Cargills helps small businesses
Cargills (Ceylon) PLC Deputy Chairman/CEO Ranjit Page (centre), Group Managing Director Imtiaz Wahid (left), and Independent Director Dr. Dushni Weerakoon (right), in conversation at Cargills Food City, Pelawatte recently at an event featuring the products of SMEs
Colombo residential land prices climb, while luxury condo sales remain high
Residential land values of Colombo have risen by high double-digit rates in the second half of 2024, while high-priced condo deals increased in the third quarter, separate data show. Prices and purchases have been rising in an environment of falling market interest rates accompanied by an easing monetary policy cycle (two policy rate cuts adding [...]
Authorities grapple with surging demand, low coconut yields
Sri Lanka will find it hard to meet the increased demand for coconuts during the Sinhala and Tamil New Year due to low crop production this year. But importing coconut kernel has helped fill this gap. Chamber of Coconut Industries President Jayantha Samarakoon told The Sunday Times Business that while March/April will not be producing [...]
New proposal for cost-effective alternative for Digital TV Project
A groundbreaking proposal by an engineer/entrepreneur is being considered by the government for the digital TV project, top officials said. B.A.C. Abeywardana, Chairman of Television and Radio Networks (TV Lanka), has proposed three cost-effective alternatives to JICA’s proposed US$114 million proposal, aiming to implement Sri Lanka’s Terrestrial Digital Television Broadcasting project—originally proposed by JICA in [...]
SL Climate Financing Strategy ready by May
Sri Lanka’s Climate Financing Strategy will be ready by May, top officials said. The Ministry of Finance had a workshop on this in conjunction with donor agencies, on Thursday, they added. “We are in the process of validating the strategy. We are working with the United Nations Development programme, And it will be according to [...]
India causes a stir in Ceylon Tea
Sri Lanka’s tea industry is facing a new low: Its neighbour India has surpassed its export figures and taken second place in the global tea trade, after Kenya (in first place). Sri Lanka once the world’s biggest exporter is now in third place. This, the industry believes, is a result of years of neglect and [...]
Car imports scam as tractors and temple use exposed
Sri Lanka’s Motor Traffic Department (DMT) is once again in the limelight for massive fraudulent activities. The latest scandal reveals how corrupt government officials exploited regulatory loopholes to facilitate illegal importation of luxury vehicles under a false pretext. The exposes depict systemised corruption in the department with grave concerns regarding governance and accountability in motor [...]
The Mattala white elephant
So the government has come up with another plan to re-develop the loss-making Mattala International Airport, once dubbed the ‘loneliest airport in the world’ for its lack of passengers. What is it? I dived deeper into the issue after receiving a call this Thursday morning from Ruwanputha, my young economist friend. “It seems we are [...]
Tourism: Perils of playing it by ear!
A foreign traveller and a digital creator, who frequently travelled to Sri Lanka and continued to praise it as his “beloved country”, is now not sure if he really wants to come back again. A few days ago, his troubling experience was highlighted in a YouTube video that went viral on social media. During his [...]
Corruption cuts, clean contracts could attract foreign investors
Sri Lanka’s Government has urged foreign investors to enter its capital market, as the country aims to achieve higher growth without corruption, following the restoration of stability. The new policy thrust aims to expand the production economy and aid businesses achieve their next growth phase. The government has ensured clarity, consistency, and continuity, citing the [...]
S&P Rating after SriLankan Airlines restructuring: CB Governor
The S&P rating upgrade will be completed after the SriLankan Airlines restructuring, Dr. Nandalal Weerasinghe, Governor Central Bank (CB) said at an investor forum on Thursday. He said that single borrower limits for corporate coming into force will compel banks to diversity their exposures. This will force them to diversify funds into the capital market, [...]
Sri Lankan food hasn’t got enough prominence globally
One of the first things a tourist falls in love when they visit Sri Lanka is the Sri Lankan hospitality and the food. Compared to other countries, Sri Lankan food is very unique with its mix of spices. However the country has not promoted its ‘food tourism’ globally. Chef Gerard Mendis, Chairman of the Chef’s [...]
Bank of Ceylon introduces new Mobile Banking App
Bank of Ceylon (BOC) recently launched BOC Flex, its new mobile banking app, providing customers with a more advanced and user-friendly digital banking experience. The event was attended by Chief Advisor to the President of Sri Lanka on Digital Economy Dr. Hans Wijayasuriya, BOC Chairman Kavinda de Zoysa, General Manager / CEO Russel Fonseka, and [...]
Cargills empowers rural SMEs through Village to Home programme
A visit to Cargills Food City Pelawatte last weekend would have been a unique experience for any shopper. The Food City outlet was home to several small local businesses, all eager to showcase their products to the extensive customer base of Cargills, the company said in a media release. This event, called Cargills Village to [...]
Softlogic Life acquires Allianz Life Insurance
Softlogic Life, one of Sri Lanka’s leading life insurers, on Thursday said it has acquired 100 per cent of the shares of Allianz Life Insurance Lanka Ltd. The decision is subject to the approval of the Insurance Regulatory Commission of Sri Lanka. The acquisition aligns with Softlogic Life’s mission to deliver world class life insurance [...]
