Cars galore after lifting import ban
Cars at a vehicle sales centre before being unloaded. The Government recently lifted the ban on vehicle imports. Pic by M.A. Pushpa Kumara
Surcharges coming soon: No escape for errant officials
The government – in a hurried move on a recommendation of the International Monetary Fund (IMF) – is to adopt a zero-tolerance policy soon against errant state officials involved in financial irregularities and misappropriations by imposing surcharges (fines) if they are found guilty. The IMF in its technical assistance report — governance diagnostic assessment had [...]
Lanka Pay to revamp Lanka Remit
Lanka Pay, after launching a digital wallet, Alipay and gearing to launch WeChat Pay by the month end, is also working on revamping Lanka Remit to provide an inclusive solution to foreign tourists, top officials said. Channa De Silva, CEO of Lanka Pay told The Sunday Times Business that with the Lanka Remit revamp, foreign [...]
Govt. to prioritise PTA ahead of EU GSP+ review
Sri Lanka’s trade concessions to the European Union (EU) under the GSP+ programme is set to come under review and taking centre stage will be the Prevention of Terrorism Act (PTA), a long overdue concern raised over the years. Joint Apparel Association Forum (JAAF) Deputy Chairman Felix Fernando told The Sunday Times Business that the [...]
Curbing informal transactions with E-Money drive
Sri Lanka is undergoing a major shift in its financial system by accelerating the transition towards e-money and electronic transactions. With nearly 45 per cent of financial activity outside the formal banking system, the government is accelerating the process of bringing these operations under formal monetary regulation. The intention is not only to bring about [...]
Corruption storm hits BIA terminal tender
The Phase II expansion of Bandaranaike International Airport (BIA) tender process has taken a shocking turn as two explosive revelations have emerged, placing the Sojitz – Larsen & Toubro (L&T) consortium at the centre of serious corruption and malpractice allegations. These findings raise urgent questions about the integrity of the bid process, the role of [...]
Govt. injects Rs. 40 bn capital infusion to BOC
The Government will go ahead in 2025 to further strengthen the capital base of the Bank of Ceylon (BOC), bringing in as much as Rs. 40 billion from the Treasury. This is within a broader reform plan to enhance the State-Owned Banks’ (SOBs) financial strength and governance. The move is either by way of direct [...]
Incomprehensible economic jargon
Once a Sri Lankan economist was stopped at a police checkpoint and asked for his national identity card (NIC). When he furnished it, the police officer was nonplussed and couldn’t understand his profession listed in the NIC. He was stumped and asked: “What is this, Sir?” The NIC had listed his profession as which denotes [...]
A country with no import controls
Imagine Sri Lanka deciding to seize the opportunity that is been created by the announcement of reciprocal tariffs by the US. In this scenario, Sri Lanka would transform into a nation embracing “free trade,” eliminating its import controls. What would be the economic consequences of such a bold move? How would this decision shape the [...]
New unified licensing roadmap for telecom
Sri Lanka is preparing a new unified licensing roadmap in the field of telecommunications aimed at proper and updated regulations as the country transitions to a ‘converged’ digital economy. “Traditional licencing categories are becoming increasingly blurred and outdated. This evolution demands a shift toward a holistic and sustainable licensing framework that supports innovation, technology convergence, [...]
Challenging times for Colombo Port: Volumes to US set to drop
Colombo is likely to feel the hit from future cargo volumes dropping to the US as it has already experienced a slip in the first quarter of this year as well. In the first quarter of this year the Colombo Port experienced a 4 per cent volume drop as most of the Indian ports and [...]
GSS + Bonds’ amendments approved by SEC
Proposed amendments to Listing Rules on Green, Blue, Social, Sustainability, and Sustainability-linked Bonds (collectively called GSS + Bonds) were approved by the Securities and Exchange Commission (SEC) at the recent Commission Meeting. The ADB is providing technical support to potential GSS+ bond issuers to develop or review sustainable finance frameworks to ensure alignment with international [...]
