Hapag-Lloyd Lanka continues to triumph in customer excellence

Hapag-Lloyd Lanka, a subsidiary of Aitken Spence PLC and the local representation for Hapag-Lloyd-AG-Hamburg, won two Customer Service Awards for the Europe Trade and Mediterranean Trade....

RAK-SL Trade and Business Forum to kick off in May

Ras-Al-Khaimah (RAK) - Sri Lanka Trade Fair and Business Forum 2024 is set to be held from May 17 to 19, in the United Arab Emirates (UAE). The event, organised by the Chamber....

NTB-Amex introduce Sri Lanka’s first Metal Payment Card

Sri Lanka’s first Metal Payment Card has been introduced by Nations Trust Bank and American Express. The launch of this payment Card – ‘The American....

Stock market aims high for 2024

The stock market is a critical pillar of any nation’s economy, providing companies with a platform to raise capital by issuing shares to investors. This process fuels business expansion, fosters investment....

Tesla laying off more than 10% of staff globally as sales fall

Tesla, opens new tab is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).

Global expansion of single-origin Sri Lankan chocolate a major struggle: Mendis

Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooperation of authorities.

Central Bank’s March dollar purchases hit record high

The Central Bank has purchased the most amount of dollars for a single month in March, a sign that the country is currently in a very comfortable position in its foreign currency liquidity, after two years into the worst currency crisis in the country.

​Assessing Sri Lanka’s legal system for investment mgt: Insights from Germany

Sri Lanka is currently at a critical juncture where luring foreign investors is imperative for its development agenda. However, lack of transparency and policy inconsistency has made this a rather challenging task. Mirror Business recently sat with Chief Delegate of the Delegation of German Industry and Commerce in Sri Lanka, Marie Antonia von Schönburg for an exclusive interview to gain insights on the experience of foreign investors who are kee

Union Assurance honours top performers with overseas tours

Union Assurance had organised exclusive overseas tours to recognise and reward the outstanding performance of its Agency and Bancassurance divisions. These tours reflect Union Assurance’s commitment to providing best-in-class rewards and recognition programmes to its team members, along with celebrating their achievements. The Agency division rewarded participants with tours to Malaysia and Vietnam, while the Bancassurance division rewarded part

SLPBC pays courtesy call on new Pakistani envoy

The Sri Lanka Pakistan Business Council (SLPBC) of The Ceylon Chamber of Commerce recently paid a courtesy call on the newly appointed High Commissioner of Pakistan in Sri Lanka, Major General (R) Faheem Ul Aziz, HI (M). During the visit, both parties expressed their intention to collaborate closely for the future development of economic, tourism, and investment opportunities between the two countries. Additionally, they discussed the potential

BOC financially supports agriculture drone pilot project

Sri Lanka recently witnessed a groundbreaking moment in its agricultural sector as the first 100 agriculture drones took flight at Sooriyawewa KDU Southern Campus ground, marking a significant leap forward in modernizing the country’s farming practices. The financial initiative, spearheaded by the Bank of Ceylon, provided a loan facility for the importation of 250 drones aiming to revolutionize Sri Lanka’s agriculture by supporting to introduce

Hayleys Fabric celebrates triple triumph at ISPO Textrends

Hayleys Fabric PLC recently announced that three of its innovations were recognized at the ISPO Textrends Spring/Summer 2026 in Germany. Serving as a key global benchmark for innovation in the textile industry, the German platform showcases breakthrough advancements of the world’s most innovative and high-performance fabrics. “We are delighted to have our relentless pursuit of sustainable innovation recognised again, as it underscores our dedicat

Prioritise building inclusive social protection system: ADB tells Sri Lanka

The Asian Development Bank (ADB) stressed that for Sri Lanka, the near-term priority during economic recovery is to lay institutional and structural frameworks for an inclusive social protection system.

Job creation and sustainable livelihoods key to poverty alleviation

Generating employment and supporting sustainable livelihoods are crucial steps in reducing poverty in Sri Lanka, the ADB said. The Manila-based lender said this can begin by improving workforce productivity, particularly in agriculture, which employs 27 percent of the labour force but contributes little to gross domestic product. The government must prioritise modernising agriculture by resolving the issues regarding farmland, investing to impro

Private credit marks modest growth in February

As indicated by the Central Bank, the credit extended by the commercial banks to the private sector showed some growth in February, after a surprise decline in January, which had been mostly caused by the appreciation in the currency. The total outstanding private sector credit of the licensed commercial banking sector grew by Rs.7.3 billion in February, compared to a Rs.52.2 billion decline in January. Until then, the private credit had been gro

Sri Lanka’s consumer confidence reaches a new peak in March

Sri Lanka’s consumer confidence soared to unprecedented heights in March but a late-month dip has analysts on edge, according to a report from the Institute for Health Policy (IHP). “Indices have been improving since the start of this year, so the general trend has been up. However, the late March data suggest a fall but this will need to be confirmed in the April data, before drawing conclusions,” the IHP said. The IHP’s Consumer Confidence indi

Tourist arrivals cross 50,000 mark in first 9 days of April

Extending the growth momentum, the international tourist arrivals to Sri Lanka crossed the 50,000 mark during the first nine days of April.

