Growing concern over SVAT repeal
Sri Lanka’s industry and business community has expressed anxiety, concern and possible losses when the SVAT is scrapped on Tuesday September 30. Seen here are business leaders expressing their concerns at a media briefing. Pic by Indika Handuwala
Local cardholders hit by double levies but relief in sight
Sri Lankan cardholders are paying far more than they realise every time they swipe, tap, or withdraw cash. Behind the convenience of debit and credit cards lurks a mess of hidden charges, high interest rates, and overlapping levies often amounting to a “tax on tax” that erodes household budgets. This week, the Finance Ministry confirmed [...]
Transforming SL start-ups to global players
Project Serendib, a newly established venture capital bridge fund aimed at connecting European investors with innovative Sri Lankan companies that are ready for global expansion, was announced by Carl R. Härtlein, Managing Partner, Saint Clair Advisory & Capital, recently. This initiative is spearheaded by Saint Clair Advisory & Capital in partnership with the Information Communication [...]
BIA expansion bid mired in influence and flaws
The long delayed Bandaranaike International Airport (BIA) Phase II (Stage 2) expansion project meant to be a flagship infrastructure upgrade is now mired in a scandal, exposing glaring cracks in Sri Lanka’s procurement system and raising fears of official interference and malpractices. According to a senior official of Ports and Civil Aviation Ministry, the bid [...]
Gaming taxes a reality shocker in City of Dreams
The City of Dreams will have to “adjust” to new regulations being imposed by the government set to impact on the gains made by the gaming industry. Cinnamon Life’s City of Dreams General Manager Michael Habashi speaking with The Sunday Times Business on the sidelines of a media meet to mark World Tourism Day on [...]
Chaudhary Group faces issues in Nepal
Nepal’s billionaire business magnate Binod Chaudhary’s Chaudhary Group which has extensive interests in Sri Lanka in banking, hotels and recently in the auto industry, has been facing governance issues in Nepal. His company, CG Motors has faced repeated allegations of tax evasion in Nepal. In 2024, the company imported 30 King Long XMQ 6520 electric [...]
Building financial bridges for start-ups through policy
A government-backed fund, tax pass-through frameworks, and regulatory relaxations were recently discussed at a meeting with the Deputy Digital Economy Minister, Board of Information and Communication Technology Agency, BOV Capital, Lanka Angel network, Global Business Angels Network, and European Business Angels Network. This meeting focused on developing policy frameworks to position the country as an [...]
The challenge of AI
Artificial Intelligence (AI) is the buzzword nowadays. So it was not surprising that at a recently-held conference in Colombo with mostly foreign participants from India and Indonesia, dealing with the challenges of AI on the green economy, food and cybersecurity, the word ‘AI’ was used once in every five words. Is this tool – which [...]
Hopeless youth
What are your dreams after graduation?” I asked Shehan, a final-year university student. We were having a personal chat while he was looking for an internship—a requirement for his final year. In just a couple of months, Shehan would finish his degree and leave university. Shehan came across as smart and focused. He wasn’t just [...]
HSBC deal elevates NTB to top of mid-sized banks
The Nations Trust Bank (NTB) on Wednesday acquired the retail banking business of HSBC Sri Lanka, the biggest-ever merger and acquisition in the local financial sector, in a deal worth Rs. 18 billion but HSBC branches will continue as usual under the transaction is completed in the next six months. “The status quo will remain [...]
Microfinance Act: A Second Chance for Sri Lanka?
Sri Lanka’s microfinance industry is at a turning point. The Government is moving ahead with the Microfinance and Credit Regulatory Authority Act (MCRA), after the Supreme Court’s determination in February 2024 prompted a redraft. With Cabinet approval now in place, the bill seeks to create a stronger, fairer framework for one of the country’s most [...]
SL’s business leaders at UN Forum
On the invitation of the United Nations Secretary-General, António Guterres, three representatives from UN Global Compact Network Sri Lanka (Network Sri Lanka) took part this week at the 2025 United Nations Private Sector Forum (PSF), a high-level roundtable that brings together a select group of global private sector leaders to drive forward sustainable economic growth [...]
SL Institute of Directors partners with PR Wire
The Sri Lanka Institute of Directors (SLID) has entered into a strategic partnership with PR Wire, a member of Wire Communication Consultancy Holdings (WCCH), to advance corporate communication capabilities and reinforce governance excellence across Sri Lanka’s business sector. This collaboration marks a milestone in promoting professional standards by bringing together SLID’s leadership in governance education [...]
