The new administration that will be in place following the resignations of President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe should continue the engagement with the International Monetary Fund (IMF), “which is the primary way to

The banks are bracing for the most acute two-year spell, which will test their resilience to a bevy of adversities coming from the rising non-performing loans, squeeze on capital and liquidity and worst, even some sizeable contractions in their balan

The grey market for foreign exchange is making a comeback, rendering the efforts taken to put a restraint on the operation of the informal channels futile and thereby causing it to thrive again, the Central Bank warned.

Sampath Bank signed a mutually beneficial memorandum of understanding (MOU) agreeing to act as a corporate sponsor for the Association of International Marketing Graduates in Sri Lanka (AIMGSL).

INSEE Cement has extended production of its Portland Composite Cement to its Ruhunu Cement Plant, increasing production of the new SLS 1697 product to meet the growing demand of the local market.

After the Central Bank last week disclosed that it had received a request from the General Treasury to provide liquidity to the value of Rs.217 billion to finance fuel imports by Ceylon Petroleum Corporation (CPC), the data showed that the Central Ba

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) yesterday welcomed the announcements of resignations by President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe and urged them to ensure a smooth transition of power, res

The equity analysts gave a dour outlook for listed companies’ earnings, citing multiple reasons, ahead of the June quarter earnings season, which would kick off shortly, as the companies closed their books for the April-June quarter a fortnight ago

The Joint Apparel Association Forum (JAAF) in a statement to media urged all political party leaders to urgently expedite the recommendations put forth at the meeting held on Saturday, calling for the resignation of the president and prime minister a

The International Monetary Fund (IMF) said it is hoping for a resolution to Sri Lanka’s political turmoil that would allow a resumption of talks for a rescue package, after thousands of protestors thronged to Colombo and took over the President’s

While rejecting the Central Bank’s (CB) claim that open account trade is fuelling grey market activities, depriving the formal banking channels of the much-needed foreign exchange, the essential food importers and traders warned that the country co

Sri Lanka’s red-hot import bill shows continuous signs of cooling and potentially returning to parity with export earnings, finally bringing to an end to the decades-long culture of living beyond the country’s means by way of piling up debt, whic

Sri Lanka has been a welfare state since its independence but it has now come to a breaking point with the people increasingly realising that the government cannot continue to provide things for free or even at subsidised prices.

The Cabinet nod has been granted to present a bill to Parliament to amend Appropriation Act No. 30 of 2021 for the year 2022, in order to revise the original budget estimates for the year, as a result of the ongoing economic crisis.

SriLankan Airlines this week rejected the media reports about possible cancellation of a host of SriLankan Airlines flights due to the ongoing shortage of jet fuel in Sri Lanka.

Atlanta Federal Reserve Bank President Raphael Bostic, until recently among the central bank’s most dovish policymakers, yesterday said he “fully” supports another three quarters of a percentage point interest rate rise at the Fed’s next poli

The Joint Apparel Association Forum (JAAF) this week thanked all industry stakeholders for their outstanding resilience in ensuring that the sector continued to meet its commitments in the face of unprecedented challenges, as apparel export earnings

Oil slipped in volatile trade yesterday and was heading for a weekly decline as concern over a potential recession-driven demand downturn outweighed tight global supplies.

There has been a sharp uptake of properties purchased by the Sri Lankans living abroad since the rupee crashed in March making local assets far cheaper for foreigners and the expats while the land prices have also slumped quite significantly after th

The Sri Lanka Association of Inbound Tour Operators (SLAITO) yesterday commended Sri Lanka Tourism for the support extended to sector stakeholders to have access to fuel by having in place an effective distribution system.

The Ceylon Chamber of Commerce yesterday appealed to all who are gathering in Colombo for mass protests tomorrow to refrain from violence.

A lawyer yesterday lodged a complaint with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) against former Central Bank Governor Ajith Nivard Cabraal urging the accountancy body to disenrol Cabraal from its membership in terms of se

The Central Bank (CB) yesterday has provided the banking sector with a “broad guidance” to grant concessions for the next six months to borrowers hit by the on-going economic crisis while a similar guidance is expected to be issued to non-banking

Aitken Spence PLC this week reiterated its commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion.

Even though the Ceylon Petroleum Corporation (CPC) is following a cost-reflective price formula, under which fuel prices were revised upwards significantly several times, the utility still has a cash flow issue, the Central Bank Governor Dr.Nandalal

NDB Investment Bank acted as the exclusive sell side advisor to a consortium of exiting investors led by Browns Investments PLC and Faber Capital Group for the divestiture of Sagasolar Power (Pvt) Ltd to Aitken Spence PLC for a purchase consideration

Public Utilities Commission of Sri Lanka (PUCSL) Chairman yesterday reiterated that the government must look into the activities of the Ceylon Petroleum Corporation (CPC) without further delay as the State utility is on the continuous look-out to pas

Hela Apparel Holdings successfully concluded its first P.A.C.E. graduation at its manufacturing facility in Egypt recently, making the company the first apparel manufacturer to implement the globally-recognised employee empowerment initiative in the

In its quest of taking its award-winning solutions to regional markets, Affiniti Innovations signed a strategic partnership with BPOS LLC, a global outsourcing firm based in the Sultanate of Oman.

TASA Solutions Sdn Bhd, a Malaysian company that identifies, deploys and delivers realistic experience-based solutions to international brands, set up operations in Sri Lanka, amidst the economic crisis.