Progress at the Colombo West Terminal
The West Container Terminal (WCT-1), the deep-water container terminal in the Port of Colombo, is set to commence operations shortly. Developed through a public-private partnership by John Keells Holdings, Adani Ports & SEZ Ltd, and the Sri Lanka Ports Authority; the project will be the country’s first automated container terminal. Once complete it will have [...]
Govt. digital TV to free up spectrum space for 5G services
Sri Lanka’s government will introduce digital TV to free up spectrum space for launching 5G, top officials said. Deputy Minister of Digital Economy Eranga Weeraratne told The Sunday Times Business in an interview recently, that the government with the Telecommunication Regulation Commission (TRC) has plans to launch digital television. “Currently, analog television is consuming spectrum [...]
Tea industry not consulted on wage hike
Sri Lanka’s tea industry is once again in a quandary as to how the government arrived at a decision to propose a Rs.1750 wage for estate workers when they there was no discussions, so far with relevant stakeholders. Galle and Kalutara Tea Smallholders Association President Ushan Samarasinghe told The Sunday Times Business that this matter [...]
Customs unions take upper hand
The Shippers’ Council has refused to attend a meeting called by Customs unions this week as it is learnt that these bodies are attempting to take an upper hand in running the customs operations as they are said to have also assured that there would be no more clogging of containers at yards in future. [...]
Colombo airport casino plan in limbo
The Airport & Aviation Services (Sri Lanka) has cancelled a tender or invitation for bids to open a casino counter at the Colombo airport. In a newspaper notice on Sunday February 16, the public was informed that this tender or invitation for bids (called on January 27) has been cancelled. No reason was given for [...]
New coal procurement tender issued amid past issues
Sri Lanka‘s coal procurement process marred by irregularities and corruption in the recent past has been reviewed under the new administration and an amended tender has been issued recently to purchase 4.5 million metric tonnes (MT) by the Ministry of Energy (MOE) on behalf of the Lanka Coal Company (LCC) , The Chairman of the [...]
CSE to launch social bonds
The Colombo Stock Exchange is planning to introduce social bonds, a type of fixed-income instrument issued to finance projects with a direct and measurable social impact on the capital markets after the required approvals, top officials said. This has come on the back of the market operator introducing green bonds. Social bonds, a type of [...]
Uncertainty looms over USAID crisis
Thursday February 20…..9.30 am. I am woken up by a call and it’s Kalabala Silva, the often-agitated academic, on the line. “What….you’re calling to discuss the budget?” I asked, still bleary-eyed after a late night on Wednesday. “Aiyo, by now the budget has been fully dissected and trashed, it’s not the flavour of the month [...]
IMF targets on point in this year’s budget
The 2025 budget aligns with IMF targets, encouraging investment in the energy sector and encouraging foreign investors through competitive tariff rates. The ‘Clean Sri Lanka’ initiative allocates Rs. 3 billion for solar infrastructure development, and renewable energy incentives include tax benefits for solar and wind projects. Green bonds finance sustainable energy projects, attracting local and [...]
Dentsu Grant gets highest award tally at Effie
Dentsu Grant Group, an outstanding performance, secured 15 awards—the highest tally for a single agency this year at the Effie Awards. It won one Gold, five Silver, seven Bronze, and secured two Finalist awards.
MullenLowe wins Effie’s ‘Agency of the Year’
MullenLowe Group (MLG) retained its position as ‘Effie Agency of the Year’ for 2024 for the 2nd consecutive year at the recently concluded Effie Awards ceremony. MullenLowe won 13 accolades for their clients while also propelling its longstanding client, Unilever Sri Lanka to win both ‘Marketer of the Year’ and ‘Brand of the Year’ in [...]
75% of Japanese companies in Sri Lanka expect improved operating profits in 2025
JETRO has conducted its annual survey on business conditions of Japanese companies operating overseas in August and September 2024, receiving responses from 5,007 companies in the Asia – Oceania region and 31 companies in Sri Lanka. It said in a media release that Japanese companies in Sri Lanka are clearly on the road to recovery [...]
Ogilvy’s Geometry Global bags double Effie golds
Geometry Global, a Strategic Business Unit of the Ogilvy Group Sri Lanka, won two coveted Gold Awards at the recently concluded Effie Awards Sri Lanka 2024. The agency’s “Books that Keep on Giving” campaign for ProMate (Printxcel), a leading stationery manufacturer in Sri Lanka, secured two of the six Gold Awards at the ceremony.
Budget aims at balancing economic stability and challenges
Sri Lanka’s 2025 budget conforms to a number of International Monetary Fund (IMF) benchmarks but major deviations have raised eyebrows among economists about the speed of fiscal consolidation. Although financial experts are guarded in their comments, commercial chambers and rating agencies have reacted with moderate judgements. Sri Lanka is still grappling with high and unsustainable [...]
Ceylinco Life pledges Rs.22.4 m for ‘Pranama’ scholarships in 2025
Ceylinco Life has announced an allocation of Rs.22.4 million to be paid out as scholarships to high achieving young Sri Lankans in 2025, continuing a flagship rewards programme the company launched more than two decades ago. With this 24th edition of the Ceylinco Life Pranama Scholarships programme, the company’s investment in motivating academic and extracurricular [...]
