VFS Global launches extensive tourism promotion for SL

VFS Global has initiated a comprehensive tourism promotion campaign, aimed at boosting Sri Lanka’s appeal to the international visitors.

Cartoon 11.07.2024

Seylan Bank debenture oversubscribed

Seylan Bank’s debenture issue 2024 closed after oversubscription on the opening day (July 10), raising Rs.10 billion. In a filing to the Colombo Stock Exchange (CSE), Seylan Bank shared that it received applications for over 100,000,000 debentures. Fitch Ratings assigned Seylan Bank’s (A-(lka)/Stable) proposed Sri Lankan rupee-denominated, Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘BBB(EXP)(lka)’. The pr

Ambassador Zhenhong urges Sri Lanka to capitalise on China’s economic growth

Sri Lanka should seek to further deepen its ties with China, given China’s consistent support in development and challenging times, according to Ambassador of the People’s Republic of China to Sri Lanka Qi Zhenhong. He expressed hope that Sri Lanka could benefit from China’s rapid economic growth and shared prosperity. “There should be no hesitation in advancing the China-Sri Lanka Free Trade Agreement negotiations,” he said while addressing the

Urgent need for SL to integrate into global value chain: Economist

As Sri Lanka grapples with the ongoing global economic challenges, a senior economist asserted the urgent need for the island nation to integrate into the global value chain, so that it can achieve its ambitious growth plans.

Indices bounce back

The ASPI closed in green as a result of price gains in counters such as Melstacorp, Ceylinco Insurance and Sampath Bank with the turnover crossing Rs 801 Mn. A similar behaviour was witnessed in the S&P SL20. Crossings were witnessed in Agalawatte Plantations and Sampath Bank accounting for 46.6% of the turnover. Mixed interest was observed in Browns Investments, John Keells Holdings and National Development Bank whilst retail interest was noted

Auction yields take a dive following last week’s standstill

The secondary market exhibited selling interest during the morning hours as the investors geared up ahead of the Rs.138.0 billion T-bond auction slated for today. The selling activity was predominantly centred on the 15.09.29 maturity, which traded within the range of 12.10 percent-12.16 percent. In contrast, subsequent to yesterday’s weekly T-bill auction, there was a resurgence of buying interest due to a decline in auction yields across the b

Star Garments to build first overseas manufacturing facility in Togo

Star Garments Group announced its plan to build a large-scale apparel export manufacturing factory in Togo to boost the West African country’s textile and apparel capabilities, through a financing package that includes a US$ 15 million loan by the International Finance Corporation (IFC), a member of the World Bank Group. The move marks Star’s first manufacturing facility outside of Sri Lanka. This project aims to create thousands of jobs in Togo,

CMTA elects new Chairman at 104th AGM

Ceylon Motor Traders Association (CMTA) recently held its 104th Annual General Meeting (AGM). The event was held under the auspices of Chief Guest Duminda Hulangamuwa, Chairman of the Ceylon Chamber of Commerce, and was attended by over 140 dignitaries comprising of the government sector, diplomatic missions and private sector. Virann de Zoysa, Director AMW Manufacturing was elected as Chairman and Andrew Perera, Managing Director of Kia Motors

MillenniumIT ESP announces leadership changes to drive growth

MillenniumIT ESP announced a significant change in its leadership, ushering in a new and promising era for the company. This strategic shift is driven by a transition in Ambeon Group which further strengthens MillenniumIT ESP’s international growth strategy by bringing in the expertise of a new Board of Directors. In tandem with these transitions, MillenniumIT ESP announced several key additions to its Board of Directors. Sujeewa Mudalige, forme

Dialog Enterprise enables sustainable GreenTech Solutions

 Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC., announced its timely commitment to fostering sustainability through the adoption of GreenTech solutions. Leveraging strategic partnerships with top-tier GreenTech solution providers Dialog Enterprise aims to empower organizations reduce their carbon footprint, achieve cost savings, and drive environmental stewardship to heightened awareness and responsibility. In the face

