Sri Lanka could benefit from US-China tariffs’ pause
US Treasury Secretary Scott Bessent (L) with China’s Vice Minister of Finance Liao Min during a meeting to discuss trade relations and tariffs, in Geneva, on May 11. A trade deal between the US and China slashing most tariffs came into effect on May 14. In the meantime, Sri Lanka, in trade talks with the [...]
Cutting Colombo Port City tax breaks under IMF pressure
The Government, acting on an International Monetary Fund (IMF) recommendation, is planning to cut massive tax breaks and duty exemptions for strategic development projects including the Colombo Port City. The Strategic Development Project Act (SDPA) passed in parliament in 2008, provides tax incentives for large projects deemed strategic. The Colombo Port City projects are included [...]
Tough times ahead for coconut industry
Sri Lanka’s coconut industry is likely to face serious issues in 3-5 years’ time as a result of a drop in exports and a lack of high yielding trees and because the authorities are not concerned with taking the right policy decisions that will move the industry in the right direction, Chairman of the Executive [...]
TRACE’s five pillar strategy to uplift SL economy
TRACE (Technologically Re-Awakening Culture of Excellence), an organisation dedicated to fostering innovation, creativity, and entrepreneurship through technological advancements and collaboration across various disciplines, is currently developing a five-pillar programme aimed at transforming the Sri Lankan economy through enhanced knowledge and expertise. These pillars will be Connector Hub, Incubator and Accelerator, Education and Talent, Industry and [...]
Legal issues cloud funding for local bodies
The release of funds to Sri Lanka’s local government bodies, while constitutionally envisioned, remains subject to the discretionary powers of the central government—raising questions about the legal status of such financial flows and whether the Finance Ministry can lawfully withhold them. Under Sri Lanka’s system of devolution, the 13th Amendment to the Constitution offers devolution [...]
New National Incubator Policy Framework
The Ministry of Industries and Entrepreneurship Development will launch a National Incubator Policy Framework soon. The National Enterprise Development Authority (NEDA) under this ministry will facilitate this process, Chairman of NEDA – Lakshman Abeysekera told The Sunday Times Business on Wednesday. “Initially we need to have a broad understanding about the appropriate incubator model for [...]
US Tariffs: Glimmer of hope
The world indeed is topsy-turvy! Firstly for a man who was known as a ‘bully’, Trump seems to have mellowed these days (or is it one of his ‘games he is playing’?) and is turning the clock back, initiating trade talks with China and moving towards conciliation while cozying up with the tsars in West [...]
Yet to start unlocking SL’s growth potential
Recently, I came across a popular slogan: “Let’s make the country by making the village first!” While this phrase is politically correct and sentimentally appealing, a deeper examination reveals that, from an economic standpoint, it is more opinion-based than principle-driven. Mass poverty According to the latest issue of Sri Lanka’s Development Updates, released by the [...]
Mangoes with a Sri Lankan passport
Sri Lanka’s TomEJC mango has gained global recognition as the country exports 85 per cent of mangoes to West Asia, with shipments to the region steadily increasing over the past five years. Mango cultivation in Sri Lanka has expanded by 11 per cent from 2015 to 2022 to reach 31,000 hectares, while the production for [...]
Edible oil crisis deepens in Sri Lanka
Sri Lanka is grappling with a deepening crisis in the coconut and palm oil industry, triggered by a severe shortage of coconuts and soaring global palm oil prices. A ban on oil palm cultivation as a substitute crop, along with a restriction on oil palm imports, is threatening the industry, potentially leading to a halt [...]
Trident Corp launches AI and Gaming Laptops
Trident Corp has been awarded ASUS’s “Pinnacle Distributor” at the glittering Partner Meet Awards 2025, held at the Lotus Ballroom, Shangri-La Hotel recently. This prestigious accolade is a testament to Trident Corp’s exceptional performance and commitment to driving ASUS’s success across Sri Lanka, the company said in a media release. The event was graced by [...]
NDB 1Q 2025 pre-tax profits surge by 118%
National Development Bank PLC has reported a strong first quarter 2025 performance with Profit before tax at Rs.4 billion, up sharply by 118 per cent YoY (year-on-year). Taxes on financial services and income tax were Rs.2.1 billion, resulting in a Profit after tax of Rs.1.9 billion, a YoY growth of 168 per cent, reflecting solid [...]
ComBank on the cusp of Rs. 3 Tn. assets milestone
The Commercial Bank of Ceylon Group has made a strong start to 2025, recording healthy profit and balance sheet growth in the first quarter of the year. Comprising Sri Lanka’s largest private sector bank, its subsidiaries and an associate, the group reported in a filing with the Colombo Stock Exchange that assets reached Rs. 2.999 [...]