Sampath Bank leads CEB’s syndicated loan facility
Sampath Bank has successfully led a landmark syndicated loan of Rs. 33.5 billion for the Ceylon Electricity Board (CEB), together with Nations Trust Bank and Pan Asia Bank. This significant funding facility will cushion the debt restructure of CEB and support its ongoing operations, ensuring the continued delivery of reliable power to the nation, the [...]
More than 100 buyers at Sri Lanka’s biggest MICE Expo
Sri Lanka pulled out all stops for Sri Lanka MICE Expo 2025 – it’s biggest ever – on September 22-26, inviting foreign buyers to look at the country as an attractive destination for a whole gamut of business activity, meetings and weddings. At a late night dinner on Monday, Buddhika Hewawasam, chairman of state-run Sri [...]
Visa Card’s tap-and-receive or send payments in partnership with HNB
While the government of Sri Lanka is encouraging people to use digital payment platforms aiming towards a cashless economy, there are around 7.5 million micro-merchants in the country who do not have online or card payments access though they have a bank account. People opt to use physical cash transactions as online banking or card [...]
Governance and stability unlocking SL stock market potential
The merits of stability were highlighted by a top official, noting that the quality of investors in Sri Lanka has seen a marked shift to those who value governance. Treasury Secretary Dr Harshana Suriyapperuma, making a keynote address at the Securities and Exchange Commission (SEC)’s “12 Pillars, One Vision” programme on Wednesday, highlighted the importance [...]
CBL Group expands market to Saudi Arabia
CBL Group, Sri Lanka’s leading food conglomerate with a presence in more than 65 countries, has announced a strategic partnership with Aamalcom Holdings, a diversified group operating in multiple sectors, to expand its footprint and strengthen market reach in the Kingdom of Saudi Arabia (KSA). The agreement was signed in Colombo by Sheikh Qinan Rashdan [...]
Hilton Colombo completes first stage of Guest Room renovation
Hotel Developers Lanka Ltd has announced the successful completion of the first phase of its comprehensive guest room renovation at Hilton Colombo. This milestone marks a pivotal step in the hotel’s ongoing transformation journey. The renovation initiative is part of a strategic effort to elevate the property’s market positioning in a highly competitive hospitality landscape, [...]
Phoenix Ogilvy and SriLankan Airlines win SL’s first APAC Effie Award
Phoenix Ogilvy Sri Lanka and SriLankan Airlines have made history as the first Sri Lankan advertising agency and brand to win at the coveted APAC Effie’s, held recently in Singapore. The campaign, Relive the Epic of the Ramayana Trail, was the sole entry shortlisted in the Travel and Tourism category from the entire Asia Pacific [...]
SriLankan Airlines unveils 5-year strategic plan
SriLankan Airlines is chartering a fresh course with the roll-out of its new five-year strategic plan, aligning commercial ambitions with operational excellence, stakeholder engagement and environmental stewardship. Under its current leadership, the airline has made powerful strides over the past year, from optimising fleet management and driving revenue growth to enhancing customer experience, talent development, [...]
SVAT carpet bomb creates chaos for exporters
The repeal of the SVAT has thrown the export sector into total chaos as industry heads vented their frustration over government insistence to implement an 18 per cent “carpet bomb” on all sectors that could lead to delays in paying tax refunds and systematic depletion of monies in the absence of a fully digitised system. [...]
SLT-Mobitel will not be privatised, says Group Chairman
While the previous government had finalised a decision to privatise SLT-Mobitel as the entity was making hefty losses, the first six months of year 2025 has shown a dramatic financial turnaround to profits. Reduction of operational, maintenance and license costs together with prudent investments and not leaving invested assets idle, paved the way towards this [...]
Rooftop Solar + Storage: A Smarter Path for Sri Lanka’s Grid Stability
Sri Lanka’s rooftop solar programme, initiated under Suriya Bala Sangramaya, has grown impressively, now reaching 1,700 MW across 100,000 households and buildings. This expansion demonstrates consumer willingness to invest when incentives are aligned. However, recent events such as the February 2025 grid tripping caused by midday excess exports show that unmanaged rooftop capacity poses challenges. [...]
Kandurata innovates umbrellas for tea workers
Kandurata Umbrella Industries (Pvt) Ltd. unveiled its innovative Two Folding Umbrella ‘tea plucking backpack’ with an umbrella’ at the recent Industry Expo 2025 trade exhibition held at the BMICH Colombo. Since officially resuming production operations on August 29th, barely a month after its Gampola Factory was gutted by a fire and devastating blaze, Kandurata Umbrella [...]
