Private sector implications from new Anti-Corruption Law
This month’s Sunday Times Business Club (STBC) meeting held on Monday at the Shangri-La hotel saw an interesting discussion on the Anti-Corruption Act and its implications on the private sector. The two speakers from Verite Research, were Head of Governance and Anti-Corruption, Sankhitha Gunaratne (left in picture) and Research Analyst Governance and Anti-Corruption, Michelle Handy [...]
Local firms look for profits beyond Sri Lanka’s shores
Sri Lankan companies are increasingly looking beyond the island’s shores for major expansions through mergers and acquisitions amid favourable macroeconomic environment, while there is renewed interest from foreign investors in the island’s different business sectors, officials said. One such company looking outward is Browns Investments PLC (BIL). The company is seriously looking at acquisitions locally [...]
Tourism industry kicks off promo campaign
In the absence of state intervention, the private sector that forms the largest component of Sri Lanka’s tourism industry is planning to kick off its own promotional campaign next month. In this respect the Sri Lanka Association of Inbound Tour Operators (SLAITO) and the Tourist Hotels Association of Sri Lanka (THASL) have teamed up to [...]
Vehicle import boom pressures SL’s dollar reserves
Sri Lanka’s recent decision to lift the 4-year ban on vehicle imports has ignited a surge in demand, swelling government coffers while simultaneously heightening pressure on the country’s fragile foreign exchange reserves. According to official data, vehicle imports reached US$ 918 million during the first eight months of 2025, accounting for nearly 7 per cent [...]
Sri Lankans turn to Crypto amid regulatory uncertainty
A quiet but powerful financial shift is taking root across Sri Lanka. As inflation bites and the rupee continues to lose ground, a growing number of citizens from tech savvy youth to small business owners are turning to crypto currencies in search of value and stability outside the formal banking system. A recent study in [...]
Senior savers squeezed by 10 % WHT
As Sri Lanka edges toward the presentation of its 2025 National Budget, a growing section of its elderly population finds itself trapped in an unexpected financial bind. The Government’s decision to double the Withholding Tax (WHT) on interest income to 10 per cent effective April 1, 2025, has begun tightening the noose around the life [...]
Mind-boggling Anti-Corruption Act
It was a mind-boggling discussion! When the Sunday Times Business Club (STBC) on Monday organised a panel discussion on the Anti-Corruption Act No. 9 of 2023 and its impact on the private sector, the presentations by Ms. Sankhitha Gunaratne and Ms. Michelle Handy, two senior researchers from Verité Research, were excellent but surprisingly there were [...]
How Asia can reduce its dollar dependence
SINGAPORE – The US dollar remains the world’s leading reserve currency, but recent developments – particularly President Donald Trump’s unilateral economic diplomacy, including weaponisation of the dollar – have fuelled doubts about whether it will maintain that status. While some of America’s geopolitical rivals may hope to displace the dollar, the real challenge facing Asian [...]
Hydrogen Policy Committee to go through industry submissions
The Expert Committee on the Green Hydrogen Policy is currently looking at the submissions made by industry officials on the hydrogen policy at the Hydrogen Policy stakeholder meeting held last month, organised by the Sustainable Energy Authority (SEA), top officials said. “Many who participated are interested in implementing the green hydrogen technology. Upon the recommendation [...]
350 MW Sobadanavi LNG Power Plant inaugurated
The Sobadanavi LNG Power Plant in Kerawalapitiya, with a total capacity of 350 MW and integrated into the national grid, inaugurated recently, is designed to meet 12 per cent of Sri Lanka’s current electricity demand, playing a crucial role in the country’s goal of generating 70 per cent of its energy from renewable sources by [...]
Farmers to lift their game from plough to Pixel
The feedback from the Colombo Robotics Meet up 2025, an initiative aimed at adding robotics and digital technology into Sri Lanka’s agriculture sector, has highlighted several acute issues in agriculture, such as the knowledge and technology gaps, best practices, disease and weed management etc, according to officials. The project, under the National Enterprise Development Authority [...]
Sonali Ranasinghe, TAASL’s First-Ever Female President
At the landmark 50th Annual General Meeting of the Travel Agents Association of Sri Lanka (TAASL), held recently aboard the Genting Dream Cruise in the high seas, history was created when Sonali Ranasinghe, Chief Operating Officer of Delair Travels of the Delmege Group, was appointed as the first female President of TAASL. This milestone is [...]
SLIM awards sees record-breaking number of entries
SLIM Brand Excellence has seen a landmark milestone, confirming the highest number of entries in the programme’s history as the judging process formally gets underway. The record-breaking response underscores rising industry confidence and participation, reflecting the event’s stature as Sri Lanka’s definitive platform for recognising brand-building excellence. The number of entries is 238, SLIM said [...]
Sri Lanka’s private sector must align with law enforcement against corruption
Recent changes in Sri Lanka’s anti-corruption laws have significantly expanded the scope and depth of prosecutorial powers, particularly concerning bribery in the private sector. The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been granted extensive investigative and prosecutorial powers on par with the Attorney General’s Department, specifically focused on bribery charges. This [...]
