Ceylon Chamber’s Economic Summit
Banuka Harischandra – Founder Surge Global (left) and Dr. Hans Wijayasuriya – Chief Advisor to the President on Digital Economy, in conversation at this week’s Economic Summit organised by the Ceylon Chamber of Commerce. Pic by M.A. Pushpa Kumara
Government to set up listed holding company for SOEs reforms
The government is to set up a state holding company to manage its state-owned commercial enterprises (SOEs) and list it on the Colombo Stock Exchange. This strategy aims to consolidate and streamline SOEs, reducing the financial burden on the state President Anura Kumara Dissanayake revealed this at an economic forum organised by the Ceylon Chamber [...]
Govt. goes ahead with Litro Gas restructuring
The country’s largest state-run LPG supplier, Litro Gas Lanka Ltd, and its terminal, Litro Terminals (Pvt) Ltd are to continue its restructuring process of divesting shares in the private sector. The government intends to sell all or most of its shares in the company under the ongoing restructuring procedure, a high official of the Finance [...]
Govt. lifts vehicle import ban
Sri Lanka will end its four-year ban on car and vehicle imports with effect from February 1, allowing motor traders to once again import vehicles. This decision of vehicle import ban follows the country’s economic crisis, during which the suspension was implemented to preserve foreign reserves. There will be four types of taxes imposed: 18 [...]
SL coming up with payment solutions for digital nomads
Sri Lanka is targeting to introduce a series of digital payment solutions for digital nomads, a top official said. This came after the country slipped last year in the Best Place for Digital Nomad’s List from being the best paradise for digital nomads three years ago. Club Med ranked Sri Lanka as the second-best country [...]
VC for SMEs
The Ministry of Industries and Entrepreneurship is looking to set up a venture capital fund for small and medium enterprises (SMEs) in certain sectors. “It will be a purpose-driven fund for some industries,” Chathuranga Abeysinghe, Deputy Minister of Industries and Entrepreneurship Development said. A panellist at the ‘Plan for Economy Transformation’ concluding session of the [...]
Sri Lanka to systematically limit RBD oil imports
Importing of coconut based products has become vital as the shortage of nuts has led to a steep rise in prices and through these imports they hope to gradually limit the importation of refined, bleached, and deodorized (RBD) palm oil. A discussion was held on Thursday to consider the import of coconut based products for [...]
Citizens of tomorrow
During a cursory glance at the ruling National People’s Power (NPP) election manifesto, I was looking through the education segment and came across this statement: “…..serious social criticism exists on the education system’s failure to produce quality citizens. While education is not solely about preparing individuals for the job market, it should equip citizens to [...]
AI vision of Sri Lanka by 2048
What would be the future of Sri Lanka by 2048, when we celebrate our 100-year Independence Anniversary? Have you ever thought of a question like that as we are now getting closer to our 77-year Independence Day on February 4th next week? Our children who are born this year will be about 23-year old youths [...]
Central Bank retains current policy rates to stabilise inflation
The Central Bank (CB) has retained the current Overnight Policy Rate (OPR) at 8 per cent after considering domestic and external macroeconomic trends. This monetary policy decision was taken with the objective of fixing inflation at 5 per cent over the medium term and supporting economic growth. The economy expanded by about 5 per cent [...]
McLarens Group celebrates 75 years of Vision, Growth, and Excellence
McLarens Group, a name synonymous with Sri Lanka’s maritime industry, marked its 75th anniversary in December 2024, a significant milestone in its journey of vision, growth, and excellence. What began as an entrepreneurial endeavour by John Duncan McLaren, a Scottish gentleman who sailed to Sri Lanka in 1935, soon evolved into a thriving enterprise formally [...]
DFCC Bank earns Triple Recognition at Global Banking and Finance Awards
DFCC Bank has been honoured with three significant awards at the Global Banking and Finance Awards 2024 – the Banking Brand of the Year Sri Lanka 2024, Best Bank for Sustainable Development Sri Lanka 2024, and Fastest Growing Retail Bank Sri Lanka 2024. These independent awards, presented by the UK-based Global Banking and Finance Review, [...]
