Gold prices on the rise
Gold prices are surging in the world and in Sri Lanka seeing a dramatic shift in consumer buying trends. In this file picture, a consumer is checking out gold bangles. See Page 3 for related story.
Licence plate delays affect over 165,000 new vehicles
New vehicle owners numbering over 165,000 who have waited for over five months without number plates, are forced to hang on for at least another three months owing to a cancelled contract after 25 years with the previous supplier, issues relating to the new tender process and delays in security feature accreditation. The Department of [...]
Sri Lanka’s labour reforms undergo new checks
Sri Lanka’s labour laws have been under the scanner for some time but this time it will go under a new lens as the new draft is set to differ from the previously drawn out document. This will be ready by January 2026. This is a new draft that the authorities are working on based [...]
International players discussing setting up data centres
At least half a dozen international players are in discussions with the Government for numerous services, including data centres and cost-saving power solutions, top officials said. Amazon, Microsoft Azure, Oracle Cloud, Huawei and Alibaba are reportedly in discussions with the Ministry of Digital Economy and relevant agencies regarding the establishment of these facilities amongst a [...]
CEB battery storage system offer sparks 35 + applications
More than 35 power companies have applied for the first-time tender issued on October 14 for a battery energy storage system on a build-operate-transfer basis for 16 projects by the Ceylon Electricity Board (CEB), top sources said. Fentons, Hayleys, DIMO, WindForce, Resus Power, W KV, Hydrotech, Pyramid Wilmar, Green Power Energy management and Panasian Power [...]
Luxury bus deal faces scrutiny over tender issues
A flagship government initiative to procure 100 luxury low-floor buses under the 2025 Budget has ignited a storm of controversy, as mounting allegations suggest the tender may have been structured to favour a single dominant player in Sri Lanka’s motoring industry. Valued at over Rs. 3 billion, the project aims to establish a “Metro Bus [...]
Of ‘honest’ officials and ‘honest’ politicians
Some years back, just after the ‘famous’ victory of the Yahapalanaya brigade that brought the Maithripala Sirisena- Ranil Wickremesinghe-led political group into power, strong efforts were made to take action against allegedly-corrupt officials of the past. Many cases were filed and one in particular against two corporate bigwigs for endorsing a move by a state [...]
Long weekend
Two weeks ago, Sri Lanka enjoyed yet another “long weekend,” thanks to a full moon Poya day that fell on Monday. Interestingly, this marked the third consecutive month—following similar extended weekends in August and September. “Nelu Flowers” What made this particular weekend truly special, however, was its timing: it coincided with the rare and breathtaking [...]
Gold prices surge cripples Sri Lanka’s jewellery industry
Sri Lanka is seeing a dramatic upheaval in its jewellery and gold sector. While abroad global uncertainty and inflation drive gold prices to new heights, the domestic market is struggling under home-grown demand in a free fall. Small-scale artisan livelihoods are on the line, and the overall economy might be taking a pounding with the [...]
Sri Lanka’s banking landscape must evolve from orthodox practices
While there are opportunities for growth through embracing innovative technologies and regulatory reforms, Sri Lanka’s current banking landscape must evolve from orthodox practices to meet new demands and challenges in the region, says Channa De Silva, Board Chairman of Sarvodaya Development Finance PLC. He was speaking at a media briefing held at the Cinnamon Life [...]
Sri Lanka gears up to host International Boat Show
“The blue economy is more than a vision — it’s a growth engine that can redefine Sri Lanka’s export and investment landscape,” said Sunil Handunnetti, Minister of Industries and Entrepreneurship Development, this week speaking at a news conference as the country prepares to host Boat Show & Conference 2026, South Asia’s premier marine showcase. The [...]
Hidden risks behind Sri Lanka’s multi-billion rupee guarantees
Sri Lanka’s extensive reliance on government guarantees has become a double-edged sword, intertwining public finances with the fortunes of state-owned enterprises (SOEs) and state banks. As of September 2024, outstanding government guarantees and letters of comfort totalled Rs 1,660 billion, roughly 5.5 per cent of GDP according to the Finance Ministry. While these instruments have [...]
Local banks invest big in tech for risk management
Sri Lankan banks are spending top dollars on improving the technology risk management of their systems, after the Central Bank guidelines in 2021. The Monetary Board, under the Banking Act No. 30 of 1988, issued directions aimed at enhancing technology risk management and resilience for licensed commercial and specialised banks four years ago to be [...]
Ceylon Motor Show to kick off in Colombo after six years
Sri Lanka’s automotive industry is experiencing a high demand for brand new vehicles after the ban on importing vehicles was lifted last year. A significant number of new vehicle models both combustion and electric vehicles, have already taken the streets in Sri Lanka in large numbers. Meanwhile finance and leasing companies are thriving with people [...]
Digital leap key to Sri Lanka’s structural growth, says IPS
“Technology infusion and digitalisation is a powerful engine to deliver cost-effective economic gains sooner rather than later.” This is the central finding of the Institute of Policy Studies of Sri Lanka’s (IPS) annual flagship report, Sri Lanka: State of the Economy 2025, which stresses that the country must now convert its cyclical post-crisis rebound into [...]
Col. Nalin Herath joins the private sector
James Global and James Global Minerals, a 100 per cent Sri Lankan owned company, has announced the appointment of Colonel Nalin Herath as its new General Manager. An accomplished professional with extensive experience in both military and civilian sectors, Colonel Herath will bring his leadership skills and strategic insight to the company. In addition to [...]
The Steuart by Citrus reopens
The Steuart by Citrus hotel in Fort has reopened after an extensive refurbishment at Colombo’s most iconic heritage properties, after a fire in December 2024 on one of its upper floors, the company said in a media release this week. Housed in the landmark Steuart House, the building served as the city headquarters of George [...]
HNB enables market access for coconut farmers
HNB PLC has partnered with CBL Cocos Ltd to deliver financial solutions to smallholder coconut farmer companies in Rajanganaya, Nochchiyagama, Vavuniya, and Kilinochchi. Spearheaded by HNB’s Agribusiness Unit together with CBL Cocos, the programme provides supply chain financing to registered farmer groups supplying directly to the company. This enables them to access working capital during [...]
Hayleys Solar named among Sri Lanka’s 100 Most Valuable Brands
Hayleys Solar, Sri Lanka’s No. 1 solar solutions provider, has been recognised as the sole renewable energy brand listed amongst Brand Finance’s 100 Most Valuable Brands in Sri Lanka. “Born and built in Sri Lanka and backed by the 147-year legacy of Hayleys PLC, this recognition truly belongs to our nation’s citizens,” said Hasith Prematillake, [...]
Cinnamon Life marks one year with heightened activity
Cinnamon Life at City of Dreams has completed its first year with heightening corporate events and activities. From rooftop concerts that echo into the night to glittering galas, art-filled corridors, and unforgettable weddings, Cinnamon Life has redefined how Colombo celebrates, the company said in a media release. Nestled within City of Dreams, Sri Lanka, Cinnamon [...]