New entrepreneurs required for future productivity-based growth: Jafferjee

Sri Lanka needs a new set of entrepreneurs to drive future economic growth based on productivity, in transforming the current business landscape dominated by patronage, rent-seeking and crony capitalism, Advocata Institute Chairman Murtaza Jafferjee said.

Indices close in red

The ASPI closed in red as a result of price losses in counters such as John Keells Holdings, SMB Leasing nonvoting and Browns Investments with the turnover crossing Rs 1.7 Bn. A similar behavior was witnessed in the S&P SL20. High net worth and institutional investor participation was noted in Hemas Holdings, Piramal Glass and Renuka Foods (Rights). Mixed interest was observed in Royal Ceramics, John Keells Holdings and Ambeon Capital whilst reta

Bond auction fully accepted as yields come down across all maturities

Prior to the bond auction scheduled yesterday, the secondary market continued to see the buying interest with activity centred across the belly-end of the curve. Thus, the 15.05.26, 01.08.26, 15.12.26 maturities saw trades between 10.45 percent and 10.25 percent whilst 15.09.27 recorded trades at 10.90 percent. Moreover, activities were also visible on 15.03.28, 01.05.28, 01.07.28 and 15.12.28 between 11.25 percent and 11.15 percent. Meanwhile

Central Bank may have won inflation fight, but erred in what caused it

The Central Bank (CB) in a recent article attributed the recent inflation escapade nearly, largely and almost entirely to supply side factors, two years after its occurance and also explained how it should have been dealt with. Here is how it goes; “Given the transitory nature of supply side inflation in general, central banks may adopt a cautious approach in using monetary policy actions to address it. Moreover, supply side disturbances move

IORA Business Conclave 2024 begins on May 28

The Indian Ocean Rim Association (IORA) Business Conclave organised by The Ceylon Chamber of Commerce in collaboration with the Ministry of Foreign Affairs on May 28 and 29 is to focus on sectors significant to the economic development and prosperity of the Indian Ocean Rim region, including Agriculture, ICT, Logistics, and Tourism, including breakout sessions on SME Development and Women Empowerment. As the Chair of the Indian Ocean Rim Business

George Steuart & Co. appoints new Chairman, board members

George Steuart & Co. Ltd. (GS&Co) announced the appointment of a new chairman and members to its board. Sarva Ameresekere has been appointed the Group Chairman GS&Co, while Devaka Cooray, Dimantha Seneviratne and Dr. Dinesh Palipana are appointed as independent directors. The appointment of Ameresekere comes as Dilith Jayaweera resigned from the Group Chairmanship and all directorates he held within the Group in January. Ameresekere was first ap

IDL and SLHGA collaborate to elevate Sri Lanka’s mixology scene

Looking to enrich Sri Lanka’s vibrant hospitality scene and add new flair, International Distillers Limited (IDL) – Sri Lanka’s market leader in Locally Manufactured Foreign Liquor (LMFL) – has joined forces with the Sri Lanka Hospitality Graduates Association (SLHGA) to host the highly-anticipated National Bartenders Competition 2024. This ground-breaking collaboration marks a pivotal moment for mixology in Sri Lanka, aiming to set new benchmar

SLT-Mobitel Enterprise introduces Unlimited Voice calling for enterprises

SLT-Mobitel Enterprise has introduced an ‘Unlimited Voice’ calling package with a fixed rental as its latest offering. Voice communication stands as a cornerstone of any successful business operation. With SLT-Mobitel Enterprise’s new Unlimited Voice calling package, customers can enjoy the freedom of unlimited calls, rendering business conversations more economical than ever. This initiative aims to empower enterprises to optimize their operatio

LRA upgrades Janashakthi Limited to ‘Investment Grade’

Janashakthi Limited (JXG), the parent entity of the Janashakthi Group of Companies, announced a three-notch upgrade in its credit rating by Lanka Rating Agency (LRA) from BB- to BBB-. This upgrade signifies a shift from moderate risk to investment grade, reinforcing Janashakthi Group’s strength, stability, and sustained growth in the sectors it operates in. Established in 1994, the Janashakthi Group has transformed into a financial conglomerate

BNI Members’ Day to be held next month

Sri Lanka’s business landscape is set for a significant boost with the highly anticipated BNI Members’ Day scheduled for June 6th, at the ShangriLa Hotel. The event’s keynote speaker will be Ron Kaufmann, globally recognized for transforming businesses through his expertise in enhancing customer satisfaction and fostering enduring client relationships. Glenn Lord, Area Director of BNI Sri Lanka, highlighted the pivotal role that BNI plays in Sri

Verité Research forms Governance and Anti-Corruption research division

Verité Research has established a governance and anti-corruption research division under the leadership of Sankhitha Gunaratne. Verité has made this strategic move against the backdrop of widespread, systemic corruption in Sri Lanka and the reform and accountability needs of the moment. The Governance and Anti-Corruption (GAC) division will leverage research to provide guidance in navigating complex governance challenges, and shape sectoral and g

