SSC ready for Day–Night Cricket
DIMO has completed the design, supply, installation, and commissioning of a state-of-the-art floodlighting system at the Singhalese Sports Club, positioning it as Colombo’s second and the country’s fifth cricket venue capable of hosting international day–night matches. The SSC is also one of the three venues selected to host matches during the ICC Men’s T20 World [...]
Rs.5 bn tourism promotion campaign to cabinet next week
The Tourism Ministry is set to submit next week the Cabinet paper for approval of the tourism promotion campaign to be carried out at a cost of Rs. 5 billion. Sri Lanka Tourism Development Authority (SLTDA) Chairman Buddhika Hewawasam told the Sunday Times Business that the initial approval from Cabinet for the promotional campaign will [...]
New IMF-backed unit to lock in revenue, cut fiscal risk
The Tax Policy Analysis Unit (TPAU), a structural benchmark under the programme-linked reform framework sponsored by the International Monetary Fund, has been formally operationalised. The Ministry of Finance has established this unit to mark a significant shift towards evidence-based taxation after a spate of ad hoc policies in the sector. The TPAU functioning under the [...]
New ID to reach citizens by Q3 2026, powering digital economy
The Sri Lanka Unique Digital Identity (SL-UDI) project, a key initiative to modernise the country’s digital infrastructure supported by a Rs. 10.4 billion grant from the Government of India is scheduled for launch by the third quarter (Q3) of 2026, The system is built on India’s Modular Open-Source Identity Platform (MOSIP), an open-source framework also [...]
Political will leading the charge to combat financial crimes
Sri Lanka has never before witnessed such high levels of political will and commitment, along with interagency coordination to combat money laundering, experts say. With the start of the 2nd National Risk Assessment (NRA) in 2021, Sri Lanka, in 2023, adopted a National Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) (AML/CFT) Policy [...]
EVs – leading the charge?
Aldoris, the choon-paan-karaya, came down the lane in his gaily decorated tuk-tuk, playing a familiar Sinhala tune and stopped at the gate where the trio had gathered. “Aldoris ei oyage three-roda rathaya viduli balayen duwana ekakata wenas karanney naththey (Aldoris, why don’t you change your tuk-tuk to an electric tuk-tuk)?” asked Kussi Amma Sera. “Aiyo [...]
Sri Lanka’s broken promise!
When a nation shuts its doors, prosperity slips out the window. As per global evidence, open economies grow faster and achieve prosperity more than the closed ones. Many countries in Asia have confirmed it, leaving only a handful of them behind. The old debate between market advocates and protectionists belongs to the 1970s and 1980s. [...]
Separate IT Board for start-ups
Prompted by the interest from start-ups, the capital market authorities are seriously considering a separate IT board, an initiative that is part of a broader strategy by them to modernise market infrastructure and support digital transformation. More than 80 start-up companies participated in ‘From Seed to Scale – Unlock Value and Potential’ organised by the [...]
CIC 9MFY26 revenue grows despite cyclone disruption
Agriculture-rich and diversified conglomerate CIC Holdings PLC’s consolidated revenue rose by 8.7 per cent to Rs. 70.28 billion for the nine months ending December 31, 2025 when compared to the previous corresponding year, despite the disruption caused to agriculture from Cyclone Ditwah. The group’s gross profit increased by 10.11 per cent to Rs. 18.42 billion, [...]
Local MSMEs on the brink of collapse, banks thrive
Micro, Small, and Medium Enterprises (MSMEs) the backbone of the country’s economy, which comprises over a million businesses, as well as more than half of Sri Lanka’s GDP is on the brink of collapse due to unprecedented pressure from climate devastation, the aftershocks of the COVID-19 pandemic, as well as a credit squeeze of which [...]
Import licensing delay affects cashew industry
Sri Lanka’s cashew industry is facing a major crisis owing to the delay in obtaining import licences. Due to this, there has been a shortage of cashew nuts. The import licences have already expired on December 31, 2025 and it has to be renewed soon to avoid any further issues before the festive season commences [...]
Institute for Real Estate Professionals to be set up
A self-regulatory real estate authority for real estate professionals is being driven by the Urban Development Authority to strengthen Anti-Money Laundering (AML) compliance, following the Financial Intelligence Unit of Sri Lanka recommendations. This has come on the back of the Institute of Real Estate Professionals Sri Lanka Bill, which was formally presented in Parliament last [...]
