Devastation
Rice fields destroyed by incessant rain and floods at Manampitiya, Gallalla in the Northcentral Province. Pic by Nimal Jayarathna
Weather crisis: Some tourists to postpone trips to Sri Lanka
By Sunimalee Dias Sri Lanka’s tourism industry has taken charge of ensuring the safety of tourists and is adhering to necessary precautions required and requested most arrivals to be postponed in the wake of the cyclonic storm Ditwah that hit the country on Thursday. While southern resorts have been largely unaffected by the crisis, the [...]
Small housing banks’ merger tests SL’s financial stability
By Bandula Sirimanna Sri Lanka’s long-troubled state housing finance sector is set for its most consequential restructuring in decades, following the government’s decision to merge the Housing Development Finance Corporation (HDFC) and the State Mortgage and Investment Bank (SMIB) with two of the country’s largest state-owned commercial banks. The move, approved by Cabinet in November [...]
ACL cables bullish on growth in SL/abroad
By Duruthu Edirimuni Chandrasekera ACL Cables PLC is bullish on growth opportunities both in the country as well as abroad, officials said. “We are quite open to investments in different verticals and acquiring companies as long as they fit in with our organisational structure and broader investment strategies,” one official said. He also said that [...]
Australia to support Sri Lanka tourism promo
By Sunimalee Dias Sri Lanka and Australia are planning on working together to carry out an effective promotional campaign. Australian High Commissioner Matthew Duckworth during a meeting with Deputy Tourism Minister Prof. Ruwan Ranasinghe had discussed about providing Australian expertise and funds to carry out a promotional campaign for Sri Lanka Tourism. Speaking with The [...]
Blue Ocean Saga: Issues raised on banks’ onboarding procedures
By Duruthu Edirimuni Chandrasekera Earnest questions are being raised about the Know Your Customer (KYC) procedures of reputable entities on UK-based Blue Ocean Securities, currently embroiled in a stock trading scandal. The Securities and Exchange Commission (SEC) issued a warning to the public of a scam by this company noting that it is not licenced [...]
Winners at People’s Bank’s Entrepreneurship Village Competition
People’s Bank has recognised the winners of the Entrepreneurship Village Competition 2024 at a special awards ceremony held recently at the People’s Tower, Colombo 02. The bank’s Development and Micro Finance Department launched the Entrepreneurship Village Competition in 2024, encouraging the formation of small-scale Entrepreneurship Villages at the regional level. Out of a total of [...]
From silos to synergy with Data Protection Authority
By Duruthu Edirimuni Chandrasekera Many organisations continue to face significant challenges in data inventory, mainly those with multiple sub-business units or subsidiaries, all of which will be ironed out with the advent of the Data Protection Authority. A common issue is the lack of a complete record of personal data, including its storage locations and [...]
DFCC Bank lists SL’s Blue Bond on CSE
DFCC Bank this week today announced the official listing of Sri Lanka’s first Listed Blue Bond on the Colombo Stock Exchange (CSE). The Blue Bond is a Rs. 3 billion, senior, rated, unsecured, redeemable instrument structured under DFCC Bank’s Sustainable Bond Framework. It aligns with the ICMA Green Bond Principles and the IFC Blue Finance [...]
Coconut leaf disease under control by CRI
By Sunimalee Dias Sri Lanka’s coconut industry’s recent leaf disease that has led to destroying nearly 300,000 trees has been controlled by authorities. Officials at the Coconut Research Institute (CRI) told The Sunday Times Business that they were able to control the spread of the disease by taking the right measures and cutting down the [...]
Strong PPP in API, a catalyst for digital economy development
By Duruthu Edirimuni Chandrasekera The government should look at public–private partnerships for digital economic development from a new perspective, where the state focuses on building the minimal, secure Application Programming Interfaces (APIs) for essential citizen services, and then opens these interfaces for any qualified party such as private companies, entrepreneurs, and even university students to [...]
