Portraying how perverse it is for the migrant workers to expect for myriad benefits from the taxes paid by the resident Sri Lankans, Central Bank Governor Dr. Nandalal Weerasinghe said the migrants should neither expect nor must be entertained with s

The Ceylon Tea cuppa is likely to lose its place in the international market, if the government continues with its poor policy decisions, which have only increased the harm done and made daily activities a challenge, the industry stakeholders warned.

With what’s being unfolding, the time ahead is extremely arduous for Sri Lanka, which is today burning amid unprecedented economic crisis and political impasse. The discussions with regard to what caused the crisis are mostly concentrated around fa

Migrant workers do not appear to have understood their duty at a time of grave economic disaster engulfing their motherland as they continue to send their earnings through informal money changers, seeking higher conversion rates as opposed to what th

The Central Bank last week disclosed that it collects every month up to US$ 300 million from exporter dollar conversions and surrender requirements, which helps significantly to provide dollars to finance the essential imports such as fuel, cooking g

The Rs.6 billion rights issue by DFCC Bank PLC has closed successfully with most of the bank’s major existing shareholders taking up their allocations and may be applying for additional shares though the issue closed 10 percent undersubscribed.

Singer (Sri Lanka) PLC reported higher top and bottom lines in the three months to March 31, 2022 navigating from what could be termed as one of the most difficult quarters in their history only to be met with even more challenging next 3 to 18 mont

The industrial production in the country recorded a massive pullback in March, days after the Purchasing Managers Index reported a big contraction in activities of manufacturing and services in April, in a forerunner to a likely recession in 2022 as

The Central Bank said they have finalised the two sets of financial and legal advisors to negotiate with multiple creditors of Sri Lanka and the selected parties would be submitted for final approval.

The Indian government is considering spending an additional Rs.2 trillion (US$ 26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation, two government officials told Reuters.

After posting a strong financial performance in one of the most testing years in the country’s history, diversified conglomerate, Hemas Holdings PLC expects the upcoming two quarters of FY2022/23 FY to become particularly challenging for corporates

Fitch Ratings downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Restricted Default (RD), from ‘C’.

The auction offerings at the Colombo Tea Auction increased further this week. A total of 6.78 MnKgs came under the hammer.

The technical discussions between Sri Lanka and the International Monetary Fund (IMF) on a potential loan programme will come to a close on May 24, IMF Spokesman Gerry Rice said.

The World Bank announced this week actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to US $ 30 billion in existing and new projects in areas such as agriculture, nutrition, social prote

The private sector stakeholders yesterday congratulated Harin Fernando on his appointment as the new Tourism and Lands Minister.

Harin Fernando yesterday assumed duties as the Tourism Minister. Fernando told the media at his new office that he accepted a ministerial portfolio for the sake of the nation. He added that one has to forget his political party and think of the natio

The Export Development Board (EDB), the apex body for promoting and developing the local export sector, came under spotlight at World Trade Promotions Awards 2022 (WTPO), as it bagged the runner-up title for inclusive and sustainable trade.

The capital market operator, the Colombo Stock Exchange (CSE), announced the appointment of Director Dilshan Wirasekara as its new Chairman, with effect from June 24, 2022.

While the foreign exchange crisis becomes severe in Sri Lanka, the island nation becomes the first country in the Asia Pacific region to default on foreign debt this century.

The Central Bank left its key policy rates unchanged yesterday while sending a clear signal to the markets that yields are peaked, and indicated that it would intervene going forward to stabilise the government securities yields at lower levels.

Bairaha Farms, a leading chicken processor in the country, announced yesterday the appointment of Reyaz Mihular as their new Chairman with effect from 19 May 2022.

Teejay Lanka PLC has reported a revenue milestone of Rs.50 billion at group level for FY22 achieving its first annual sales of a quarter worth a billion in US dollar terms on the exchange rates that prevailed during the year.

Sri Lanka’s confectionary industry has suspended the production of several of its most popular product ranges to prioritise the manufacturing of ready-to-eat items, which is becoming a popular option as country continues to face severe shortage in

The mega MICE event Sri Lanka was waiting to welcome to boost tourism, has been postponed further as the ongoing economic crisis continues to worsen.

Amid rising raw material prices and the steep devaluation of the rupee, the estimated cost of WindForce PLC’s 15MW wind power project has more than doubled to a staggering Rs.6.65 billion, forcing the renewable energy developer to draw funds alloca

Lion Brewery (Ceylon) PLC reported some solid top and bottom line performance in the three months to March as the brewer navigated one of the toughest macro-economic conditions identified with escalating costs, foreign exchange shortages and shortage

Sri Lankans, whose real incomes are getting hammered on a daily basis from soaring inflation, have turned to their credit cards, as there was a significant jump in the outstanding balance of credit cards in March from a month ago, when the financial

Sri Lanka’s red-hot inflation is forecasted to spiral further upwards in the next weeks and months, as the soaring global commodities prices collided with the massive weakness in the rupee at home, which is currently on a free fall, sending the pri

Talks about a possible privatisation of Sri Lanka’s flagship carrier – and the proceeds that will flow to the cash-strapped government from selling it – are again making the rounds.