Baltimore bridge crash causes supply chain concerns

BBC: Concerns have been raised of a “ripple effect” on global supply chains after a container ship, that was heading towards Sri Lanka, crashed into a bridge in the US city of Baltimore.

Economic Transformation Bill aims to drive forward country’s development

The Economic Transformation Bill, along with the revisions proposed by the Attorney General, received the Cabinet nod this week, where the instructions furnished by President Ranil Wickramasinghe to instruct the Legal Draftsman to formulate a draft of the bill were approved. The bill establishes institutions such as the Economic Commission, Sri Lanka Zones of Investment, International Trade Office, Sri Lanka Economics and International Trade Inst

People’s Bank reports consolidated pretax profit of Rs.19.3bn in 2023

State-owned People’s Bank for the year 2023 reported a total consolidated operating income and pretax profit of Rs.96.8 billion and Rs.19.3 billion, respectively. Reflecting the high interest costs on term deposit funding, due to the high interest rate environment, which prevailed during 2022 and early 2023, the significant interest concessions extended to the customers for the ultimate benefit of the country saw the consolidated net interest inc

Under 19 Cricket Sajitha, Minod steer Nalanda to victory

At Campbell Place – Nalanda won by nine wickets Dharmasoka MV Ambalangoda 97 (Senura Sandayuru 25, Chanuka de Silva 25: Minod Caldera 5/28, Thisara Dewdunu 2/17, Sajitha Vithanage 2/21) and 57 (Chanuka de Silva 20: Sajitha Vithanage 6/21, Minod Caldera 2/26) Nalanda 138 (Sajitha Vithanage 41, Manupa Manmitha 39: Ishan Anuradha 3/1. Dineth Gimhana 3/29, Senitha Helambage 2/47) and 17 for 1 At Hikkaduwa – Sri Sumangala won by nine wickets Royal

Under 19 Quarter Final Div. II Tier ‘A’ Vishwa spins Sri Sumangala to semi final

Sri Lanka youth player and left arm spinner Vishwa Lahiru ended with an impressive match bag of 12 for 35 which paved the way for Sri Sumangala College, Panadura to coast to an innings and 30 runs win over Dharmaloka MV Kelaniya in the quarter final encounter of the Under 19 inter-school Division Two Tier ‘A’ two day cricket tournament concluded at Reid Avenue yesterday. The second day’s play saw Sri Sumangala being bowled out on their overnig

Central Bank delivers 50bps policy rates cut

The Central Bank yesterday resumed cuts by further reducing key policy rates by 50 basis points as inflation remains anchored.

Ends interest rate caps and forced reduction in overall lending rates

Gradually lifting some of the restrictions imposed on the financial sector, the Central Bank yesterday decided to end the interest rate caps and forced reduction in overall lending....

Sri Lanka to host International Pepper Community’s Annual Conference 2024

Sri Lanka’s spice sector will come under fresh spotlight this year as it gears up to host the International Pepper Community’s Annual International Conference 2024. In addition to showcasing....

Cabinet nod to increase national minimum wage to Rs. 17,500

The national minimum wage in Sri Lanka will be increased going forward with the Cabinet giving the nod for the same. The Cabinet of Ministers....

CA Sri Lanka launches TAGS Compliance Badge

In a momentous occasion set to strengthen the country’s reporting landscape, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) launched the TAGS Compliance....

ADB and govt. ink US $ 100mn loan agreement

The Asian Development Bank (ADB) and government of Sri Lanka signed this week a loan agreement totalling US $ 100 million. US $ 50 million is to provide the small and medium...

Siddhalepa wins Best Ayurveda Company title

Hettigoda Industries (Pvt.) Ltd, the renowned name synonymous with ayurvedic excellence, achieved resounding success at the prestigious Golden Inmediens 2023 Entrepreneurship....

HNB and Lanka Property Web renew partnership

Sri Lanka’s leading private sector bank HNB PLC proudly announced the renewal of its partnership with the premier property site Lanka Property Web (LPW). This collaboration...

Union Bank unveils new logo in sync with new transformational phase

Union Bank, now partnered by the strength of the global conglomerate CG Corp Global, recently unveiled a new logo that embodies the bank’s new strategic vision and transformation. Leveraging...

Prime Group completes Beach Front II Uswetakeiyawa

Prime Group, the leading real estate developer in Sri Lanka, proudly announced the successful completion and handover of the state-of-the-art leisure residences at The Beach Front II....

