STBC parley on: “Impact of the Gulf War”
The Sunday Times Business Club (STBC) held a discussion on: “Impact of the Gulf War” on May 5 at the Shangri-La Hotel, the club’s host hotel. Speakers at the event were Dr. Sirimal Abeyratne, Economist and Executive Director, Centre for Poverty Analysis (CEPA) and Anil Ignatius Panagoda, an expert on international trade, logistics, and supply [...]
Hackers exploit Treasury’s outdated systems in $2.5 million fraud
A sophisticated Business Email Compromise (BEC) attack led to the diversion of US$2.5 million from the Sri Lankan Treasury, intended to Export Finance Australia, and identified by oversight bodies as a “systemic failure”. Investigations by the Committee on Public Finance (CoPF) and official reports indicate several critical technical and procedural weaknesses. At the time of [...]
Govt. to expedite Rs.1 bn promo campaign
The government has plans to expedite a Rs.1 billion promotional campaign in a bid to overcome the drop experienced recently in tourist arrivals as a result of the war in West Asia. Deputy Tourism Minister Prof. Ruwan Ranasinghe speaking with the Sunday Times Business said that a Rs.1billion tender is to be finalised for which [...]
Central Bank warns banks of ‘prowling’ scammers
The Central Bank (CB) has told all banks to be careful with credit and payment card transactions because scammers can exploit weaknesses in their systems by committing fraudulent activities. This has come in the wake of the ongoing situation at NDB Bank PLC. Over the past 12 months, NDB Bank has been susceptible to two [...]
Renewable energy developers ghosted since last Dec.
Sri Lanka’s renewable energy sector is in crisis due to expensive diesel and heavy fuel dependence, intensified by shortfalls in coal power generation, the industry charged, saying that the National System Operator (NSO) has been forced to keep thermal plants running to meet night demand, leading to rising costs amid rising fuel prices from geopolitical [...]
Warning against renting homes to ‘illegal’ foreigners
The Department of Immigration and Emigration (DIE) has warned owners of homes and apartments which house foreigners deemed ‘illegal’ by violating visa conditions, saying it a violation of national security. On Wednesday 120 foreigners including Chinese and Vietnamese nationals were arrested for overstaying their visa periods and allegedly involved in IT fraud. In a public [...]
Airborne with a capable team
In December 2017, when SriLankan Airlines went through the same ‘critical’ process as the national carrier is facing today, a Sunday Times Business Online-cum-Street Poll, on the fate of the airline, revealed that most respondents were not in favour of an outright sale of the struggling, debt-ridden national carrier. This was in contrast to a [...]
Champagne of teas vs. potato curry
Sri Lanka’s famed Nuwara Eliya tea – the “champagne of teas” – is quietly losing ground to potato. As last week’s Sunday Times reported, the tea industry is facing a significant decline as large swathes of tea‑planted land are being cleared for vegetable cultivation like potatoes, carrots, and leeks. We do not have to rush [...]
Sri Lanka ignites green hydrogen push
Sri Lanka has stepped in to implement Green Hydrogen and Ammonia projects, with the Board of Investment (BOI) inviting Requests for Information (RFI) till June 5, 2026. The government has given priority to these projects for export and energy storage, targeting 70 per cent renewable energy by 2030. The Ministry of Energy and the BOI [...]
MillenniumIT appoints Harendra Samarasinghe as CEO
MillenniumIT ESP (MIT ESP), Sri Lanka-bsed technology solutions provider, has appointed Harendra Samarasinghe as its new Chief Executive Officer, as the company advances its ongoing transformation agenda and accelerates global growth, the company said in a media release. Mr. Samarasinghe brings over 20 years of experience in global technology and professional services, with a record [...]
NSB’s digital drive with street campaign
The National Savings Bank (NSB) has launched an extensive Digital Drive campaign, taking banking services directly to the people, in line with the national vision of accelerating digital transformation and financial inclusion, through ‘town-storming’ initiatives and digital literacy programmes across key locations. Adopting a strong face-to-face engagement approach, the campaign bridges the gap between technology [...]
SL must strengthen trade ties with East-Asia, improve external finance management
While the Gulf war has made tremendous impacts on the global economic landscape, countries like Sri Lanka are highly vulnerable due to its weak internal immunity. Weak export base and diversification, heavy reliance on non-tradable sectors, foreign-funded infrastructure, concentrated export markets and commodities, and large exposure to oil/gas price shocks which feed into food and [...]
Tempest PE expands Sri Lanka portfolio
Tempest PE Partners (TPE), a Colombo-based private equity firm that takes a hands-on approach to investing into, advising and scaling businesses, has announced the completion of three new transactions over recent months, spanning sectors as varied as enterprise software, leisure and smart warehousing. The transactions reflect both the breadth of the firm’s investment strategy and [...]