Janashakthi Life records over Rs.5 bn profit for second consecutive year
Janashakthi Life, one of the fastest growing Life insurers in Sri Lanka, has recorded Rs.5.7 billion profit before tax (PBT) for the period under review (2024), passing Rs.5 billion for the second consecutive year, the company said in a media release. Reflecting on the company’s achievements, Ravi Liyanage, Director / CEO of Janashakthi Insurance PLC, [...]
HNB General Insurance, Union Bank in new partnership
HNB General Insurance (HNBGI) has joined hands with Union Bank through a strategic bancassurance agreement, marking a significant milestone in expanding access to innovative insurance solutions. The partnership will enable Union Bank customers to conveniently obtain HNBGI’s comprehensive range of general insurance products, including both motor and non-motor insurance solutions, through the bank’s extensive network, [...]
Hambantota Port promotes coral incubation within the harbour
The Hambantota International Port Group (HIPG) recently launched its inaugural Coral Reef Protection Project, the first of its kind for a Sri Lankan port. “This project originates from the ecosystem nurtured by Hambantota International Port. Several thriving coral colonies have developed within the port’s channel and basin. Recently, we decided that it wasn’t enough to [...]
Analysis of NPP’s proposal on a bank for small businesses
The National Peoples Power (NPP) has proposed introducing a new development bank which will provide young entrepreneurs with loans without collateral or guarantees. NPP Leader MP Anura Kumara Dissanayake stated this during an event held last September at Monarch Imperial at Battaramulla where it was mentioned that this will lend to small businesses without collateral [...]
Orient Finance’s strong growth in 9-mths ending December 2024
Orient Finance PLC has reported an outstanding financial performance for the nine-month period ended December 31, 2024, showcasing significant growth in key financial indicators compared to the corresponding period in 2023. The company recorded a remarkable 161 per cent increase in profit after tax, reaching Rs.254.6 million compared to Rs.97.6 million in the same period [...]
Banking relief measures to assist affected Small and Medium Enterprises
Sri Lankan banks, as agreed with the Sri Lanka Banks’ Association (Guarantee) Ltd (SLBA), are to provide further relief measures to affected Small and Medium Enterprises (SMEs). Banks have been requested by the Central Bank (CB) to contact their banks before March 31 to access these relief measures, the banking regulator said in a media [...]
Sri Lanka continues current interest rate policy, halts rate cuts
Governor of the Central Bank, Nandalal Weerasinghe has reaffirmed the country’s stance on the IMF programme being implemented and debt re-profiling. On Wednesday, he spoke at the latest monetary policy review press conference in Colombo, ruling out any short-term reduction in the monetary policy interest rate or efforts to raise funds from international markets in [...]
SL advances in foreign financing mobilisation
Sri Lanka has made significant strides in mobilising foreign financing, closely tied to its debt restructuring agreements with international bondholders, lending agencies, and donor countries between 2024 and March 2025. But it is less than the amount mobilised by the Treasury in 2023, Finance Ministry data shows. Debt restructuring arrangements of Sri Lanka in December [...]
Sri Lanka’s FMCG companies encouraged to use recycled plastic
In Sri Lanka only 4 per cent of thousands of tonnes of plastic is recycled annually and the rest is burnt or dumped in oceans and waterways. While recycled plastic is cheaper than virgin plastic that is imported from abroad, FMCG companies opt to use virgin plastic as there are not many plastic recyclers in [...]
400 out of 3,000 BYD EVs ready for delivery in Sri Lanka
With the world witnessing a revolution in the new energy vehicle (NEV) space, here in Sri Lanka John Keells CG Auto (JKCG) received the first batch of 400 BYD electric cars recently at the Hambantota Port. The company received more than 3,000 orders to date, and all deliveries will take place within the next few [...]
Public recognition for LOLC for the ninth consecutive year
LOLC has once again emerged as the “People’s Financial Services Brand of the Year”, securing the prestigious title bestowed at the SLIM Kantar People’s Choice Awards 2025 for an unparalleled ninth consecutive year. This recognition, conferred through a comprehensive consumer research, reflects the brand’s firm connection with the Sri Lankan people and its consistent leadership [...]
Union Bank’s UBgo – the All-in-One Solution
Union Bank as part of its transformation continues to evolve its digital first approach to providing enhanced customer experience, and as part of this process recently unveiled several new features to its mobile banking platform UBgo. UBgo is designed to simplify and enhance the banking experience for customers and transforms the way finances are managed [...]
HNB reinforces Data Privacy and Security
HNB PLC has formalised a data-sharing agreement with its group companies—HNB Assurance PLC, HNB General Insurance Ltd, HNB investment Bank and HNB Finance PLC. The agreement, signed at HNB Tower, marks a significant step in enhancing data governance, safeguarding customer privacy, and ensuring full compliance with Sri Lanka’s Personal Data Protection Act, the bank said [...]
GRI wins Innovation Award in the US
GRI (Global Rubber Industries), a Sri Lankan company, has achieved a remarkable milestone by winning the prestigious MHI Innovation Award for Best Innovation in Sustainability at ProMat 2025, held in Chicago, US. This recognition honours GRI’s premium plus ULTIMATE GREEN XT as the world’s most sustainable Material Handling tire made with 93.5 per cent sustainable [...]