Fountain of diversity
Many months ago, a friend wrote to the Sri Lanka Tourism office in Colombo and suggested that the authorities should organise a food festival during the forthcoming Sri Lanka Day celebrations next month bringing in the diversity of food from different communities. He said that this rich tapestry of food would be an occasion to [...]
New Container Cargo Inspection Yard at Hambantota Port
Hambantota International Port Group (HIPG) has partnered with Rank Container Terminals (Pvt) Ltd (RCT) to develop a purpose-built Container Cargo Inspection Yard within the port premises. The new facility will serve as a centralised inspection point for all local import and export containers handled through Hambantota International Port (HIP), strengthening the port’s role as a [...]
CBL Foods International wins global award
CBL Foods International (Pvt) Ltd, a subsidiary of CBL Group, has been recognised with the Global Performance Excellence Award (GPEA) 2025 – Best in Class, presented by the Asia Pacific Quality Organization (APQO) at its 30th International Conference held in Beijing, China. The company was also honoured with the APQO International Best Practice – Silver [...]
Cargills Bank’s Rs. 313 m post-tax profit in Jan-Sept 2025
Cargills Bank’s results for the nine months ended 30 September 2025 reflected an increase of Rs. 155 million in profitability when compared to the corresponding period in 2024, posting a profit after tax of Rs. 313 million. Net interest income of Rs. 2,743 million was a 10 per cent increase of Rs. 244 million in [...]
MI Finance bullish on expansion, locally and regionally
By Duruthu Edirimuni Chandrasekera Regional expansion plans are on the horizon for Mercantile Investments and Finance PLC (MI Finance), which has showcased Rs. 504 million net profit after tax, which is a 35 per cent year-on-year increase in its half-yearly performance. While these plans are still at a nascent stage, expansion outside the country is [...]
NDB recognised at CMA Excellence awards
National Development Bank PLC (NDB) was honoured at the CMA Excellence in Integrated Reporting Awards 2025. At this year’s ceremony, held on November 17, NDB was recognised among the Ten Best Integrated Reports in Sri Lanka and also secured the position of Runner-Up in the Best Integrated Report – Banking Sector category, the bank said [...]
Bay of Bengal countries mark World Fisheries Day
To mark World Fisheries Day 2025, Sri Lanka and countries bordering the Bay of Bengal came together to celebrate the contributions of small-scale fisheries to coastal livelihoods, food security, and sustainable development. This year’s celebrations are especially significant as they coincide with FAO’s 80th anniversary, eight decades dedicated to support sustainable fisheries, food security, and [...]
SL Tax Dept. extends deadline for filing of tax returns
The Inland Revenue Department (IRD), owing to the ongoing inclement weather and depression conditions, has extended the date for the filing of income tax returns within a period of eight days from November 30 (which was the earlier deadline).
High-Grade mineral sands project balances wealth and ecological risk
By Bandula Sirimanna Sri Lanka’s most advanced mineral-sands venture, the Taprobane Minerals Project, formerly the Eastern Minerals Project, has reached a defining moment as investor interest grows, regulatory approvals near, and fresh environmental concerns emerge. While Capital Metals PLC positions the project as a world-class resource development with transformative economic potential, newly detailed Environmental Impact [...]
ComBank advances agri-modernisation efforts to boost paddy yields in Polonnaruwa
The Commercial Bank of Ceylon, reinforcing its longstanding commitment to empowering SMEs and advancing sustainable agriculture, has embarked on another milestone initiative aimed at boosting paddy productivity and uplifting farmer livelihoods in the Polonnaruwa District. The bank’s Development Credit Department, together with its Kaduruwela Branch, recently hosted the inaugural awareness programme titled “Enhancing Paddy Productivity [...]
People’s Bank helps in digital tickets on buses
People’s Bank, in collaboration with the Ministry of Transport, Highways and Urban Development, has launched a groundbreaking initiative that marks a significant milestone in Sri Lanka’s journey toward a fully digital public transport ecosystem. The new solution enables commuters to conveniently pay for their transport fares using their bank cards, eliminating the need for cash [...]