Dialog Axiata’s Genie and Dialog Finance Recognised at the LankaPay Technnovation Awards 2024

Dialog Axiata’s genie and Dialog Finance PLC were recognised at the LankaPay Technnovation Awards 2024 for their contributions to digital financial services. This recognition serves as a reflection....

Hitech Concrete Solutions makes impression at Annual Technical Session

Hitech Concrete Solutions (Pvt.) Ltd, a pioneering force in elevating standards and reshaping the landscape of Sri Lanka’s construction industry, demonstrated its commitment....

Westbury Residencies records impressive sales momentum

Validating the surging desire for luxury residences in Sri Lanka, the most recent condominium project that graced Colombo’s skyline by Westbury Suites (Westbury Residencies....

Lanka Special Steels introduces Poultry 300, Premium 100 wires

Lanka Special Steels Limited, Sri Lanka’s premier and pioneering manufacturer of hot-dipped galvanised steel wire, with a rich history of over 25 years, recently announced the launch of its flagship....

Hayleys Solar hits 200MWp rooftop capacity

Hayleys Solar, the premier renewable energy arm of Hayleys Fentons, a subsidiary of the country’s leading conglomerate Hayleys Group, announced a significant milestone....

Phoenix Industries launches Super PVC range

Sri Lankan household products company Phoenix Industries hosted an evening event at its Makandura factory to relaunch its wide-ranging PVC product line under the new Super PVC....

Cartoon 27.03.2024

Cartoon 27.03.2024

Central Bank further reduces policy interest rates

The Monetary Policy Board of the Central Bank of Sri Lanka has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points (bps) to 8.50 percent and 9.50 percent.

Tax burden likely to remain longer than expected

Sri Lanka, coming out of the economic crisis, has significantly taxed businesses and individuals alike and according to the International Monetary Fund (IMF), this burden is here to stay, at least for now.

Secondary market holds breath, awaiting today’s monetary policy verdict

The secondary market experienced a subdued tone prevailing throughout the day, marked by minimal trading volumes, as the investors remained on the sidelines, awaiting today’s monetary policy review. However, amid this subdued atmosphere, notable activity was observed in the four-year bonds, including the 15.03.28 and 15.12.28 maturities, which witnessed trades at rates of 12.08 percent and 12.12 percent, respectively. Moreover, on Friday, the Ce

Deadline set for depositors of 3 failed financial entities to submit claims

The Central Bank announced the final date for the depositors of the three failed entities, The Finance PLC, ETI Finance Ltd and Swarnamahal Financial PLC, to submit their compensation claims. In a notice to the public, the Central Bank’s Deposit Insurance and Resolution Department said a final date has been set for accepting the claims, under the Sri Lanka Deposit Insurance Scheme. Accordingly, the compensation payments under the scheme to the el

Kristofer Quadros appointed as Cluster GM for 3 Radisson Hotels in SL

Radisson Hotels Sri Lanka, along with the hotel management company La Vie Hotels & Resorts, yesterday announced the appointment of Kristofer Quadros as Cluster General Manager for the three esteemed Radisson properties in Sri Lanka: Radisson Hotel Colombo, Radisson Hotel Kandy and Radisson Blu Resort Galle. With over 25 years of international experience, serving in the hospitality sector, Quadros brings a wealth of expertise to his new role. Ha

EU opens investigations into Apple, Meta and Google

BBC: The EU has announced investigations into some of the biggest tech firms in the world over uncompetitive practices. Alphabet, which owns Google, Meta and Apple, are all being looked into for potential breaches of the Digital Markets Act (DMA) introduced in 2022. If they are found to have broken the rules, the firms can face huge fines of up to 10 percent of their annual turnover. EU antitrust boss Margrethe Vestager and industry head Thierry

Oil rises as heightened geopolitical risks exacerbate supply concerns

REUTERS: Oil prices rose in early Asian trading yesterday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure. Brent crude futures climbed 52 cents, or 0.6 percent, to US $ 85.95 a barrel at 0359 GMT. U.S. crude futures gained 55 cents, or 0.7 percent, to US $ 81.18 per barrel. Both benchmarks fell less than

Cumming’s visit reaffirms UK’s commitment to Sri Lanka: High Commission

The recent visit of Foreign, Commonwealth and Development Office Deputy Chief Economist Fergus Cumming reaffirms the UK’s commitment to Sri Lanka, the British High Commission in Colombo said. Cumming, during a three-day visit to Colombo from March 18 to 20, engaged in constructive discussions with the key stakeholders, including the Finance state minister, Central Bank governor, International Monetary Fund (IMF) representatives, diplomatic counte