UK envoy visits MAS factory
UK Trade Envoy Lord John Hannett (third from right in the picture) visited MAS Holdings’ Silueta facility in Biyagama, during a recent visit to Sri Lanka. The visit, facilitated by the British High Commission, aimed to strengthen Sri Lanka–UK trade ties and offer the UK delegation deeper insight into the local apparel industry.
Sri Lanka Telecom now under National Audit scrutiny
Sri Lanka Telecom (SLT), in which the government has a majority stake, now comes under the purview of the National Audit Office (NAO) of the Auditor General’s Department, after a recent transformation in its shareholdings. While the oversight of the NAO should be seen as a positive move, company sources said it however reduces the [...]
Outdated MTD System crashes, delays registrations
Sri Lanka’s Motor Traffic Department (MTD) is facing operational disruptions due to the breakdown of its outdated motor vehicle registration and transfer system. The decades-old software, implemented in 1996 by local IT Company Informatics, has increasingly failed under mounting data loads and frequent data entry errors, causing delays and inefficiencies that are frustrating vehicle buyers [...]
Benefitting from NZ expertise in manufacturing, innovation
New Zealand government agency, NZ Product Accelerator (NZPA) charged with helping businesses overseas, is ramping up efforts to strengthen ties with Sri Lanka by providing expertise and connections to help develop and commercialise new products and technologies, a senior expert of the agency divulged. It is ready to connect in areas like manufacturing, design innovation, [...]
E-Gate procurement at BIA advances despite past irregularities
The long-delayed project of installing e-gates at the Bandaranaike International Airport (BIA) as one of the solutions to passenger congestion is to be expedited under the present government, the Transport, Highways, Ports and Civil Aviation Ministry confirmed. This decision has been taken at a high-level committee meeting held at the ministry recently to go-ahead with [...]
NEXT in Katunayake is partly operational
Amidst speculation and controversy surrounding the closure of the NEXT apparel factory in Katunayake, it has been found to become operational with workers from job agencies hired to do so while some orders have been shifted to some of its other factories. The NEXT factory management had tried to obtain the auditorium of the Board [...]
Secured Transaction Registry in July
The long-awaited Secure Transaction Registry (STR), set to develop a free, formal, structured framework to provide credit for immovable assets, is expected to be released in July, top officials said. The registry established under the Secured Transactions Registry (STR) Enactment, Act No. 17 of 2004, is intended to enhance Sri Lanka’s credit infrastructure by creating [...]
Bleak future for savers
Some of the beneficiaries of the economic crisis in 2022 were senior citizens as interest rates soared and helped them to get a decent return in interest income on their savings. Nowadays, interest rates have sunk and badly affected all savings, in particular senior citizens who don’t have any other income to meet their daily [...]
Strategic priorities for Sri Lanka
As global economic powerhouses shift toward inward looking trade policies, small and open economies like Sri Lanka are increasingly exposed to external shocks. US President Donald Trump’s aggressive tariff regime and “America First” doctrine marked a turning point in global trade. While the direct targets were major economies like China and the EU, the spillover [...]
How many children must AI kill?
ZURICH – On February 28, 2024, Sewell Setzer III, a 14-year-old boy from Florida, killed himself at the urging of a lifelike AI character generated by Character.AI, a platform that is also reportedly hosting pro-anorexia AI chatbots that encourage disordered eating among young people. Clearly, stronger measures are urgently needed to protect children and young [...]
Sri Lanka’s economy full rebound 3-years away: Central Bank
Sri Lanka has been able to restore financial system stability amidst a severe economic and sovereign debt crisis but its economic resurgence to the 2018 level will take about three years, the Central Bank has forecast. The country was able “to achieve this difficult task amidst a severe economic and sovereign debt crisis in 2022-,”Central [...]
