‘Fireworks’ before the Avurudu!
It was an unpleasant burst of fireworks ahead of the New Year after the US on Thursday imposed crippling tariffs on Sri Lankan goods. Picture shows fireworks being prepared. Pic by M.A. Pushpa Kumara
Sri Lanka scrambles to avert major economic fallout from crippling US tariffs
Foreign exchange markets are in disarray, garment manufacturers are in a quandary and apparel shares at the Colombo bourse were down as Sri Lanka examined limited options to counter crippling new US tariffs, rising to 44 per cent from around 12-13 per cent. Preparations are also underway for a top Sri Lankan delegation to visit [...]
Colombo Airport tender rocked by Sojitz scandal
The delayed Colombo Airport phase 11 Expansion project is now embroiled in an international bidder disqualification issue in the latest tender to award Sri Lanka’s largest-ever construction contract which officially closed on March 25, 2025. As the nation anxiously watches the progress of the Colombo Airport Expansion Tender, two newly unearthed and deeply troubling facts [...]
US tariff hikes impetus for SL to strike FTA
The recent tariff imposed by the US is an impetus for Sri Lanka to start negotiating free trade agreements (FTA) with the African region for several sectors, industry experts say. “The government should treat this as an opportunity. We should at least sign a memorandum of understanding for trade agreements,” Sanjeeva Wickramanayake, Chairman of EWIS [...]
Government to consolidate scattered savings
The Government’s capital market policy is to bring isolated savings and scattered savings together, to create platforms to formulate these savings and recognise them as single investments, a top government minister said. The government has not ruled out the option of state-owned enterprises to raise capital through the capital markets, he added, noting that the [...]
Sunshine aggressive in pharma manufacturing
Sunshine Holdings PLC is aggressively expanding into the pharmaceutical sector and consolidating its superior position while aiming to collaborate with international partners to look at other new products. “We are looking for products of complexity (international partnerships) where there could be technology transfer, as in biosimilars, such as insulin, Sunshine Holdings PLC Group CEO, Shyam [...]
Delays at Colombo Port cost $600 m annually
Sri Lanka is incurring approximately US$600 million on an annual basis in port and liner demurrage costs and 80 per cent of it is attributed to Customs and government clearance delays. The inefficiencies weaken national competitiveness, increase import costs and raise consumer prices, former Chairman of the Association of Clearing Forwarding Agents and President of [...]
Ready for sweeping US tariffs?
Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and US President Donald Trump – are the three main global figures that Sri Lanka has to deal with. But ask any person on the street nowadays who – among these three leaders – they are familiar with and pat would be the answer – Modi, [...]
Thorns in the Rose Garden
I had anticipated that the US reciprocal tariff policy would be more robust than what was ultimately announced. The new tariffs were unveiled on Wednesday from the Rose Garden of the White House. During the announcement, President Donald Trump displayed a large poster detailing the new tariff rates for various countries, specifically mentioning Pakistan and [...]
Promoting Sri Lanka as a wedding destination
Sri Lanka is being promoted, among other attractions, as a destination hotspot for weddings. Authorities said that destination weddings have emerged as an increasingly lucrative opportunity and the country’s aims to attract 20–25 destination weddings annually, potentially generating approximately US$6.25 million in revenue through high-profile events that attract wealthy guests from around the world. A [...]
Tax concessions needed for sustainable bond market growth
While sustainable bond guidelines have been issued, the lack of government tax concessions hampers the growth of the sustainability bond market, top officials said. The lack of government tax incentives for sustainability bond investments and issuance hinders their appeal to investors and issuers, thereby stifling the overall growth of the sustainability bond market. However, growth [...]
Cargills Bank’s massive data breach sparks cyber security overhaul
Cargills Bank PLC is currently strengthening its cyber security framework with the assistance of leading international specialists after a near-crippling data breach on March 20, the bank said. A ransomware gang called Hunters International had allegedly hacked the bank but they have only infiltrated the data not encrypted (yet), unconfirmed reports revealed. The bank has [...]
FRED’s Fight: Cutting feed-in tariffs impact renewable energy growth
The Government is reconsidering the Cabinet paper to reduce the feed-in tariff reductions for renewable energy projects after multiple protests from stakeholders. “They plan to hold this decision after the local government elections,” an industry official told The Sunday Times Business on Wednesday in Colombo. The Federation of Renewable Energy Developers (FRED) on Tuesday urged [...]
Teardrop Hotels expands to Sri Lanka’s East Coast
Global brand Teardrop Hotels has opened Kalkudah Beach House, an intimate beachfront retreat on Sri Lanka’s East Coast. Nestled within a secluded coconut grove, this five-bedroom sanctuary is designed for those seeking both serenity and adventure. The property features two beautifully designed villas—The Main House and Palm Villa—which frame a stunning tropical pool, offering direct [...]
Market Research Society’s new committee for 2025
The Market Research Society of Sri Lanka (MRSSL) recently held its 12th Annual General Meeting, where Suthaharan Perampalam was elected as the President for 2025. The MRSSL Board of Directors, composed of the heads of its member organisations, will continue to provide strategic guidance to the industry. The board was re-elected, with Ms. Himalee Madurasinghe [...]
Ceylinco Life felicitates its “Titans” of 2024
Ceylinco Life felicitates its “Titans” of 2024 at two-day extravaganza at Cinnamon Life The celebration of excellence scaled new heights recently when life insurance market leader Ceylinco Life honoured the “titans” of the company’s success at a two-day extravaganza at Cinnamon Life. Combining Ceylinco Life’s ‘High Flyers Day’ and Annual Awards gala, the event saw [...]
Ogilvy’s Geometry Global wins Bronze at ADFEST 2025
Geometry Global, a Strategic Business Unit of the Ogilvy Group Sri Lanka, clinched a Bronze Sustainable Lotus Award at ADFEST 2025 in Pattaya, Thailand. The agency won the award in the Education Category for its “Books that Keep on Giving” campaign for ProMate (Printxcel), a leading stationery manufacturer in Sri Lanka. The campaign was the [...]
HNB eliminates MDR for Lanka QR to net more SME
In a bid to bring more small and medium enterprises SMEs into financial inclusivity, HNB announced the elimination of Merchant Discount Rates (MDR) for LANKAQR transactions among appointed merchants in Sri Lanka. At a media conference on Thursday to announce this move, Channa Silva, CEO of LankaPay and Director of SLCERT, noted that in the [...]