Category: Industry
Nations Trust Bank completes the transfer of HSBC Sri Lanka’s Retail Banking Business to its portfolio
Nations Trust Bank PLC (NTB) has announced that the transfer of Hongkong and Shanghai Banking Corporation’s (HSBC) Retail Banking business in Sri Lanka to NTB has officially been completed, with the acquired portfolio transitioning to NTB effective 1st May 2026. NTB has integrated HSBC Sri Lanka’s retail banking customers into its operations, ensuring continuity of […]
VIDEO: Anthropic Mythos AI – Why Banks, Governments Fear This Cybersecurity Tool
A powerful new AI model from Anthropic is raising alarm across the global financial system. Called Mythos, it can detect and exploit hidden software vulnerabilities faster than human experts, triggering fears of more sophisticated cyberattacks. With access restricted to a handful of firms, banks and regulators are now scrambling to assess the risks, from disruptions […]
Rs. 38 Bn Shortfall in Power Generation Costs; Taxpayers to Fund Rs. 15 Bn Govt Subsidy as PUCSL Opens Public Consultation
Sri Lanka’s Public Utilities Commission (PUCSL) has announced that rising fuel costs will create a Rs. 38 billion shortfall in electricity generation expenses for the second and third quarters of 2026. To cushion households, the government will provide a Rs. 15 billion subsidy funded by taxpayers starting May 10, ensuring that 95% of domestic and […]
CICT Achieves Record Throughput with MSC INGY Call
Colombo International Container Terminals (CICT) has recorded its highest-ever single-vessel performance, handling 10,407 container moves, equivalent to 15,113 TEUs, during the recent call of MSC INGY, marking a new operational milestone for the terminal. The vessel, operated by Mediterranean Shipping Company (MSC), represents one of the larger container ships calling at Colombo, reflecting the terminal’s […]
Emerald Clothing Steps into Acquiring Selected HelaFactories, Safeguarding Jobs and Sri Lanka’s Export Base
Emerald Clothing (Pvt) Ltd has stepped in to secure the continuity of key operations previously run by Hela Clothing (Private) Limited, in a move aimed at stabilizing exports and safeguarding employment. The intervention comes as Hela faces liquidity constraints. Emerald Clothing said it has implemented an operational transition to ensure that manufacturing output and selected […]
IFC and WindForce PLC Partner on Sri Lanka’s First Large‑Scale Solar Project to Lower Power Costs, Strengthen Energy Security
The International Finance Corporation (IFC), a member of the World Bank Group, 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 around […]
HIP Sets New Container Throughput Record with MSC Vessel
Hambantota International Port (HIP) successfully handled container vessel MSC Marie Leslie, marking one of its highest-volume vessel calls to date. The achievement further strengthens the port’s position as an emerging hub for containerised cargo in the region. The vessel, operated by Mediterranean Shipping Company (MSC), was berthed at HIP from 11 to 15 April 2026. […]
Inadequate LPG Price Hike Compels the Vulnerable to Subsidize the Wealthy: Advocata Institute
While Advocata Institute welcomes the recent Liquefied Petroleum Gas (LPG) price increase by Litro Gas Lanka, it remains inadequate and indirectly forces Sri Lanka’s vulnerable segments to subsidize wealthier LPG consumers. This inequity arises because the retail price remains below cost-reflective levels despite the price revision. In April 2026, Saudi Aramco’s Asia-Pacific benchmark rose sharply, […]
CBSL Orders Forensic Audit into NDB Fraud Case
The Central Bank of Sri Lanka (CBSL) announced that it is closely monitoring developments at National Development Bank PLC (NDB) following the disclosure of an internal fraud. CBSL confirmed that NDB, in consultation with the regulator, is finalizing arrangements to engage a leading international firm to conduct a comprehensive forensic audit. The audit will not […]
Coal Imports, Plant Efficiency in Focus as Presidential Commission Begins Work
President Anura Kumara Dissanayake has appointed a Special Presidential Commission to investigate alleged irregularities in Sri Lanka’s coal importation and coal-based power generation, in a move that signals tighter scrutiny of a critical and often contentious sector. The Commission, established under the Special Presidential Commissions of Inquiry Act, will examine activities spanning from the inception […]
Energy Minister and Secretary Resign Amid Coal Supply Investigation
In a significant development for the energy sector, Minister of Energy, Engineer Kumara Jayakody, has tendered his resignation from his ministerial post. Simultaneously, Professor K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, has also stepped down. Minister Jayakody stated that his decision was driven by the need to ensure independence and impartiality in upcoming […]
Mahindra Ideal Finance Ltd Celebrates Debenture Listing at the Colombo Stock Exchange
Mahindra Ideal Finance Ltd (MIFL) recently marked the official listing of its inaugural debentures and debut listing on the Colombo Stock Exchange (CSE) with a bell ringing and market opening ceremony held at the CSE trading floor, symbolising a key milestone in the company’s capital market journey and its commitment to transparency and strong governance.The […]