The export earnings in Sri Lanka’s clothing sector for the June to August period are set to fall by 20-25 percent, with the sector likely to miss the US $ 6 billion export target for the year, as the country’s political and economic crisis contin

Sri Lanka could have avoided its current economic turmoil if it had gone to the International Monetary Fund (IMF) for a bailout sooner, the country’s Central Bank Governor says.

The tea exports for the month of May dipped by 17 percent year-on-year (YoY), with the quantities shipped contracting to 19.72 MnKgs.

A total offering of 6.1 MnKgs came under the hammer at the Colombo Tea Auction this week, where the quantities were met with good demand.

India is likely to impose a ceiling on sugar exports for a second straight year starting this October, aiming to ensure ample domestic supplies and keep a lid on local prices, industry and government sources said yesterday.

In an effort to improve the waste management system in the business community, the Ceylon Chamber of Commerce (CCC) together with the Environment Ministry has proposed for the private sector the ‘Collect-Back’ model for plastic wastes.

President’s Counsel Harsha Amarasekera and businessman A.M. Weerasinghe have been chosen to fill the shoes of business magnate Dhammika Perera in several listed entities.

India’s largest private thermal power operator, Adani Group has secured permission to explore floating solar and off-shore wind power generation potential in Sri Lanka’s territorial waters bordering the Northern Province (NP).

LOLC Holdings yesterday said it had acquired 9.99 percent of DFCC Bank PLC through the latter’s recently concluded rights issue.

The Federal Reserve on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation that U.S. Central Bank officials acknowledged may be eroding public trust in their power, and being driven b

The United Nations World Food Programme (WFP) yesterday began distributing food vouchers to pregnant women in underserved districts of Colombo, marking the start of WFP’s emergency response in the country.

Sri Lanka’s fuel stocks will last for about five more days, its Power and Energy Minister said yesterday, as the island nation awaits official confirmation from the Indian government for a new US$ 500 million credit line for fuel.

Sri Lanka is among the nations in the world that has the slowest roads, which indicate the economy is facing obstacles in its development effort, an IMF analysis revealed.

Commemorating International Domestic Workers Day yesterday, Sri Lanka’s labour rights activists urged the government to ratify the International Labour Organization (ILO) Convention No. 189 on decent work for domestic workers without further delay

Sri Lanka’s tea industry this week saw the launch of the Mother and Child-Friendly Seal for Responsible Business, an effort towards establishing a supply chain that has improved focus on the well-being of women and children in the plantations.

The Sri Lanka Gem and Jewellery Association (SLGJA) extends its continuous support in ensuring the industry contributes to the strengthening of the economy during the current economic and financial crisis.

With integrated reporting (IR) continuing to remain a key area of focus across the globe amidst reinforced demands for corporate responsibility, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), which has continuously promoted the I

Launched in support of the country’s most vulnerable communities amidst the ongoing economic crisis, the ‘Manudam Mehewara’ emergency relief initiative has reached its second milestone of providing emergency relief worth Rs.125 million to over

The United States of America embassy in Colombo yesterday announced that that the U.S. International Development Finance Corporation (DFC) board of directors has approved US $ 120 million in new loans to grow and support the Sri Lankan economy.

Sri Lanka is looking towards India once again to improve its foreign exchange earnings and the newest focus is on luring tourists to aid the hard-hit sector.

The industrial production, which measures the manufacturing heft in the country, slumped further in April, partly reflecting that it is withering away amid the persistent power and energy crises, shortages in fuel and other imported commodities and p

Amid multiple crises in the country, the progress of the Hambantota International Port’s (HIP) industrial park is facing several challenges in the construction front as well as delays in investment flows, according to the company officials.

The Treasury bill yields continued their descent yesterday for the fourth consecutive week, instilling hopes that the trend in the bond markets could be replicated in the lending markets, as seen from the initial signs from the easing in the prime le

Digital banking platform Revolut said it was launching a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman, allowing customers to transfer money to over 50 countries using more than 30 currencies.

The World Trade Organisation (WTO) members this week sough to forge agreements on food security to ease strained supply and sharply higher prices that the war in Ukraine have worsened, with only India, Egypt and Sri Lanka withholding support.

The private renewable energy producers are seeing payment delays up to seven months or more, which has significantly stretched their working capital cycles, as the Ceylon Electricity Board (CEB) is mired in a massive debt pile amid facing a rupee sho

India’s largest private power thermal operator, Adani Group said they were “clearly disappointed” by the slander it has received regarding the rolling out of renewable energy projects in the Northern Province of Sri Lanka.

RIL Property PLC is exploring if it can quote rentals in US dollars as a hedge against the escalating maintenance and other costs of their commercial rentable space in Colombo as the sharp weakening of the rupee has posed fresh challenges to the real

Amid the fuel crisis and looming food crisis, the government has decided to declare Friday as a holiday for State employees except for those who are engaged in providing essential services, and to allow them to engage in agricultural activities in th

Cabinet nod has been granted to issue new rules to enable State employees to take on foreign employment by granting a five-year no-pay leave with no impact for their seniority and pension package.