The achievements, marked by robust fiscal discipline, strategic vision and public accountability, signal a renewed trajectory of confidence in state-owned banking institutions.

The BOC announced a staggering pre-tax profit of Rs. 106 billion, the highest ever recorded not only by a bank but by any institution, public or private, in Sri Lanka’s history. BOC Chairman Kavinda de Zoysa emphasized the significance of this financial milestone, stating, “This is a historic record as the BOC recorded the highest profit before tax of Rs. 106 billion, the highest profit achieved by any institution, bank or company in Sri Lanka in its entire history.”

He credited the bank’s strategic focus on national development and SME support, adding, “BOC continues as the largest SME and development bank in the country with the best business rehabilitation unit which is futuristic and supports the entire nation.”

Meanwhile, the NSB posted a dramatic turnaround, reporting a pre-tax profit of Rs. 26.4 billion, a remarkable leap from Rs. 4.2 billion in 2023. Chairman Dr. Harsha Cabral attributed this growth to prudent fiscal governance and effective stakeholder collaboration.

 “The National Savings Bank recorded the highest ever profit before tax of Rs. 26.4 billion for the year 2024. This is a momentous success and a major increase from the Rs. 4.2 billion in 2023,” he said. “The success of NSB is mainly due to the financial discipline and macroeconomic stability of the country. I dedicate this achievement to the entire NSB family, including our employees, board of directors, senior staff, customers and all stakeholders who support us directly or indirectly.”

Dr. Cabral highlighted that NSB is no longer a burden on the state. “We are a self-sustaining success story and not a burden on the Treasury anymore. With professional management and financial discipline, the NSB has achieved its targets and hopes to exceed them in 2025,” he noted. He also pointed to internal reforms and staff incentives that bolstered morale and productivity. In 2024, NSB’s workforce was streamlined from 4,600 to 4,200 while maintaining a 262-branch network. Employees were rewarded with a five-month bonus, and gold coins were reintroduced for long service recognition after a five-year gap.

Both chairmen underscored a rare but significant aspect of their governance: neither they nor their board members draw a salary for their service. “Our reward is the institution’s success and its contribution to national development,” Cabral remarked, a sentiment echoed by de Zoysa as a model of civic-minded leadership.

President Anura Kumara Disanayake commended the accomplishments of both institutions, stating, “These banks demonstrate how strategic leadership and ethical governance can transform public institutions into pillars of national strength. Their performance is a beacon of what’s possible in Sri Lanka’s economic future.”

With an eye on 2025, BOC is set to expand its digital infrastructure to enhance accessibility and customer service, while NSB plans to refine its operations further, guided by corporate governance best practices.

(President’s Media Division)

The Board arrived at this decision after carefully considering the developments both domestically and globally. The Board is of the view that this measured easing of monetary policy stance will support steering inflation towards the target of 5%, amidst global uncertainties and current subdued inflationary pressures.

The selection process enters its next phase from May 20–23 at the Bandaranaike Memorial International Conference Hall (BMICH), where shortlisted candidates will undergo a multi-stage evaluation. This includes document verification, image and presentation assessments, and aptitude interviews conducted by expert panels. Only those who clear all stages will advance to final interviews at the airline’s Katunayake headquarters.

Susan Jacob, Group Head of Human Resources, stated, “We seek individuals who embody Sri Lanka’s warmth and are committed to excellence in service. Our transparent process ensures we select the best talent.”

Ravi Samarasinghe, Senior Manager of Cabin Services, highlighted the broader impact: “This recruitment supports our strategic growth and Sri Lanka’s tourism revival. New crew members will enhance operational excellence and contribute to the economy.”

The drive underscores the airline’s post-pandemic recovery and ambition to strengthen its footprint in emerging markets. Successful candidates will join a team dedicated to elevating SriLankan Airlines’ global reputation for hospitality.

(Pic: dailymirror)

The directive was issued during a four-hour meeting held today (May 20) at the Presidential Secretariat, attended by the airline’s Board of Directors and representatives from all affiliated trade unions.  

The discussions aimed to secure the collective commitment of stakeholders to uphold the government’s decision to retain state ownership of the airline, eliminate losses and steer it toward recovery. President Disanayake stressed that rebuilding SriLankan Airlines would be impossible without unified efforts, adding that the institution must develop its internal capacity to rebuild itself.  

Asserting the government’s role as the political authority, the President reiterated its commitment to making “all necessary sacrifices” to rescue Sri Lanka from its economic crisis. He emphasised that reviving the national carrier is the shared responsibility of its entire workforce.  

Highlighting the allocation of Rs. 20 billion from the budget for SriLankan Airlines, the President underscored the need for stringent fiscal accountability, noting that these funds, drawn from public taxes, must be utilised efficiently. He also welcomed the “positive trend” of April’s operational revenue surpassing targets.  

New proposals have been presented by the Board of Directors to transform SriLankan Airlines, which operates under government ownership, into a profitable entity. In line with these proposals, the trade union representatives who participated in the discussions stated before the President that they would extend their full support to achieving these goals. 

Key Attendees at the meeting included: Mr. Sarath Ganegoda, Chairman of SriLankan Airlines and members of the Board of Directors, representatives from trade unions, including: Flight Attendants’ Union (FAU), the Airline Pilots’ Guild of Sri Lanka (ALPGSL), the Association of Licensed Aircraft Engineers (ALAE), the SriLankan Airlines Aircraft Technicians’ Association (SLAATA), and the Sri Lanka Nidhahas Sewaka Sangamaya (SLNSS), the Inter-Company Employees’ Union (ICEU) and the SriLankan Airlines Executive Association (EASLA). 