Bio Clean initiative to improve sanitation facilities at railway stations
Darley Butler & Company, in collaboration with the Sri Lanka Railways and the Central Environmental Authority, recently launched the “Bio Clean Hari Pirisidu Railway” Corporate Social Responsibility (CSR) initiative under the Bio Clean brand. As part of this project, Bio Clean cleaning products will be supplied free of charge for a period of one year [...]
Access Solar to get into RE verticals
Celebrating the 25th anniversary, Access Solar (Pvt) Ltd, supplier of photovoltaic (PV) solutions in Sri Lanka, is set to expand in all renewable energy verticals, including solar, wind, services for electric cars etc. “One of Access Solar’s contributions is generating quantifiable social and environmental advantages. We are in perfect harmony with national policy as Sri [...]
DIMO Agritech’s new agri solutions
During the last decade, despite the considerable number of protected houses established for cultivation, Sri Lanka has not been able to achieve the expected targets through SMART agriculture due to a lack of technological knowledge, improper crop maintenance, and inadequate guidance. Identifying these chall enges the Agricultural arm of DIMO, DIMO Agribusinesses through its DIMO [...]
Sri Lanka – China forum marks new Chapter in economic collaboration
The Sri Lanka – China Trade and Investment Forum 2025, held on Friday in Colombo, brought together over 115 senior representatives from 77 leading Chinese enterprises alongside key members of Sri Lanka’s public and private sectors. The high-level event was co-hosted by the Ceylon Chamber of Commerce, the Department of Commerce of Sri Lanka, the [...]
Frankfurt School launches exclusive Executive Programmes
The Frankfurt School of Finance and Management (FS), a leading European business school known for its expertise in finance, management, and business leadership, is expanding its reach in Asia by hosting an International Executive Campus Week in Sri Lanka, featuring four specialised executive programmes. The 3-day ‘Refine Your Leadership’ programme aims to elevate the leadership [...]
Lanka’s development succeeds only if livelihoods of the villagers are fulfilled-Ranjit Page
While local dairy farmers in the villages produce milk that account for 40 per cent of the total milk production in Sri Lanka, not much revenue earned from the production reaches the farmers. Sri Lanka’s milk production and efficiency has to increase to compete with global dairy brands. Without developing the livelihoods of the villagers [...]
LOLC Finance delivers its highest PAT of Rs. 25 bn
LOLC Finance PLC set a new benchmark in the NBFI sector by reporting an outstanding Profit After Tax (PAT) of Rs. 25 billion for the financial year ending March 2025. “This marks an impressive increase from Rs. 21.5 billion recorded during the previous financial year, delivering double-digit profit growth. Surpassing a historic milestone, this performance [...]
Sri Lanka as a MICE Hub for German Businesses
Under the theme “Host with Impact. Meet in Colombo,” the Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and the Sri Lanka-German Business Council (SLGBC), with the support of Aitken Spence Travels, recently hosted a MICE Awareness Event at Hilton Colombo Residences. The event brought together decision-makers from German companies and [...]
Struggle to register Sri Lankan start-ups
A start-up is a newly established business that aims to bring a unique product, service or business model to market, usually with a small team. According to the Department of Census and Statistics in Sri Lanka, there are 18,029 establishments and on average 42 per cent of the establishments engaged in economic activities were reported [...]
Major developments at JKH in 2024/25
The year under review (2024-25) at John Keells Holdings (JKH) was marked by two significant developments – the opening of the City of Dreams Sri Lanka and the West Container Terminal (WCT-1) at the Port of Colombo. These landmark developments represent transformative opportunities, poised to serve as catalysts for economic growth, reinforcing Sri Lanka’s position [...]
IPS examines effectiveness of Aswesuma poverty scheme
While Sri Lanka slowly recovers from its largest economic crisis so far, social protection programmes are central to the country’s growth. The crisis has put a large set of households in or near poverty, with households reeling from losses in income and price hikes, says the Institute of Policy Studies (IPS). Social protection is not [...]
