Rs.13 bn support package launched for MSMEs

In an effort to uplift the micro, small, and medium-scale enterprises (MSMEs), the government yesterday launched a comprehensive package of financial facilities which includes both investment and working capital facilities for the sector. A total of Rs. 13 billion has been allocated for this scheme. Fifteen participatory financial institutions, including licensed commercial banks and licensed specialised banks will offer loans at subsidised inte

HR leaders gather to solve Sri Lanka’s talent crisis

Sri Lanka’s workforce challenges took centre stage yesterday as local and international experts gathered to find solutions to the island nation’s growing talent drain.

SL economy outperforms in 1Q, but uncertainty looms due to elections: ADB

Sri Lanka’s economy outperformed expectations in the first quarter, but the outlook for the rest of the year and beyond remains uncertain, according to the Asian Development Bank (ADB).

MSMEs to be uplifted with launch of Rs. 13 bn credit scheme

In an effort to uplift the micro, small, and medium-scale enterprises (MSMEs), the government yesterday launched a comprehensive package of financial facilities which includes both investment and working capital facilities for the sector. A total of Rs. 13 billion has been allocated for this scheme.

LIOC kicks off June earnings season with robust performance

Kicking off the June quarter earnings season, Lanka IOC PLC reported some solid top and bottom-line performance for the three months, riding on the ongoing recovery in the broader economy which requires, literally more fuel to help accelerate.

Sri Lanka fastest in South Asia in embracing digital payments: Visa

Sri Lanka has emerged as the fastest in South Asia in embracing digital payments, a global giant in digital payments said. The post-pandemic behaviour among Sri Lankans has shown a notable shift, with a growth of at least 20 percent in digital transactions since 2019, particularly among debit card holders according to officials of the Visa Corporation. “Sri Lanka is clearly one of our fastest-growing markets in South Asia. We see a strong recov

Aitken Spence in midst of shifting operations towards low-emission economy

Aitken Spence PLC, a leading blue-chip conglomerate, said that while it is looking to continue to invest in growth industries, it would continue to do so by taking into account the importance of climate change-related risks and opportunities faced as a company and a country.

Foreign buying continues

The ASPI closed in red as a result of price losses in counters such as Melstacorp, Sri Lanka Telecom and National Development Bank with the turnover crossing Rs. 1.1 bn.

Vigneshwaran re-elected as Tiles Importers’ Association President

The Tiles and Sanitaryware Importers’ Association of Sri Lanka, at its Annual General Meeting (AGM) recently, re-elected D. Vigneshwaran for a second term as President

Market moves into 4th consecutive session of buying interest

The secondary market moved into the fourth consecutive session of increased buying interest. The belly end of the yield curve centered buying interest amongst maturities between 2026 to 2028, while the long end of the curve remained steady. Among the traded maturities, short term tenors 01.02.26 traded at a rate of 10.15%.

SPARK 2024 Entrepreneurship competition opens entries

The SPARK Skilled Youth Entrepreneurship Competition, a national competitive platform designed to inspire and empower aspiring young entrepreneurs across the nation, has commenced accepting applications from youth aged 15-30 years, for its 2024 edition.

Unilever wins Gold at ISGSD 2024 Industry Awards

Unilever Sri Lanka, a renowned leader in sustainable business practices, secured the coveted Gold award in the Clean Energy for Productive Uses category, at the inaugural International Symposium on Green Industry Initiative for Sustainable Industrial Development (ISGSD 2024).

NDB Bank shines at AIA Bancassurance Achievers Awards

NDB Bank announced the remarkable achievements of its staff at the prestigious AIA Bancassurance Achievers Awards 2023.

Sri Lanka Citizens’ Co-operative Bank opens corporate branch on Castle Street

Sri Lanka Citizens’ Co-operative Bank Chairman Chamika Weerasinghe formally declared open the bank’s corporate branch at No. 176, Castle Street, Colombo 8, a few days ago.

23rd SLIM Brand Excellence Awards embrace ‘Excellence in Human Intelligence’

The 23rd iteration of the SLIM Brand Excellence Awards, themed ‘Excellence in Human Intelligence’ has been launched.

