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Veddhas at tourism fair

Veddhas at tourism fair

Prime Minister Dinesh Gunawardene in conversation with a group of Veddhas during the opening of the Sancharaka Udawa (tourism fair) 2023 at the BMICH, Colombo on Friday. Pic by Priyanka Samaraweera

Import restriction on 1000 items to be relaxed

In a latest move towards relaxation of import controls imposed in March 2020 to save dollars, the Finance Ministry is considering lifting of import restrictions on around less than 1000 items from 3000 items (HS codes), State Minister of finance Shehan Semasinghe confirmed. The Business Times reliably learns that electronic items including computers, mobile phones, [...]

Factory workers out of Labour Council

Representation of Free Trade Zone workers along with four other trade unions have been removed from the National Labour Advisory Council (NLAC) as a result of the newly constituted body by Labour Minister Manusha Nanayakkara. Four trade unions that have been representing its workers from the factory workers in the zones to the staff employed [...]

DDR: Need proper assessment to beat financial tsunami

Cherry picking should not be done in the domestic debt restructuring (DDR) process and if done properly, the Sri Lankan population can live with it, economists say. “It should be done for all debt securities and adjusted equally. The fear of debt restructuring is far greater than the actual pain. If you spread it out [...]

Cinnamon tablet to beat diabetes

The Sri Lanka Institute of Nanotechnology (SLINTEC) is exploring the potential of cinnamon in managing diabetes (diabetes mellitus). “Our hypothesis is that utilising cinnamon to reduce the blood sugar levels could be used as an alternative to prescribed drugs such as Metformin. Therefore we embarked on research to develop cinnamon pills using our own proprietary [...]

On the migration trail

On the migration trail

Aldoris, the choon-paan karaya came merrily down the lane in his music-blaring tuk-tuk and stopped as the trio had gathered outside the gate. Dishing out hot-hot buns, he had nothing to say except listen to the conversation which on this Thursday morning surrounded the controversial Christian preacher Jerome Fernando. “Godak denek den katha wenne ara [...]

ComBank’s gross income grows to Rs.84.149 bn

The Commercial Bank of Ceylon Group’s deposit base has surpassed Rs.2 trillion, a milestone it achieved in the first quarter of 2023 despite the continuing impacts of mercurial exchange rates and market interest rates, and the effects of the economic downturn on multiple sectors of business. The group, comprising Sri Lanka’s biggest private sector bank, [...]

Growth in NTB’s results

Nations Trust Bank PLC has reported a strong performance in the first three months of 2023 posting a Profit Before Tax (PBT) of Rs.5.8 billion, up 124 per cent year-on-year (YoY) and a Profit After Tax (PAT) of Rs.2.8 billion, up 77 per cent YoY, supported by a 52 per cent growth in Operating Income. [...]

HNB records Rs. 6.9 bn PAT in Q1 2023

Hatton National Bank PLC, following a turbulent year marred by the country facing its most profound economic crisis post-independence, made a resilient start to 2023, posting a Profit before tax (PBT) of Rs.10.7 billion, up 80 per cent YoY, while Profit after tax (PAT) stood at Rs.6.9 billion in the first quarter, growing 42 per [...]

NDB posts strong first quarter performance

National Development Bank PLC posted satisfactory results for the first quarter of 2023, as it continued strong strategic realignment in response to the external challenges that continue to affect the banking sector. In a media release issued by the bank, Director/ CEO Dimantha Seneviratne stated that prudent balance sheet management, diversified revenue focus and cost [...]

IMF in town

IMF in town

IMF officials speaking at a media conference in Colombo on Monday.

Tile and sanitary ware business heads for “rock bottom”

Sri Lanka‘s tile and sanitary ware business is heading for “rock bottom”, following the repeated delay in the lifting of import restrictions for almost four years since mid-March 2019, several leading importers and traders said. This prolonged import ban with the promises of government authorities to suspend restrictions for importers and others connected to the [...]

JC Catering: Modernising food delivery in Batticaloa

Batticaloa in eastern Sri Lanka has a new curbside delivery app, fronted by Joel Jerushan called JC Catering available on both Android and iOS platforms. Unlike standard apps that merely connect entrepreneurs with customers, JC Catering integrates the business owner and app developer, Mr. Jerushan said. Started with the intention of providing meals for small [...]

Long road ahead for economic recovery

Sri Lanka has made slow steps in the long road ahead for its economy recovery and the visiting International Monetary Fund (IMF) team is still taking stock of the mess the country’s economy is in. The Government has fallen short of many goals including the revenue targets. When asked if this isn’t a concern by [...]

Lanka is on the right path towards economic stability

Lanka is on the right path towards economic stability

While emphasising that small and medium size enterprises (SMEs) have a bigger potential to rebuild the country’s eco-system, Sri Lanka is on the right track towards economic stability, said Asian Development Bank (ADB), Country Director, Chen Chen on Monday during a media briefing. Mr. Chen said, “As we are closely coordinating with the International Monetary [...]

DFCC Bank records PAT of Rs.2 bn in Q1’23

DFCC Bank PLC, the largest entity within the group, reported a Profit Before Tax (PBT) of Rs.2,684 million and a Profit After Tax (PAT) of Rs.1,749 million for the quarter ended March 31, 2023. This compares with a PBT of Rs.143 million and a PAT of Rs.366 million in the previous period in 2022. The [...]

USAID – CBL partnership supports climate-smart agriculture

USAID – CBL partnership supports climate-smart agriculture

The U.S. Agency for International Development’s (USAID) Climate Adaptation Project and the CBL (Ceylon Biscuits) Group have signed an agreement to help thousands of smallholder farmers across three districts to practise climate-smart agriculture. Under a memorandum of understanding signed on May 15, the project and the Colombo-based company will disseminate customised crop advisories and other [...]

SLT Group reports stable revenues for Q12023

Sri Lanka Telecom Group (SLT Group), has recorded consolidated revenues of Rs. 26.6 billion for Q1 2023, an increase of 2.1 per cent, compared to the same period last year, led by robust growth at company level from SLT, demonstrating resilience and optimism in the future undeterred by the challenging environment. The SLT Group’s revenue [...]

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