News & market updates

Pan Asia Banking Corporation (PABC.N0000) launched its first Mastercard Debit Card, a Mastercard World Debit offering enhanced security, global acceptance and value-added benefits for everyday and international payments.

ITC Ratnadipa launches Rūhāniyat, an Indian heritage pop-up dining experience in Colombo running from 10 July to 16 August, offering a curated à la carte lunch (12:00–15:00) and dinner (18:30–23:00) menu of regional Indian dishes.

Ceylinco General Insurance's AI visibility score jumped from 28.5 to 83.6 in April, the largest one-month move in BrandRadar's March–May AI Visibility Index of 198 Sri Lankan brands across major LLMs. The study highlights rapid, platform-specific swings in AI recommendations that affect insurers and hotels.

Sri Lanka's tourism earnings fell 12% YoY to $1.51bn in 1H 2026. June receipts were $151.1m (down 11% YoY) and the government has revised 2026 targets to $3.5bn and 2.5m arrivals, requiring more than $2bn in H2 to meet the updated earnings goal.

Workers' remittances rose 9.3% YoY to $695m in June, lifting January–June inflows 23.2% YoY to over $4.6bn — the strongest first half on record, bolstering Sri Lanka's foreign-exchange position amid weak exports and tourism.

Radisson Hotel Kandy appointed Mr. Mangala Hemananda as General Manager; he brings 20+ years' hospitality experience and led the hotel to the Quality Accelerator Award for Q1 2025 in the MEA and SEAP region.

The Ceylon Chamber of Commerce met Belarusian Ambassador Mikhail Kasko to explore closer private‑sector ties to boost trade in machinery, agriculture and pharmaceuticals and increase exports (apparel, tea, coconut, spices, fresh produce) and tourism via direct air links.

Sri Lanka was ranked No. 50 on Travel And Tour World's Top 50 Food Destinations for 2026. TTW highlighted Sri Lanka's aromatic spices and regional offerings from Colombo street food and coastal seafood to tea-inspired hill-country cuisine.

Colombo Stock Exchange's ASPI fell 0.40% (86.60 pts) to 21,678.96 and the S&P SL20 dropped 0.33% to 6,057.66, with market turnover Rs194.1m as banks weighed on the index. Alpha Fire Services announced a proposed acquisition of Icon Engineering, projecting group revenue above Rs1bn, ~30% higher profitability and foreign currency inflows from Maldives projects.

HyperCon 2026, a two-day gaming, esports and digital entertainment convention organized by NXL Entertainment and TRIOSLK, will be held 1-2 August 2026 at the Royal MAS Arena and RCU Skills Centre in Colombo, projected to attract 4,000+ on-site visitors and 100,000+ online viewers.

Saegis Campus and the Event Management Association, in partnership with Pearson UK, launched a Diploma in International Event Management & Marketing Studies to provide industry-integrated education for event professionals. The programme offers hands-on experience at live events organised by EMA member companies to build practical skills and industry connections.

SLTPB held B2B roadshows and networking events in Surat, Rajkot and Ahmedabad on 15, 17 and 19 June 2026, bringing together 48 Sri Lankan travel firms and 550+ travel agents. The events coincided with FitsAir launching direct Ahmedabad–Sri Lanka flights on 19 June 2026, enhancing connectivity from Gujarat.

Sri Lanka Institute of Directors will host the Sri Lanka Corporate Director Summit 2026 on 22 July at Cinnamon Grand Colombo with keynote speakers Binod K. Chaudhary and Dillip Rajakarier. They will discuss board governance, global expansion and supply-chain resilience for future-ready Sri Lankan boards.

ADB lowers developing Asia and Pacific growth to 4.9% for 2026 (from 5.5% in 2025), a 0.2 percentage point downgrade from April due to prolonged energy-market disruptions. It raises regional inflation to 4.3% for this year and warns of risks from tighter financial conditions, supply-chain strains and higher fertilizer/commodity costs.

Government will implement a phased, FATF-aligned AML regulatory framework for virtual asset service providers and has proposed the SEC as prudential regulator, while cryptocurrencies remain unrecognised and banks/cards are barred from facilitating crypto transactions. Talks to enable PayPal inward receipts continue and some banks already offer Wise/Payoneer for cross-border receipts.

