Connect with us

Business

‘To obtain IMF assistance, govt. must address bribery and corruption on urgent basis’

Published

on

By Hiran H.Senewiratne

The government should address the issues of bribery, corruption and mismanagement by way of new legislation without delay to obtain IMF assistance, Head of Sales at Softlogic Holdings Eardley Kern said.

“We are not purely dependent on IMF funds but the most important thing is IMF endorsement, which gives an indication to the external world that Sri Lanka is on the correct course when implementing proper governance issues. Therefore, it is strategically important for the government to meet those requirements, Kern told The Island Financial Review.

Kern added that since the stock market is an important barometer on the economy, IMF endorsement is absolutely necessary to attract foreign investors to the stock market. ‘Huge selling pressure and an exodus of foreign investors from the stock market will be inevitable if the government fails to implement good governance, he said.

Yesterday CSE investor sentiment slightly improved but both indices showed a downward trend. The All- Share Price Index went down by 120.9 points and S and P SL20 declined by 37.62 points. Turnover stood at Rs 854 million without any crossings.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 284 million (1.4 million shares traded), Capital Alliance Rs 85.7 million (1.2 million shares traded), Distilleries Rs 27.8 million (1 million shares traded), Expolanka Holdings Rs 22.8 million (172,000 shares traded), First Capital Holdings Rs 22.8 million (502,000 shares traded), Hayleys Fabrics Rs 19.9 million (451,000 shares traded) and Hayleys PLC Rs 19.6 million (218,000 shares traded). During the day 29.7 million share volumes changed hands in 11000 transactions.

Huge selling pressure was noted in primary dealer companies, including Capital Alliance and First Capital Holdings. The reason for the stock market to come down yesterday was because investors are expecting the Central Bank to implement a hawkish monetary policy stance and maintain the status quo.

It is said that Sri Lanka’s major creditors, such as Japan, India and France, are likely to reach broad agreement this month on debt reduction steps, including extending repayments, foreign media reported.

Sri Lanka has held multiple rounds of talks with bondholders and bilateral creditors, including Japan, China and India, on reworking its foreign debt after suspending repayments in May last year.

A group of Sri Lanka’s major creditors, including the United States, Japan and India, want to sign a memorandum of understanding with the country around the time of the International Monetary Fund and World Bank meetings later this month in Morocco. The only stumbling block is that China is foot- dragging due to geo-political issues, which has negatively impacted Sri Lanka and other countries, market analysts said.

Yesterday, the rupee opened at Rs 323.90/324.10 to the US dollar, after closing on the previous day at Rs 324.00/324.25 to the US dollar, dealers said.

Two bonds were actively trading. A bond maturing on 01.08.2026 was quoted stable at 15.60/75 percent on Tuesday. A bond maturing on 01.05.2028 was quoted at 14.50/80 percent after closing on Monday at 14.45/70 percent.



Business

SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure

Published

on

SLT-MOBITEL marks its triple triumph at the National Business Excellence Awards 2026

Corporate accolades underscore the alignment between its operational excellence and national development

In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.

Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.

Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.

“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.

Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.

However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.

Continue Reading

Business

Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement

Published

on

The panel discussion at the engagement

Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.

The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.

In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.

Continue Reading

Business

American Premium Water strikes Gold at Dragons of Sri Lanka 2026

Published

on

The achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories.

American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.

Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.

For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.

Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.

Continue Reading

Trending