Vesak celebrations
More than a month before Vesak is celebrated in the country (on May 30), shops in Colombo have begun selling Vesak decorations. Pic by M.A. Pushpa Kumara.
SL Govt. tackles another dispute over funds
The Sri Lankan government, hot on the heels of two financial misappropriations – the US$2.5 million Treasury heist and US$ 600,000 lost by Sri Lanka Post – has been able to deter what they believe to be the manipulation of World Bank project data and assets. Finance Ministry sources said that “some parties” within a [...]
Madras Security Printers under fire amidst allegations of impropriety
The industry is raising concerns about Madras Security Printers (MSP), an Indian security printing company, which was added late in the bidding process of the Sri Lanka Unique Digital Identity (SL-UDI) Project, with ministerial officials saying that these are unprovoked accusations. “The SL-UDI project is extremely important because it gives Sri Lanka a digital system [...]
Sri Lanka considers lifting ban on Palm Oil
Palm oil, a key crop that has a market within the country, continues to import because there are “experts” that sell a myth to villages who in turn hold governments to ransom against its cultivation. Sri Lanka has banned cultivating palm oil for the past seven years and the government is convinced of its benefits [...]
Recovering fraudulent NDB funds is a distant dream
Most of the Rs. 13.2 billion NDB Bank fraud money is unlikely to be recovered, senior banking officials said. “None of the authorities is affirmatively confirming the chances of recovering this cash,” an official told the Sunday Times Business. Since most of this money has been converted to cryptocurrency, the recallability of the cash has [...]
Opposition Alliance urges investigation into CPC’s practices
The Opposition Alliance, comprising several political parties, has requested an investigation into alleged corruption and indiscretions within government institutions, focusing on the Ceylon Petroleum Corporation’s (CPC) diesel procurement practices. They claim that the CPC’s actions have led to major financial losses for the government, particularly considering the Gulf War that began on February 28, 2026. [...]
Of scams and frauds …
It was apparently a clever and deceptive email address that resulted in some of the money in the US$2.5 million Treasury heist being siphoned off to an unknown entity, police investigations have revealed. It was disclosed in court that while the official email address was ‘exportfinance.gov.au’, it had been replaced with ‘exportfinanceav.com’ catching an unsuspecting [...]
Policy-driven poverty
At the turn of the century, about one in four Sri Lankans lived below the official poverty line. It continued to decline gradually but slowly over the years, 25 years later, we find ourselves back where we started: once again, about a quarter of our population is considered poor. Of course, there was a series [...]
Nuwara Eliya estates sublease tea land for vegetables
The Nuwara Eliya tea industry is facing a significant decline in the supply of this premium variety of champagne of teas as large swathes of tea-planted land are being cleared for other uses, primarily vegetable cultivation like potatoes, carrots and leeks. This shift is largely driven by Regional Plantation Companies (RPCs) and individuals seeking higher [...]
Seylan Bank reports PAT of Rs.2.91bn in Q1’26
Seylan Bank has recorded a Profit Before Income Tax (PBT) of Rs.4,548 million in Q1 2026, against Rs.4,199 million reflecting a growth of 8.31 per cent. For the three months ending March 2026, Profit after Tax (PAT) recorded by Seylan Bank was Rs.2,906 million with a growth of 5.25 per cent against Rs.2,761 million recorded [...]
RIUNIT Forum on real estate future
The Research Intelligence Unit (RIUNIT) is hosting Driving Growth Through Real Estate: 10 Year Plan — a high-level forum bringing together some of the country’s most influential voices in property, investment, policy and urban development on May 5 at the Port City Sales Gallery in Port City Colombo. The forum is the first in a [...]
LOLC General Insurance recognised at BMPC Awards
LOLC General Insurance PLC has been recognised at the Best Management Practices Company Awards (BMPC) 2026, organised by the Institute of Chartered Professional Managers of Sri Lanka (CPM Sri Lanka). The company was awarded Runner-Up in the General Insurance (Private Sector) category and ranked among the Top 40 Outstanding Companies in Sri Lanka, highlighting the [...]
“She Moves the World” by DFCC Aloka
DFCC Aloka was the Strategic Partner of “She Moves the World”, an exclusive event organised recently by Great Place to Work, in celebration of International Women’s Day 2026. The event served as a powerful platform to recognise and inspire women leaders, while fostering meaningful dialogue around inclusion and leadership in the workplace. Representing DFCC Bank, [...]
Under-fire NDB releases Q1’26 results after adjusting fraud impact
National Development Bank PLC (NDB) on Thursday released the results of its first quarter ending March 2026, after adjusting for the impact of the Rs.13.2 billion fraud reported last month. In a statement, the bank said the financial impact of the fraud, as internally estimated, has been appropriately recognised in the bank’s financial statements. Accordingly, [...]
