Security at vulnerable embassies
Three police officers wait in the shadows outside the US Embassy in Colombo. Security has been tightened at vulnerable embassies in Colombo after war broke out in West Asia last week. Pic by M.A. Pushpa Kumara
Container storage demand rises at Colombo, Hambantota Ports
With shipping lines halting operations to the Gulf region as the conflict escalates, containers headed for the region continues to be stacked up at the Ports of Colombo and Hambantota. At present the congestion that existed previously at the Colombo port is being cleared with 80 per cent of the yard in use. Vessels continue [...]
Lanka’s oil supplies hang in the balance
Sri Lanka is currently in discussion with its key oil suppliers and governments in a bid to ensure the stability of supplies from April onwards. Sri Lanka currently has sufficient stocks of fuel to last a month with refined oil available upto April and crude oil stored upto June, Ceylon Petroleum Corporation (CPC) Chairman D. [...]
Tourism expects 20% drop in arrivals
Sri Lankan tourism authorities and the industry have made efforts to assist travellers in the country amidst the West Asia crisis as the destination believes going forward there could be an immediate 20 per cent drop in arrivals. The war is expected to immediately witness a 20 per cent drop in arrivals as numbers plunged [...]
Prolonged W Asian crisis will unsettle markets
The escalation of conflict in West Asia has caused significant volatility in the Colombo stock market on Tuesday, with analysts indicating that a prolonged crisis will spiral the economy. On March 3, the All-Share Price Index (ASPI) experienced its largest single-day drop, declining by 1,290.68 points (-5.44 per cent) to 22,443.38. The S&P SL20 Index [...]
Explosions in West Asia
There was a buzz and palpable excitement in this leafy neighbourhood suburb. The talk of the town was on the conflict in the Middle East or West Asia (as we Sri Lankans like to call it). Aldoris, the choon-paan karaya, had stopped his pastry-laden tuk-tuk at the gate where the trio had gathered. “Meda peradiga [...]
Gulf storm and the Sri Lankan economy
The Gulf is in chaos. What began as tension between Iran and the US-Israel alliance has spread wider, pulling once-stable countries and cities into uncertainty. The war has broken the sense of safety. Trade routes are disrupted, energy markets shaken, and millions of lives unsettled. A region that thrived for decades is now marked by [...]
BESS price surge, a setback for RE investment
The 30 per cent surge in prices for Solar PV and Battery Energy Storage Systems (BESS) over the last three months has rendered such investments financially unviable in the current climate, according to industry analysts. The removal of a 9 per cent VAT rebate on solar exports, along with surging silver prices (a critical component), [...]
People’s Bank’s Digital Payment system at Vavuniya University
People’s Bank has partnered with the University of Vavuniya to introduce a fully digital payment and collection system, marking a significant step in advancing Sri Lanka’s digital economy by eliminating manual cash handling. The milestone was commemorated at the 32nd International Conference on IT Applications and Management held at the University of Vavuniya, with the [...]
JXG sees 19% revenue growth in 9M FY26
JXG (Janashakthi Group), in the nine months results to end December 2025 (Q3 FY26), saw consolidated group net profit after tax rising to Rs. 3.2 billion surpassing the Rs. 2.9 billion recorded in the corresponding period last year. Group revenue grew 19.2 per cent year-on-year to Rs. 21.9 billion, while total assets stood at Rs. [...]
Home Lands announces strategic entry into Port City Colombo
Home Lands has secured an over three-acre premium mixed-use land parcel at Port City Colombo in a landmark transaction valued at US$ 40.1 million (approximately Rs. 12.5 billion), marking one of the most significant single investments made by a Sri Lankan developer within the country’s most ambitious urban development project. With this milestone, Port City [...]
JAT Holdings completes 2nd phase expansion of binder plant
JAT Holdings PLC has completed the second phase of the expansion of its binder manufacturing plant in Sri Lanka. The facility is now fully operational and will increase production capacity by 76 per cent, supporting the group’s growth ambitions across its emulsions and coatings portfolio in both domestic and regional markets. Binders are a main [...]