New charters from Iran launched
Red Apple Travel Sri Lanka and sister company Serene Travels have launched the first-ever charter flights from Iran. Operating from November 20 to April 10, 2026 the once-a-week flights will carry 165 passengers on each flight, ensuring a steady and high-volume flow of Iranian visitors throughout the winter season. Travellers will be hosted across multiple [...]
Citrus Leisure, Indira Cancer Trust to help critically-ill children
In an initiative for children battling critical illnesses in Sri Lanka, Citrus Leisure PLC and Indira Cancer Trust (ICT), which hosts Make-A-Wish Sri Lanka, have signed a Memorandum of Understanding (MoU) to collaborate on providing memorable family experiences every month. Under the one-year MoU, Citrus Leisure PLC will sponsor a monthly celebratory buffet meal and [...]
JXG reports Rs. 3.4 b profit for 1H2025
JXG (Janashakthi Group) has announced consolidated results for the first half of the financial year 2026 (1H FY26), ending September 2025, demonstrating solid momentum in profitability and strong growth across key financial and operational metrics. “We are pleased to see the positive trajectory continue into the first half of FY26, with performance surpassing the previous [...]
Reducing VAT threshold is a death blow to SL’s MSMEs
Sri Lanka’s micro and small business community has expressed concern over the recent reduction, announced in the budget, of the VAT threshold to Rs. 36 million from Rs. 60 million, effective from April 2026, saying it would adversely affect lower income groups, “This poses an additional burden to all MSME (micro SME)’s as well as [...]
People’s Bank achieves pre-tax profit of Rs.43.7 b in 9mths’25
People’s Bank this week announced its financial performance for the nine months ending September 2025, delivering the best-ever results in the institution’s history. The bank said in a media release that its standalone post-tax profit stood at Rs. 28.8 billion, marking the highest nine-month profit in its history. With seven out of 10 Sri Lankans [...]
Digital Signatures by new PC’s at Supreme Court ceremony
In a groundbreaking step toward digital transformation, the Supreme Court of Sri Lanka recently introduced the Digital Signature for the President’s Counsel Oath Ceremony marking the first-ever use of this technology in the history of Sri Lanka’s Judiciary. Traditionally, this process was carried out manually, making today’s achievement a historic milestone, according to an official [...]
Palm Oil policy paralysis threatens key Sri Lankan exports
By Bandula Sirimanna Sri Lanka’s prolonged ban on new oil-palm cultivation and crude palm oil (CPO) imports has evolved into a costly economic dilemma, draining scarce foreign exchange, weakening export competitiveness, and placing thousands of livelihoods at risk. What began as government policy rooted in environmental concerns has now created a widening economic gap one [...]
Abans Finance soars to over 100% profit growth in latest financials
Abans Finance PLC, a member of the Abans Group, has seen a sharp growth in profitability of Rs. 317.2 million in its Profit After Tax for the first half of 2025, marking a 111 per cent year-on-year increase compared to Rs. 150.5 million recorded during the corresponding period in 2024. The company’s first half performance [...]
StrEdge establishes global headquarters in Dubai
StrEdge, a management consulting firm founded in Sri Lanka, has announced the setting up of its global headquarters in Dubai, marking a key milestone in its journey from a regional advisory firm to a globally positioned consultancy. The Dubai entity will lead the firm’s expansion strategy across the UAE, GCC, Middle East, Africa, and Europe, [...]
Unlocking AI Value Responsibly: Why boards must act before year-end
Feature By Ruwani Dharmawardana Artificial Intelligence (AI) has transcended the realm of futuristic speculation; it is now a strategic imperative demanding immediate board-level attention. To relegate AI to next year’s agenda is to overlook its profound capacity to reshape operational paradigms, accelerate innovation, and redefine competitive advantage. Organisations can start with enterprise AI gradually, focusing [...]