The Chamber of Young Lankan Entrepreneurs (COYLE) recently led a high-profile trade delegation to the Republic of Korea, marking a significant milestone for the Sri Lankan business industry. This visit, commemorating the chamber’s 25th anniversary, aims to strengthen economic ties and open up new business avenues between Sri Lanka and South Korea. Spearheaded by the…
By Himani Vithanage Sri Lanka experienced six consecutive quarters of negative economic growth up to the third quarter of 2023. This downturn has had a direct impact on the labour market, leading to lower wage rates and discouraging workforce participation and skill development. As a result, productivity levels continue to fall, creating a vicious cycle…
Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in September 2024. Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 54.1 in September 2024. This indicates a continued expansion in manufacturing activities, albeit at a decelerated pace relative to the previous month. All sub-indices, except for…
Reuters – U.S. companies from Target and Macy’s to package delivery firm UPS plan to hire thousands of seasonal workers ahead of the crucial holiday season. Retailers are expected to add fewer seasonal jobs this shopping period than last year due to a softer labor market and tighter consumer spending, according to a forecast from Challenger, Gray…
By Priyanka Jayawardena The recent VAT revisions have hit the poorest the hardest, whereas the bottom 10% of income group households now spend about 10% of their income on VAT. The VAT burden has risen by approximately 50%, primarily due to the removal of VAT exemptions on around 100 items. This blog offers potential solutions…
Sampath Bank PLC proudly announces its participation in a significant financial milestone, contributing to the $750 million senior unsecured syndicated term loan facility for the State Bank of India (SBI), facilitated by Mashreq, one of the leading financial institutions in the MENA region. This collaboration highlights Sampath Bank’s commitment to supporting strategic international financing initiatives….
Sri Lanka Association of Inbound Tour Operators (SLAITO), the Apex Body, representing the Destination Management Companies (DMC) industry in Sri Lanka held its 44th AGM last Friday at Heritance Ahungalla. Mr. Nalin Jayasundara, Managing Director of Aitken Spence Travels was unanimously elected as the SLAITO President at the AGM. The SLAITO, formally known as the…
HNB PLC, a leading private sector bank in Sri Lanka, has strategically partnered with John Keells CG Auto (Pvt) Ltd (JKCG Auto), to offer innovative leasing solutions for their BYD vehicle range. This collaboration aims to make sustainable transportation more accessible to Sri Lankan consumers, reflecting both companies’ commitment to environmental responsibility and innovation. Geared…
Kanni Wignaraja, the Assistant Secretary General of the United Nations (UN), met with President Anura Kumara Dissanayake Yesterday morning (14) at the Presidential Secretariat. The discussion primarily focused on governance, constitutional reforms, and the country’s electoral system. Ms. Wignaraja presented the report on “Understanding Multidimensional Vulnerabilities: Impact on the People of Sri Lanka” to President…
Representatives of the Qatar Sri Lanka Business Council (QSBC) and the Export Development Board (EDB) of Sri Lanka engaged in discussions on fostering trade relations and exploring investment opportunities between the two countries. The meeting was held virtually on 09 October 2024. The QSBC delegation was led by President John Prasad, accompanied by Secretary Waruna…
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