Fraud at NDB: Suspense and Scandal in the Sector
The largest internal banking fraud in Sri Lanka’s financial history: a loss of Rs.13.2 billion, continues to cast a long shadow over one of the country’s premier sectors. Let me be clear at the outset: there is no systemic risk; in the context of NDB’s total assets of Rs.935.8 billion, total equity of around Rs.75 [...]
Rotary Club of Colombo Port City helps rebuild education
The ‘Back to School’ Project, a US$36,000 initiative funded by Canadian giant Fairfax Financial Holdings Ltd and executed by the Rotary Club of Colombo Port City, recently delivered school supplies with a retail value exceeding Rs. 14 million to 1,300 students across the North Central and Uva Provinces. For this initiative, the execution was spearheaded [...]
Enonte Innovation Labs launches two AI products
Sri Lanka’s technology sector continues to produce exceptional engineering talent, globally capable companies, and ambitious technology products. Now, Enonte Innovation Labs is adding to that momentum with the launch of two flagship AI platforms: Nexvanta and Enonte Pulse. Enonte Innovation Labs, a Sri Lankan technology company delivering world-class AI, IT infrastructure, cloud, cybersecurity, software, and [...]
ComBank secures Global Finance Asia-Pacific regional award
The Commercial Bank of Ceylon has been named the Asia Pacific regional winner of the Circular Economy Commitment award at the sixth annual Sustainable Finance Awards presented by Global Finance. The award recognises leadership in advancing financing initiatives that promote the reuse and regeneration of materials and resources, thereby supporting production models that are environmentally [...]
SL’s apparel exports fell 8% in 1stQ 2026-JAAF
Sri Lanka’s apparel exports fell by 8 per cent in the first quarter of 2026 compared to last year, but the data is revealing specific opportunities where targeted policy action could turn things around, according to the Joint Apparel Association Forum (JAAF). The January’s 3 per cent decline deepened to 11 per cent in both [...]
Sri Lanka showcases Boutique Luxury Tourism at B2B Luxury Connect 2026
Sri Lanka reaffirmed its position as a premier destination for boutique and luxury tourism at the B2B Luxury Connect Sri Lanka 2026, held recently at the Monarch Imperial, Sri Jayawardenepura. Organised for the seventh consecutive year by Boutiques in Sri Lanka, the event brought together more than 300 boutique hotel properties, alongside international travel agents, [...]
Sri Lanka Event Calendar unveiled
The Event Management Association (EMA) of Sri Lanka recently unveiled the official Sri Lanka Event Calendar. Developed by the Event Management Advisory Committee under the guidance of the Ministry of Industry and Entrepreneurship Development, the calendar is a centralised digital platform designed to serve as the definitive guide for all major international and local happenings, [...]
CEPA – 25 years of not looking away
As the Centre for Poverty Analysis marks a quarter century of work, Sri Lanka has cause to reflect on what independent research has meant for the country’s most vulnerable communities. In May 2001, nine professionals working on poverty-related issues in Sri Lanka came together around a shared conviction: that this country needed an institution willing [...]
The Crisis of “Neither Love nor Law”
Reflecting on Prof. Sirimal Abeyratne’s recent column, “Flies, Sparrows, and Crows,” it is evident that Sri Lanka’s development is hindered by a critical gap between physical modernisation and civic mindset. Infrastructure improvements remain futile if “Third World habits” persist, leading to the rapid decay of public assets. As the Singaporean model suggests, transitioning to “First [...]
Plantation industry seeks urgent attention to tackle current problems
The Planters’ Association of Ceylon (PA), the apex body of Sri Lanka’s Plantation industry, has called for an urgent review and streamlining of the industry’s cost structures in light of the unprecedented crisis in West Asia and the Strait of Hormuz. Currently, approximately 45 per cent of Sri Lanka’s total annual tea exports – equivalent [...]
IFC, WindForce launch large‑scale solar project
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a partnership with WindForce PLC to develop Sri Lanka’s first utility‑scale 100‑megawatt (MW) solar power facility, a landmark project that will accelerate the country’s energy transition, strengthen energy security, lower electricity costs and create thousands of jobs. The project will generate [...]
ADB team visits EDB
The Sri Lanka Export Development Board (EDB), in collaboration with the Asian Development Bank (ADB), is making significant progress in the formulation of the National Export Development Plan (NEDP) for the period 2026–2030. This strategic initiative is designed to position Sri Lanka on a path of sustained export-led economic growth, aligned with the Government’s national [...]