Sri Lanka’s airline posts US $ 525mn annual loss

Cash-strapped Sri Lanka’s national airline announced a staggering US $ 525 million annual loss yesterday

Government defends proposal to raise Treasury bill ceiling by Rs.1tn

The government defended the proposal to raise the short-term Treasury bill ceiling by Rs.1 trillion, given the prevailing high market yields on the longer-tenure Treasury bonds, due to the uncertainty prevailing over domestic debt restructuring.

Lankan baker Tharshan Selvarajah bags ‘Best Baguette’ title in Paris

Sri Lankan baker Tharshan Selvarajah came under the fresh spotlight this week, as he walked away with the first-place title at the 30th annual ‘Grand Prix de la Baguette de Traditional Francaise de la Ville De Paris’.

Colombo Tea Auction sees highest offering since Jan. this week

The Colombo Tea Auction this week saw the highest offering since January this year, which was met with fair demand, at firm to easier rates.

Sri Lanka-China route to get three more flights from July

As Sri Lanka is witnessing a week-on-week increase in tourist arrival from China, more flights will be added in the coming months between the two countries.

Elon Musk names Linda Yaccarino new Twitter CEO

Elon Musk has named a new chief executive of Twitter, just over six months after his controversial takeover of the social media company.

Damro opens Rs.310mn purpose-built office complex dedicated to exports

Strengthens board of directors with respected corporate leaders

Pledge from Prez. to transform ignored education sector in next 10 years

Asserts need for necessary changes in edu. system to support country’s development agenda

Two Lankan student teams reach World Finals at Microsoft Imagine Cup 2023

Two teams from Sri Lanka, team Sipsara and The Green Tycoon, successfully qualified to the World Finals (Asia) stage at Microsoft Imagine Cup 2023, Microsoft’s global competition for students to dream and build new ways of using technology to improve lives.

SL to update colonial-era land policies to meet current development needs

President instructs officials to amend provisions of land management ordinances and introduce new regulations Stresses that archaic land policies established during the colonial era are no longer suited to modern development needs

Transportation expert stresses need to uplift Sri Lanka’s bus infrastructure

Calls for change in the bus regulatory model to bring in private investments

Nestlé Lanka 1Q profits surge on superlative top line performance

To hold EGM on June 30 to pass resolution pertaining to de-listing of its shares from CSE’s official list

Bank of England hikes interest rates for 12th time in its battle with inflation

CNN: The Bank of England raised interest rates by a quarter of a percentage point yesterday in its battle with inflation and said the UK economy would dodge a recession as energy prices fall.

Emirates Group logs record profits of US$ 3 bn as passenger numbers surge by 123%

CNBC: Emirates Group reported record profit and revenue figures yesterday for the year ending April 2023, with customer numbers booming as the majority of pandemic-induced travel restrictions were lifted.

Janet Yellen says US default would trigger global economic downturn

CNN: US Treasury Secretary Janet Yellen urged Congress yesterday to raise its debt ceiling, warning that a US default would produce an “economic and financial catastrophe” that would trigger a global economic downturn and risk undermining the country’s ability to provide global leadership.

UNDP and government embark on green recovery project converting 500,000 Tuk-Tuks to EVs

In an effort to push Sri Lanka towards electric mobility (e-mobility) so that low-carbon solutions can be adopted, the United Nations Development Programme (UNDP) and the government yesterday launched a project to convert 500,000 Tuk-Tuks to electric vehicles (EVs) or e-Tuk-Tuks over a five-year period.

International tourism on track towards recovery: UNWTO Barometer

International tourism, which was severely crippled due to implications stemming from the Covid-19 pandemic, is well on its way to recovery, the latest UNWTO World Tourism barometer revealed.

Sri Lanka to apply for GI for Ceylon Tea from EU this September

Sri Lanka plans to formally apply for Geographical Indication (GI) for Ceylon Tea from the European Union (EU) this September, with intentions to replicate the same move in other key markets of Ceylon Tea subsequently.

Apparel exports could drop by US $ 1bn this year: JAAF

Sri Lanka’s apparel export earnings could slump by US $ 1 billion this year as a result of the demand slowdown in key export markets amid rising inflation and higher interest rates, a Reuters news report said quoting a top official of the Joint Apparel Association Forum (JAAF).

Stronger disagreement observed on equality of opportunity, SL Barometer 2021 reveals

Sri Lankans are leaning towards stronger disagreement regarding equality of opportunity, the findings of the latest Sri Lanka Barometer revealed, indicating that more needs to be done to address the causes of conflict and discrimination since the end of the war.

SEC suspends Dinal Wijemanne’s registered stockbroker status amid pending legal action

Capital market regulator, the Securities Exchange Commission (SEC), has issued a directive suspending former Taprobane Securities (Pvt.) Ltd CEO Dinal Wijemanne from functioning as a key management person and taking part in any activities involving clients as a registered stockbroker, amid the pending legal proceedings on his alleged involvement in share price manipulation of Ceylon Grain Elevators PLC (GRAN), during the 2010-2011 period.

Rubber sector continues to struggle with low yields

The rubber sector woes persisted in the month of April, with the industry continuing to deal with low yields.

IMF backs Sri Lanka’s financial sector stability in potential DDR scenario

The International Monetary Fund (IMF) plans to support the government to come up with a strategyto safeguard financial sector stability in a potential domestic debt restructuring (DDR) scenario, a top official of the Fund said.

Browns Investments to buy James Finlay Kenya tea estates business

Finlays, a leading global supplier of tea, coffee and botanical ingredients and solutions, yesterday said it has reached an agreement to sell its James Finlay Kenya tea estates business to Sri Lanka’s Browns Investments PLC.

Moose Clothing enters Singapore in partnership with retail giant Mustafa Center

Moose Clothing Company has made yet another commendable move to expand the global footprint of the brand through their latest partnership with the well-known retail giant - Mustafa Center in Singapore.

Australian mineral exploration company appoints JAT Holdings as country partner

Titanium Sands to acquire James Global and partner with JAT Holdings for Sri Lankan activities

Fed lifts rates by a quarter point

The Federal Reserve voted unanimously to raise interest rates by a quarter point Wednesday, the tenth rate hike since the central bank started its battle against inflation last March.

Cargills ventures into fuel retail business with Lanka IOC

Cargills (Ceylon) PLC is marking a new milestone in its journey by opening Lanka IOC fuel stations at its Cargills retail outlets.

Indian American businessman Ajay Banga elected as new President of WB

The World Bank’s board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.

CBSL presents Annual Report 2022 to President

In terms of Section 35 of the Monetary Law Act No. 58 of 1949, the seventy third Annual Report of the Monetary Board of the Central Bank of Sri Lanka was presented yesterday to President Ranil Wickremesinghe, who is also the Minister of Finance, Economic Stabilisation and National Policies, by Dr. P Nandalal Weerasinghe, the Governor of Central Bank of Sri Lanka.