NDB Bank launches TradeLinc
NDB Bank recently launched TradeLinc, a revolutionary digital banking solution, at an event attended by over 100 business customers. Speaking at the event, Kelum Edirisinghe, CEO of NDB Bank, articulated the bank’s vision for the future of digital banking. He emphasised the strategic importance of TradeLinc as a catalyst for growth, providing Sri Lankan businesses [...]
British Trade Commissioner visits Third Space Global
Third Space Global (TSG), a BOI-approved British-owned company renowned for its online mathematics tutoring services for UK and US students by harnessing the expertise of Sri Lankan and Indian young talent to deliver top-notch tutoring, recently hosted a delegation led by Harjinder Kang, UK Trade Commissioner. The delegation included Ms. Mara Waters, Director of Trade [...]
Insolvent SOEs to go public – Prez
Sri Lankan President Anura Kumara Dissanayake noted that his government is doing a study on loss-making State-Owned Enterprises (SOEs) which may eventually go public on the Colombo Stock Exchange (CSE). Noting that the government is ready for a structural change in these enterprises, he said they are not looking at the entities from the old [...]
Cutting red tape, simplifying processors to foster economic growth
Cutting red tape, procedure simplification, and establishing sector-specific zones for investment are the focus areas of the Ministry of Industries to support the government’s initiative to enhance the economy. In this regard, an investor facilitation committee is slated to make the process simplified for potential investors, a top official said. “It takes 269 working days [...]
Central Bank attributes inflation deviation to energy prices, policy measures
The Central Bank says that headline inflation deviation from the target in the second and third quarters of 2024 was due to transitory supply-side factors, especially significant reductions in energy prices. To that effect, it has forwarded a comprehensive report to Parliament with an explanation on the deviation of inflation from the target set in [...]
Top travel company to hold its Global Summit 2025 in Sri Lanka
Intrepid Travel, touted as the world’s largest adventure travel company, has chosen Colombo, Sri Lanka, as the host city for its annual Global Summit 2025. This is only the second time the company has hosted the annual event outside its headquarters in Melbourne, Australia – underscoring Sri Lanka’s vital role within Intrepid’s global operations, company [...]
British Travel Awards recognises Halo Holidays
Halo Holidays, a Sri Lankan-owned travel company, has been honoured with the prestigious Gold Award by the British Travel Awards (BTA 2024) as the Best Travel Company for Southeast Asia. This accolade reflects the company’s commitment to excellence, recognising its exceptional service and comprehensive offerings for group tours, family holidays, honeymoon packages and corporate travel, [...]
INSEE appoints Thusith C. Gunawarnasuriya as COO
Siam City Cement (Lanka) Ltd, known as INSEE Cement, Sri Lanka’s leading and only fully integrated cement manufacturer, has appointed Thusith C. Gunawarnasuriya as Chief Operating Officer (COO), effective from January. With over 24 years of diverse leadership experience spanning multiple industries, Mr. Gunawarnasuriya brings a track record of operational excellence, strategic insight, and innovation [...]
JAAF Chairman
Saifuddin Jafferjee (see pic) has been re-elected Chairman of the Joint Apparel Association Forum (JAAF) at its recent AGM.
Asia Book of Records honours Cipla
Cipla Ltd has announced that its Emerging Markets & Europe Business Unit (EMEU BU-business units) has achieved a new milestone by being recognised in the Asia Book of Records. During the COPD Awareness Month, Cipla successfully engaged 4,350 doctors from Nepal, Myanmar, Sri Lanka, Malaysia, Oman, and the UAE in a pledge campaign to raise [...]
Manmohan Singh and the Making of the Indian Miracle
WASHINGTON, DC – At a time when demagogic populists often overshadow experienced, empathetic politicians, the recent passing of former Indian Prime Minister Manmohan Singh at the age of 92 serves as a stark reminder of how our perceptions of leadership have changed. Singh, who led India from 2004 until 2014, was not only an adept [...]