Government revives Hyatt divestiture amid Apartment buyers’ concerns
The government’s decision to move forward with the divestiture of the long-delayed Grand Hyatt Colombo project, reappointing Deloitte as the transaction adviser, has revived hopes for completion but also deepened uncertainty among investors, state institutions, and apartment buyers still waiting for answers more than a decade after construction began. Under the new administration’s directive, Deloitte [...]
Clear rules shared, resources for banks and fintech mooted
The FinTech Forum is working with the Central Bank to obtain a regulatory licence for fintechs in the country, a top official said. “We are discussing with the Central Bank about getting regulatory licences for fintechs and pushing for progress in regulation,” Chairman, FinTech Forum of Sri Lanka, Channa De Silva, told The Sunday Times [...]
ComBank’s sustainability initiatives discussed at the UN
The sustainability leadership of the Commercial Bank of Ceylon was brought into focus on the global stage when Hasrath Munasinghe, Deputy General Manager – Corporate Banking of Commercial Bank of Ceylon PLC shared insights at United Nations Global Compact (UNGC) annual sessions held in conjunction with United Nations General Assembly (UNGA) annual sessions in New [...]
SL to showcase Blue Economy potential at global marine summit
The Blue Economy is no longer just a concept – it is a pillar of future growth, said Mangala Wijesinghe, Chairman and CEO of the Sri Lanka Export Development Board (EDB), last week in announcing the second edition of Voyage Sri Lanka, South Asia’s premier marine summit. The event will be held on October 16, [...]
JKCG urges impartial process to assess output of its EVs
John Keels CG Auto (JKCG) said this week that it has consistently maintained, and indicated its willingness to subject the select vehicle models (a current dispute with the Customs and the focus of an Appeal Court case) to testing at an independent, internationally accredited motor laboratory which will help ascertain and clear any concerns regarding [...]
SEVA project promotes Sri Lankan craft
Sri Lanka’s creative and craft sector has marked a landmark moment with the launch of SEVA, a transdisciplinary cultural diplomacy project uniting international artistry with Sri Lankan heritage. Beyond its artistic merit, SEVA showcases the untapped trade potential of Sri Lanka’s artisan economy, an area poised to grow into a high-value export sector and attract [...]
Uncertainty grows over SL’s Duty-Free oil quota
Sri Lanka risks losing a lucrative 250,000 tonnes export quota covering vegetable oils and bakery fats to India under the Indo-Sri Lanka Free Trade Agreement (ISFTA), as investors warn of policy inertia and mounting pressure from regional rivals. The quota was introduced in 2008 following negotiations with New Delhi, allowing Colombo-based manufacturers to ship products [...]
AI, new electricity for powering digital economy
The best way to understand AI is to think of it as the new electricity because, just like electricity revolutionised every industry over a century ago—from manufacturing and agriculture to healthcare and communication—AI is now becoming the foundational technology reshaping how we live, work, and govern. It is a general-purpose technology that silently powers countless [...]
DSI Samson Group strengthens with 14-member board
DSI Samson Group (Pvt) Ltd has appointed eight new board members (board now totals 14) across its subsidiaries, marking a new chapter in the group’s leadership evolution. The new appointees will join the ranks of current DSI Samson Group Subsidiary leadership – Sarath Weliwita, Dayananda Abeythilake, Rohan Somawansa, Bhathiya Amarakoon, Priyantha Abeygunawardhane and Arunodhani Wikramasinghe, [...]
NTB facilitates foreign investment in apparel sector
Nations Trust Bank PLC (NTB) has successfully facilitated a landmark foreign investment in Sri Lanka’s apparel industry, reinforcing its position as a trusted financial partner for complex cross-border transactions and structured finance solutions. The transaction, valued at Rs. 2.7 bilion, saw Q Collection, a Singapore-headquartered apparel firm with operational roots in Bangladesh, acquire two subsidiaries [...]
CCC stresses need for investor -friendly reforms in draft PPP
The Ceylon Chamber of Commerce (CCC) while commending the Government’s effort to introduce a legislative framework for PPPs through the Draft Public-Private Partnership (PPP) Bill, a requisite precursor to enhancing Sri Lanka’s ability to attract private investment in infrastructure and service delivery, has also raised some concerns that warrant further attention. These include ensuring the [...]
Sri Lanka constrained by debt – Fitch
Sri Lanka’s ‘CCC+’ sovereign rating remains constrained by elevated general government indebtedness and a high interest-revenue ratio despite completion of the sovereign’s debt restructuring in 2024, Fitch Rating said on Thursday It has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC+’. It said in a statement that sustained adherence to a path [...]
LOLC Finance upgrade to a+ (stable) rating from Lanka Rating Agency
Lanka Rating Agency (LRA) has awarded LOLC Finance PLC, Sri Lanka’s largest Licensed Finance Company an A+ rating with a Stable Outlook, a significant step up from its previous A (Positive Outlook) rating. As per LRA, this upgrade highlights LOLC Finance’s firm market leadership, robust fundamentals, and its ability to deliver sustainable growth despite a [...]
HNB PLC partners with Sri Lanka Inventors Commission
HNB PLC has signed a MoU with the Sri Lanka Inventors Commission (SLIC) to support the existing and new inventors under the InnovaBiz EliteLink programme. The partnership aims to provide Sri Lankan inventors with comprehensive support including financial assistance, technical guidance, commercialisation opportunities, and capacity-building initiatives, the bank said in a media release. Under the [...]