Sri Lanka to implement new tariff policy

Sri Lanka is set to introduce a more stable and predictable tariff system from next year, following the Cabinet of Ministers’ approval of a new tariff policy this week. The approval was granted

Prime Group relocates Galle branch

Prime Group has announced the relocation of its Galle branch to No. 66, Havelock Road, to a more strategically positioned and technologically advanced space. The move marks a si

Advertising Festival sees global creatives in Colombo

Sri Lanka’s advertising industry experienced an unprecedented surge of inspiration as the Four A’s Advertising Festival took place recently, welcoming over 650 participants. Hosted at Taj Samudra,

Money or Value Transfer Service providers to be regulated by CB

All Money or Value Transfer Service (MVTS) providers are required to be registered with the Central Bank from June 3 and will be

Cabinet approves move to amend CAA Act

The Cabinet of Ministers earlier this week gave approval for the preparation of a new bill to amend the Consumer Affairs Authority (CAA) Act of No.9 of 2003. Based on the

IMF programme approval fails to cheer investors

The International Monetary Fund (IMF) Executive Board approving the second programme review, failed to cheer the Colombo Stock Market yesterday as investors appeared to have shrugged off anything coming out from the multilateral lender.

Damro Piyestra Sales Convention and Awards Night 2023

To appreciate and admire the best performance in the Indian operation for the year 2023 (24 years in India and today consists of 100 Damro showrooms in the Indian operation), over 250 Indian nationals participated in the grand event. The event was held at Marino Beach Hotel Colombo.The event was graced by Defence State Minister Pramitha Bandara Thennakoon and Minister Mahindananda Aluthgamage and former veteran cricketer Muttiah Muralitharan.The

NTB Amex-Crazy Jets offer 10% cashback

Nations Trust Bank (NTB) American Express and Crazy Jets, a leading online travel company and part of Inqbaytor Technologies, the preeminent innovator in Sri Lanka’s travel technology space, recently announced a strategic partnership

RDB Bank GM/CEO assumes duties

E.A.D. Janitha Priyashantha has been appointed as Acting CEO/General Manager of RDB Bank, with effect from June 6, 2024. Prior to his new appointment, he served as Chief Internal Auditor of RDB Bank. Priyashantha, a

Ratnapura Int’l Gem and Jewellery Exhibition to kick off on June 29

Ratnapura International Gem and Jewellery Exhibition 2024 will be held from June 29 to July 1, 2024, at the prestigious Grand Silver Ray hotel in Pelmadulla, for the very first time. The exhibition is organised and presented by the National Gem and Jewellery Authority (NGJA) and aims to highlight the region’

Unidil wins at National Project Management Excellence Awards

The packaging arm of Vallibel One PLC, Unidil Group of Companies, which offers the best and ideal packaging solutions of corrugated cartons and paper sacks for local and export industries, once again displayed its prowess by clinching top

Record-breaking revenue for AASL in 2023

In its annual report for 2023, Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL) announced a record-breaking revenue of Rs.38,376 million, AASL Chairman Eng. Athula Galketiya said. He told the media

A top-level delegation from Pudong visited the Board of Investment (BOI) on Monday t

A top-level delegation from Pudong visited the Board of Investment (BOI) on Monday to explore the opportunities for investme

People’s Bank opens Keppetipola Economic Centre CDM

People’s Bank declared open a cash deposit machine (CDM) at the Economic Centre, Keppetipola. People’s Bank Badulla Assistant Regional Manager W. Muthugala, Keppetipola Branch Manager Pragitha De Silva, the bank officials and customers participated in the event.

Indices close in red

Indices closed in red as a result of price losses in counters such as Sampath Bank, National Development Bank and Hayleys with the turnover crossing Rs. 1.8 bn. High net

Revitalized high investor participation post bond auction

The secondary market witnessed moderate volumes backed by high investor participation post the year’s biggest T-Bond auction which was held yesterday. Influenced by the Bond auction, there was notable buying interest centred on s

IMF approval paves way for stronger policies, sustainable growth: Semasinghe

The approval of the IMF’s second review for Sri Lanka will pave the way for stronger policies and sustainable growth, said State Minister of Finance Shehan Semasinghe.

SL’s tax revenue targets remain ambitious despite recent success: IMF

Despite the recent achievements in tax revenue, Sri Lanka’s target for the next two years still remains ambitious, with a limited number of tax policy options being available, an International Monetary Fund (IMF) official said.

IMF allows authorities to draw US$ 336 mn following second review completion

The Intentional Monetary Fund (IMF) announced the completion of the second review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the Sri Lanka to draw SDR 254 million (about US$336 million).

