CB declines permit renewal for 15 money changers

The Monetary Board of the Central Bank has decided not to renew the money-changing permits of 15 money changers (MCs) for the year 2023 due to non-compliance with a condition of the permits issued for the year 2022, which was communicated to the respective MCs on February 22, 2023.

CB slashes policy interest rates by 2%

The Monetary Board of the Central Bank this morning announced a 200-basis point reduction in policy rates after slashing 250 basis points at the previous monetary policy review in June.

ADB launches two publications on SL’s energy sector

Sri Lanka today saw the launch of two energy sector publications, supported by the Asian Development Bank (ADB), which map the journey of the local electricity supply industry.

Excluding banking sector in DDO will lead to lower interest rates: CA Sri Lanka

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) today said the decision to exclude the country’s banking sector from the Domestic Debt Optimisation (DDO) plan will result in lower interest rates.

Inflation down sharply to 12% in June

Sri Lanka’s official headline inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year (YoY) basis eases to 12 percent in June, largely on higher base effects, last year.

Pakistan enteres US $ 3bn staff-level deal with IMF

Pakistan, which is flirting with a debt default, has secured a staff-level agreement with the International Monetary Fund (IMF) for a US $ 3 billion stand-by arrangement, foreign media reported.

CCC calls for responsible action and patience on debt restructuring plan

The Ceylon Chamber of Commerce (CCC) urges all political parties and stakeholders concerned to act with responsibility and await the finalization of the proposed debt restructuring plan.

Nas Daily to create content for Sri Lanka Tourism

Nuseir Yassin, an Arab-Israeli vlogger who creates content under the ‘Nas Daily’ banner, is expected to create three videos to promote Sri Lanka for tourism and investment.

WTTC and UNWTO ink historic MoU to uplift global tourism

For the first time in history, two of the world’s leading travel & tourism organisations representing the global public and private sectors have agreed to work together across a number of key objectives.

UL says sick cockpit crew member delayed flight to Seoul

SriLankan Airlines today said the flight UL 470 to Seoul was delayed due to one cockpit crew member, who was scheduled for this flight, falling sick.

National inflation eases to 22.1% in May

National inflation as measured by National Consumer Price Index (NCPI) eased to 22.1 percent in May on a year-on-year (YoY) basis from 33.6 percent in April.

SL able to boost trade with the UK as new trading scheme comes into force

Sri Lanka will be able to improve trading with the United Kingdom as the new Developing Countries Trading Scheme (DCTS) comes into force from today. Sri Lanka is among the 65 countries that would benefit from the new facility.

Colombo Tea Auction sees rupee tea prices strengthening this week

In the backdrop of the depreciating Sri Lankan rupee vis-à-vis the US dollar, the Colombo Tea Auction this week saw the rupee tea prices strengthened, following the improved widespread demand. Consequently, a lesser volume of teas remains unsold, the tea brokers said.

Beyoncé blamed for keeping inflation high in Sweden. Is Springsteen next?

CNN: Swedish consumers now have Beyoncé to blame for their bills, bills, bills.

Uber One global membership now in SL

Ride-sharing app Uber announced yesterday the launch of the popular membership programme Uber One in Sri Lanka.

Emirates announces key appointments for SL and Maldives operations

Rashid Al Ardha appointed as Manager for Sri Lanka and Maldives; Chandana de Silva to assume new role as Manager Government Liaison – Sri Lanka and Maldives

CMTA proposes sustainable approach to vehicle imports

CMTA Chairman Charaka Perera The Ceylon Motor Traders Association (CMTA) has come up with a proposal to resume vehicle imports, with a focus on benefiting the economy, meeting mobility needs of masses and ensuring government revenue.

Sri Lanka told to use global economic slowdown to rethink growth strategy

Sri Lanka needs to make efforts to use the ongoing global economic slowdown as an opportunity to rethink its growth strategy, as its economy is highly vulnerable and remains at a disadvantage compared to many of its competitors and peers, asserted an international economist.

Sri Lanka‘s first electric taxi service ‘E-drive’ launched

Turning a new page in passenger transport, David Pieris Motor Company (Private) Limited, Sri Lanka’s largest automotive company, yesterday launched E-drive, a model electric three-wheeler (tuk-tuk) taxi service for public transportation for the first time in Sri Lanka.

Ambeon Holdings disposes Ceylon Leather Products for Rs.650mn

Ambeon Holdings PLC yesterday announced the divestment of Ceylon Leather Products.

Hasitha Premaratne appointed to NDB board

National Development Bank PLC yesterday announced the appointment of Hasitha Premaratne to its board as an Independent Non-Executive Director with effect from June 15, 2023.

Pharmaceutical industry ready to cut drug prices by up to 13%

While renewing calls for an equitable and fair pricing mechanism, Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday said the industry stands ready to reduce prices of pharmaceuticals upto 13 percent in line with the recent rupee appreciation under the condition of flexibility for future price increases in case of deprecation of the currency.

Economy contracts 11.5% in 1Q

Sri Lanka’s Gross Domestic Product (GDP) is estimated to have contracted 11.5 percent in the first quarter of 2023 from a year ago, the Department of Census and Statistics said, today.

SL gets first electric taxi service with the launch of ‘E-drive’

Sri Lanka now has its first electric taxi facility, with David Pieris Motor Company (DPMC) having launched today the ‘E-drive’ service.

US holds interest rates steady in first since 2022

The US Federal Reserve has announced it will hold interest rates steady - the first time it has opted against a rise in more than a year.

Child labour on the rise for first time in 20 years: ILO

For the first time in 20 years, child labour is on the rise, the International Labour Organisation (ILO) shared.

Sustainable Fitch launches ESG Regulations and Reporting Standards Tracker

Sustainable Fitch, a Fitch Solutions Company, recently launched the ESG Regulations and Reporting Standards Tracker, an effort towards bringing clarity on the fast-evolving ESG regulatory environment.

Hambantota Port expects 13 ship calls between June and September

The Hambantota International Port (HIP) will be entering the tourism mix of Indian cruise ships, with an agreement of 13 ship calls to the port between June and September this year.

Nawaloka Hospitals clarifies…

In response to Mirror Business story titled ‘Trading suspension slapped on Nawaloka Hospitals shares’, appeared on June 9, 2023, Nawaloka Hospital PLC says that it is extending its fullest cooperation to KPMG to finalise the audit and KPMG has not refused to give an opinion as stated in the article.

FCH confident acquisition by PLC will help it enter B’desh

First Capital Holdings (FCH) shared yesterday it is upbeat about its prospects of expanding its footprint in the South Asia region, as its recent part acquisition has opened new avenues for venturing.