Gemstones galore
Seen here is a cluster of citrine (left) and amethyst (right) gems on rocks, one of the unique items on display during the Gem and Jewellery Fair held on Thursday at the Ceylon Chamber of Commerce auditorium. This was held alongside an online auction bringing together a number of sellers and buyers, an event organised [...]
Revenue surge or burden shift in Sri Lanka’s Budget 2026
Sri Lanka is preparing to unveil its 2026 Budget under the theme of “achieving a Productive Economy and fostering the engagement of everyone in economic development.” Yet behind this aspirational message lies the reality of a tight fiscal programme, rising debt obligations, and the demands of the IMF programme, all of which point to higher [...]
Rough cut on gem exports in new gazette, say academics
The gem industry is divided on the recently introduced gazette allowing for the export of rough gems that some academics believe results in the reduction in the quality of Sri Lankan products. Colombo and Moratuwa Senior Visiting Lecturer Gemmologist Dr. S.D. Buthpitiya told The Sunday Times Business that for the first time the authorities have [...]
Govt. outsources textbooks, lottery printing citing costs
The Government has recently shifted a significant portion of public printing work to private companies, raising questions about cost-effectiveness, transparency, and the future role of the State Printing Corporation (SPC). It has awarded 60 per cent of school textbook printing 25.49 million copies of 362 titles to 29 private firms, while SPC will handle the [...]
Digitally improved BIA in 18 months, says SITA
The Bandaranaike International Airport (BIA) is keenly moving towards digital transformation that in about 18 months will be evident to all travellers to the country as discussions are underway with immigration authorities to automate the services provided by them. SITA (Societe Internationale de Telecommunications Aeronautiques), the aviation industry’s IT connections specialist, is currently in discussion [...]
PPPs: Hidden debt shadows SL’s future
Sri Lanka is banking on public private partnerships (PPPs) to rebuild run down infrastructure and draw in foreign investment. But under the celebratory hype, there lies a bleak reality concealing hidden liabilities, weak regulation, and a history of failed projects that can drag the economy further into financial peril. The Finance Ministry’s Fiscal Strategy Statement [...]
Saga of Trump’s tariffs
At a recent red carpet engagement in Colombo, I heard someone shout “Hey Mr. Tariff” as we were walking into the hall. Turning around, I saw an influential apparel industrialist smiling away. I returned the smile – realising that the reference was to journalists closely following the saga of US tariffs. We keep returning to [...]
At the Great Western…
Midway through a four-day conference in Kandy, we took a field trip to Talawakelle—a welcome shift from theory to terrain. The conference focused on Payments for Ecosystem Services (PES), a concept I introduced in this column a few weeks ago. PES is a market-based approach to financing environmental conservation. It encourages the protection and sustainable [...]
Some 37 state agencies join the NCOC
The National Cyber Security Operations Centre (NCOC) is to be launched this month, named as the digital month by the Ministry of Digital Economy, and will onboard 37 critical state institutions for monitoring cybersecurity threats, top officials said. The NCOC, established with the support of the Sri Lanka Computer Emergency Readiness Team and the Ministry [...]
US Tariff relief offers reprieve for Sri Lanka
A high-level US trade delegation is in Colombo this week to discuss the outcome of Washington’s 20 per cent tariff on Sri Lankan exports and explore steps toward a more balanced trade relationship. The team met President Anura Kumara Dissanayake on Thursday with both sides framing the talks as a chance to stabilise commerce strained [...]
Chandra Wickramasinghe marks a golden milestone
Veteran hotelier Chandra Wickramasinghe recently celebrated 50 years of ‘remarkable’ contribution to Sri Lanka’s tourism industry. Born on 5th June 1953 in Kurunegala and educated at Maliyadeva College, Kurunegala, Chandra’s story is one of vision, courage, and enduring passion for hospitality. His early journey into tourism began in 1975, when he started following a Diploma [...]
MAS welcomes ADB delegation at Fabric Park facility
MAS Holdings recently hosted a delegation from the Asian Development Bank (ADB) at the MAS Fabric Park in Thulhiriya as part of ADB’s efforts to support the private sector through meaningful partnerships and investment. The visit offered the ADB team an opportunity to experience MAS’ operations first-hand and gain insights into the company’s commitment to [...]
Switzerland must choose press freedom over bank secrecy
PARIS/MUNICH – Switzerland, long admired for its federalist structure, political stability, and commitment to the rule of law, has undercut one of the most fundamental principles of a liberal democracy: a free press. Behind its polished image as a bastion of neutrality, the country is using its banking-secrecy laws not to protect privacy, but to [...]
Hayleys Aventura launches new ESG Roadmap
Hayleys Aventura, the industrial solutions arm of the Hayleys Group, recently announced the launch of ASCENT, a comprehensive roadmap designed to embed environmental, social, and governance (ESG) principles across the Industry Inputs and Power & Energy sectors of the Group. By integrating ESG across subsidiaries including Hayleys Lifesciences (Pvt) Ltd, Haycolour (Pvt) Ltd, Hayleys Power [...]