Janashakthi Foundation, President’s Fund to safeguard children’s wellbeing
JXG (Janashakthi Group), a leading Sri Lankan financial conglomerate, through its philanthropic arm the Janashakthi Foundation, has partnered with the President’s Fund to expand healthcare assistance for children under 18 years. The collaboration marks a rare and significant corporate partnership with a national fund, reinforcing JXG’s commitment to creating enduring value for Sri Lanka. Aligned [...]
LOLC Insurance offers faster, smarter motor claims
LOLC General Insurance PLC has unveiled V Claim, a virtual claims settlement solution set to redefine the motor insurance claims experience through speed, convenience, and digital innovation. This latest value-added service reinforces the company’s commitment to leveraging technology to deliver smarter, customer-centric solutions, the company said in a media release. With V Claim, motor insurance [...]
NTB completes transfer of HSBC retail business
Nations Trust Bank PLC (NTB) has completed its transfer of Hongkong and Shanghai Banking Corporation’s (HSBC) Retail Banking business in Sri Lanka with the acquired portfolio transitioning to NTB effective May 1, 2026. NTB has integrated HSBC Sri Lanka’s retail banking customers into its operations, ensuring continuity of service and relationship management. The transition also [...]
SLI rejects false claims on Treasury Bond investment
Sri Lanka Insurance (SLI) on Tuesday rejected, what it called, ‘false claims’ made at a recent media briefing (it didn’t say where and by whom) and social media posts that its investment in treasury bonds at the April 9th auction had suffered losses. In a statement, it said: “As alleged in the said media briefing [...]
Cultus on employability and workforce readiness
Cultus Workforce Development Services Pvt Ltd., a subsidiary of Cultus Education and Technology Services, has launched its operations in Sri Lanka, marking the entry of a global upskilling and placement-focused organisation dedicated to workforce transformation. In addition to its proprietary Cultus Job Readiness (CJR) programme – a comprehensive training pathway designed to equip youth with [...]
Govt. offers rescue-first option to struggling firms
The Government is taking all legal protection measures towards timely, efficient and impartial protection and rehabilitation of individuals and viable enterprises in financial distress and closure of unviable entities. The aim is to rescue and revitalise the private sector firms and individuals by shifting from a culture of liquidation to one of protection and rehabilitation, [...]
Vietnam’s trade strategy and what it can teach Sri Lanka
The state visit to Sri Lanka this week of Vietnamese President Tô Lâm offers a timely occasion to reflect on what Vietnam has built, and what others, including Sri Lanka, can learn from it. When a Ministerial trade and investment delegation I was part of visited Vietnam in 2018, we had the opportunity to sit [...]
Thayalan Bartlett named a ‘leader’ by Campaign Asia-Pacific
Thayalan Bartlett, Executive Chairman of MullenLowe Group Sri Lanka, has been recognised in Campaign Asia-Pacific’s inaugural 50 Over Fifty 2026 list, becoming the only Sri Lankan named among a select group of senior marketing, media and communications professionals from across the region. Campaign Asia-Pacific’s 50 Over Fifty highlights experienced industry figures whose continued impact, entrepreneurial [...]
Shangri-La’s new offerings in Colombo and Hambantota
In a new offering, Shangri-La is introducing Golden Hour—a new cocktail ritual now unveiled at Shangri-La Colombo and Shangri-La Hambantota. Golden Hour is an experience—where time slows, flavours deepen, and moments are designed to linger. Rooted in Shangri-La’s Asian heritage and inspired by the brand’s iconic golden “S,” this daily ritual captures the fleeting beauty [...]
Mark and Comm wins double Gold at ACEF Awards
Sri Lanka’s Mark and Comm (Pvt) Ltd has won two Gold awards at the 15th ACEF Global Customer Engagement Awards held on April 30 in Mumbai, India. The agency claimed Gold in both the Grand Prix category for PR Agency of the Year and the Individual Excellence Honour for PR Professional of the Year, the [...]
ChargeUP partners with Lanka IOC
ChargeUP has formed a strategic partnership with Lanka IOC PLC (LIOC), becoming its exclusive Electric Vehicle (EV) charging partner. Under this agreement, ChargeUP will install EV charging stations across LIOC’s island-wide network of fuel stations and premises, marking a significant step toward advancing sustainable mobility in Sri Lanka. This partnership signifies LOLC Group’s commitment to [...]
Emirates Group achieves record profit of $ 6.6 bn in 2025-26
The Emirates Group this week released its 2025-26 Annual Report, achieving new record profit, revenue, and cash balance levels, despite a disruptive and challenging 12th month in its financial year. Emirates is the world’s most profitable airline in the 2025-26 reporting period, the airline said in a statement. The group reported a profit before tax [...]