Why traditional tax incentives fall short for large multinationals
Introduction In an increasingly interconnected global economy, multinational enterprises (MNEs) with consolidated revenues exceeding 750 million face new fiscal realities under the OECD’s Pillar Two framework, also known as the Global Anti-Base Erosion (GloBE) rules. These rules impose a 15 per cent minimum effective tax rate (ETR) on profits in each jurisdiction where an MNE [...]
Linguaskill by Cambridge launched in Sri Lanka
Cambridge University Press & Assessment has marked a significant milestone for English assessment in Sri Lanka with the official launch of Cambridge Linguaskill at an event “Linguaskill Unlocked: Unlocking World-Class English with Cambridge”, held on January 27 in Colombo. The launch brought together senior leaders from Sri Lanka’s corporate sector, higher education institutions, professional bodies, [...]
Union Bank’s connectivity for faster identity verification
Union Bank has partnered with the Department for Registration of Persons (DRP) establishing direct connectivity and faster response times for identity verification services, marking a significant enhancement to the bank’s digital and security infrastructure to provide banking convenience to customers.
Edible oil tax reform triggers industry and consumer concern
Sri Lanka’s latest overhaul of taxes on imported edible oils has drawn sharp opposition from coconut oil producers and consumers, who say the move could create an unstable market and undermine several important reforms implemented over the last few years. The key issue at stake is the government’s decision to completely eliminate the Special Commodity [...]
Saudi fund wants investment proposals from SEC/CSE
Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), has requested the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) to send proposals on potential investments in Sri Lanka, top officials said. “This is one of the largest sovereign funds in the world. The PFI had wanted us [...]
SLAEA reappoints Rajitha Jayasuriya as Chair for 2026
The Sri Lanka Apparel Exporters Association held its Annual General Meeting recently in Colombo and reappointed Ms. Rajitha Jayasuriya as Chairperson for a second term. The newly appointed Executive Committee comprises Jeevith Senaratne as Deputy Chairperson, Hasib Omar as Treasurer, and Indika Liyanahewage as Immediate Past Chairperson, the association said in a media release. In [...]
Alpha Fire Services PLC unveils new logo
Alpha Fire Services PLC recently unveiled its new logo at the Head Office in Colombo in the presence of the company’s Board of Directors and legendary cricketer Aravinda De Silva. Alpha Fire Services’ new logo reflects ongoing transformation into a future-ready organisation, built on strong governance, operational excellence and sustainable growth while remaining firmly rooted [...]
EV charging stations at some Jetwing Hotels
Volt Charge, Sri Lanka’s fastest-growing electric vehicle (EV) charging network, has announced a partnership with Jetwing Hotels to deploy EV charging infrastructure across a selection of Jetwing’s key hotels islandwide. Under the agreement, nine EV charging stations will be installed at Jetwing Sea, Jetwing Beach, Jetwing Lagoon Wellness, Jetwing Saman Villas, Jetwing Kaduruketha, Jetwing Surf [...]
ComBank partners with GAIA Greenenergy for Green Loans and Leases
The Commercial Bank of Ceylon has entered into a partnership with GAIA Greenenergy Holdings to expand access to the bank’s Green Loans and Green Leases, offering employed and self-employed customers more affordable pathways to adopt solar power. The partnership was formalised with the signing of a Memorandum of Understanding by Dushmantha Jayasuriya, Chief Manager – [...]
Central Bank purchased $2 bn from the market in 2025
The Central Bank of Sri Lanka (CB) purchased a total of US$2 billion through the money market last year, contributing to the gross official reserves reaching $6.8 billion by end 2025, the highest level recorded in the post- economic crisis period. Sri Lanka suffered an economic collapse in 2021-2022 exacerbated by an acute shortage of [...]
Event Management sector officially recognised as an industry
The Event Management Association (EMA) of Sri Lanka has been officially recognised as an industry, a development announced at its 7th Annual General Meeting (AGM) held recently. Outgoing President Nisal Caldera addressed the assembly, reflecting on a successful tenure characterised by community engagement and professional development. Highlighting the association’s recent triumphs, Mr. Caldera revisited several [...]
Hemas posts resilient 9mth results led by healthcare sector
Hemas Holdings, in releasing its 9-month results ending December 2025, said that during the last quarter, macroeconomic conditions reflected selective cost pressures alongside areas of stability, with a moderated net impact on the group’s performance. The Sri Lankan Rupee depreciated by 2.4 per cent, driven by higher import-related foreign exchange outflows and cyclone-related economic disruption. [...]