Women’s Day for whom?
As usual, International Women’s Day was celebrated on a grand scale here in Sri Lanka and abroad. 5-star hotel tamashas and extravagant events were held with a determination to help women achieve their goals. But what about women like the lady in the picture, for whom these celebrations mean ‘zilch’? It’s not too late for [...]
Inland Revenue, Excise Departments integrate to streamline tax collection
The Inland Revenue Department (IRD) is set to integrate with the Excise Department operations as the first step towards merging all tax-related functions under one department, maintaining one set of records, and a digitalised, centralised system that tracks all transactions seamlessly. President Anura Kumara Dissanayake has directed officials from the two departments to work on [...]
Colombo Port EOI next month stirs concern in shipping industry
Government plans to commence work on two key projects in the Colombo Port, the West Container Terminal II and the North Port to be operational by 2030 and 2035 respectively have triggered concerns from the industry which believes it could cause a huge demand and supply imbalance and, the move is way ahead of its [...]
Indian IT companies interested in expanding to Port City
Indian IT companies are beginning to show interest in Colombo’s Port City for expansion amidst hundreds of applications pending approval to start businesses in the new city, top officials said. Indian IT companies based in the South of India are especially interested in this type of a move, they added. “For these companies, it is [...]
Port yard space ready in two years
Construction of required yard space to reduce congestion at the Colombo Port is likely to take place at least two years to complete. Deputy Ports and Shipping Minister Janatha Kodituwakku told The Sunday Times Business that work on the proposed Veyangoda and Bloemendhal facilities to provide increased yard space is likely to take about two [...]
Govt. moves to set up Casino Regulatory Authority
Sri Lanka is speeding up the establishment of a Casino Regulatory Authority to manage online gambling issues, tax avoidance, and laundering of money. A senior Finance Ministry official emphasised that regulation would provide precise guidelines for functioning as well as improve transparency in revenue collection. The proposed regulatory body will oversee licensing, monitor financial transactions, [...]
EWIS to expand to Africa
Sri Lanka’s EWIS Colombo Ltd, the country’s first and only local computer manufacturer mission to win the African region and set Sri Lanka’s footprint there, exported its first consignment of locally built laptops to Zimbabwe on Wednesday from its manufacturing plant in Sooriyawewa. Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd told the Business Times that [...]
Unified approach
The daily news segment of a local television station has a slot for what is called ‘happy news’ which features fun and happy stories. Borrowing from this concept, my contribution today for this segment is the news that Sri Lanka has been established as a country with the lowest terror threat in the world. Happy [...]
Customers left with no choice
Many people in Sri Lanka look at the price and quality of medicine suspiciously. They doubt about the price they pay for medicines even if it is reasonable. They too doubt about the quality of medicines even if it is the right kind with right standards. In spite of all that, however, they are left [...]
LCs worth $150 million opened for vehicle imports
As of Monday (March 10) Letters of Credit (LC’s) worth US$150 million have been opened for the importation of vehicles from February this year, revealed President Anura Kumara Dissanayake. Speaking at the 26th Anniversary of the Chamber of Young Lankan Entrepreneurs (COYLE) held at the Shangri-La Hotel in Colombo on Monday, Mr. Dissanayake said they [...]
CrossBorder Payments paves the way for a Cashless Sri Lanka
CrossBorder Payments (Pvt) Ltd which operates under the brand name marx – a leading force in Sri Lanka’s fintech landscape, is marking its fifth anniversary. Since its inception, the company has transformed from a promising start-up to a trailblazing fintech leader, enabling companies of all sizes and propelling the country’s digital payment revolution, it said [...]
HUTCH launches ‘Level-Up’ plans to transform Sri Lankan lives
Empowering every Sri Lankan to follow and network with thought leaders, advance their careers, learn life skills, or take a leap as a social influencer the HUTCH “Level-UP” plan is a must. The HUTCH “Level-Up” plans, offers unlimited access to 11 essential apps, including LinkedIn, X, YouTube, TikTok, Instagram, Telegram, and WhatsApp. These platforms are [...]
