Focus on hazardous waste and e-waste
The Sunday Times Business Club (STBC) held an interesting discussion titled “Management and disposal of hazardous waste including e-waste” on Monday at the Shangri-La, the host hotel of the club. The speakers (seen in the picture) were Tissa Gamage, Deputy Director (Hazardous Waste & Chemical Management), Central Environment Authority and Sujith Gunawardhana, General Manager – [...]
Motor vehicles roll in after near-4 year ban
Motor vehicles, since the lifting of a near 4-year ban last month, have begun rolling in with two shipments so far from Japan but analysts said while there is initial demand this is likely to taper by the end of the year. Bankers said so far up to US$100 million in letters of credit (LCs) [...]
Fast-tracking Digital National ID process
The Sri Lankan government is accelerating the much-delayed move to a digital National Identity Card (e-NIC) on a full-fledged basis in the next 18 months, a top official confirmed. Even though it has been under development for more than a decade, the project has been delayed several times owing to issues of data privacy, security [...]
2025 Budget: Indirect tax hikes trigger concerns
The budget of Sri Lanka for 2025 has unveiled some indirect tax proposals that target increasing the revenue of the government and providing economic stability. These taxes have no direct bearing on the income of people, but it would increase the prices of goods and services, which eventually affects the public. Some of the notable [...]
Service exports hit by 15 % tax on freelancers, IT sector
Sri Lanka’s service exports revenue is likely to suffer a negative impact by imposing a 15 per cent tax with effect from April on freelancers, you-tubers, individuals and corporates that provide services to external parties and bring back foreign exchange, several economic analysts and experts said. In the 2025 Budget, the income tax exemption has [...]
Moving towards common use of mobile phone nos.
The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has been receiving requests from the public regarding the introduction of Number Portability (NP) services. In line with this, TRCSL has announced the steps taken to introduce this service following a long delay of over 17 years due to various obstacles including regulatory issues, financial constraints and [...]
Shipping lines express concern at Colombo Port delays
Sri Lankan Port authorities are keeping their fingers crossed on the hopes that the Adani West Container Terminal is panacea at the Colombo Port as it becomes operational around July following meetings with shipping lines on Wednesday and in the past few weeks. Sri Lanka Ports Authority (SLPA) Chairman (Rtd.) Admiral Sirimevan Ranasinghe told The [...]
Safety of your personal data
How safe is your personal data at a time when the authorities are seeking to access your personal information for various national reasons? What happens if it gets into the wrong hands? In such a situation, is your life at risk? Some years back, supporters of a politician seeking election to a local body visited [...]
HNB records sustainable growth in 2024
Hatton National Bank PLC (HNB) has posted robust overall performance in 2024, demonstrating marked improvement on all fronts. Group Profit After Tax (PAT) improved to Rs.44.8 billion in 2024, up from Rs.23.6 billion in 2023 while the bank’s PAT increased to Rs.41.3 billion, compared to Rs.20.3 billion in the previous year, the bank said in [...]
Shangri-La Colombo unveils exquisite Ramadan Celebrations
With the advent of the Moslem holy month of Ramadan, Shangri-La Colombo is inviting guests to celebrate this festival with an array of indulgent dining experiences and exclusive handcrafted treats. The season is marked by luxurious offerings, including lavish Iftar feasts, grand Eid celebrations and exquisite Ramadan goodies. Little Gems, the hotel’s boutique, presents a [...]
DFCC Bank steady amidst turbulence
DFCC Bank, in a demanding banking landscape, demonstrated resilience and strength, achieving robust financial performance in 2024, it said in a media release. The bank’s Profit Before Tax (PBT) of Rs.13,498 million and a Profit After Tax (PAT) of Rs.8,353 million in 2024 as compared to a PBT of Rs.10,960 million and a PAT of [...]
SLT’s significant turnaround in profit for 2024
The SLT Group has reported a massive turnaround in profitability as of December 2024, driven by strong operational performance and successful cost optimization across fixed and mobile segments, with momentum accelerating steadily during the year, it said in a media release. The group recorded a Profit after Tax (PAT) of Rs.3.1 billion for 2024, compared [...]
