Krrish, a veritable death trap?
The unfinished Krrish building in Fort recently drew attention owing to two fires which broke out in the building, forcing fire fighters to climb the stairs with buckets of water to put out the fire. The project is steeped in controversy and is subject to a court case. Pic by M.A. Pushpa Kumara shows a [...]
People’s Bank in full recovery after disastrous 2022-2023 crisis
The People’s Bank, one of the largest banks in Sri Lanka with the highest number of accounts – over 18 million, is undergoing a period of transformation and in the process has recorded its highest ever profit (in 2024), its top official said. “We have achieved the best ever position in our history as far [...]
Sri Lanka scrambles for funding after USAID freeze
The Sri Lankan government is looking at alternative financing for a minimum of a dozen government projects hitherto supported by USAID. The initiative comes in light of the recent US government move to freeze foreign assistance, significantly impacting the nation’s development programmes a high official of the Finance Ministry said. At the time of the [...]
East Terminal unlikely to be operational in 2025
The Colombo Port East Container Terminal (ECT) is unlikely to get underway despite government assurances to operationalise the terminal by July. Amid repeated requests from shipping lines, ships’ agents, to improve the services at the port, the key element is the inter-terminal trucking between terminals which is causing delays during peak periods. Even today there [...]
Govt. to cheer local developers to build biometric hardware
Sri Lanka’s government is to pave the way for local manufacturers to develop biometric hardware in the digitalisation of its economy. Deputy Minister of Digital Economy Eranga Weeraratne in an interview with The Sunday Times Business said that digital ID island-wide will see a big demand for biometric hardware that local manufacturers can exploit. “The [...]
Colombo bourse performing better than regional peers
The Colombo Stock Exchange (CSE) ASPI which dropped to a low point of 10,567 index points in mid-September 2024 on the back of investor uncertainty, rose to 15,945 index points (50 per cent gain) by December 31, 2024. As of March 5, 2025, the ASPI has shown a remarkable year-to-date gain of nearly 40 per [...]
e-population registry for Colombo this month
The Registrar Generals Department has plans to complete the e-population registry, an electronic database of basic information on all Sri Lankan citizens for Colombo this month, a top official said. “We plan to issue an e-birth certificate for those born after January 2021 in Colombo in addition to the handwritten birth certificate with the e-population [...]
Furore over visit visas
They were waiting at the gate for him. And, as Aldoris, the choon-paan karaya, came down the lane in his tuk-tuk filled with breakfast goodies, the trio rubbed their stomachs to show their regular baker that they were indeed hungry. “Hari…..samavenna mata poddak parakku wuna (Well…sorry if I got a bit late),” he said, while [...]
Crisis recovery and continuity
Let me begin today’s discussion with a preamble. The Sri Lankan economy usually has natural instincts to grow at 3 – 4 per cent rate a year. If the weather conditions are good, the agriculture sector can perform well, although there are unresolved multiple issues in that sector. The main export industries such as textile [...]
SriLankan Airlines introduces wireless In-flight Entertainment
SriLankan Airlines is introducing wireless in-flight entertainment on select narrow-body A320 aircraft, enabling passengers to seamlessly stream content on their own devices. The new technology means that passengers on certain short-haul flights can now experience a greater degree of personalisation and convenience, while enjoying their favourite movies, music and more onboard, the airline said on [...]
CEAT supports education of children in Hatharaliyadda
A community-specific social responsibility initiative of CEAT Kelani Holdings recently benefitted students of the Palana Maha Vidyalaya, Hatharaliyadda, who received school bags, school shoes and exercise books from Sri Lanka’s leading tyre manufacturer. This was the fifth such project carried out by CEAT under this initiative created to support the education of children of rubber [...]
VFS Global launches AI-Powered Chatbot for UK visa customers in 141 countries
VFS Global has recently launched a new Generative AI-powered chatbot to enhance customer support for travellers to the UK. The AI-Powered Chatbot not only utilises advanced Generative AI technology to offer human-like, conversational support, but does so through both voice and text commands, providing instant, accurate, and accessible information for customers travelling to the UK, [...]
Zahara Ansary, new Country Head of Cambridge
Cambridge University Press & Assessment has announced the appointment of Zahara Ansary as the new Country Head for Sri Lanka and the Maldives. The appointment reinforces Cambridge’s continued support to learners and educators in the region and further underlines the organisation’s unwavering commitment to offer equity and access to high quality and affordable education, it [...]
IMF approves government’s SOE Reform Strategy
The International Monetary Fund (IMF) has accepted the government’s new approach of adopting a different strategy for restructuring state-owned enterprises (SOEs) to enhance efficiency and reduce their financial burden on the state, IMF Deputy Mission Chief for Sri Lanka Katsiaryna Svirydzenka revealed. Addressing a media conference in the US on Wednesday following the completion of [...]