Miraclon selects ALFT Packaging to showcase biz and technology evolution

Miraclon, a global leader in cutting-edge plate making and prepress technologies, has chosen Sri Lanka’s ALFT Packaging, to showcase its business and technological advancements. Miraclon, with operations across 180 countries and a vast customer base of over 25,000, is a driving force behind the transformation to modern flexography for more than a decade. Miraclon has designated ALFT as a ‘Lighthouse Project,’ a distinction reserved for only a han

IFC and EU partner with ComBank to scale up Green Finance

In a move to spur sustainable investments in Sri Lanka, the International Finance Corporation (IFC) and the European Union (EU) have partnered with the Commercial Bank of Ceylon (CBC) to scale up green finance, supporting the country’s commitments towards a low-carbon economy. The partnership, which is under EU’s regional initiative ‘Accelerating Climate Smart and Inclusive Infrastructure in South Asia (ACSIIS)’, will help CBC set the foundations

Chevron Lubricants Lanka 1Q earnings expand 20% YoY

Chevron Lubricants Lanka PLC, the country’s lubricant market leader in terms of market share, saw its earnings for the first quarter (1Q24) ended on March 31, 2024 expand with higher revenues. The company reported earnings of Rs.5.84 per share or Rs.1.4 billion for the quarter under review, compared to Rs.4.86 per share or Rs.1.16 billion reported for the corresponding period of last year. The company’s revenue for the quarter expanded by 13 perc

Lankem grants Rs.300mn corporate guarantee to SunAgro

Lankem Ceylon PLC has granted a Rs.300 million corporate guarantee on behalf of its subsidiary SunAgro LifeScience. In a filing to the Colombo Stock Exchange, Lankem said the corporate guarantee, a security for banking facilities obtained by SunAgro LifeScience, was executed on May 10. As of March 31, 2023, Lankem had issued Rs.789.4 million worth of corporate guarantees and letters of comfort for the borrowings obtained by SunAgro LifeScience.

Orion inks US $ 1.78mn expansion agreement with BOI

Orion Development has signed a US $ 1.78 million agreement with the Board of Investment (BOI) for the expansion of its IT park, Orion City.

Colombo Stock Exchange adopts two 1990 Suwa Seriya Ambulances

The Colombo Stock Exchange (CSE) has adopted two ambulances in a bid to support the 1990 Suwa Seriya Foundation’s ‘Adopt an Ambulance’ project.

Orion Developments signs US $ 1.78 Million agreement with BOI

Orion Development has signed US $ 1.78 million agreement with the Board of Investment (BOI) for the expansion of its IT Park, Orion City.

Govt. confident of attracting over US$ 3 bn investments this year

Sri Lanka is all set to triple the investment target set for 2024, State Minister of Investment Promotion Dilum Amunugama said, as the necessary activities to realise the goal for 1Q24, set by the Finance Ministry has been successfully rolled out.

People’s Bank: Navigating challenges and driving growth through economic turbulence

People’s Bank has faced significant challenges in the recent years, exacerbated by the Covid-19 pandemic and ensuing ....

SL likely to see minimum one notch upgrade in sovereign credit ratings

Sri Lanka is likely to see a minimum one-notch upgrade in sovereign credit ratings to triple C (CCC) in two to three weeks upon completion of the external debt restructuring process, according to Sri Lanka Banks’ Association Chairman Bingumal Thewarathanthri.

Robust worker remittance flows continue strengthening economy

Worker remittance in April expands 19.7% YoY to US$ 543.8 mn Worker remittances continued to remain strong through April despite....

Crafting light for hope

As Vesak draws near in about 10 days, a local artisan is immersed in crafting frames for ‘Vesak lanterns’ that will adorn....

Acuity Partners appoints Damith Pallewatte as Chairman

Acuity Partners yesterday announced the appointment of Damith Pallewatte as its new Chairman. Pallewatte takes over....

Banks sell out Rs.72bn in new loans in March as robust credit cycle underway

Banks are ramping up fresh credit disbursements to the economy as the lending rates are on a continuous....

Pelwatte Dairy-Animal Production Department to revolutionise dairy industry

Pelwatte Dairy Industries Limited (PDIL) has marked a significant milestone in Sri Lanka’s dairy sector by signing a memorandum....

HNB Finance empowers rural communities with Co-operative Thrift and Credit Union

Leading integrated financial services provider HNB Finance PLC announced a momentous collaboration with the Co-operative....

Unilever and Agriculture Ministry sign MoU on sustainable tea production

The Agriculture and Plantation Industries Ministry and Unilever Sri Lanka recently entered into a memorandum of understanding....

Associated Motorways honours Castrol on 125th anniversary

Associated Motorways (Private) Limited, (AMW), the sole distributor of Castrol lubricants in Sri Lanka, joins in celebrating the 125th....

Colombo Plan upskills SLPA staff

A 40-member team from the Sri Lanka Ports Authority (SLPA) staff concluded a two-day workshop in communication....