Perera & Sons helps Barampola community with RO Plant
Perera & Sons, (P&S), is a company that is deeply rooted in Sri Lanka’s corporate landscape and the company continues to demonstrate its unwavering dedication to sustainability and community well-being through its Corporate Social Responsibility initiative, Manumehewara. The company’s latest initiative saw the donation of a state-of-the-art Reverse Osmosis (RO) plant to the Barampola community [...]
FitsAir expands with direct flights to KL
FitsAir, Sri Lanka’s first privately-owned international airline, is expanding its regional connectivity with the introduction of direct flights to Kuala Lumpur (KL), Malaysia. Flights to Kuala Lumpur will commence on April 4 with four weekly operations. This expansion reflects the airline’s ongoing efforts to cater to the increasing demand for cost-effective, reliable air travel, reinforcing [...]
National Tariff Policy and Customs reforms in the offing to boost exports
The Sri Lankan government will unveil a National Tariff Policy and a new Customs Act to enhance the country’s export sector and collect US$19 billion in revenue this year, the Finance Ministry announced. It is part of a general effort to place Sri Lanka more meaningfully in the mainstream of world trade and make its [...]
SLTDA hosts dialogue to boost tourism industry investments
The Sri Lanka Tourism Development Authority (SLTDA) this week organised an event focused on facilitating investments in the tourism industry which was attended by Foreign Affairs and Tourism Minister Vijitha Herath and his deputy, Prof. Ruwan Ranasinghe. The event brought together heads of key government ministries and agencies to discuss the importance of collaboration in [...]
Sri Lanka’s RE developers deserve better treatment
Sri Lanka, a committed signatory to global climate treaties like the Kyoto Protocol and Paris Agreement, has stirred controversy with its 2024 policy claiming ownership of all carbon credits from grid-connected renewable energy (RE) projects—solar, wind, small hydro and biomass energy. This applies to initiatives entirely funded by private developers, prompting outrage from the RE [...]
NDB Bank celebrates Women’s Day
NDB Bank marked International Women’s Day by hosting the Araliya Medical Camp, a special event that brought together around 200 Araliya Women’s Account holders at the bank’s premises on March 8. This initiative was designed to underscore the bank’s commitment to empowering women by enhancing their access to healthcare, well-being resources, and valuable guidance, it [...]
LOLC Life Assurance celebrates women’s month
In celebration of Women’s Month, LOLC Life Assurance has introduced a special initiative that offers greater protection and meaningful rewards for women. Throughout March 2025, females who purchase a critical illness policy with a minimum sum assured of Rs.1 million will receive an additional 50 per cent cover of up to a maximum of Rs. [...]
“Young entrepreneurs are the future owners of the country’s economy,” says President
While firmly reiterating that all Sri Lankan businesses must be allowed to do their job while the government will do its job responsibly, President Anura Kumara Dissanayake stated that the young entrepreneurs are the future owners of the country’s economy. Speaking at the 26th Anniversary celebrations of the Chamber of Young Lankan Entrepreneurs (COYLE) held [...]
Increasing coffee in the plantation economy
Some months back in an article to the business pages of the Sunday Times I advocated that immediate attention should be drawn to the need of diversification and some of the tea plantations should be converted to Coffee. I was delighted to learn from an article that was published in The Sunday Times Business of [...]
Community spirit at Hayleys Best Tea Harvester Competition
Hayleys Plantations recently hosted the 3rd edition of its Best Tea Harvester Competition, an event looked-forward-to by plantation communities connected to Kelani Valley Plantations PLC (KVPL), Talawakelle Tea Estates PLC (TTE PLC) and Horana Plantations PLC (HPL). Over 40 women pluckers who won the estates’ level competitions earned the opportunity to compete in the grand [...]