A 31-member FIEO-led Indian business delegation visited Sri Lanka (8–10 July 2026) to explore trade and B2B partnerships across pharmaceuticals, engineering, apparel, food/agriculture and infrastructure. Bilateral merchandise trade reached about $7.2bn in 2025–26 and Sri Lanka's exports to India rose nearly 160% over five years.

Sri Lanka plans a Rs.3.5 billion global destination branding campaign by year-end or early 2027, with interim targeted digital marketing and PR campaigns to begin in August in Germany, the UK, Australia and New Zealand. Procurement is underway with World Bank technical assistance and staggered market rollouts planned.

Asia-Pacific visitors—especially Indians—are outspending Europeans in Sri Lanka, with Indian tourists' average daily expenditure around $154 versus the national average of $148. Year-to-date 301,875 Indian tourists (26% of arrivals) have visited and SLTPB is expanding promotions to boost spending and length of stay.

Sri Lanka has cut its 2026 tourism targets to 2.5m arrivals (from 3.0m) and $3.5bn in earnings (from $4.0bn) after the Middle East conflict disrupted air connectivity. Officials say recovery is expected in 2H as new carriers begin services and existing airlines increase frequencies.

Colombo market fell for an eighth session as ASPI dropped 0.60% (130.78 pts) to 21,697.72 amid renewed Middle East tensions, with turnover over Rs.1.4bn and foreign net outflow of Rs.91.7m. Declines were led by Commercial Bank, Melstacorp, Hayleys and John Keells, while capital goods, food & beverage and banking drove turnover.

Government and stakeholders launched immediate and long-term plans to clean and beautify Colombo's Beira Lake, including an immediate seawater flushing sponsored by Nahil Wijesuriya and longer-term restoration funded in the Government Budget. The measures are intended to protect tourism, public health and the urban environment.

Sri Lanka welcomed 34,721 tourists in the first six days of July, a 3.6% YoY decline, while YTD arrivals stand at 1.18 million, 2% below the same period in 2025. The country is targeting 3 million arrivals and $4 billion in tourism earnings for 2026, requiring stronger momentum in H2.

The Classic Car Club of Ceylon held its 34th AGM on 25 June 2026 at The Kingsbury Hotel, unanimously re-electing Sanjiv Alles as President for a fourth term. The club outlined a calendar of events and plans to continue innovation, education and digital engagement to promote classic motoring.

Tal Lanka Hotels Plc (TAJ.N0000) will raise Rs.1,871,429,980 via a rights issue of 66,836,785 new shares at Rs.28 each to repay/pre-pay loans, finance refurbishment of the Taj Samudra, settle vendor dues and meet corporate requirements. The issue is subject to Colombo Stock Exchange and shareholder approvals.

Aitken Spence Travels (part of Aitken Spence PLC) and Lanka Exhibition & Conference Services won a Cabinet-approved Rs.178.71m contract to manage Sri Lanka Expo 2027, scheduled for 14–17 January 2027.

NCGI issued its 2,000th collateral-free credit guarantee, enabling over Rs.14 billion in SME loans within 15 months and targeting 4,000 beneficiaries by year-end. The ADB- and Finance Ministry-backed scheme has allocated 20% to women-owned firms and 24% to priority sectors including agriculture, IT, tourism and exports.

The 10th C Rugby Tag Rugby Tournament takes place on July 17-18 at CR&FC Grounds, featuring 16 teams and a new Corporate Segment that includes corporate challengers from Commercial Bank, Dialog, Cinnamon Colombo Hotels and CDB Finance.

Vietjet's July Double Day sale (7–9 July 2026) offers Sri Lankan travellers one-way Eco fares from USD90 on the new Colombo–Ho Chi Minh City route. The airline's inaugural Colombo–HCMC flight is set for 18 Aug 2026, operating three times weekly, with travel valid 15 Aug 2026–31 Mar 2027.

Emirates will add a second daily A350 service between Dubai and Colombo from 8 August, doubling A350/Premium Economy capacity on flight EK648/649 and replacing the Boeing 777. The increased frequency and capacity boost connectivity and seat availability, supporting tourism and trade to Sri Lanka.