Ocean conservation with bar reef cleanup
NDB Bank recently partnered with Clean Ocean Force Lanka to support marine conservation through underwater clean-ups. To date three dives have been completed at the Bar Reef Marine Protected Area and the east Coast near Barberyn Island. A dedicated team of six divers conducted the deep-sea dives, successfully removing over 130 kg of harmful marine [...]
Public debt interest soars, hurt SL’s public investment future
While Sri Lanka’s economic stability is in the making, a glaring imbalance in the nation’s national budget is ringing alarm bells among economists: nearly Rs. 3 trillion has been allocated for debt interest payments in 2025—more than twice the Rs.1,300 billion for public investment. According to experts, this imbalance would threaten long-term growth and render [...]
Diplomats negotiate markets while industries waltz to other regions
Many Sri Lankan companies are gearing to set up bases in Africa and other regions while the Export Development Board (EDB) with the Commerce Department has advised Sri Lankan ambassadors to negotiate markets and look at Free Trade Agreements (FTAs) with the African Region on the back of crippling US tariffs, top officials said. The [...]
US-SL bilateral ties to firm up in May
Sri Lanka has become one of the first few countries from South Asia to engage in discussions with US authorities on the new tariffs with negotiations set to continue until a bilateral agreement is reached in May. Sources indicated that during discussions with the US there had been a cordial meeting that had taken place [...]
SL unable to share tariffs with US buyers
US apparel buyers want Sri Lankan manufacturers to consider sharing the additional 10 per cent tariff imposed by the US during the 90 day period. But Joint Apparel Association Forum (JAAF) Deputy Chairman Felix Fernando said that principally manufacturers are unable to share the tariff.In this respect, he said most exporters have agreed not to [...]
Online traffic fines to go island-wide
The pilot project allowing motorists to pay traffic fines online through the ‘GovPay’ mobile application launched by Sri Lanka Police implemented at 11 locations along the Kurunegala–Anuradhapura Road, will be extended island-wide, top officials said. The government has introduced the ‘GovPay’ mobile application to enable drivers to settle fines issued by traffic police officers. The [...]
EU pressure mounts to amend Online Act
The Government is ready to introduce an amendment to the Online Safety Act, No. 9 of 2024, framework legislation which was passed in Parliament by the previous regime bypassing vigorous objections from civil society organisations, civil society activists, media associations and opposition parties. In its latest report of the 2024 Presidential Election, the European Union [...]
Well….now onto EU GSP+
Hurrah or Aiyo? The European Union (EU) comes calling for its ‘pound of flesh’ in return for tax concessions, often zero taxes for more than 7,000 items imported by Europe. Wrong! That is an unkind or unfair assessment of these concessions; after all, Sri Lanka’s exporters and the huge mass of local workers immensely benefit [...]
Sri Lanka’s FTAs: A tale of missed opportunities
Last week we talked about the timely need for Sri Lanka to be ‘a country with no import controls’ in the context of US reciprocal tariffs. I thought our discussion would be incomplete if we ignore the issue of Free Trade Agreements or FTAs. Why does Sri Lanka need FTAs? Can they make a difference [...]
Rs. 10.56 m Drone scandal at Arthur C Clarke Institute exposed
The Arthur C. Clarke Institute for Modern Technologies (ACCIMT) in Sri Lanka is embroiled in alleged negligence by failing to make use of un- manned aircraft valued at Rs 10.56 million although it was purchased in 2016. The purpose of buying this drone was to take photographs for archaeological exploration and excavation work on behalf [...]
Are Sri Lankan banks ignoring fair FX practices?
Foreign exchange (FX) transactions are an essential part of modern financial systems, facilitating trade, investment, and remittances. However, in Sri Lanka, local banks appear to be disregarding global best practices by imposing excessive charges and wide exchange rate spreads on customers, raising concerns about fairness and compliance with international guidelines. The Global Foreign Exchange Committee [...]
