New tourist attraction
A toddy tapper delicately walks on ropes from tree to tree tapping toddy. Some hotels outside Colombo have toddy trees in their beachside properties making toddy tapping another colourful sight for tourists. Pic by M.A. Pushpa Kumara
Queries on tax and financial implications by foreign investors increase
More and more foreign investors are requesting reports on Sri Lanka’s tax and finance viability for their investments, top consultancy firms said. “The frequency of foreign investors requesting feasibility and tax and financial implications about investments in Sri Lanka has increased,” a top official from a tax consultancy firm told The Sunday Times Business on [...]
Apparel industry building back on surge in orders
Sri Lanka’s apparel industry is currently building back capacity as they are on a recruitment drive with the slow surge in orders that is likely to continue into 2025. At present the order books are healthy, Joint Apparel Association Forum (JAAF) Spokesman Yohan Lawrence told The Sunday Times Business highlighting that they are currently building [...]
Sri Lanka ushers in 2025 with relief measures for the people
As Sri Lanka embarks into 2025, the new government has taken a few transformative decisions within the first 100 days in office to deal with the economic crisis of the nation and provide relief to the citizens. Despite many challenges, these reforms are setting the stage for sustainable progress. The government received a major approval [...]
BIL in SL marina and hotel developments
Browns Investments Limited (BIL) is set to further imprint on Sri Lanka’s coastal areas by investing in three mega projects after wrapping up international tea company purchases. BIL, the LOLC Group’s strategic investment arm, has via its subsidiary Colombo Marina Development Ltd. fully paid US$ 55 million for 30,776 square metres of land for the [...]
CSE to see a host of green bonds next year
The Colombo Stock Exchange will onboard several green and sustainable bonds next year, top officials said. These bonds are classified as “innovative financial instruments where the proceeds are invested exclusively in green projects that generate climate or other environmental benefits, The Commercial Bank and Alliance Finance PLC are two entities that will launch their green [...]
Low demand from upmarket travellers this winter
There has been a drop in arrivals for the four and five star category hotels as a result of increased rates and a decline in Russian charter operations, industry sources said. At present with the winter season on, the industry has seen a drop in demand for this category of hotels as a result of [...]
SLCERT gets new chairman, directors
Sri Lanka Cybersecurity Emergency Response Teams (SLCERT) has got five new director appointments, officials said. Thilak Pathirage, Cybersecurity Consultant is the new Chairman of SLCERT. Along with the chairman, four new directors have been appointed. Independent directors – Jayantha Fernando, Renuka Ruvel, and Channa De Silva have been retained. With SLCERT watching over state agency [...]
Great expectations
I read an interesting report by the news agency AFP this week, where it was stated that international drug barons were running their money laundering operations from the peaceful sanctity of Dubai, living it up and partying in glitzy hotels and restaurants without a care in the world and without fear of extradition. However, that’s [...]
Let’s borrow again?
After completing the debt restructuring process, Sri Lanka can have access to the capital markets again! This is a statement that I heard many times in the recent past, mostly from the financial market sources. In simple terms, what it means is that Sri Lanka can “borrow again”! The statement leads us to an important [...]
Residents halt mineral sand mining in Mullaitivu
Concerned residents have thwarted the resumed efforts of excavation of mineral sand in Mullaitivu, in a major resistance to exploitation of resources in the former war-affected Vanni district of Sri Lanka. A project by the Indian-linked Midwest Heavy Sands that was granted licences by the previous administration came under public protests on December 13, forcing [...]
Rise in European cruise ship calls at Hambantota in 2024
Hambantota International Port (HIP) experienced a modest increase in cruise ship arrivals in 2024, marking a significant shift in the origin of vessels calling at the port. While there was a noticeable decline in cruise ships originating from the Indian subcontinent, the port saw a substantial rise in ships arriving from Europe. Of the 23 [...]
Government unveils tax reforms amid IMF scrutiny for public relief
The new government has announced some tax reforms as an immediate relief to the people and the micro, small, and medium-scale businesses hit by high inflation and cost of living during the previous regime. These have come into the scrutiny of the International Monetary Fund (IMF). The IMF staff will include a comprehensive report on [...]
Renewable energy plans 2030 energy targets
Sri Lanka’s ambitious goal to generate 70 per cent of its electricity from renewable energy (RE) by 2030 requires a strategic approach that balances environmental sustainability, economic constraints, and the urgency of energy security. With limited financial resources and a pressing need to reduce reliance on fossil fuels, the new government must adopt cost-effective and [...]
Southeast Asia’s First Certified Digital Smile Design Clinic
Align Dental Care is revolutionising dental aesthetics in Southeast Asia with the certification as the region’s only Digital Smile Design (DSD) clinic. “DSD is more than futuristic dental technology; it’s a life-changing experience,” explains Dr. Nasar Abdul Wadood, Founder of Align Dental Care. “Our patients don’t just leave with a beautiful smile—they walk out with [...]