SLIC launches new insurance product for tourists
Sri Lanka Insurance Corporation General Ltd (SLICGL) has launched Adventure Plus, the first‑of‑its‑kind personal accident cover designed exclusively for tourists visiting Sri Lanka. Adventure Plus provides medical coverage, accident protection, and emergency evacuation for higher-risk pursuits such as hiking, cycling, water sports, and jungle activities, protection that tourists cannot access through their existing insurance, regardless [...]
Capital gains tax rate jumps to 15%, may force land, building sales
The Treasury has proposed major changes to its tax framework, including increased Capital Gains Tax (CGT) rates and a one-off relief for unpaid tax, through a Bill to amend the Inland Revenue Act, published on February 24. Key proposals include an increase in the individual capital gains tax rate from 10 per cent to 15 [...]
HP Inc. commits to SME growth with AI at the helm
With the growing digital economy in the country, technology giant HP Inc. is positioning itself to capitalise on artificial intelligence (AI) and the small and medium-sized enterprises sector in Sri Lanka. With PC penetration below 20 per cent and increasing AI adoption, HP sees substantial opportunities for innovation, Ipsita Dasgupta, Senior vice President and Managing [...]
TONIK unveils story-led hospitality in Sri Lanka
Sri Lanka’s boutique hospitality sector is set to see a new entrant as TONIK, a design-led villa and a boutique hotel brand backed by Acorn Group paving its way to Sri Lanka’s high end independent accommodation segment. Unveiling the group’s vision to reposition independent properties through a storytelling driven approach, TONIK aims to address structural [...]
ComBank – first private bank with loan book of more than Rs. 2 trillion
The Commercial Bank of Ceylon achieved another performance milestone in 2025, becoming the first private sector bank in the country to expand its loan book beyond Rs. 2 trillion, with a growth of Rs. 541 billion over 12 months. Recording the highest annual loan growth in absolute terms in the history of the institution, the [...]
MullenLowe Sri Lanka wins Effie Agency of the Year award
MullenLowe Group has reinforced its authority in creative effectiveness by retaining its position as Effie Agency of the Year for 2025, marking its third consecutive win at the Effie Awards ceremony held this week. Hosted at The Monarch Imperial on March 3, MullenLowe delivered a commanding performance, securing 21 accolades across multiple categories, including one [...]
Ceylinco Life records premium income of Rs. 44.18 bn in 2025
Ceylinco Life has recorded its 22nd consecutive year of market leadership in Sri Lanka’s life insurance industry, posting gross written premium income of Rs. 44.18 billion for the year ending December 2025, achieving strong growth of 18.96 per cent. The company has reported consolidated income of Rs. 72.43 billion for the 12 months, an increase [...]
Union Bank doubles bottom line in FY2025
Union Bank has announced a milestone financial performance for the FY2025, emerging as one of the fastest-growing banks in the country. This is complemented by a standout bottom-line performance with the group’s Profit Before Tax reaching Rs. 2.2 billion and doubling its Profit After Tax to Rs. 660 million (from 2024), highlighting the success of [...]
SLT Group reports strong FY 2025 performance
The SLT Group ended FY 2025 as a strong year, with substantial improvement in profitability. Profit After Tax (PAT) surged 221 per cent to Rs. 10 billion, compared to Rs. 3.1 billion in FY 2024. Group revenue grew 3 per cent to Rs. 114.2 billion, with SLT PLC contributing a 2 per cent increase and [...]
Skål Colombo appoints Bernard Wijetunge as President
At the Skål International Colombo’s recent AGM, Bernard Wijetunge officially assumed office as President of Skål International Colombo, succeeding Ahintha Amarasinghe. The newly appointed committee of Tourism and Travel professionals include Bernard Wijetunge – President, Prasanjith Perera Vice President, Dinushka Chandrasena – Secretary, Sutheash Balasubramaniam – Treasurer, Shereene Gunasekera – Asst. Secretary, Ahintha Amarasinghe, Suren [...]
Rising Gulf tensions shake SL’s fragile economic recovery
Sri Lanka’s fragile economic recovery is facing a new external shock as escalating tensions between the US-Israeli coalition and Iran spreads across the Gulf region, disrupting critical economic lifelines for the island nation. Direct strikes on infrastructure in Kuwait, Qatar, Bahrain, Saudi Arabia and the UAE have raised fears of a wider regional conflict one [...]