(President’s Media Division)

Its Chairman, Professor Ajith Jayaweera, stated that a harvest of 477 million coconuts was recorded in 2024 and a harvest of 555 million coconuts is expected in 2025.

He further noted that the price of a coconut in the areas surrounding the Coconut Triangle has stabilized at around Rs.163.

He stated that this shipment will help end the ongoing salt shortage, ensuring consumers can buy salt from the market without difficulty.

The Chairman added that part of the salt ordered by National Salt Ltd. has already been acquired by the company and is being distributed locally to meet demand.

He stated that recent rains have disrupted the salt harvest in Hambantota and other salterns.  

However, with the arrival of the Indian shipment, he plans to sporadically release salt to the market starting next week.

Chairman D. Nandana Thilaka stated that yesterday (May 14), Lanka Salt Ltd. issued 100,000 packets of 400g table salt to Lanka Sathosa, and another 100,000 packets will be issued today (May 15).

The new tariffs on small packages worth up to $800 (£606) have been cut from 120% to 54%, according to a White House statement.

The flat fee per parcel will remain at $100, while a $200 charge due to apply from 1 June has been cancelled.

Chinese online retail giants Shein and Temu had previously relied on the so-called “de minimis” exemption to ship low-value items directly to customers in the US without having to pay duties or import taxes.

Neither Shein or Temu immediately responded to BBC requests for comment.

The duty-free rule was closed by the Trump administration earlier this month.

Some shoppers told the BBC that they rushed through purchases ahead of that deadline.

The latest rates came after the US and China released a joint statement announcing they would temporarily reduce their tit-for-tat tariffs and start a new round of trade negotiations.

Share markets jumped on Monday after Trump said weekend talks had resulted in a “total reset” in trade terms between the two countries, a move that went some way to ease concerns about a trade war between the two countries.

Under the agreement, the US will lower those tariffs from 145% to 30%, while China’s retaliatory tariffs on US goods will drop to 10% from 125%.

Trump told reporters, that, as some of the levies have been suspended rather than cancelled altogether, they might rise again in three months time, if no further progress was made.

But the president said he did not expect them to return to the previous 145% peak.

“We’re not looking to hurt China,” Trump said after the agreement was announced, adding that China was “being hurt very badly”.

Trump added that he expected to speak to Chinese President Xi Jinping “maybe at the end of the week”.

(BBC News)

Chairman of the Association, Ganaka Amarasinghe, said that although the government had approved the importation of 30 MT of salt, the shipment has been delayed, affecting both availability and pricing.

However, Amarasinghe has said that this shortage is expected to be resolved within the coming week, with the arrival of the delayed consignment.

Meanwhile, consumers and traders have also voiced steep prices of salt.

Reports add that the Consumer Affairs Authority has also received numerous complaints regarding this.

The firm also says it will cut the number of products it makes in China for the American market.

At the same time, car making giant Ford says the levies will cost it about $1.5bn (£1.13bn) this year.

They join a growing list of big businesses warning about the impact of US tariffs on their companies and the wider economy.

“Given the volatile macroeconomic environment and evolving US tariff landscape, it is difficult to predict consumer spending, and Mattel’s US sales in the remainder of the year and holiday season,” Mattel said as it updated investors on its financial performance.

The US accounts for about half of Mattel’s global toy sales. It imports around 20% of its goods sold there from China.

The company said it plans to reduce those Chinese imports to the US to below 15% by next year.

Since returning to the White House in January, Trump has imposed new import taxes of up to 145% on goods from China.

His administration said last month that when the new tariffs are added on to existing ones, the levies on some Chinese goods could reach 245%.

China has hit back with a 125% tax on products from the US.

Apart from China, Mattel imports products – including Barbie dolls and Hot Wheels cars – from Indonesia, Malaysia and Thailand.

The three countries were also hit with steep tariffs by Trump in April, before they were paused for 90 days.

Last week, Trump acknowledged the potential impact of tariffs. American children might “have two dolls instead of 30 dolls”, he said, but added that China would suffer more than the US.

Carmaker Ford said it expected tariffs to add $2.5bn to its overall costs this year, mainly due to the increased expense of Mexican and Chinese imports.

But the firm said it had cut about $1bn of those added costs by taking various measures, including transporting vehicles from Mexico to Canada to avoid US tariffs.

The firm also suspended its annual earnings guidance to investors because of uncertainty around Trump’s trade policies.

In April, firms including technology giant Intel, footwear makers Adidas and Skechers, and consumer goods group Procter & Gamble detailed the impact of tariffs on their businesses.

“The very fluid trade policies in the US and beyond, as well as regulatory risks, have increased the chance of an economic slowdown with the probability of a recession growing,” Intel’s chief financial officer David Zinsner said during a call with investors.

Sportswear giant Adidas warned tariffs would lead to higher prices in the US for popular trainers, including the Gazelle and the Samba.

The finance chief of footwear firm Skechers, David Weinberg, told investors: “The current environment is simply too dynamic from which to plan results with a reasonable assurance of success.”

And Procter & Gamble – which makes Ariel laundry detergent, Head & Shoulders shampoo and Gillette shaving products – said it was considering changes to its prices to make up for the extra cost of materials sourced from China and other places.

(BBC News)

On that day, trading, which commences at 9.30am, will conclude at 12:30pm – two hours earlier than the usual closing time of 2:30pm.

The CSE stated that the decision was made to accommodate the convenience of investors, staff, and other market participants during the election day.