Business
CSE moves up in the wake of SL-IMF deal as local corruption comes into focus

By Hiran H.Senewiratne
Sri Lanka’s shares moved up over 2.5 per cent in mid-morning trade yesterday on new found hope after the IMF announced that it agreed to offer a US$ 2.9 billion loan fund to the crisis-hit country, which has widely focus on to prevent corruption in the government, stock market analysts said.
“This time the IMF recommended measures and reforms based on corruption in Sri Lanka, because the government’s corruption is very critical, which caught up to us. Therefore, the IMF supports creating fiscal transparency and introducing new laws and legislation to address those issues, IMF senior mission chief Peter Breuer said yesterday at the IMF press conference held at the Central Bank head office in Colombo.
Stock market analysts and brokers welcomed and heralded the IMF assistance and support to revive the economy from a medium to long term perspective by reducing corruption in the government sector. The latter task is expected to help in developing the capital market in a sustainable manner.
Amid those developments both indices indicated positive and upbeat situations. All-Share Price Index gained 183.49 points (2.02 per cent) to end at 9254.81 while S and P SL 20 gained 80.01 points (2.73 per cent) to end the day at 3008.98. Turnover stood at Rs 4.1 billion with two crossings. The crossings were reported in Expolanka Holdings, which crossed 1.3 million shares to the tune of Rs 303.7 million, its shares traded at Rs 225 and Kelani Valley Plantations 300,000 shares crossed to the tune of Rs 31.4 million, its shares fetched Rs 104.50.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 735 million (3.8 million shares traded), Expolanka Holdings Rs 253 million (1.1 million shares traded), Melstacorp Rs 249 million (4.4 million shares traded), Lankem Development Rs 137 million (4.5 million shares traded), CIC Holdings Rs 130 million (1.8 million shares traded), Kotagala Plantations Rs 123 million (11.6 million shares traded) and Agsta PLC Rs 106 million (6.7 million shares traded). During the trading almost all stocks, including blue- chips, contributed to the market in a positive manner. Todate, net foreign inflow has been recorded at more than Rs 550 million. It is said that 151 million share volumes changed hands in 37000 share transactions.
Yesterday, the Central Bank’s dollar buying rate was Rs 357.51 and the selling rate Rs 368.86. IMF also said that the Central Bank’s prudential fiscal policy management system has done reasonably well to maintain rupee stability against the dollar.
Business
Ranil calls for regionalism amid global shifts

Reiterates the need to integrate with southern India’s rapidly growing economy
At the inaugural session of the Fifth Bay of Bengal Maritime Dialogue held at Cinnamon Grand, Colombo on May 20, former President Ranil Wickremesinghe delivered a compelling speech urging greater regional connectivity, particularly on the western side of the Bay of Bengal, which he said lags behind its eastern counterparts in infrastructure development for regional connectivity.
Hosted by the Pathfinder Foundation, the event brought together diplomats and maritime experts to discuss the geopolitical and economic future of the Bay of Bengal, a region poised to become a global economic powerhouse by 2050.
Wickremesinghe began by highlighting the shifting global trade landscape, referencing U.S. President Donald Trump’s announcement of reciprocal taxes, which he said could disrupt existing trade frameworks.
“Globalisation will not disappear, but it will be affected,” he noted, emphasising the need for stronger regional trade blocs like BIMSTEC and ASEAN to fill the gap.
“The Bay of Bengal was once the heart of global trade and civilisation,” he said, recalling its historical significance in Buddhism, Pali, and Sanskrit traditions.
A key focus of his address was the stark disparity in connectivity between the eastern and western shores of the Bay of Bengal.
“Now, we must revive that spirit of collaboration through infrastructure-driven economic integration,” he noted.
Further speaking he said,” Infrastructure projects, including high-speed rail links have spurred between China, Laos, Thailand, and Myanmar. The India-Myanmar-Thailand rail link and the proposed land bridge from Rangoon to the Gulf of Thailand aim to reduce reliance on the Malacca Strait. However, Sri Lanka, Bangladesh, and India’s eastern seaboard lack comparable infrastructure.”
Wickremesinghe stressed the need for a Bangladesh-West Bengal-Bhutan-Nepal economic corridor and. recalling his constant past stance, Wickremesinghe advocated for a land connection between Sri Lanka and India’s southern states; Tamil Nadu, Andhra Pradesh, and Telangana, which he said could unlock immense economic potential.
“Sri Lanka’s ports, including Trincomalee and a potential new port between Wattala and Ja-Ela, must be integrated with southern India’s rapidly growing economy,” he said. This, he argued, would boost transshipment, apparel exports, and regional trade.
However, he acknowledged political and environmental concerns, urging ‘exhaustive discussions’ before any final decision is made on the land bridge.
With India projected to become the world’s second-largest economy by 2050 and Indonesia the fourth, Wickremesinghe called for accelerated cooperation.
“The Bay of Bengal’s collaborative success story is unfolding. We can choose to be part of it, or build our infrastructure projects separately,” he said.
The Fifth Bay of Bengal Maritime Dialogue continued on Wednesday, with local and foreign experts delving deeper into these pressing regional challenges.
By Sanath Nanayakkare
Business
SriLankan Airlines begins search for new cabin crew talent