EDB-IPD women-led exports capacity building programme
The Sri Lanka Export Development Board (EDB), in collaboration with the Import Promotion Desk (IPD) Germany, has taken another significant step toward empowering export-oriented women entrepreneurs by launching Phase II of the “EDB-IPD Women-Led Exports” Capacity Building Programme. This initiative aims to further enhance the export potential of women-led businesses in Sri Lanka’s agricultural sector [...]
First Capital firms up in 3Q-2024-25
First Capital Holdings PLC, has reported a Total Comprehensive Income of Rs.4.53 billion for the nine months ending December 31, 2024, demonstrating its ability to capitalise on market opportunities and drive sustained growth. While last year’s bottom-line result of Rs.9.35 billion was bolstered by extraordinary gains from falling interest rates and post-domestic debt optimisation, the [...]
Women’s chamber expands to the North
The Women’s Chamber of Industry and Commerce (WCIC) has marked its 40th year of empowering women entrepreneurs by officially establishing its Northern Chapter. While WCIC has consistently supported women in business across Sri Lanka, this dedicated chapter will further consolidate efforts to uplift and strengthen entrepreneurship in the Northern Province, the chamber said in a [...]
Diva recognises more than 400 women entrepreneurs island-wide
More than 400 women entrepreneurs have been identified from six provinces in Sri Lanka through the ‘Diva Daathata Diriyak Entrepreneurial Skills Development Programme’. The programme that was started by Diva, the premier laundry brand from Hemas Consumer Brands in 2022 in partnership with Women in Management, launched its online marketplace for ‘Diva Daathata Diriyak Women [...]
3% increase in interest for senior citizens, good move, says SSF
The Sunrise Senior Foundation (SSF) has welcomed a move by the government to offer an extra 3 per cent interest on deposits by senior citizens with effect from July 2025 which would help to improve the income levels of this category of society. “Senior citizens who depend on interest income have been suffering in recent [...]
Stanchart experts review world economic outlook, map Sri Lanka’s future
Standard Chartered Bank hosted its Annual Global Research Briefing in Sri Lanka this week in Colombo with the briefing, themed ‘Reverberations,’ bringing together the bank’s Global Research team to share insights on the economic outlook for global markets and Sri Lanka for the first half of 2025. The high-profile event attracted numerous corporate and financial [...]
NSB shows resilience and strategic growth in 20243
The National Savings Bank (NSB), unveiling its financial results for the year ended December 31, 2024, has reported a ‘remarkable’ 126 per cent increase in Profit After Tax (PAT), soaring to Rs.16.29 billion from Rs. 7.22 billion in 2023, the state savings bank said in a statement this week. This phenomenal growth underscores the bank’s [...]
LOLC Holdings joins FTSE Frontier 50 Index
LOLC Holdings PLC has achieved a remarkable milestone by securing a place in the FTSE Frontier 50 Index, effective from March 24, 2025. This prestigious inclusion follows the latest semi-annual review by FTSE Russell, underscoring LOLC’s growing prominence in global financial markets, the company said in a media release. The FTSE Frontier 50 Index comprises [...]
First Capital firms up in 3Q-2024-25
First Capital Holdings PLC, has reported a Total Comprehensive Income of Rs.4.53 billion for the nine months ending December 31, 2024, demonstrating its ability to capitalise on market opportunities and drive sustained growth. While last year’s bottom-line result of Rs.9.35 billion was bolstered by extraordinary gains from falling interest rates and post-domestic debt optimisation, the [...]
New state research agency invites public support and initiatives
The National Institute for Research and Development Commercialisation (NIRDC) aimed at the swift commercialisation of national research to drive economic growth, enhance social well-being, and promote environmental sustainability, last week invited applications from the public to support these initiatives. This unit has been set at the Presidential Secretariat. A public notice in a local newspaper [...]
Six critically important success factors to implement the budget
The national budget provides many initiates but there are concerns about the Government being able to implement the initiatives. A practical approach to implementing some of the initiatives would be to treat them as projects, e.g., Digital Economy Advancement, Public Transport Modernisation. However, there are some initiatives that would best be positioned as contributing to [...]