Category: Economy and Markets
The onslaught of the beedi industry and its impact on Sri Lanka’s economy
Lack of tax collectability results in dampening of government revenue ambitions While Sri Lanka has made notable progress in tobacco control, with policies reducing cigarette consumption, the unchecked growth of the beedi industry presents a mounting threat to the economy. The informal nature of the beedi trade makes it difficult to regulate, allowing it to […]
IMF to Return to Sri Lanka for Crucial Third Review Soon
In a recent press briefing, the International Monetary Fund (IMF) announced that a mission will soon return to Sri Lanka to continue negotiations for the third review of the IMF-supported program. This follows a series of discussions held in Washington, where key topics included taxation and the reduction of the tax burden on Sri Lankans. […]
HVA Foods PLC Partners with Müggenburg Group, Germany
HVA Foods PLC, a member of the George Steuart Group, announces its exclusive distributor partnership with Müggenburg Group, Germany, a renowned family-owned company with over 80 years of expertise in high-quality herbs and botanicals. This partnership enables HVA Foods PLC to introduce Müggenburg’s extensive range of raw and processed natural ingredients to Sri Lanka, for […]
Financial Intelligence Unit enters into a MoU with National Secretariat for Non-Governmental Organizations
The Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the National Secretariat for Non-Governmental Organizations on November 04, 2024 at the Central Bank of Sri Lanka (CBSL) to exchange information on investigations and prosecutions of Money Laundering (ML), Terrorist Financing (TF) and related crimes and of any persons […]
Hemas Holdings Boosts Profitability through Efficiency in a Challenging Market
Hemas Holdings PLC reported a cumulative revenue of Rs. 54.4 billion, with operating profits of Rs. 5.0 billion and earnings of Rs. 2.5 billion. The decrease in revenue compared to same period last year was a result of cautious consumer spending accompanied by several strategic downward price adjustments, particularly in the Consumer Brands segment. However, […]
Opinion: CB defends liquidity injections amid “Money Printing” controversy
by Dhananath Fernando A fresh controversy has erupted following reports that Sri Lanka’s Central Bank (CBSL) injected nearly 100 billion rupees into the banking system by October 25. Given that money printing was the major cause of the country’s financial crisis, this news has sparked considerable attention. CBSL has defended its actions, arguing that these […]
JKH records continued growth momentum in Q2
Sri Lanka’s John Keells Holdings PLC (JKH) reported continued growth momentum across almost all businesses in the second quarter, a statement showed. The Group revenue in 2Q was up by 20 percent to Rs.76.96 billion with increases across almost all businesses. JKH said the 687-key ‘Cinnamon Life’ hotel, restaurants and banquet facilities commenced operations on […]
CBL Munchee achieves BRC AA+ grade and GPEA ‘World Class’ recognition
Ceylon Biscuits Limited (CBL), Sri Lanka’s leading biscuit manufacturer and the proud owner of flagship brand Munchee, announces its remarkable achievement of securing the coveted BRCGS AA+ certification for the second consecutive year. In addition, CBL has been honored with the highly esteemed Global Performance Excellence Award (GPEA) ‘World Class’ status. Commenting on the achievement, […]
Assetline Finance join hands with BlueOrchard in empowering women entrepreneurs
In a groundbreaking development, Assetline Finance Limited, the flagship company in the financial services cluster of the David Pieris Holdings (Private Limited), one of Sri Lanka’s top conglomerates has secured a senior loan from the Japan ASEAN Women Empowerment Fund (JAWEF) managed by BlueOrchard Finance Ltd, a leading global impact investment manager. This loan marks […]
EDB Establishes “Trade Facilitation Task Force” to Enhance Export Efficiency
As a strategic move to develop a mechanism for addressing challenges in the export value chain, the Export Development Board (EDB) has established a Trade Facilitation Task Force. The first meeting was held on October 29 at the Export Development Board. Attendees included Mrs. Champika D. Dharmasena, Director General of the Export Development Board; Mrs. […]
‘s September 2024 merchandise exports dip by 3.5-pct
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in September 2024 amounted to US$ 937.95 million, recorded a decline of 3.49 % compared to the month of September 2023. This was mainly due to the decrease in earnings from export of Tea, Rubber based products, Electrical & Electronics […]
Evolving apparel industry models: Hela and Reebok’s partnership to capitalize on verticality
Hela Apparel Holdings PLC, the publicly-listed fashion conglomerate headquartered in Sri Lanka, recently announced an exclusive long-term partnership with Authentic Brands Group to design, manufacture, and sell Reebok-branded outerwear across the UK and Europe. This collaboration marks a significant milestone in expanding the Hela Group’s offering to the fashion industry by fusing its design, manufacturing […]