Business
JAAF welcomes PUCSL’s recent revisions to electricity tariffs
The Joint Apparel Association Forum (JAAF) welcomes the recent revisions made to electricity tariff for the July – December period by the Public Utilities Commission (PUCSL). JAAF specifically welcomes the revisions made to the off-peak industrial electricity tariffs, as tariff revisions that occurred in mid-2022 and earlier this year overlooked industry submissions and concerns, severely increasing costs of operation, risking unemployment in off-peak hours, hampering the apparel industry’s competition in the region and overall sustainability.
In 2022, the off-peak rate increased from LKR 6.58/ kWh to LKR 15/ kWh. Earlier this year, an off-peak increase of LKR 34/kWh from LKR 15 was initiated which resulted in a 400% increase in electricity tariff rates in just 12 months. As highlighted in the JAAF submissions to the PUCSL last week, Sri Lanka had one of the highest industrial tariffs in the region. This posed a significant threat to the industry’s competitiveness in the region and ability to attract investors at a time the island’s economy is in dire need of foreign exchange. Therefore, the industry commends the electricity regulators’ decision to reduce the industrial tariff including the off-peak industry electricity tariff to 29/kWh, allowing the industry to sustain off-peak operations and employment.
The new revisions have reduced overall industry electricity tariff rates by around 9%. While JAAF commends this move, the industry is hopeful that the electricity regulator would consider higher industrial electricity tariff reductions as the export performance of the apparel industry has taken a massive hit due to a sharp fall in orders given the adverse conditions of the global market. With export earnings from apparel and textile decreasing by 14.55% in May 2023, the industry can benefit from a further reduction in costs of operations with reduced industrial electricity tariff rates. This is also a key component in regaining the industry’s competitiveness in the region that took a hit amidst repeated electricity tariff hikes since last year.
Sri Lanka needs to offer its investors a competitive tariff if we are to sustain existing investments and attract new ones. As highlighted by JAAF on numerous occasions, the Ceylon Electricity Board (CEB) which is the electricity transmitter and distributor must urgently scale up the commissioning of large scale renewable energy projects, to meet the government’s objective of producing 70% of the country’s energy from renewable sources by 2030. This needs to be coupled with approval for power wheeling. The latter will be a catalyst for private sector investment in renewable energy, allowing industries to work with private power companies to secure requirements of power, independent of the CEB generation. This will then decrease the burden on CEB, enabling the SOE to lower consumer prices setting the premise to drive down high costs of generation and attract foreign investments through increased competition.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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