Biz leaders and investors to unlock Sri Lanka’s potential in Australia

In continuing to unlock Sri Lanka’s potential, the CA Sri Lanka Australia Chapter, in collaboration with the Sri Lanka Australia Chamber of Commerce and the Sri Lankan High Commission in Australia, will host the ‘Resilient & Rising: Leveraging Sri Lanka’s Potential’ Business Forum today (6th June), at the Brisbane Club, Brisbane, Australia. The forum aims to bring together prominent Australian business leaders, entrepreneurs, and investors to ex

Vallibel Finance unveils latest branch in Mirigama

Expanding its outreach across Sri Lanka, Vallibel Finance opened its latest branch in Mirigama recently. Offering a diverse product mix aimed at developing the financial needs of Mirigama. Vallibel Finance established this new branch with spacious and modern facilities together with a team of dedicated customer care officials. The presence of Jayantha Rangamuwa, the Managing Director of Vallibel Finance, at the inaugural ceremony underscores t

SriLankan Cargo reinvents service delivery with better customer focus

SriLankan Cargo, the air cargo division of SriLankan Airlines, recently unveiled its reinvented service delivery framework and website, with a strong focus on customer experience. The new service model of SriLankan Cargo classifies service delivery under Freshness Class, Wellness Class,Precious Class and Guardian Class to ensure consistent and premium care for customers and their consignments. It also includes a 24/7 service hotline and a redesig

US-based SaaS provider OnCoor opens new Sri Lanka subsidiary

OnCoor Inc., a US-based software as a service (SaaS) provider in advance data management and analytics, has announced the opening of its new subsidiary in Sri Lanka, marking an important milestone in the company’s global expansion strategy. With the opening of this new office, OnCoor Inc. is expected to be better positioned to meet the requirements of its expanding global customer base. The company plans to tap into the country’s growing pool of

Sri Lanka Chamber of Medical Devices Industry concludes 9th AGM

The Sri Lanka Chamber of Medical Devices Industry (SLCMDI) held its 9th Annual General Meeting (AGM) on May 30 at the Taj Samudra Hotel in Colombo. The event was attended by over 150 participants, including representatives from various government and private sector entities such as the Ministry of Health, NMRA, SPC, the German Chamber of Commerce & Industry, the Sri Lanka Pharmaceuticals Manufacturers Association, the Sri Lanka Chamber of Pharma

Assetline Green Loan launched to support solar energy investments

Assetline Finance Limited (AFL) recently launched Assetline Green Loan, a specialised financing facility aimed at empowering individuals as well as Micro, Small and Medium Enterprises to invest in solar energy solutions. This initiative is designed to make solar energy adoption more accessible and affordable. With solar power emerging as a sustainable and cost-effective alternative to traditional energy sources, Assetline Finance is committed t

E. B. Creasy Solar energizes Construction and Energy Expo

E.B. Creasy Solar announced its Platinum Sponsorship of the Construction Power and Energy Expo 2024, Sri Lanka’s premier event dedicated to interior products, construction, power, and energy. As a long-standing advocate of sustainable development, E. B. Creasy Solar is delighted to power this expo making its return for the 9th consecutive year. Scheduled to take place from July 5th to 7th, at the Bandaranaike Memorial International Conference H

Economic Transformation Bill’s constitutionality challenged in Supreme Court

ASpecial Determination petition has been filed in the Supreme Court challenging the constitutionality of the Economic Transformation Bill, which was recently published in the Government Gazette. The petitioners, the office bearers of Trade Unions representing formal and informal workers from the private and State sectors filed this petition seeking a declaration that the bill requires the approval by the people at a Referendum in addition to the

Vallibel One Group ends FY24 with net profit of Rs.17.44bn

Vallibel One Group recorded a net profit of Rs.17.44 billion for the financial year 2023-24, where the performance is underscored by a robust final quarter (January-March 2024), the company said in a commentary that followed the release of the financial results. In the final quarter, the group posted a revenue of Rs.27.78 billion, contributing to a cumulative annual revenue of Rs.122.33 billion, while gross profit recorded a 7.40 percent year-on-

United Petroleum Australia to begin Sri Lanka operations by August

United Petroleum Australia, which has entered Sri Lanka’s petroleum retail market, will start their operations by the end of July or beginning of August this year, taking over 150 existing fuel stations and building over 50 new stations, Director of United Petroleum Lanka Private Limited in Sri Lanka Dr. Prabhat Samarasinghe said.

Constitutionality of Economic Transformation Bill challenged in SC

A Special Determination petition has been filed in the Supreme Court challenging the constitutionality of the Economic Transformation Bill, which was recently published in the Government Gazette.

SL’s financial market woes defy Colombo Dockyard growth targets

The global market demand for ship building and ship repairs looks promising in the near future. However, financial market problems in Sri Lanka will continue to pose a challenge to the growth targets of Colombo Dockyard PLC.