Hambantota International Port ventures into container operations with MSC

The Hambantota International Port (HIP) has ventured into container transshipment operations, partnering with Switzerland-based Mediterranean Shipping Company (MSC). Container ship MV MSC Ingrid made her maiden call at the HIP on Tuesday, discharging over 500 TEUs, originating from Rotterdam Port, via the east-west shipping route. The transshipment cargo is scheduled to reach the final destination Dubai, through container vessel MSC Sky 11, whi

SL to set up Youth Agripreneurship Villages

The Cabinet nod has been granted to establish Youth Agripreneurship Villages at Divisional Secretariat level, in a bid to attract youth to the agriculture sector, with the use of the latest technologies. Agriculture and Plantation Industries Minister Mahinda Amaraweera this week sought the approval of the Cabinet of Ministers to implement the programme by selecting one village in each of the selected Divisional Secretariat area this year, under

Assetline Finance appoints Nanda Fernando to board

Assetline Finance Limited (AFL) announced the appointment of Nanda Fernando as Independent, Non-Executive Director of the company. Fernando currently serves as a business consultant. A banker with over four decades of experience in banking, he is also Managing Director of Professional Business Consultants, a company engaged in providing financial planning and advisory services. He also serves on the respective boards of Hatton National Bank P

Ravi Tissera appointed as HNB Finance Non-Executive Director

Ravi Tissera has been appointed to the board of HNB Finance PLC as an Independent Non-Executive Director, effective from April 4, 2024. Tissera is an inclusive finance, impact investing, green finance and MSME sector specialist, with over 15 years’ experience as a CEO, both in Sri Lanka and Myanmar. He was the founder CEO of LOLC Micro Credit Ltd in 2008, which later merged with LOLC Finance PLC (LOFC) in 2018. He continued as Executive Deputy Ch

Reforms to governance of state-owned banks to kick off soon

The reforms to the governance of Sri Lanka’s state-owned banks will soon kick off, with the Cabinet approving the implementation process, this week. On Monday, the Cabinet of Ministers affirmed the resolution furnished by President Ranil Wickremesinghe, as the Finance, Economic Stabilisation and National Policies Minister, to implement the reformation proposals. The set of reforms for the state-owned banks was identified by a committee consisting

IRD urges digital collection of tax data

The Committee on Ways and Means has instructed the Inland Revenue Department (IRD) to collect the data of individuals earning above Rs.100,000 per month, on a digital platform, instead of all persons above 18 years of age. The committee, which met under the chairmanship of Patali Champika Ranawaka, in Parliament, on April 2, this year, issued the above instructions to the IRD. The government introduced mandatory income tax registration for everyo

HSBC agrees to sell off Argentina business

BBC: Banking giant HSBC is selling off its business in Argentina at a US $ 1 billion (£790 million) loss after years of battling with the country’s unstable exchange rate. HSBC Argentina, which has more than 100 branches and 3,100 employees, will be bought by Grupo Financiero Galicia, a major private financial group. Annual inflation in Argentina hit 276.2 percent last month, the highest in the world. Five years ago, US $ 1 would buy 43 pesos. It

Sri Lanka’s labour force participation rate hits new low in 2023

Sri Lanka’s labour force participation rate hit a new low in 2023, the recently published Labour Force Survey (LFS) annual bulletin highlighted.

World’s first Cinnamon Museum unveiled in Mirissa Hills

The world’s first Cinnamon Museum was unveiled this week in Mirissa Hills, a cinnamon estate near Weligama. The opening event was graced by Tourism Minister Harin Fernando....

Sri Lanka Insurance records Rs. 10.6bn PBT in 2023

Sri Lanka Insurance concludes year 2023 with a profit before tax of Rs. 10.6 billion, reflecting an improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, a growth of 7.2.....

Middle class brand loyalty shrinks: Sparkwinn

Sri Lanka’s middle class consumers are willing to shift from established brands to cheaper, lesser-known alternatives, or even try unbranded loose products at a time of shrinking....

Delvin Pereira joins Amana Bank board

Amana Bank has announced the appointment of Delvin Pereira to its director board as a Non-Executive Independent Director with effect from 28 March 2024. With experience....

Govt. designates four entities as Secondary Businesses of Strategic Importance

Four companies this week received government approval to be recognised as Secondary Businesses of Strategic Importance. Cabinet nod was given....