Fiscal reforms can put pressure on household: World Bank says
A new World Bank report says that while fiscal measures helped restore stability in Sri Lanka, they also had put pressure on households through higher indirect taxes, reduced real public-sector wages and slowed growth due to lower public investment. The next phase of fiscal calibration should prioritise raising revenues in ways that support growth and [...]
Sampath Bank Crowned as the Best Bank for ESG in Sri Lanka by Euromoney
Sampath Bank has been recognised as Sri Lanka’s Best Bank for Environmental, Social, and Governance (ESG) at the Euromoney Awards for Excellence 2025. The award was ceremonially presented in Singapore, positioning Sampath Bank among a distinguished group of global and regional banking and financial institutions recognised for embedding sustainability into their core strategies and creating [...]
Engineers urged to lead Sri Lanka’s industrial transformation
Sri Lanka’s engineers were urged to lead the country’s industrial transformation at the National Engineering Conference (NEC) 2025, organised by the Institution of Engineers, Sri Lanka (IESL) held recently in Colombo. It brought together engineering professionals, academics, policymakers, and industry leaders to deliberate on engineering-driven solutions for national development, IESL said in a media release. [...]
Digital Economy Experience Centre in October
The Ministry of Digital Economy will be launching the Digital Economy Experience Centre next month, top officials said. This centre will have applications that are using platforms such as the digital ID for a user experience for the public, Deputy Minister, Digital Economy Engineer, Eranga Weeraratne, told The Sunday Times Business. “We plan to launch [...]
Indonesian Democracy on the Brink
JAKARTA – Less than 11 months into his term, Indonesian President Prabowo Subianto faces a stark choice. He can be remembered either as a leader whose presidency was defined by public anger and discontent, or as one who recognised the challenges facing his country and acted in the national interest. The anti-government protests sweeping Indonesia [...]
Chit Ratnayake appointed Global Chief Ecommerce Officer at Komerz Ltd
Komerz, the global exclusive distributor specialising in omni-channel commerce solutions, recently appointed Sri Lankan-born Chit Ratnayake as its Global Chief Ecommerce Officer. The appointment brings significant firepower to the company’s ecommerce capabilities, with Mr. Ratnayake joining both as an executive leader and investor following his successful track record scaling direct-to-consumer businesses across multiple Fortune 500 [...]
Sri Lanka aims for UN Convention signatory status in cybersecurity
Sri Lanka is preparing for cybersecurity preparedness by improving legal frameworks and stakeholder collaboration, both locally and internationally. The country is gearing up to be a signatory to the United Nations Convention against Cybercrime, a global treaty to combat cybercrime, while obtaining cabinet approval for a national cybersecurity policy, top officials said. “We are working [...]
Is Sri Lanka Ready for the EU’s New Deforestation Rules?
The European Union’s Deforestation Regulation (EUDR) takes effect on December 30, 2025. This regulation aims to prevent deforestation associated with seven commodities—cattle, cocoa, coffee, palm oil, soy, wood, and natural rubber—and products derived from them, such as tyres, chocolate, and wooden furniture. Any product exported to the EU market must be deforestation-free, legally produced according [...]
LankaPay receives top recognition at BestWeb.lk 2025 competition
LankaPay.lk, the official website of Sri Lanka’s National Payment Network, was recognised at the BestWeb.lk Awards 2025 and secured two prestigious awards – Gold Award in the Most Popular Corporate Website category and Silver Award in the Best Corporate Website category. Organized by the LK Domain Registry, the awards ceremony held recently at Monarch Imperial, [...]
Sri Lankan-born wins CFO of the Year 2025 in Australia
Sri Lankan-born finance professional Priyan Fernando has been honoured as CFO of the Year at the 2025 Australian Accounting Awards, a recognition that reflects not only his professional excellence but also a journey shaped by resilience, vision, and deep-rooted values. The grand award ceremony partnered by CPA Australia was held in Sydney on June 20, [...]
CMA Sri Lanka Silver Jubilee meeting
CMA Sri Lanka Silver Jubilee International Management Accounting Conference 2025 will be hosting a conference themed, ““Redefining Management Accounting: AI Innovation and Sustainable Value Creation” inaugural technical sessions will have the theme “Vision 2030: AI Impact on Policy, Stability and Growth.” The inaugural technical sessions will be held September 17 at Cinnamon Life, Colombo. The [...]
People’s Bank empowers young entrepreneurs
The Ministry of Industry and Entrepreneurship Development, in collaboration with the Industrial Development Board (IDB) and the Ministry of Education, recently organised the National Medal Awarding Ceremony — the flagship event of the National School Industry Entrepreneurship Circles Programme — at the Nelum Pokuna Theatre, Colombo 7. The ceremony was held under the patronage of [...]
World Bank, Sri Lanka to boost agricultural productivity
More than 380,000 people across Sri Lanka are set to benefit from a new US$100 million partnership between the Government of Sri Lanka and the World Bank Group aimed at strengthening rural livelihoods, creating jobs, and building climate resilience in the agri-food sector. The Integrated “Rurban” (Rural and Urban) Development and Climate Resilience Project, will [...]