Dialog delivers strong FY 2024 Performance
Dialog Axiata PLC recently announced its consolidated financial results for the year ending December 2024 with the group delivering a strong performance across Mobile, Fixed Line, Digital Pay Television and Teleinfrastructure businesses recording a positive core revenue growth of 10 per cent Year to Date (YTD). Group headline revenue reached Rs.171.2 billion, however down 9 [...]
Sampath Bank’s strong financial performance in 2024
Sampath Bank has announced its financial results for the year ending 31st December 2024 – a strong performance with Profit Before Tax (PBT) at Rs.46.7 billion, a 57 per cent year-on-year increase, and Profit After Tax (PAT) of Rs.27.3 billion, up by 59.4 per cent compared to the previous year. The Sampath Group reported a [...]
NDB Group’s pre-tax profit surpasses Rs.24 bn
National Development Bank PLC (NDB) has announced a record-breaking profit for the financial year 2024, marking a significant milestone in the bank’s growth trajectory. The bank reported a pre-tax profit of Rs.24.3 billion, sharply up 141 per cent over 2023 inclusive of the one-off gain of Rs.12.8 billion stemming from the ISB restructure, it said [...]
Laksala and SAJ tie-up to retail latter’s products
SAJ Associates Pvt Ltd, a small to medium-scale producer, has recently tied-up with Laksala, a state institution that produces and sells traditional crafts and Sri Lankan souvenirs SAJ has been in the glycerin-based, natural, herbal, ayurvedic handmade personal beauty care segment for almost five years. In a media release, Jayampathy Arambepola, founder of the company, [...]
Lanka Rating Agency reaffirms NSB’s AAA rating
The National Savings Bank (NSB) and Lanka Rating Agency Ltd (LRA) jointly announced this week the reaffirmation of NSB’s prestigious AAA credit rating, marking another year of unparalleled financial strength and institutional stability. The comprehensive rating assessment, conducted through extensive collaboration between both institutions, highlights NSB’s exceptional position in Sri Lanka’s financial landscape. The AAA [...]
Data dump mooted
In the backdrop of discussions on digital public infrastructure and unique digital ID, it is important to create data warehouses where data is captured and stored for purposes of data analytics to support expanding the tax net, a top tax official said. Nisreen Rehmanjee, Executive Vice President and head Of Corporate Finance Group Tax and [...]
Shipping industry expert positive on some budget proposals
Just as the government is keen on implementing an export-oriented economy through its budget proposals, the country’s shipping industry sees things moving in the right direction, according to a logistics expert. Nilud Fernando, a professional in international shipping and logistics, a marketer, business consultant, trainer and coach, told The Sunday Times Business that the budget [...]
Citi Foundation announces 2025 Global Innovation Challenge for nonprofits
NEW YORK – The Citi Foundation last week issued a Request for Proposals (RFP) for its 2025 Global Innovation Challenge, which provides philanthropic support for community organisations to pilot or scale solutions to social and economic issues around the world. Despite recent progress, young people globally continue to experience challenges in their pursuit of employment, [...]
Barista’s ‘Share a Meal’ raises Rs.3.6 m for needy children
Barista’s “Share a Meal” campaign has successfully raised Rs. 3,629,639.06 in 2024, continuing its mission to assist children in need at SOS Children’s Villages Sri Lanka. This marks the fifth consecutive year of the initiative, which has experienced consistent growth and increased community involvement. On February 10, 2025, the funds were officially handed over to [...]
Hayleys Solar completes SL’s largest single roof solar installation
Hayleys Solar has successfully completed the design, supply, installation, and commissioning of a groundbreaking 6.9 MW rooftop solar photovoltaic (PV) system for Access Logistics Pvt Ltd in Negombo – the largest single solar roof installation ever completed in Sri Lanka. The installation features 11,609 solar panels, 20 inverters, and 2 advanced smart transformer stations, introducing [...]
Nehemiah Consultants marks 10 years in PR industry
Nehemiah Consultants, a public relations agency, celebrates its 10th anniversary this year. Established in 2015, Nehemiah Consultants has built a reputation for delivering tailored, impactful PR strategies to businesses and organisations across the island. Through its innovative approach, deep understanding of local and international markets, and commitment to excellence, the agency has played a pivotal [...]
The never-ending struggle for progress
In the labyrinth of global development, a peculiar paradox has emerged. Despite billions in aid, countless initiatives, and unwavering commitment from dedicated professionals worldwide, the path to sustainable progress remains stubbornly elusive. For decades, the international community has poured resources into uplifting vulnerable communities—building schools in remote villages, establishing healthcare systems in underserved regions, and [...]
ECT tied in exclusivity clause: Colombo Port
Sri Lankan authorities will not be considering the proposals put forward by shipping lines to manage the operations at the East Container Terminal amid protests by trade unions at the Colombo Port citing clauses in the West Terminal agreement that no such vessel operator can join the ECT. However, the industry points out that this [...]