ComBank wins top overseas awards
The Commercial Bank of Ceylon was honoured with three prestigious awards at the 3rd Emerging Asia Banking Conclave & Awards 2025, organised by the Indian Chamber of Commerce (ICC). The bank received the awards for Best Performance on Growth – Sri Lanka and Best Performance on Profitability – Sri Lanka, and won the Runner-up title [...]
Sanjaya Gunawardana, new MD/CEO of Sampath Bank
Sanjaya Gunawardana officially commenced his tenure as the 9th Managing Director/Chief Executive Officer of Sampath Bank Plc on Wednesday, the bank announced. He succeeds Ms. Ayodhya Iddawela Perera, who concluded her term in office after steering the bank through a period of growth and transformation, leaving behind a legacy of commitment, excellence, and service. Mr. [...]
Ceylinco Life wins big at NAFLIA 2025
Ceylinco Life reaffirmed its dominance in Sri Lanka’s life insurance industry when the company’s sales professionals secured an outstanding 14 awards at the National Forum for Life Insurance Advisors (NAFLIA) 2025, the annual flagship event organised by the Insurance Association of Sri Lanka (IASL). A company media release said Ceylinco Life dominated the ‘Large Scale [...]
19th LSR Colombo Marathon next month
Lanka Sportreizen (LSR), a pioneer in organising water and nature-based sports activities with the objective of further boosting the image of Sri Lanka as a destination for recreational activities, is organising the 19th edition of the Colombo marathon with the participation of local and international runners. The company, in a media release said, some of [...]
Central Bank confident on growth, warns of cryptocurrency risks
Sri Lanka’s Central Bank Governor Dr. Nandalal Weerasinghe has assured that the country’s monetary policy framework under the International Monetary Fund (IMF) remains flexible and tailored to local economic needs, while also clarifying the legal grey areas surrounding cryptocurrency. Speaking at the Central Bank’s monetary policy review media conference on Wednesday, Dr. Weerasinghe stressed that [...]
Honorary degree for Dilmah Tea chief Dilhan C. Fernando
The School of Business & Law at Edith Cowan University (ECU), Australia, recently honoured Dilhan C. Fernando, Chairman & Chief Executive, Dilmah Tea, with the award of Doctor of Business, Honoris Causa. This follows his appointment at the same seat of learning as Adjunct Professor of Practice in Sustainability, a role that Mr. Fernando has [...]
Sysco’s Global leadership meets Sri Lanka’s Digital Leaders
Tom Peck, Executive Vice President & Chief Information and Digital Officer at Sysco, recently met Eranga Weeraratne, Deputy Minister of Digital Economy, and Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy & Chairman of ICTA. Discussions focused on strengthening public-private collaboration, infrastructure readiness, and Sri Lanka’s digital economy agenda. The Ministry recognised [...]
Hayleys commissions Rs. 600 m coir processing facility
Hayleys Fibre, a member of the Hayleys Group, recently commissioned a Rs. 600 million coir processing facility in Kadigawa, Nikaweratiya, one of the largest recent investments in Sri Lanka’s coconut sector. The 48-acre site, located in the heart of Sri Lanka’s Coconut Triangle, integrates husk processing, fibre extraction, coco peat milling, drying, and storage within [...]
SL ready to stir up a thriving digital economy
The Kottu roti analogy was illustrated by drawing parallels on Sri Lanka’s digital economy’s agility and inclusivity, allowing for the introduction of new components at any time, demonstrating the dynamic and adaptable nature of the digital landscape in Sri Lanka, akin to the local dish. Referring to the Kottu roti analogy, Chief Advisor to the [...]
Sunshine Foundation’s RO Plant for safe water access
The Sunshine Foundation for Good (SFG), the Corporate Social Responsibility (CSR) arm of Sunshine Holdings PLC, has opened its 23rd Reverse Osmosis (RO) water treatment plant at Helambawatawana Sri Saddhananda Maha Vidyalaya, Chilaw. The new plant, vested with the school and surrounding community, will serve over 1,300 students and more than 2,000 villagers who previously [...]
Jetwing Hotels partners with Make-A-Wish
Jetwing Hotels has partnered with the Make-A-Wish Sri Lanka, aimed at supporting children with critical illnesses, marking a significant step in promoting social wellbeing. The partnership was formalised through the signing of a Memorandum of Understanding (MoU), reinforcing Jetwing Hotels’ commitment to community wellbeing and compassionate hospitality. Through this collaboration, Jetwing Hotels will help make [...]