The Great Corporate Purge: Rethinking employee loyalty
For decades, employee loyalty has been upheld as an unassailable virtue — the mark of a committed worker, a trustworthy leader, and a strong organisational culture. But what if that loyalty, when left unexamined, becomes one of the biggest roadblocks to progress? In today’s fast-moving business landscape, the most dangerous sentence in the boardroom might [...]
Digital Video Advertising Strategies: Grow Your Brand with Online Videos
A book Edited By: Dr. Nirma Jayawardena (Assistant Professor in Marketing- University of Bradford, United Kingdom); Dr. Mitchell Ross (Senior Lecturer in Marketing- Griffith University, Australia) ; Dr. Sara Quach (Associate Professor in Marketing- Griffith University, Australia); Dr. Park Thaichon (Associate Professor at the School of Business, University of Southern Queensland, Australia) and Dr. Abhishek [...]
Baurs appoints Daniela Munasinghe as a Director
A. Baur & Co. (Pvt.) Ltd., also known as Baurs, a leading conglomerate with diversified business interests in Sri Lanka, recently announced the appointment of Daniela J Munasinghe as Director of its three subsidiaries, namely Baurs Airservices, Swiss Hotel Management Academy (SHMA), and Baurs Travel. With over 25 years of experience in luxury hospitality, inbound [...]
Technomedics appoints new Executive Director
Technomedics International Pvt Ltd. a pioneer in advancing Sri Lanka’s healthcare sector, has appointe Ms. Leshani Samaradiwakara as its Executive Director effective from April 2, 2025. A dynamic leader, Ms. Samaradiwakara brings with her vast expertise in entrepreneurship, innovation management and strategic leadership. Prior to her appointment as Executive Director, she held the position of [...]
Cargills Bank takes adequate protective measures
Cargills Bank, which was affected by hacking of its website and cybersecurity issues, has streamlined processes and rectified weaknesses, if any, in the system. In a statement it said that, upon becoming aware of the incident, the bank’s actions were as follows: Engaging with local and internationally renowned cybersecurity experts to undertake an immediate investigation [...]
Jetwing Hotels’ restructure to align with modern travel needs
Jetwing Hotels has unveiled a readjustment of its branding strategy, signalling a bold step forward in aligning its offerings with the evolving trends of modern travel. This initiative reflects the company’s commitment to addressing the diverse needs and preferences of today’s travellers while reinforcing its position as a leader in Sri Lanka’s hospitality sector. The [...]
HNB, RDA introduce Card Payment on Expressways
HNB PLC recently announced a partnership with the Road Development Authority (RDA) to launch the island’s first card-based toll payment system on expressways, marking a significant step forward in enhancing commuter convenience and modernising national transport infrastructure. The initiative follows the official agreement signed on April 9, 2025, between HNB and the RDA at the [...]
Siyapatha Finance delivers strong results in 2024
Siyapatha Finance PLC has announced a strong financial performance for the fiscal year 2024 with the highest recorded profit in Siyapatha history, reflecting its strategic expansion, prudent financial management, and resilience in a dynamic economic environment. For the year ended 2024, Siyapatha Finance PLC recorded a net interest income of Rs. 4,534 million, marking a [...]
CSE’s new branch in Bandarawela
The Colombo Stock Exchange (CSE) recently opened its Bandarawela Branch to the public, further strengthening its islandwide presence. The branch was inaugurated by the Chairman of the CSE, Dilshan Wirasekara and Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), Senior Prof. Hareendra Dissabandara in the presence of senior officials representing both public [...]
Shanka Abeywardene new CFO Union Bank
Union Bank has appointed Shanka Abeywardene as its new Chief Financial Officer (CFO). A results-driven and transformative finance professional, Mr. Abeywardene brings over 30 years of local and international experience in financial strategy, reporting, and business performance optimisation. His career is marked by a strong track record of enhancing financial performance, driving organisational change, and [...]