Shortened settlement cycle for equity trades successful: CSE

The implementation of the shortened settlement cycle for equity trades by the Colombo Stock Exchange (CSE) has been successful, Sri Lanka’s capital market operator said. The effort was executed with the first settlement under the T+2 cycle taking place on June 12, 2024, marking a significant milestone in the Sri Lankan capital market operations. According to the CSE, the investors have experienced swift payment processing, receiving their funds

April industrial production makes notable gains

The industrialists are gradually adding heft to their industries, due to the normalising local economic conditions and global supply chain conditions, as industrial production in Sri Lanka made continuous gains through April. In April, Sri Lanka’s industrial production, measured by the Index of Industrial Production, recorded an index value of 88.3, which was up by a robust 10.3 percent from the same month a year ago. On a monthly basis, the inde

Will continue to oppose 70% wage increase, says Planters’ Association

The Planters’ Association of Ceylon (PA) yesterday said it would stand its ground and not agree to pay the sudden wage increase to the plantation sector as announced on May Day. Stating it has “no option”, the PA yesterday issued a statement asserting it would continue to oppose the sudden Wages Board decree to increase the fixed wage of the tea and rubber sector workers by an unprecedented 70 percent, on account of a lack of due process and una

ASPI edges down

The ASPI edged down as a result of price losses in counters such as Hatton National Bank, SMB Leasing nonvoting and John Keells Holdings with the turnover crossing Rs 1.6 Bn. A similar behaviour was witnessed in the S&P SL20. High net worth and institutional investor participation was noted in Commercial Bank, Hatton National Bank and John Keells Holdings. Mixed interest was observed in Hayleys, People’s Leasing & Finance and Vallibel Finance whi

Auction yields shoot up for 2nd consecutive session

The Central Bank fully accepted the total offered of Rs.215.0 billion at yesterday’s weekly bill auction while the auction yields saw an uprise across the board for the second consecutive session. Accordingly, the weighted average yield rate of three-month and six-month bills edged up to 8.89 percent (+19 basis points (bps)) and 9.30 percent (+26bps), respectively while the one-year bill closed higher at 9.54 percent (+27bps). Meanwhile, in the

Dialog Enterprise hosts ‘Enterprise Day 2024’

Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC, hosted Enterprise Day 2024, an interactive product and solutions experience session for the industry’s leading executives and entrepreneurs. Held under the theme of ‘Growth, Digitisation & Efficiency’ from 7th to 9th May at the Dialog Head Office, the event was a one-stop experience for enterprise clientele to engage with product and technical experts.  With over 500 ICT pr

NCE condemns MP Jeevan Thondaman’s actions

The National Chamber of Exporters of Sri Lanka (NCE) has called for a thorough investigation into the incident involving MP Jeevan Thondaman and his associates at Pedro Estate on May 30. The NCE in a statement expressed deep concern over reports and social media videos showing unlawful and aggressive behavior by MP Thondaman’s group. The footage, which has sparked widespread outrage, depicts a group forcibly entering the estate and engaging in a

Groundworth Partners streamlines Sri Lankan real estate sector

Groundworth Partners, a company in Sri Lanka’s real estate sector offers exceptional properties that exceed one’s expectations. Their thorough process ensures every offering meets the highest standards. This includes prioritising legal security with a senior legal team led by a former magistrate examining all deeds. Safety is paramount, so they choose properties in well-established neighbourhoods. Accessibility is a must, with strategically ac

Wavenet and NCINGA enter alliance for new ventures

Wavenet, a leading provider of enterprise and SaaS solutions catalysing innovations at the intersection of artificial intelligence and digital transformation, recently partnered with NCINGA, a global Systems Integrator. This collaboration aims to develop and deliver next-generation solutions, that will empower businesses worldwide in the telecommunications and healthcare sector. NCINGA offers cutting-edge platform offerings in data & AI, cyberse

Nobel Biocare enters Sri Lanka bringing advanced dental implant solutions

Nobel Biocare, a global leader in innovative implant-based dental restorations announced its official launch in Sri Lanka. This marks the first time our prestigious brand, renowned for its rich history and deep clinical expertise, will be available in this dynamic market. As a pioneer in implantology, Nobel Biocare said it is excited to be the first major dental brand to enter the Sri Lankan market, bringing with it a legacy of excellence and in

Capital Trust Properties excels at Asia Pacific Property Awards

At the recently concluded Asia Pacific Property and Hotel Awards 2024 held in Thailand, Capital Trust Properties was honoured in the ‘Property Agency /Consultancy Sri Lanka’ category with 5-star rating. The coveted awards ceremony is the regional programme of the International Property Awards, established in 1993, the largest awards program celebrating the highest levels of achievement in the property and real estate sector. Minoli Wickramasing