NCCSL to present ‘Perpetuating Your Family Business’ session

The National Chamber of Commerce of Sri Lanka (NCCSL) has scheduled an insightful session titled ‘Perpetuating Your Family Business’ on Friday, July 26, 2024, from 2:30 p.m. to 4:30 p.m., at the National Chamber Auditorium.

Mixed end to week post-bull run

At the end of the week, the secondary market yield curve remained broadly stable amidst mixed activities witnessed across the board. Following a period of consecutive bullish sentiment earlier in the week, the market experienced a subdued session with thin trading volumes during the day. Among the traded maturities, the 01.02.26 and 15.12.26 maturities changed hands in the range of 10.20 percent-10.25 percent and 10.45 percent-10.50 percent, resp

Sri Lanka’s minimum wage hike: Will it help the poor?

In March 2024, the Cabinet approved a 40 percent increase in the national minimum wage level to support the low-income earners who have fallen into poverty due to the economic crisis. Can this pay hike truly help the poor and reduce inequalities in the future? An important question at the moment.

SLT-Mobitel offers tailor-made connectivity solutions for Uber

SLT-Mobitel, the national ICT solutions provider and Sri Lanka’s most-loved ride hailing and food delivery app Uber, have come together to offer tailor-made, value-added connectivity solutions for merchants, couriers and drivers registered on Uber’s platform in Sri Lanka.

Sanasa Ahead programme held in Kegalle

Another event under the concept of Sanasa Ahead was successfully held at the main hall of Sanasa University, Paragammana, Kegalle.

Seylan Cards and Cinnamon Hotels host ‘Gathering of Giants’

Seylan Bank reaffirmed its dedication to supporting efforts at developing tourism and wildlife conservation, through its exclusive partnership with Cinnamon Hotels & Resorts.

SLIC General and RDB partner for bancassurance

Sri Lanka Insurance Corporation General Limited (SLICGL) has entered into a strategic bancassurance partnership with the Regional Development Bank (RDB), the leading financial institution dedicated to development finance, to ensure greater accessibility and convenience for customers seeking comprehensive insurance coverage.

SL should not have major issues in shaking off current default status: Experts

As Sri Lanka awaits the removal from ‘restrictive default’, a status discouraging the potential investors, experts are optimistic about the nation’s ability to move beyond this ranking.

End discriminatory maternity leave practices: Economist

Sri Lanka must urgently address the discriminatory maternity leave policies that distort the country’s labour market, a senior economist asserted.

Global growth to be in line with April forecast: IMF

The International Monetary Fund (IMF) in its latest economic outlook said global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 percent in 2024 and 3.3 percent in 2025.

Cartoon 18.07.2024

Tourist arrivals cross 85,000 mark in first two weeks of July

The tourist arrivals to Sri Lanka have maintained the upbeat momentum for the month, with the island nation welcoming over 85,000 tourists during July.

COPF approves Public Finance Management Bill but raises questions

The Committee on Public Finance (COPF) yesterday announced it approved the proposed Public Finance Management Bill but raised few questions on how the legislation is going to address certain issues. COPF Chairman Harsha de Silva questioned how the bill would address the inaccuracy of revenue assumption, which has been existing for 50 years. “Assumptions made on revenues have been inaccurate for the last 50 years and the chair of the committee que

Electricity tariff cut will help hotels sustain operations: THASL

The recent reduction in the electricity tariffs is a welcome relief for Sri Lanka’s hotel sector, as it would help in the sustainability of operations, The Hotels Association of Sri Lanka (THASL) said. Since 2022, the electricity costs have been the highest operational expense for the hotels, making it challenging for the industry to manage the expenses and offer competitive rates. Earlier this week, the utilities regulator announced a 26 perce

Crossings account for 67% of the turnover

The ASPI closed in red as a result of price losses in counters such as Commercial Bank, Aitken Spence and John Keells Holdings with the turnover crossing Rs 1.2 Bn.