Saudi Arabia was ranked as the 3rd potential market for Sri Lankan tourism in June 2024 and the 23rd source market for tourists visiting Sri Lanka during the same period, according to the Sri Lanka Tourism Development Authority (SLTDA). The Embassy of Sri Lanka in Riyadh, in collaboration with the Sri Lanka Tourism Promotion Bureau (STPB),…
The 1st of August, 2024, marks the 45th anniversary of the Sri Lanka Export Development Board (EDB). The EDB was established in 1979 with the objective of establishing a strong government-level institutional framework to develop and promote Sri Lanka’s exports in order to integrate with the global economy consequent to the adoption of liberal economic policies in…
The Central Bank of Sri Lanka (the Central Bank) released its inaugural Market Operations Report (MOR) with the aim of enhancing awareness and knowledge among the stakeholders on monetary operations carried out by the Central Bank in line with the prevailing monetary policy stance. The MOR would be a catalyst to improve transparency and accountability of the Central Bank under…
Target Set to Increase Manufacturing Sector’s Contribution to 20% of GDP by 2030. Entrepreneurship’s Contribution to Workforce Aimed to Reach 7%. Objective to Boost Industrial Exports’ Share to 20% of GDP. 3,925 Manufacturing Industries Registered by June 2024. Rock Phosphate Sales Generate Rs.1,080 Million in 2023-2024. Gem, Jewellery, and Diamond Exports Projected to Yield USD…
Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) reached 59.5 in June 2024, recording its highest index value in thirty consecutive survey rounds. Most of the respondents highlighted that the industry is mainly driven by projects funded by multilateral agencies, particularly related to road rehabilitation and water distribution. New orders increased at a…
Hemas Holdings PLC announced its financial results for the first quarter ended June 30, 2024, demonstrating resilience in a challenging economic environment. The Group’s consolidated revenue was Rs. 25.5 billion alongside operating profits of Rs. 1.9 billion and earnings of Rs. 0.9 billion. The revenue decrease compared to the previous year was largely due to…
Profit before Tax – LKR 7,331 Mn up by 76% Profit after Tax – LKR 4,558 Mn up by 77% Liquidity Coverage Ratio (LCR): All Currency – 412.63% and Rupee – 472.95% Total Capital Adequacy Ratio of 15.35% Impaired Loans Ratio at 3.50% Seylan Bank recorded a robust performance with Profit After Tax (PAT) of…
Port City Colombo announced that two regulations, Offshore Banking, and Offshore Banking — Prudent Management and Confidence, have been gazetted for commercial operations within the area of authority of the Colombo Port City Special Economic Zone. This was made official through the Gazette Notification <2394/66 and 2394/67> dated 26th July 2024. Being yet another key…
By Priyanka Jayawardena Public sector workers’ pensions are paid by tax revenue, with 12% of government revenue allocated for pensions. An IPS analysis shows that public service pensions are not a progressive welfare programme, with half of the publicly funded pensions benefitting the top 20% wealthier group. Implementing a contributory pension fund is crucial to…
The Chamber of Young Lankan Entrepreneurs (COYLE) hosted “The Big Lunch,” along with iLEAD International Academy and Centre for International Forestry Research and World Agroforestry (CIFOR-ICRAF); a groundbreaking event aimed at bringing together stakeholders for the promotion of green entrepreneurship in Sri Lanka. This gathering marked a significant step towards positioning Sri Lanka as a…
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