Seylan Bank’s strong post-tax profit of Rs.10 bn
Seylan Bank has posted a Profit before Tax (PBT) of Rs.16.04 billion for 2024 with a 59 per cent growth over the previous year, while recording a Profit after Tax (PAT) of Rs.10.05 billion with a 61per cent growth over the previous year, demonstrating a robust performance despite challenging macro-economic conditions. The PAT of Rs.10 [...]
Pan Asia Bank’s post-tax profit of over Rs.4.1 bn
Pan Asia Banking Corporation PLC has seen a stellar year of growth and profitability in 2024, with an increase in Profit After Tax (PAT) of 123 per cent and Profit Before Tax (PBT) surging by more than 159 per cent. This growth is reflective of the robust portfolio management, positive outcome of the sovereign debt [...]
NTB achieves 24% ROE in 2024
Nations Trust Bank PLC (NTB) Reported strong financial results for the 12 months ending December 31, 2024, achieving a Profit After Tax (PAT) of Rs.17 billion, up 46 per cent YoY. Nations Trust Bank, Director/Chief Executive Officer, Hemantha Gunetilleke, said, “The bank’s performance for the 12 months ending December 31, 2024 showcases our continued growth [...]
40 million tonnes of e-waste created each year globally
With technology advancing and everything squeezed into a mobile device that controls human activities and reactions, vehicles are turned into battery power while solar panels have become the source to generate electricity. The fastest growing waste stream in the world has become the electronic waste (e-waste). It is estimated that about 40 million tonnes of [...]
RDB, BOC launch collateral free loans for SME
The Ministry of Industries and Entrepreneurship Development along with the Regional Development Bank (RDB) and the Bank of Ceylon has started a collateral-free loans scheme for Small and Medium Entrepreneurs (SME) in line with its efforts to develop the sector, top officials said. The RDB has started to develop 15000 SMEs on the island with [...]
SL should connect sectors, institutions for digital transformation
Sri Lanka needs to work hard on the interoperability and interconnections between various sectors and institutions in its forward march on digital economy, top officials said. “That’s where Sri Lanka would focus on bringing together established strengths, bringing in horizontal infrastructures like Digital Public Infrastructure (DPI) building on the strength of broadband and connectivity that [...]
Two tax bills to amend VAT and IR Act
Two Tax Bills to amend the principal Value Added Tax (VAT) Act and the Inland Revenue Act were published in the gazette last week. The Inland Revenue Amendment Bill introduces income tax refunds- personal income tax of Rs.100,000 per year and Rs.25,000 per quarter, Suresh R I Perera, Principal – Tax and Regulatory at KPMG [...]
BOC empowers another 10,000 entrepreneurs
The Bank of Ceylon recently held a session under its “Bank of Ceylon Youth Project” aimed at empowering another 10,000 young entrepreneurs to ‘achieve their dreams’. Picture shows young entrepreneur Ms. Thashmila Senadeera speaking at the event.
LOLC Insurance in 5 wins at Emerging Asia Insurance Awards
LOLC’s Insurance arm secured five prestigious accolades at the 5th Emerging Asia Insurance Awards, held recently in Bangkok, Thailand. LOLC General Insurance was honoured with the title of ‘Best General Insurance Company’, alongside two additional awards for Best Customer-Oriented Company and Best Risk Management Strategy, according to a company media release. LOLC Life Assurance secured [...]
GRIT: Bridging investment opportunities between Sri Lanka and the US
Grit Property Group, a real estate firm with a strong presence in Australia, Dubai, Sri Lanka, and now the US, is looking at new investment opportunities for Sri Lankan investors looking to expand into the US market. With over US$1 billion in real estate sales and a network of 30+ employees worldwide and over 200,000 [...]
JAAF’s international parley in 2025
The Joint Apparel Association Forum (JAAF), in collaboration with Monash Business School and the Postgraduate Institute of Management (PIM) successfully hosted the International Conference on the Apparel Industry 2025 recently in Colombo. This was the second time the event was held, following its inaugural edition in 2018, as part of JAAF’s commitment to fostering dialogue [...]