SL could become a strategic alternative hub in the East
While the ongoing conflicts in the gulf and Middle-East, particularly the US/Israel-Iran war, are significantly affecting global shipping routes and bunker costs, shipping companies are forced to take increases coinciding with the situation. On a positive note, it is beneficial for carriers, as rates were plunging due to oversupply of demand until recent times. All [...]
Melco pays $1.7m rent to JKH in final quarter
Melco Resorts and Entertainment, which opened a casino in City of Dreams Sri Lanka in August last year, reported operating revenue of US$6.4 million (about Rs 1.97 billion), from its core operations in the final quarter of 2025. The Hong Kong-based developer, owner, and operator of integrated resorts also reported an operating loss of $9.062 [...]
Ministry of Education recognises LOLC Divi Saviya “Obai Mamai Ape Ratai”
LOLC Holdings PLC recently presented the progress of its flagship humanitarian initiative, Divi Saviya, at a national-level recognition ceremony convened by the Ministry of Education. This milestone follows the successful completion of Phase 02 of ‘Obai, Mamai, Ape Ratai’, reflecting the initiative’s meaningful contribution. During the event, the Group Managing Director/CEO of LOLC Holdings PLC, [...]
Sanjay Kulatunga appointed to WindForce Board
WindForce PLC has announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from March 3, 2026, following the resignation of Dilshan Hettiaratchi. Mr. Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the CEO and Co-Founder [...]
Proposed tax amendments offer clarity for Unit Trusts
The Unit Trust Association (UTA) of Sri Lanka last week issued a statement on key tax-related provisions concerning Unit Trusts included in the proposed Bill to amend the Inland Revenue Act. Under the existing Inland Revenue framework, Unit Trusts are treated as pass-through vehicles for income tax purposes, with income taxed in the hands of [...]
Silver tsunami approaching, making insurance more pronounced
Sri Lanka is experiencing a significant demographic change, with projections indicating that by the next decade, one in four Sri Lankans will be over 60 years old, resulting in a “silver tsunami”. “This ageing population will naturally lead to higher healthcare utilisation, increased prevalence of chronic illnesses, and greater demand for long -term medical protection,” [...]
Vision Casting
A fisherman casts his net because he has a vision. His vision is to catch fish to feed his family, earn money, build a house, buy a trawler, and eventually establish a prosperous business. This vision, held deep within his heart, enables him to overcome challenges and empowers him to cast his net again and [...]
SLT-MOBITEL secures Silver at Annual Report Awards
SLT-MOBITEL won the Silver Award at the SAFA Best Presented Annual Report Awards, Integrated Reporting Awards, and SAARC Anniversary Awards for Corporate Governance Disclosures 2024, in the Communication & Information Technology category. The official awards ceremony took place in Islamabad, Pakistan, SLT said in a media release. The award was conferred by the South Asian [...]
DFCC’s Blue Bond in NSE Exchange
DFCC Bank PLC has completed the supplementary international listing of Sri Lanka’s first-ever Blue Bond on the NSE International Exchange (NSEIX) in India, becoming the first Blue Bond from Sri Lanka to be listed internationally and the first Blue Bond to be admitted on NSEIX. The milestone represents the first Blue Bond admitted within the [...]
Middle East conflict threatens Asia’s commodity importers-Moody’s
Conflict in the Middle East intensified last week as the US and Israel launched military strikes on targets in Iran. Tehran retaliated with missiles and drones aimed at Israel and countries hosting US forces, including the United Arab Emirates, Qatar, Kuwait, Bahrain, Iraq, Jordan and Saudi Arabia. Media reports suggest the conflict has led to [...]
Zero tolerance for offenders in the stock market, urges SC Judge
Sri Lanka’s capital markets must be well regulated with regulators being independent, firm, consistent, and uncompromising, a senior Supreme Court Judge said recently. “The Securities and Exchange Commission of Sri Lanka together with the Colombo Stock Exchange, must maintain zero tolerance for violations of market rules and committing of offences,” noted. Justice Yasantha Kodagoda, speaking [...]