Examining specific industries such as technology, healthcare, finance, and manufacturing, including trends, challenges, and opportunities within each sector.
Sri Lanka’s tea industry witnessed a positive development in February 2024, with exports reaching 22.31 million kilograms (M/Kgs). This represents a significant increase of 3.76 M/Kgs compared to February 2023’s 18.55 M/Kgs. The growth is particularly encouraging as most tea categories, except for Tea Packets and Green Tea, showed improvement year-on-year. This indicates a strong
The Colombo Stock Exchange experienced a day of net foreign outflow and profit booking by local investors, leading to a decline in key indices. The year-to-date net foreign outflow surpassed Rs. 8 billion, with yesterday contributing Rs. 2.9 billion on account of LOLC Finance. A significant block of LOLC shares traded off-board, pushing the overall
The Sri Lankan tourism industry faces a wave of controversy as proposals to enforce minimum room rates (MRR) nationwide meet resistance from industry veterans. Chandana Amaradasa, Chairman of Island Leisure and a tourism veteran of over 30 years, strongly condemns the move, arguing that it will cripple the sector. Amaradasa highlights the devastating impact MRR
A Sri Lankan company, Global Conversions, has achieved a world first – successfully converting a Hummer EV SUV to right-hand drive. Based in Ras Al-Khaimah, UAE, this company specializes in automobile re-engineering. Global Conversions doesn’t just convert vehicles; they ensure quality. Chairman Suresh Edirisinghe emphasizes that not only did they complete the conversion, but they
Sri Lankan President Ranil Wickremesinghe has announced a significant initiative to revitalize the country’s gem and jewellery industry. The plan includes opening new mining regions and providing concessions to industry stakeholders. During a recent meeting with industry representatives, President Wickremesinghe revealed plans to initiate mining operations in Sabaragamuwa province and Nuwara Eliya district. This move
Sri Lanka is making significant strides towards increasing its renewable energy capacity with the announcement of two major projects. Power and Energy Minister Kanchana Wijesekera signed a Power Purchase Agreement (PPA) for a 150-megawatt (MW) ground-mounted solar project in Hambantota. This project, representing a $150 million investment, will be developed at the Solar Energy Park
Sri Lanka’s construction industry appears to be showing initial signs of recovery, according to the January 2024 Purchasing Managers’ Index (PMI) for Construction. The Total Activity Index, a key indicator of overall activity, surpassed the neutral threshold of 50 for the first time since January 2022, registering an index value of 52.9. This positive development
Sri Lanka’s famed Ceylon tea industry, currently grappling with various challenges, is charting a course towards regaining its past glory. A recent event organized by the Advocata Institute brought together key stakeholders to discuss and address the pressing issues threatening the industry’s competitiveness and sustainability in the global market. One of the major concerns identified
Sri Lanka’s tourism industry is off to a promising start in 2024, with February arrivals exceeding all post-pandemic records and pushing the cumulative figure for the year past the 426,000 mark. Record-breaking February: February saw a significant surge in tourist arrivals, reaching a new high of 218,350. This surpasses the previous record of 210,352 set
Hatton National Bank PLC (HNB) has reported robust and sustainable performance for the fiscal year 2023, excelling in various aspects including liquidity, asset quality, capital, efficiency, and profitability amidst prevailing global and local economic uncertainties. In terms of financial performance, HNB recorded a notable increase in profit after tax (PAT), with the bank achieving a