News & market updates

The Trump administration ordered a worldwide pause on U.S. foreign aid and directed USAID to align assistance with an "America First" review, threatening disciplinary action for noncompliance. Exceptions are tightly limited to emergency food aid and require strict waivers and approvals.

Asiri Academy of Health Sciences signed an MoU with Malaysia’s Sunway University to allow AAHS foundation students to progress into three Sunway BSc (Hons) programmes (Nursing, Medical Biotechnology, Psychology) after an eight-month foundation, enabling entry as early as after G.C.E. O-levels.

Fadna’s three products commercialised with the University of Colombo—Ortho Shield (90.3% satisfaction), Vernolac (94%), and Satiny (90%)—garnered over 90% customer trust in a Kelaniya University survey.

Apollo Hospitals has opened the Apollo Hospitals International Care Center (AHICC) in Colombo to provide Sri Lankans access to Apollo specialists, telemedicine and advanced treatments including proton therapy. AHICC will also coordinate travel and treatment plans with Apollo facilities in India.

IMF mission chief Peter Breuer said Sri Lanka's state-owned enterprises can either remain state-owned or be privatized, while the new NPP government is resisting privatization and favors improving efficiency and transparency. The IMF urged cost-reflective pricing and timely audited statements for major SOEs.

The Sri Lanka–Greater Mekong Business Council elected Nimal Ratnayake as President for 2024–25. The council plans to deepen trade and investment ties with Vietnam, Thailand, Myanmar and other Mekong nations, focusing on tourism, agriculture and food processing, logistics, digital and healthcare opportunities.

IIHS has launched three undergraduate pathways (MedStart, Biomedical Science and ISWA) to prepare Sri Lankan students for international medical degrees, including a University of Surrey-linked MedStart and an ISWA route with WA scholarships and IELTS exemption. The initiative is presented as helping address a projected 10 million doctor shortfall by 2030.

Hemas Pharmaceuticals donated LKR 10 million to the 1990 Suwa Seriya Foundation to fund two ambulances that will operate in Moratuwa and Peliyagoda. The donation will cover vehicle repair and refurbishment, upkeep of medical and safety equipment, staff training and procurement of uniforms.

Crewstone Plus94 Technology Fund, promoted by Sri Lanka's Plus94 and Malaysia's Crewstone, launched a $75 million private equity vehicle to back early-stage technology firms in South and Southeast Asia. The fund has an 8-year term, $5m minimum investment and operates under the Labuan Financial Services Act with IPO, trade sale and secondary exit options.

The Sri Lanka–Maldives Business Council presented a report to the EDB and Maldives High Commissioner identifying opportunities for Sri Lankan firms across logistics, tourism, agriculture, boat construction, fishery and construction in the Maldives. The council urged Sri Lankan companies to expand trade and noted incentives and concessions to facilitate entry.

Sri Lanka's 2025 appropriation bill, presented Jan 9, sets a borrowing limit of 4,400 billion rupees. The bill allocates 4,218 billion for current spending and 4,616 billion for capital expenditure; Army current spending rose to 220 billion and Health was allocated 169 billion (operational) and 213 billion (development).

The Appropriation Bill for 2025 sets total government expenditure at Rs. 4,616 billion for Jan 1–Dec 31, 2025. Major allocations include Finance recurring Rs.484b/capital Rs.229b, Health recurring Rs.412b/capital Rs.95b, and Transport capital Rs.421b.

The Sri Lankan Cabinet reaffirmed the One China Policy and approved multiple agreements with China, including measures to boost tourism, permit chicken exports to China and acceptance of 35.7 million Yuan in emergency aid for fishermen. The approvals also include MoUs on health, media and information cooperation and an export protocol outlining health and quarantine requirements.

Siyarata Traditional Hospital in Pallekele will celebrate its 25th anniversary in January 2025. Founded in 2000 by Ranjan Muhandiram, the hospital operates a pharmaceutical factory in Pallekele Industrial Park and has received multiple local and international awards, including the 2023 Suva Seva Gold Award.

Colombo ranks 33rd globally for 'easy to get visa', helped by visa-free entry for nationals of 35 countries, boosting the city's tourism accessibility. The city also climbed to 57th for science & technology and 74th for healthcare, reflecting gains in tech and medical services.

Dilip Fonseka, Managing Director of Ceylon Pharma College, unveiled his book 'Rising Above Challenges for Success' at the International Award Meet in New Delhi on 21 December 2024. Founded in 2020, the college has graduated 23 batches, mentored over 1,600 students and was named Sri Lanka’s Best Pharmaceutical Training and Education Institute.

Royal Nursing Home Private Limited was honoured as Sri Lanka’s Best Healthcare Provider for 2024 at the People’s Excellency Awards. Founded in 2007, it operates multiple luxury care centres (including in London), employs over 1,200 staff and aims to serve more than 50,000 people by end-2025.

Industries and Entrepreneurship Development Ministry outlined objectives and planned initiatives, including strategic restructuring of SOEs and a proposed Rs. 50 billion collateral-free startup loan facility. Other measures include a venture capital fund, four new industrial zones, export promotion, SME debt resolution and digital transformation for industry.

George Steuart Health launched a 24-hour CSR campaign offering its Rapidax pain-relief balm to Sri Pada pilgrims at the Nallathaniya entrance, running from the December 2024 Full Moon Poya until the Vesak Full Moon Poya in May 2025.

Ceylinco Life ran 12 free "Waidya Hamuwa" medical camps in 2024 benefiting over 2,600 people and marking 20 years of the programme. The camps provided tests (blood sugar, BP, ECG, cholesterol, CKD urine, BMI, vision) and identified many previously undiagnosed NCD cases.

Colombo Stock Exchange closed down as the ASPI fell 1.83% to 16,049.42 and the S&P SL20 fell 2.24% to 4,860.33; turnover was Rs 11.4bn with a net foreign inflow of Rs 141m. Top positive contributors included John Keells, Aitken Spence, Bukit Darah, Lanka IOC and Nawaloka Hospitals.

Ceylon Hospitals PLC appointed Lasantha Karunasekara as CEO effective Jan 1. He has over 22 years' experience including as Deputy CEO/Director Medical Services at Lanka Hospitals; Ceylon Hospitals shares were reported trading at 123.50 (ordinary) and 99.00 (non-voting).

Ceylon Hospitals PLC (Durdans Healthcare Group) appointed Dr. Lasantha Karunasena as Chief Executive Officer and Director of Medical Services, effective 1 January 2025. The company described the move as a strategic redefinition of senior management to enhance performance and healthcare delivery.

Queen’s Hospital Medical Centre opened in Ratmalana, offering OPD treatment for Rs. 550, 50% discounts on X-rays until 31 January 2025 and 50% off hospital charges for ultrasound/echo, and will hold a free medical camp on 29 January. The hospital also introduced daycare for elderly parents and e-channeling to serve patients from Ratmalana and nearby areas.