People’s Bank’s pretax profit of Rs.17.7 bn for Q1 ’25
People’s Bank this week reported total consolidated operating income of Rs.45.1 billion and post-tax profit of Rs.11.0 billion for 1stQ2025 , reflecting a growth of 120.8 per cent and 347.2 per cent, respectively from the previous year. Consolidated net interest income rose to Rs.38.6 billion during the said period from Rs.16.1 billion in the comparable [...]
Janashakthi Finance PLC rebranding from Orient Finance
Orient Finance PLC, a subsidiary of JXG (Janashakthi Group) this week announced its strategic brand transition to Janashakthi Finance PLC. The company emphasised that the brand transition transcends a simple name change, representing a fundamental enhancement of the ability to serve customers with greater strength, stability, and resources. The organisation reiterated that, through the repositioning, [...]
Freight rates from Sri Lanka to US to rise
As the demand for goods from Sri Lanka to the US is expected to boom with the US Federal Court blocking all existing tariffs imposed on countries across the board, freight rates are expected to rise up to US$ 4500 to $5000 per 40-foot container, through June/July 2025 from Colombo, Nilud Fernando, a professional in [...]
MillenniumIT ESP Singapore and Microsoft meet
MillenniumIT ESP Singapore, in strategic partnership with Microsoft, recently hosted an event titled “Next-Generation Security and Automation: A Deep Dive into Microsoft Sentinel and Copilot Studio” at the Microsoft Singapore Office. The gathering brought together over 30 senior technology leaders from across Singapore’s key industries, including financial services, government and defence, telecommunications, healthcare, and education, [...]
Cargills reports strong FY25 performance
Cargills (Ceylon) PLC, one of Sri Lanka’s leading consumer companies, has reported a strong financial performance for the financial year ending March 2025, supported by volume-led growth across its key business segments—Retail, FMCG, and Restaurants. Group revenue rose 8.2 per cent year-on-year, with Profit After Tax (PAT) growing by 22.5 per cent, reflecting improved consumer [...]
Ambeon Holdings delivers sound FY 2024/25 results
Ambeon Holdings PLC, a leading diversified conglomerate with key business interests across Information Technology, Financial Services, Real Estate, and Strategic Investments, has reported a Profit After Tax (PAT) of Rs.1,910 million for the 2024/25 financial year. “These results reflect a resilient performance and sustained strategic progress amidst ongoing challenges in a recovering macroeconomic environment but [...]
Dialog Enterprise enhances Ceylinco’s Digital Infrastructure
Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC, has deployed cutting-edge SD-WAN solution for Ceylinco General Insurance through connecting over 200 branches island-wide of the company. Ceylinco General Insurance, one of Sri Lanka’s leading insurance providers, required a seamless, secure, and high-speed network to ensure uninterrupted operations across its extensive branch network. [...]
First Capital Treasuries post-tax profit drops in 2024/25
First Capital Treasuries PLC, a subsidiary of First Capital Holdings PLC, has announced a Profit after Tax of Rs. 3 billion for the financial year ending March 31, 2025, a sharp drop from Rs. 11.1 billion recorded in the previous year. The earlier year’s profit was significantly boosted by exceptional gains arising from the sharp [...]
JAT revenue rises in 2024-25 year
JAT Holdings PLC revenue in the 2024/25 year has risen in a positive feature [...]
Mahindra Ideal Finance’s 41 per cent hike in profits
Mahindra Ideal Finance Ltd (MIFL) has posted a Profit after tax (PAT) of Rs. 146 million in FY25, an increase of 41 per cent over FY24. Total revenue rose 19 per cent to Rs. 2.74 billion, with net interest income climbing 22 per cent to Rs. 1.34 billion and other operating income up 91 per [...]
Lower interest rates hurt First Capital profits
First Capital Holdings PLC has recorded an income of Rs. 5 billion for the year ending March 2025, down from Rs. 10.1 billion in the previous year, largely affected by lower interest rates. “The variance is attributed to the extraordinary gains realised in the previous financial year resulting from a significant decline in interest rates, [...]