Hemas appoints Ashish Chandra as Group CEO
Hemas Holdings PLC has announced the appointment of Ashish Chandra as its new Group Chief Executive Officer, effective July 1, 2025. This appointment marks a strategic inflection point for Hemas as the group sharpens its focus on accelerating growth across larger emerging markets, expansion into adjacencies, and driving technology-led transformation to position the business for [...]
HNB reports strong performance in 1Q 2025
HNB , discussing its first quarter 2025 performance, has continued its growth trajectory in Q1 2025, recording a YoY (year-on-year) growth of 49 per cent in group Profit After Tax (PAT) and a 64 per cent growth in bank PAT with group and bank PAT at Rs.11.1 billion and Rs.10.2 billion, respectively. The bank’s Net [...]
Auditing Samurdhi banks in new transparency drive
Sri Lanka’s Samurdhi banking system is to be regularised by bringing Samurdhi community-based banks and rural banking societies under government audit, Finance Ministry sources confirmed. The Cabinet of Ministers at their meeting on Wednesday approved publishing a draft bill amending the Samurdhi Act No. 1 of 2013 in the Government Gazette, as revised by the [...]
AmCham Bootcamp 2025 kicks off
The initiative continues to serve as a premier mentorship and professional development platform for young Sri Lankan talent, fostering leadership, career skills, and industry exposure, AmCham said in a media release. The Bootcamp pairs 20 promising mentees—drawn from both public and private universities across diverse disciplines, including IT, marketing, HR, finance, and international relations—with 20 [...]
Sampath Bank shows strong Q1 performance
Sampath Bank, as of April 17, has been officially designated as a Domestic Systemically Important Bank (D-SIB) by the Central Bank of Sri Lanka. The bank has been classified under Bucket 1, reflecting its significant role in maintaining the stability and resilience of the national financial system and underscores Sampath Bank’s critical importance to the [...]
SLT-MOBITEL’s robust Q1 2025 profit growth
The SLT Group has reported a Profit After Tax (PAT) of Rs.2,001 million for the first quarter ended March 31, 2025, a surge from Rs.156 million in Q1 2024, reflecting effective financial management and improved operational efficiency. The SLT Group demonstrated strong performance for the first quarter of 2025, with revenue increasing 3.4 per cent [...]
Doing Good Index 2026: How are NGOs faring in Sri Lanka?
According to the Centre for Asian Philanthropy and Society (CAPS), Sri Lanka has roughly one non-profit organisation for every 13,607 people, while only 10 per cent of respondents were regularly involved in policy discussions in 2024. CAPS is a welfare orgnanisation based in Hong Kong and it is committed to improving the quantity and quality [...]
Sri Lanka–China trade forum on end May
A high-level Sri Lanka-China Trade and Investment Forum will be held in Colombo on May 30 hosted by The Ceylon Chamber of Commerce and the Department of Commerce of Sri Lanka, together with the Sri Lanka – China Business Council of the Ceylon Chamber, and the China Chamber of Commerce for Import and Export of [...]
Dialog expands cybersecurity partnership with Check Point
Dialog Enterprise has strengthened its partnership with Check Point Software Technologies Ltd, a global leader in cybersecurity, through South Asian Technologies Group, to offer advanced security solutions that protect Sri Lankan businesses from emerging cyber threats. This expanded collaboration focuses on enhancing enterprise cybersecurity by delivering cutting-edge inline security, threat prevention, cloud protection, endpoint security, [...]
Sri Lanka’s Digital Summit on July 24-25
The Digital Marketing Association of Sri Lanka (DMASL) announced that the DMASL Digital Summit 2025 is scheduled to take place on July 24-25 in Colombo. Widely regarded as South Asia’s most awaited digital gathering, the summit returns for its third edition with the promise of being the biggest and most impactful yet, the association said [...]
“Mad ideas” at TEDxColombo’s 13th edition on June 1
TEDxColombo, one of the most prominent and long-standing TEDx events in Sri Lanka, has announced the 13th edition of its flagship event, scheduled for Sunday, June 1 at the Nelum Pokuna Theatre, Colombo. Known for pushing boundaries and sparking dialogue, TEDxColombo 2025 promises another unforgettable day of insight, inspiration, and bold new ideas- brought to [...]
Pelwatte Dairy invests Rs.3.1 bn in new processing facility
Pelwatte Dairy Industries Ltd, Sri Lanka’s largest milk collector and a key player in the dairy sector, is expanding with a Rs. 3.1 billion investment in a state-of-the-art Greenfield dairy processing facility in Ibbagamuwa, Kurunegala. The new factory is being developed as an environmentally sustainable project featuring modern infrastructure that integrates the latest advancements in [...]