Sri Lanka fails to cross 900,000 milestone in tourist arrivals end May

Sri Lanka failed to cross the 900,000 milestone in tourist arrivals in the five month period ended in May, as the country trailed the arrival target by 13 percent or 133,983 arrivals at the end of the month.

Growth and poverty in Sri Lanka: Updates on nexus

Sri Lanka had achieved a remarkable success in poverty reduction, before the country’s present economic crisis, which reversed it during the past few years. According to the official poverty line bas

Star Garments expands Sri Lankan footprint

Star Garments Group (Star) completed its latest expansion venture with the acquisition of the assets of Kolonna Manufacturing Limited. This acquisition ma

Amana Bank recognised at Global Finance World’s Best Bank Awards again

Amana Bank has once again bagged the title of Sri Lanka’s Best Islamic Finance Institution, awarded by Global Finance USA at its 17th World’s Best Bank Awards 2024, which is scheduled to take place during the IMF/World Bank Annual Me

ComBank empowers Marawila and Wennappuwa entrepreneurs

Nearly 100 micro and small business owners in the Marawila and Wennappuwa areas recently benefitted from a sustainable entrepreneurship development programme conducted for them by Commercial Bank of Ceylon in collaboration with several other key institutions. Organised under Co

Ogilvy’s ‘Masterpiece of Abuse’ bags two Grand Prix and six Golds

At the recently held Four A’s Advertising Awards 2024, Phoenix Ogilvy’s ‘The Masterpiece of Abuse’ campaign clinched two out of the three Grand Prix awards and six Gold awards. The campaign, crea

CIC Holdings records Rs.76.4 bn top-line with 12% growth

CIC Holdings PLC reported robust revenue growth amidst moderately stable macroeconomic conditions, reporting notable top-line growth during the year ended 31st March 2024. Group’s Crop Solutions, Agri Produce and Health and Personal Care sectors led growth, while the Crop Solutions segment remained the major contributor to total Group revenue in FY24.

SL-Greater Mekong Business Council discusses trade, investment with Vietnam envoy

A recent meeting between the Sri Lanka-Greater Mekong Business Council (SLGMBC) of the Ceylon Chamber with Ambassador of Vietnam to Sri Lanka Ho Thi Thanh Truc focused on identifying strategies to boost production, increase expor

Stuart Chapman appointed Chairman of HNBA and HNBGI

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) announced the appointment of Stuart Chapman as the new Chairman, succeeding Rose Cooray. With a caree

NSB sees 1Q PBT expand 192.4%

National Savings Bank (NSB) began 2024 with a growth momentum, achieving Rs. 3.4 billion Profit After Tax (PAT) for the first quarter with an increase of 221.8 percent over the same period last year. Followed by two years of financial hardships, the bank has reverted its regular financial performance showing the balance sheet stre

LOLC Finance enables real-time deposits through mCash collaboration

LOLC Finance PLC, the largest non-banking financial institution in the country, announced an innovative collaboration with mCash, Sri Lanka’s largest mobile money platform, enabling customers to make savings deposits throug

Technocity named as Best Distributor Overseas at Lenovo Accelerate 24

In a significant milestone, Technocity (Pvt.) Ltd, one of Sri Lanka’s foremost IT product distributors, has been named as Best Distributor Overseas 2023, at the Lenovo Accelerate 24 event in Goa, India.

Laugfs Gas and Litro announce price reductions

Laugfs Gas PLC and Litro Gas yesterday announced price reductions of their liquefied petroleum gas (LPG) cylinders, effective midnight. Thus, the price of a 12.5 kilogramme domestic LPG cylinder, under the Laugfs brand, is reduced by Rs.160, to a maximum retail price

Colombo City Holdings appoints new board directors

Colombo City Holdings PLC, a subsidiary of Ambeon Holdings PLC, announced the appointment of three distinguished professionals to its board of directors, marking a significant value addition to the company’s governance and strategic direction.

Indices close in green

The ASPI closed in green as a result of price gains in counters such as Melstacorp, Aitken Spence and LOLC Holdings with the tu

Lingering uncertainty surrounds secondary market

The secondary market yield curve remained broadly stable continuing the sluggish trend from the previous session, bac

‘Enterprise Sri Lanka’ to be established as dedicated agency for SME support

The Government has decided to establish a brand new consolidated and dedicated agency named ‘Enterprise Sri Lanka’ for the monitoring and development of Sri Lanka’s struggling small and medium (SME) sector efficiently.

Sri Lankan High Commission opens center to promote FDI’s in UK

The Sri Lankan High Commission in the United Kingdom has set up a center in its premises to promote direct foreign investments (FDI’s) into Sri Lanka.