Sri Lanka’s transportation system gets a major upgrade
The government has started work on overhauling the entire transportation system of the country to make it more efficient and economical for Sri Lankans. In this effort, the Ministry of Transport and Highways is launching development activities at Jaffna International Airport, (Palali Airport), and introduce low-bed passenger buses by September and to solicit Expressions of [...]
EFL Project Logistics supports new Colombo port terminal
EFL Project Logistics recently facilitated the delivery of key hardware for the operational success of the newly commissioned Colombo West International Terminal, the Port of Colombo’s first fully automated deep-water terminal. EFL Project Logistics is a subsidiary of EFL Global – a globally renowned freight forwarding entity providing innovative supply chain solutions, the company said [...]
Seylan Bank’s Profit after Tax at Rs.2.76 bn in Q1 2025
Seylan Bank has recorded a Profit before Income Tax (PBT) of Rs.4,199 million in Q1 2025, against Rs.3,704 million in Q1 2024 demonstrating a growth of 13.36 per cent. For the three months ended March 3, 2025, Profit after Tax (PAT) was recorded by Seylan Bank at Rs.2,761 million with a growth of 20.29 per [...]
SINGHE Furniture wins at National Industry Brand Excellence Awards
SINGHE Furniture has once again strengthened its position as a Sri Lankan furniture industry leader, earning two prestigious accolades at the recently held National Industry Brand Excellence Awards 2024, hosted by the Industrial Development Board of Sri Lanka (IDB). SINGHE Furniture secured Platinum Award presented for the National Industry Brand of the Year (Medium Scale) [...]
Ministry of Digital Economy to strengthen ICT laws
The Ministry of Digital Economy will be looking to strengthen at least five pieces of legislation relating to ICT while consulting legal assistance from relevant authorities, top officials said. Amongst these, the Computer Crimes Act, the E-Transactions Act, Dividend Special Provisions Act, Personal Data Protection Act, and Online Safety Act of last year will be [...]
Industries Ministry to maximise business opportunities for MSMEs
The Ministry of Industries and Enterprise Development is leading an effort for the country to become a globally competitive, export-driven economy — on the back of the impact of US trade tariffs — with key institutions like the National Enterprise Development Authority (NEDA), Small Enterprises Division, Industrial Development Board, the Export Development Board, and National [...]
MAS celebrates student-led sustainability at Eco Go Beyond awards
MAS Holdings, a leading global apparel tech conglomerate, reaffirmed its commitment to sustainability education and youth empowerment at the MAS Eco Go Beyond Sustainable Schools Programme 2024 Awards Ceremony, held recently at MAS Athena in Thulhiriya. The event, which celebrated the outstanding achievements of young sustainability leaders, was attended by Dr. Priyanie Amerasinghe, Emeritus Scientist [...]
Will the Proceeds of Crime law deter corruption, misuse and theft?
The “Proceeds of Crime,” Act has now been passed by Parliament to address the existing legal loopholes. According to that law, possession of any property obtained from the proceeds of crime or engaging in any type of transaction with it is a punishable offence. Laws and Regulations Most laws and judicial procedures are designed to [...]
Seylan Bank’s Profit after Tax at Rs.2.76 bn in Q1 2025
Seylan Bank has recorded a Profit before Income Tax (PBT) of Rs.4,199 million in Q1 2025, against Rs.3,704 million in Q1 2024 demonstrating a growth of 13.36 per cent. For the three months ended March 3, 2025, Profit after Tax (PAT) was recorded by Seylan Bank at Rs.2,761 million with a growth of 20.29 per [...]
New federation for app-based drivers
A new organisation called the Federation of App-based Transport Workers was formed on Friday under the aegis of the Sri Lanka office of the UK-based International Transport Workers Federation (ITF). The grouping brought together various associations representing app-based drivers working for PickMe, Uber and other app-based associations. “We are joining together to provide a bigger [...]