SriLankan Airlines has launched a major recruitment drive in search of new cabin crew talent to represent its renowned frontline team, in line with the airline’s expansion plans amid growing passenger volumes and emerging markets. The process began with a public advertisement that drew nearly 12,000 applications. Demonstrating its commitment to transparency in selection, the airline is now inviting shortlisted applicants to take part in the next phase of the recruitment drive, scheduled to take place from 20–23 May 2025 at the Bandaranaike Memorial International Conference Hall (BMICH).
At BMICH, each candidate will undergo a meticulous multi-stage screening process, including document verification such as qualification certificates, an image and presentation assessment and an aptitude interview conducted by a panel of experts. Candidates must successfully complete each stage to proceed to the next. Those who meet the criteria across all stages will be invited for a final, in-depth interview at the airline’s headquarters in Katunayake, after which the final selection will be made on who is cleared for takeoff.
Susan Jacob, Group Head of Human Resources at SriLankan Airlines commented on the talent acquisition process, stating, “We are seeking individuals who embody the spirit of Sri Lanka and are passionate about providing world-class service to our valued passengers. That’s why we follow a transparent and thorough recruitment and selection process, not just to ensure fairness to all hopeful applicants, but also to choose individuals who are truly cut out for the role. Being a cabin crew member remains an aspirational career for many young people, and while it certainly comes with its perks, it is also a demanding job with long hours, which is why each candidate is evaluated across a range of criteria to make sure they have the right attitude and skills to thrive.”
Business
Sri Lanka and China to strengthen bilateral and cultural ties by joining hands to preserve ‘’Cultural Heritage and Tourism ‘’

Two Tourism Promotional strongholds got together, as Sri Lanka Tourism and City Alliance for Maritime Silk Road Heritage Conservation and World Heritage Nomination (CAMSR ) further strengthened their bilateral and cultural ties focusing on Heritage protection and development of Heritage Tourism, at a special ceremony and Forum held at the Radisson Blu Hotel, Galle, on 19th of May 2025.
CAMSR, is an the organization led by China, which is a city alliance comprised of 34 China cities and one Indonesia city, spreading across Guangzhou, Shanghai, Nanjing, Ningbo, Hangzhou, Wenzhou, Chaozhou, Hong Kong, Macau, etc. The CAMSR coordinator office is located in the Guangzhou Municipal Government, and the Guangzhou culture, Radio, Television, and the Tourism Bureau is the responsible government body. The Chinese delegation comprised of Liu Xiaoming Deputy Chief of Guangzhou Municipal Culture, Radio, Television and Tourism Bureau as the head of delegation together with Zheng Xiaolu Division Director , Hu Jianguang Deputy Division Director and Li Minyong , Chief Curator of Guangzhou Nanyue King Museum attended this event.
The event kicked off with a stunning Traditional dance performance which showcased Srilankan cultural elegance. As a VIP speaker, Sampath Nissanka , Managing Director ,Sri Lanka Tourism Promotion Bureau addressed the gathering. He said “This event in Galle underscores the script of our relations that will be crucial for enhancing the full potential of this Initiative. By working together, sharing experiences, and understanding, we can ensure the Maritime Silk Route to become a pipeline for shared prosperity and development of both nations”. He further said,.‘’I strongly believe this initiative will unlock new avenues for tourism, to attract more visitors to Sri Lanka from China, and foster a deep cultural understanding and exchange between our nations’’
Liu Xiao Ming, Chief of Guangzhou Municipal Culture, Radio, Television and Tourism Bureau expressed his thoughts on this initiative and mentioned that he was pleased to have this long standing partnership with Sri Lanka Tourism in promoting Cultural Heritage among 34 cities in China under the CAMSR program and importance of promoting Galle City as a world heritage site accredited by UNESCO.
Waruna de Silva as a Board member of Galle Heritage Foundation, made a descriptive presentation regarding the ancient relationship between China and Sri Lanka and also the significance of the Galle Harbour as a famous trade hub. Out of the seven voyages of Admiral Zheng He visited Sri Lanka in the 14th Century from Yunnan, four visits were to Galle to explore its potential. He mentioned that specifically the Silk Route, which has been a popular pathway used to connect the two countries during the ancient times since 6th century B.C, Sri Lanka had been an important landmark for maritime activities and trading of spices ever since then. Records of Marco Polo and the Chinese Traveler Monk Faxian are examples for Sri Lanka as a popular Maritime destination. Therefore Galle is considered as a living heritage city and is also becoming a famous hub for International festivals such as the Galle Literary Festival
Ruwan Wijerathna, Chairman , Galle Tourism Department also expressed his views at this occasion by elaborating their role as a provincial tourism body in preserving and developing Galle as a Heritage city.
Thereafter the Maritime Silk Road forum was held, moderated by Li Pei Feng, Global Fellow Partner of CAMSR program where questions were posted to the panel comprised of Li Ming Yong Chief of Guangzhou Nan yue kingdom Museum, Ms. Madubhani Perera, Director PR of SLTPB , Dushan Wickramasuriya, Director/Marketing of SLTPB , Prof. Amalka Wijesooriya Senior Lecturer at the History and Archaeology Department of University of Ruhuna, and Mr. Chandrarathna, Chief of the Galle Maritime Museum on the development of maritime and heritage tourism in China and Sri Lanka.
-
Features4 days ago
Searching for George Keyt
-
News6 days ago
Chikungunya spreading rapidly in Colombo and suburbs
-
Features4 days ago
The Strategic Imperative:Why Sri Lanka Could Transform Indo-Pacific Security Through Space
-
Life style4 days ago
Behind the sparkle
-
Business2 days ago
Dialog Enterprise strengthens data protection and cybersecurity with ISO/IEC 27017 and ISO/IEC 27018 certifications
-
Business3 days ago
Cargills Bank Q1 PAT rises to Rs. 162 million, up Rs. 116 million
-
Business5 days ago
Supreme Court launches online payments via GovPay – a milestone in judicial digitalization
-
Editorial1 day ago
Expediency vs. Public duty