Janashakthi reports Rs.18.34 bn revenue in 9mths-2024
Janashakthi Group (JXG), Sri Lanka’s emerging financial conglomerate, announced its financial performance for the nine months ending December 31, 2024, with group revenue reaching Rs.18.34 billion and Earnings Before Interest and Tax (EBIT) of Rs.6.18 billion. Ramesh Schaffter, Managing Director/Group CEO at JXG said, “For over 30 years, Janashakthi Limited has been a steady yet [...]
STBC-NEGC collaboration on green issues
The Sunday Times Business Club (STBC) and the Nuwara Eliya Golf Club (NEGC) recently entered into an ‘expression of interest’ to collaborate on green projects in Nuwara Eliya and the rest of the country. The move is part of the STBC’s initiative this year to engage in green projects and support Sri Lanka’s ambitious national [...]
Keells opens first northern store in Jaffna
Keells has opened its first northern store in Jaffna. While this marks its first supermarket in Jaffna, Keells has been closely connected to the region since 2015. The Keells Collection Centre in Jaffna has been actively sourcing approximately 200,000 kg of fresh produce each month, ensuring a steady supply of high-quality goods while supporting local [...]
LOLC Life Assurance, SL’s fastest growing life insurer in 2024
LOLC Life Assurance has achieved a record-breaking milestone in 2024, surpassing Rs.8 Billion Gross Written Premiums (GWP) and achieving the highest growth rate in the industry at 46 per cent. “This remarkable achievement reflects the company’s commitment to sustained market growth and strengthened industry presence over the years,” the company said in a media release. [...]
JAT crosses Rs.1 bn in post-tax profit
JAT Holdings PLC has recorded a strong for Q3 of FY 2024/25, crossing the Rs. 1 billion mark in Profit After Tax (PAT) for the first nine months of the financial year. Local operations continued to demonstrate resilience, with revenue reaching Rs. 5,571 million in the first 9 months, reflecting a steady 10 per cent [...]
Union Bank’s PAT at Rs.1.2 billion in 2024
Union Bank has reported a resilient financial performance for 2024, achieving a Gross Income of Rs.16.5 billion and a Net Interest Income (NII) of Rs.4.8 billion. While a declining interest rate environment necessitated repricing of the loan book, impacting income levels compared to 2023, the bank, in a media release, said it demonstrated growth across [...]
Strong performance from ComBank after absorbing ISB restructure loss of Rs.45 bn
The Commercial Bank of Ceylon Group, comprising Sri Lanka’s largest private sector bank, its subsidiaries and an associate, has reported an exceptionally strong financial performance in 2024. Prudent provisioning for impairment charges and other losses, effective balance sheet management and strong lending growth helped mitigate a substantial loss materialised from the restructuring of the Sri [...]
Ceylinco Life tops life insurance market with premium income of Rs.37.14 bn in 2024
Ceylinco Life has reaffirmed its position at the top Sri Lanka’s life insurance industry with gross written premium income of Rs.37.14 billion and total income of Rs.65.54 billion in 2024, the company’s 21st year of unbroken market leadership. Premium income grew by a healthy 11.16 per cent, while investment income at Rs.28.4 billion reflected growth [...]
Stitching her way up at garments’ conglomerate MAS
From humble beginnings on the factory floor, a strong commitment to fulfil an ambition nurtured since school days, and family and friends to support every step of the way, is what got Nilmini Haputhanthri achieve her goals and clinching a top-notch position in the apparel industry at MAS Holdings, today. As Deputy General Manager (Technical) [...]
Government advances digital transformation towards a cashless economy
The Sri Lankan government is investing US$10 million (Rs.3 billion) for digital transformation efforts in 2025 with a vision to generate $15 billion from the digital economy in the next five years. A significant one of these features is bringing into being a unique digital ID and new juridical rules for the organisation of digital [...]
CSE and SEC host ‘Invest Sri Lanka 2025’
The ‘Invest Sri Lanka’ Capital Market Investor Forum 2025, hosted by the Colombo Stock Exchange (CSE) in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) and the Stockbroker industry is scheduled to take place on March 27-28 at the Shangri-La Colombo. The forum will feature high-ranking officials, including the Governor of the [...]
Olu Tropical donates Rs.1 m towards leopard conservation
Olu Tropical Water, in partnership with the Wilderness & Wildlife Conservation Trust (WWCT), has donated Rs.1 million to aid in the restoration of essential wildlife pathways in the Central Highlands in view of World Wildlife Day. The initiative, “Corridors for Conservation – Central Highlands,” focuses on preserving and restoring the cloud forests of Sri Lanka [...]
Indian travellers to Sri Lanka on the rise
Tourism in Sri Lanka is seen prospering with the rise in and interest from Indian visitors who are enthralled by what the island nation has to offer in one of the most compact destinations in Asia, a top Indian official. Additionally a new casino set to open in mid-2025 in Colombo would also attract Indian [...]