SriLankan Airlines completes maintenance work for Salam Air A321neo
The engineering team of SriLankan Airlines successfully wrapped up base heavy maintenance on an A321neo aircraft for long-term repeat customer, Salam Air, ahead of the scheduled completion date. The work involved replacing a right-hand main landing gear seal on the aircraft, the airline said in a media release.
Tackling climate change in the age of Trump
NEW YORK – There is no denying the reality of global warming. Each year is hotter than the preceding one. Last month alone was the hottest January on record. Recurring natural disasters – floods, fires, droughts, and hurricanes – are becoming more extreme and frequent. The world has blown through the goal of limiting warming [...]
Employment strategies discussion at EFC Symposium
The Employers’ Symposium 2025 organised by the Employers’ Federation of Ceylon (EFC), which is a much looked forward to event among the EFC’s member-companies and other business stakeholders, will take place on February 28 at the Monarch Imperial. This year’s edition will unfold under the banner, ‘Traversing turbulence- Fueling enterprises for success’, the EFC said [...]
Nimal Balawardhane, Executive Director at Samson Insurance Brokers
Samson Insurance Brokers (SIB) has announced the appointment of Nimal Balawardhane as the Executive Director of the company. Known for his exceptional contributions to the insurance industry, Mr. Balawardhana will play a pivotal role in the company’s expansion, particularly in the area of life lnsurance brokering. the company said in a statement. With years of [...]
Ceylinco Life’s China trip for 5 lucky families
Exciting leisure travel prospects will brighten 2025 for a group of Ceylinco Life policyholders just selected as the winners of the life insurance leader’s ‘Family Savari’ mega promotion. The grand draw of the 18th edition of Ceylinco Life Family Savari has identified the five policyholder families that will enjoy an all-expenses-paid holiday in China, the [...]
NCE concerned over proposed removal of Simplified VAT system
The National Chamber of Exporters of Sri Lanka (NCE) has expresses its apprehension regarding the proposed removal of the Simplified VAT (SVAT) system and its replacement with a streamlined VAT refund mechanism. “While we commend the government’s proactive efforts toward digital transformation and economic modernisation, the potential consequences for the export sector necessitate careful consideration [...]
Banks stress importance of budget implementation
Sri Lanka’s banks have welcomed the maiden budget of the new government, describing it as “positive” and one that seeks to maintain policy consistency, especially on the fiscal path. In a statement, the Sri Lanka Banks’ Association (SLBA), which represents all licenced banks in Sri Lanka, commended the budget proposals presented to Parliament by President [...]
Sri Lanka pavilion at German green trade fair
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) organised a Sri Lankan Pavilion at the International Green Week (IGW) 2025, held on January 17-26 at Messe Berlin, Germany. Recognised as the world’s largest B2C exhibition for food and agriculture, the IGW attracted over 300,000 visitors, providing an exceptional platform for [...]
Dipped Products’ success at Presidential Export Awards
Dipped Products PLC (DPL), a global leader in hand protection solutions and a subsidiary of the Hayleys Group, was recognised for its excellence in innovation and export performance at the 26th Presidential Export Awards. DPL received the Innovative Export Product of the Year award for its Magneto glove, a pioneering solution designed to enhance global [...]
Local research highlights positive impact of cinnamon on blood sugar
A clinical trial conducted by Sri Lankan researchers has shown that a standardized extract of Ceylon Cinnamon (Cinnamomum zeylanicum), known as CeyCinnXTM, lowers blood sugar levels in patients with Type 2 diabetes mellitus (T2DM). The study was carried out by researchers from RemediumOne and the Clinical Trials Unit of the University of Kelaniya, in collaboration [...]
Virtusa to source 100% renewable energy by 2030
Virtusa Corporation, a global leader in digital strategy, engineering, and IT services, has published its FY24 Sustainability Report, committing to achieving Net-Zero by 2040 and sourcing 100 per cent renewable energy by 2030. In a media statement, the company explained the significant strides in its journey toward achieving sustainability targets, while fostering workplace inclusion and [...]
Hayleys Solar partners with Bluetti
Hayleys Solar, the renewable energy arm of Hayleys Fentons Ltd, has secured exclusive distribution rights for Bluetti Power Stations in Sri Lanka. Available in three capacities—300W, 1000W, and 2400W— these innovative portable power stations are now available islandwide, Hayleys Solar said in a media release. The Bluetti Portable Power Station delivers up to 10 years [...]
Mack Air celebrates 45 years of excellence in aviation
Mack Air, one of Sri Lanka’s leading General Sales Agents (GSA), recently celebrated its 45th anniversary with the event attended by the leadership of the John Keells Group Transportation Sector and the Mack Air team. Among the attendees at the celebration were Zafir Hashim, President – Transportation & Plantations Sectors of the John Keells Group, [...]
PickMe uplifting drivers and their families through education support
Sri Lanka’s top app-based mobility technology platform, PickMe, recently hosted its annual ‘Nena Pahana’ Loyalty Rewards event for the 8th consecutive year. This initiative under PickMe’s driver benefit and loyalty programme, is designed to provide crucial educational support for the school-going children of PickMe’s independent third party drivers, the company said in a media release. [...]