The NEXT garment factory located within the Katunayake Free Trade Zone has reportedly shut down operations without prior notice, leaving more than 1,400 employees suddenly unemployed. According to sources, the factory premises have been sealed off, with only security personnel currently stationed at the site. Employees say they were given no warning or explanation, and…
The Department of Labour has announced a temporary suspension of several key services related to the Employees’ Provident Fund (EPF) due to urgent maintenance work on its computer database system. According to the Commissioner General of Labour, the suspension will be in effect from May 21 to May 23, 2025, and will apply to Labour…
The general public will be able to use their debit and credit cards to pay toll fees for all expressways from today (May 21), according to the Ministry of Transport, Highways, Ports and Civil Aviation. According to a statement issued by the Ministry, motorists can now make card payments at exit gates along the Southern…
Internal Capacity to Rebuild SriLankan Airlines Must be Enhanced – Emphasizes President President Anura Kumara Dissanayake has instructed relevant authorities to establish a committee under the Presidential Secretariat to investigate allegations of corruption and mismanagement at SriLankan Airlines. The directive was issued during a four-hour meeting held today (20) at the Presidential Secretariat, attended by…
Reuters – Sri Lanka’s central bank is expected hold policy rates unchanged for a third consecutive meeting on Thursday in its bid to boost economic growth and help mitigate the fallout from potential U.S. tariffs, a Reuters poll showed. The country grew at a better-than-predicted pace of 5% in 2024, a turning point after its…
DNA – Ravi Jaipuria, an Indian billionaire businessman and chairman of Varun Beverages, is set to acquire a 50 per cent stake in Sri Lanka’s Everest Industrial Lanka (Private) Limited (EIL) for a consideration of USD 3.75 million or Rs 3.20 crore, ET reported. His company stated in an exchange filing, “EIL, a company in…
Strengthening Diplomatic Engagement for Export Growth The Sri Lanka Export Development Board (EDB) hosted an orientation programme for the newly appointed Heads of Sri Lanka Missions on 16th May 2025 at the EDB. Organized at the request of the Ministry of Foreign Affairs, Foreign Employment and Tourism, the session aimed to brief the Heads of…
Reuters – Asian stocks rose on Tuesday while U.S. Treasury yields steadied allowing a bit of a breathing room for the U.S. dollar as investors took stock of the debt load of the world’s biggest economy and awaited trade deals. Moody’s downgrade of its rating for U.S. sovereign credit last week – due to concerns about that…
Reuters – Moody’s on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase, opens new tab, Bank of America, opens new tab and Wells Fargo, opens new tab, after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt. It also downgraded the long-term deposit ratings of…
The Ceylon Chamber of Commerce recently hosted an engaging interactive session with Sri Lanka’s newly appointed Heads of Mission to key global destinations, offering the local business community a valuable opportunity to connect directly with the country’s outgoing ambassadors and high commissioners. The event hosted Ambassadors designated to Cuba, India, Japan, Pakistan, the United Arab…
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