HSBC Sri Lanka voted Best Trade Finance Bank in Euromoney’s Trade Finance Survey
HSBC has been voted the Best Trade Finance Bank in Sri Lanka, and no.1 in Client Service and Products, and Technology in the benchmark Euromoney Trade Finance Survey 2025. Globally, HSBC was voted the World’s Best Trade Finance Bank for the eighth year running, and the Best Trade Finance Provider in Asia Pacific across 11 [...]
SLIC Life calls for applications for Suba Pathum Scholarships
Sri Lanka Insurance Life (SLIC Life) has called for applications for its Suba Pathum Scholarships. In 2014, SLIC Life initiated the ‘Sri Lanka Insurance Life Suba Pathum Scholarship’ programme for the children of its Life policyholders across the country. To date, this initiative has awarded over 2,000 scholarships, worth more than Rs. 200 million, the [...]
NDB Bank’s banking solution for Teens and Parents
NDB Bank has introduced ‘NDB Pixel,’ an innovative digital banking solution crafted specifically for Sri Lankan teenagers aged 13 to 18. This initiative is a significant stride towards fostering a cashless society, aligning with the nation’s digital transformation goals, and equipping the younger generation with the tools for secure and convenient financial management, the bank [...]
55th anniversary of Vietnam – Sri Lanka diplomatic relations
Vietnam and Sri Lanka are celebrating 55 years this year of diplomatic relations. Over the years, the two countries have built a strong partnership grounded in mutual respect and shared values. The two countries have collaborated across various sectors for mutual benefit, and supported each other in international forums for peace, stability, and development in [...]
Empowering Sri Lankan farmers through technology
The Regional Demo Day of the GoviLab AgriTech Accelerator concluded successfully recently at the Farm Mechanisation Training Centre in Anuradhapura. The event brought together over 3,000 participants, including farmers, government officials, private sector representatives, and members of the public, to witness the demonstrations of 10 innovative Agri-Tech solutions developed by Sri Lankan start-ups. The event [...]
Tariff Wars: How will the US Reciprocal Tariff impact Sri Lanka?
The proposed additional tariffs on the US imports from Canada, China, and Mexico went into effect early Tuesday morning (March 4), paving the way for a trade war between the US and major trade partners. In addition, the Presidential Memorandum on Reciprocal Trade and Tariff of the United States (US) has called for studies on [...]
International Women’s Day 2025: A Celebration or a Call to Action?
On March 8, 2025, individuals worldwide came together to celebrate International Women’s Day (IWD), honouring women’s social, economic, cultural, and political achievements. This year’s global campaign theme, “Accelerate Action,” emphasises the urgency of advancing gender equality. The United Nations has also declared a complementary theme: “For ALL Women and Girls: Rights. Equality. Empowerment.” These themes [...]
Changing face of Sri Lanka’s plantations: Coffee for Tea
Ceylon Tea, once a globally sought after beverage is now transforming its plantations to become the future of coffee on the world stage in line with changing cultures; but continues to be the bone of contention in a politically charged industry lamenting for more surpassing productivity gains. Industry veteran with over 40 years of expertise [...]
Optimising Battery Storage for Solar Energy Systems in Sri Lanka
The Ceylon Electricity Board (CEB) has recently announced plans to curtail energy generation from land-mounted solar plants during periods of low demand when generated energy cannot be effectively utilised. Additionally, they are considering making Battery Energy Storage Systems (BESS) mandatory for new rooftop solar installations. With these measures, the landscape of solar energy utilisation in [...]
SL postpones PDPA by 6 months
Sri Lanka’s Personal Data Protection Act (PDPA) enforcement is proceeding but its slow progress is due to certain measures which need to be taken, particularly in the public sector, concerning the infrastructure to meet enforcement requirements. The enforcement of the full Act, as previously noted, will not be on March 25, but will be pushed [...]
XpressJobs and Generation Alpha to increase internship opportunities
XpressJobs, a leading job portal in Sri Lanka, has signed a Memorandum of Understanding (MOU) with Generation Alpha, a forward-thinking organisation committed to empowering young adults and teenagers by helping them discover their passions, enhance their skills, and seamlessly connect with the corporate and start-up ecosystems. Generation ALPHA places a strong emphasis on developing emotional [...]
Unilever opens new factory to produce Viva and Horlicks
Unilever Sri Lanka recently inaugurated a new Foods Factory at the Lindal Industrial Processing Zone in Sapugaskanda. The construction commenced during the economic crisis and reinforces Unilever Sri Lanka’s strategy to strengthen local manufacturing. This not only removes the pressure on forex but also offers nutritious food products to Sri Lankan households at affordable prices, [...]
Serendib Frontier Capital raises Rs.475 m for Merchant Bank
Serendib Frontier Capital has successfully structured and placed Rs.475 million in Tier II qualifying subordinated debt for Merchant Bank of Sri Lanka and Finance PLC (MBSL), providing MBSL with additional capital to support its growth and regulatory requirements. The five-year debt instrument, executed through a trust structure, offered a more efficient and cost-effective alternative to [...]