently reopened its doors after completing a significant refurbishment and several upgrades, including an additional new building. The occasion marked a significant milestone for SLIM Campus Kandy, which has been empowering aspiring marketers. In a media release, SLIM said this refurbishment reflects its dedication to delivering [...]
Government overhauls PMB to stabilise rice market to support farmers
Sri Lanka is set to restructure the Paddy Marketing Board (PMB) to extend more support to farmers and stabilise rice prices in the face of prevailing market challenges. The board, hitherto relatively dormant, owing state banks Rs. 28 billion, will now be involved in direct purchase of paddy from farmers at guaranteed prices, removing the [...]
Govt. support for the IT sector
Sri Lanka has faced a turbulent economic environment in recent years, characterised by rising inflation, foreign exchange shortages, and a challenging fiscal situation. While Sri Lanka is now on a path to recovery, the economy remains fragile, with a heavy dependence on foreign loans and international assistance. One sector that remains resilient despite the national [...]
ComBank takes advanced agriculture to Sri Lankan farmers, village by village
The Commercial Bank of Ceylon has embarked on an ambitious mission to propagate technology in the agriculture sector, encompassing all areas of agricultural potential in the country. This initiative aims at empowering farmer communities and improving the quality and volume of crop yields by fostering sustainable agriculture practices and equipping rural communities with the latest [...]
SigiriyaJungles, a key resort in Sri Lanka
SigiriyaJungles, a resort set on 10 acres of, is one of Sri Lanka’s foremost resorts amidst paddy fields and the Sigiriya Rock Fortress as the backdrop. The company said in a media release that the architect has made every effort to bring in elements of Sri Lankan architecture to the resort complex to ensure a [...]
NSB records Rs.25.5 bn pre-tax profit for 3Q2024
National Savings Bank (NSB) has seen a robust financial performance in the third quarter of 2024, propelled by the short-term advantages of liability repricing and a surge in fee-based income, recording a profit before tax of Rs.25.5 billion for the period, reflecting strong growth compared to the corresponding period of the previous year. NSB reported [...]
Seylan Cards partners with FitsAir with free air tickets
Seylan Cards has partnered with FitsAir to continue its Swipe and Win promo. This initiative follows the success of previous schemes, where Seylan Cards rewarded customers with airline tickets to exciting destinations such as Singapore and the Maldives. Now, Seylan Card holders have another opportunity to win free airline tickets to Dubai. One lucky Seylan [...]
Sri Lanka’s TWC facilitates climate adaptation initiatives for Maldives’ Tourism
The Advisory arm of TWC Holdings (formerly TWCorp), a company founded in 2012 by Thilan Wijesinghe, has emerged as a transformative partner in adapting tourism development to meet the impacts of climate change in the Maldives. Recently, the Maldives Fund Management Corporation (MFMC) was advised by Mr. Wijesinghe, a specialist in Public Private Partnerships, to [...]
Kohler opens first store in Sri Lanka
US-based Kohler Kitchen and Bath recently opened its first-ever store in Nawala, Sri Lanka. This state-of-the-art showroom spans 2,100 sq. ft. with a variety of products including baths, faucets, toilets, shower heads, and panels across multiple price ranges. Picture shows Abhishek Arora, Head of South Asian Markets of Kohler looking at some products.
Need for hands-on political leadership
This article is a follow-up to Prof. Sirimal Abeyratne’s article in the Sunday Times on December 1/24 (https://www.sundaytimes.lk/241201/business-times/easy-choices-and-tough-choices-579042.html), in which he explains why increasing Sri Lanka’s exports is a #1 priority: Sri Lanka needs to pay its foreign debts and grow its economy to increase the number of jobs and the income of the poor [...]
Lion Brewery launches new innovation centre
Lion Brewery (Ceylon) PLC this week opened its Rs.4 billion-worth state-of-the-art craft beer innovation centre aimed at expanding the export market where it has a presence in Africa, South Asia and West Asia. “We want to increase exports to 20 per cent from a current 15 per cent of total production,” said its’ CEO Rajiv [...]
Aitken Spence wins Grand Slam Award at the Best Corporate Citizen Sustainability Awards
Aitken Spence PLC won the Grand Slam Award at the 21st Best Corporate Citizen Sustainability Awards (BCCS) organised by the Ceylon Chamber of Commerce, at the Cinnamon Grand Hotel Colombo on December 3. Aitken Spence also claimed the Best Corporate Citizen Sustainability Award 2024, to clinch the prestigious Grand Slam, awarded to companies that have [...]
BOC and Sri Lanka Post expand banking access
The Bank of Ceylon (BOC) and Sri Lanka Post have entered a groundbreaking partnership to reshape the accessibility of banking services across Sri Lanka. By combining the banking expertise of BOC with Sri Lanka Post’s extensive network, initially with 100 post and sub-post offices, this initiative aims to bring essential financial services to the nation’s [...]
Government to act swiftly in reviewing stalled Kalpitiya tourism projects
The Sri Lanka Tourism Development Authority (SLTDA) is under increasing pressure to take immediate action to resolve the delays in developing Kalpitiya islands as a tourist destination. Agreements with selected investors, most of which expired in September 2024, have not resulted in any tangible outcome, thus prompting calls for decisive government intervention. The SLTDA initially [...]
Last chance for the SDGs?
LONDON – The world is losing a winnable battle. UN Secretary General António Guterres warns that the 2030 Sustainable Development Goals (SDGs) are on the verge of becoming “the epitaph for a world that might have been.” Can the patient be resuscitated? Decisions made in the coming days will have a significant bearing on the [...]
Union Bank launches National Entrepreneurship Development Programme
Under the Union Bank School of Social Entrepreneurship (UBSSE), the bank has announced the launch of its first initiative, the National Entrepreneurship Development Programme (NEDP), in partnership with the University of Moratuwa and the National Innovation Agency. This collaborative effort is designed to empower aspiring entrepreneurs and those with viable start-up ideas across Sri Lanka, [...]