LOLC Insurance in record-breaking performance in Q3 2024
LOLC Life Assurance continues to strengthen its position in Sri Lanka’s insurance industry, achieving cumulative growth up to Q3 2024, and 56 per cent cumulative growth in Gross Written Premiums (GWP) compared to the same period last year, marking the highest growth rate in the industry. This achievement was driven by customer-focused strategies and innovative [...]
Ceylinco Life aids Nepal’s Life Insurance industry
A delegation comprising the Chairman of Nepal Insurance Authority and members of the Life Insurance Association of Nepal, represented by CEOs and senior management of 10 life insurance companies in Nepal, visited Ceylinco Life recently. The discussions focused on Ceylinco Life’s insights on the adoption of IFRS 17 – the International Financial Reporting Standard pertaining [...]
ADB extends $5.3 bn for 179 Public- Private Projects
Successive Sri Lanka governments have implemented 179 projects during the past 33 years with Asian Development Bank (ADB) funding and public-private sector (PPP) participation in key sectors of the economy, the ADB Country Partnership report revealed. However, the potentials of PPPs have not been fully utilised because of many obstacles. These include the absence of [...]
HNB Insurance-RDB Bank offer insurance solutions
HNB General Insurance has announced a partnership with the Regional Development Bank (RDB), in a step towards delivering insurance solutions to RDB’s extensive rural and SME-focused customer base. A Memorandum of Understanding (MOU) for this purpose was signed by RDB Chairman Lasantha Fernando and HNB General Insurance CEO Sithumina Jayasundara, HNB said in a media [...]
Government’s new challenge for senior citizens
The government recently increased the Withholding Tax on interest earnings to 10 per cent from 5 per cent that was being charged earlier. Though 5 per cent being deducted was also unfair increasing it to 10 per cent is like throwing the depositors, who are dependent on this interest income, from the frying pan to [...]
Prime Lands honoured with Gold at TAGS Awards
Prime Lands Residencies PLC has secured the Gold Award in the Land and Property Companies Sector at the TAGS Awards 2024, it said in a media release. The achievement aligns with the company’s continued leadership in Sri Lanka’s real estate sector and highlights a notable advancement from the company’s Silver Award at the TAGS Awards, [...]
Convention Bureau and Uva Wellassa University promote MICE tourism
The Sri Lanka Convention Bureau (SLCB), in collaboration with the Uva Wellassa University, successfully organised an interactive educational session aimed at promoting Sri Lanka as a prime destination for international, regional, and domestic conferences, meetings, exhibitions, and incentive travel. The event which was held recently at the Uva Wellassa University, saw the participation of 80 [...]
Committee appointed to review state statutory institutions for efficiency
The Sri Lankan government has formed a committee to comprehensively review all non-commercial state statutory institutions in the country, with a view to strengthening public service delivery and addressing inherent inefficiencies. The committee, headed by the Secretary to the Prime Minister, would study institutions regulating sectors such as finance, trade, and the environment, for better [...]
Need for a Proprietary Planters Association of Sri Lanka
Introduction Plantation crops have long been the backbone of Sri Lanka’s agricultural economy. The national plantation sector is primarily driven by two main groups: Regional Plantation Companies (RPCs) and Proprietary Planters. RPCs, organised under the Planters Association (PA), manage just 20 per cent of the country’s plantation crop production, Proprietary Planters possess significant executive power [...]
Sri Lanka welcomes 2 millionth tourist arrival
On Thursday, Sri Lanka achieved a significant milestone in its tourism sector, welcoming the two millionth tourist arrival this year – Prasan Ingkanunt (see picture) from Thailand who arrived for his first visit in Sri Lanka with his wife and sister.
Special commission to probe passport issue
President Anura Kumara Dissanayake is to appoint a special Commission to investigate the passport fiasco, informed sources told The Sunday Times Business. “This special Commission will analyse what went wrong and by whom,” a source said. He said the new government has completed the hurdle of getting appointments for issuing passports. The upgraded online passport [...]
USAID engages in Migration Law and Policy
The US through the United States Agency for International Development (USAID) has announced the successful completion of the first certificate programme in migration law and policy in Sri Lanka by 69 professionals who now have the tools and knowledge to take the fight against human trafficking back to their communities. The six-month course was a [...]
Cleantech recycling with Electric-Powered E-Bikes
Cleantech (Pvt) Ltd, a leading provider of integrated waste management solutions, recently launched a project to encourage recycling and environmental sustainability in the suburban areas surrounding Rajagiriya, Angoda, Battaramulla, Narahenpita, and Kolonnawa. The main impact in these areas is a lack of recycling facilities and inappropriate waste dumping, which is a significant waste management issue. [...]