Employers’ Federation of Ceylon holds AGM

The Employers’ Federation of Ceylon (EFC) recently held its 95thAnnual General Meeting. The Board of Trustees and Council Members representing different Employer Groups were appointed for the financial year 2024/25. The outgoing Chairman, Krishan Balendra commended the EFC for extending its services and supporting member organizations during challenging times. He emphasized the vital role played by the Federation in engaging with authorities to

Orient Finance welcomes Daniel Alphonsus as Independent Director

Orient Finance PLC Group announced the appointment of Daniel Alphonsus as an Independent Non-Executive Director to the company’s Board of Directors, effective from 5th July 2024. Daniel spearheads Daraz’s payments, financial services, and digital goods divisions across South Asia. In addition, he serves on multiple economic reform committees for the Sri Lankan government. His previous roles include serving as an economic adviser to Sri Lanka’s f

Remittances to Sri Lanka via MMBL money transfer up 44% YoY

Worker remittances brought into Sri Lanka through the MMBL-Money Transfer network has witnessed a 44 percent growth to US$ 159. 3 million in the first half of 2024. MMBL-Money Transfer represented a 5 percent share of Sri Lanka’s total worker remittances and a 78 percent share of Western Union remittances to Sri Lanka during this period, the entity said in a statement. MMBL-Money Transfer is a 50/50 joint-venture between Aitken Spence PLC and the

SriLankan introduces eco-friendly amenities in Business Class

Comfort meets sustainability in Business Class as SriLankan Airlines introduces new eco-friendly pillow covers and headrest covers made from recycled PET plastic (rPET). This progressive move underscores the airline’s commitment to reducing its carbon footprint as a sustainability-forward organization, while continuing to provide customers with the highest standards of quality. The new amenities are sourced from Procurall Solutions, a leader in

Lumbini Aquaria invests Rs. 150 mn in fish feed export venture

Sri Lanka may soon carve out a niche in the export market for fish feed with the country’s pioneer ornamental fish exporter Lumbini Aquaria International (Pvt) Ltd. commencing manufacture of a series of uniquely Sri Lankan aqua nutrients. Aptly branded ‘Gobble’ the new product has already been exhibited in Germany at the 2024 edition of Interzoo, the world’s largest pet industry trade fair, and has received orders from multiple customers, the com

Great Place to Work Sri Lanka recognizes 10 Best Workplaces in tech sector

Great Place to Work Sri Lanka hosted ‘Decoding the Future of Work in the Technology Industry,’ exploring trends and best practices in the technology sector. The event aimed to educate and engage professionals, providing a platform for sharing knowledge, strategies, and insights on thriving in the future of work. The event kicked off with a presentation by Kshanika Ratnayaka, Director/CEO of Great Place to Work Sri Lanka, who emphasized the impor

SLT-Mobitel Enterprise hosts Partner Demo Day 2024

SLT-Mobitel Enterprise hosted a SME Solution Partners’ Demo Day 2024 recently, designed to showcase the extensive range of business solutions available for enterprise customers across Sri Lanka. The event brought together registered solution partners who presented their cutting-edge portfolios to business front liners, including enterprise account managers, solution engineers, and regional sales and operations teams. The Demo Day 2024 served a d

UBION & KOICA conduct capacity building training

UBION, a Korean Edtech company along with Korea International Cooperation Agency (KOICA), have partnered with Sri Lanka’s Tertiary and Vocational Education Commission (TVEC) to advance the TVET Career Platform Project. The aim of this initiative is to enhance the competencies and professional standards of Career Guidance Officers (CGOs) in Sri Lanka to meet international best practices. A specialized training programme was conducted from 9th Jul

BOC empowers SME export entrepreneurs

In a significant move towards empowering SME exporters around the country, BOC has partnered with the Ceylon Chamber of Commerce (CCC) to conduct province-wise capacity building programmes for potential and existing export SME customers.   These initiatives are organised under ‘BOC Export Circle’, an export boosting effort in keeping with BOC’s resilient stand during the uncertain times. As Banker’s to the Nation, the Bank has taken in its task t

Mûve sets eye on expanding talent pool in Sri Lanka

Mûve, a conveyancing firm in the UK property sector built on the foundation of talent in Sri Lanka, is stepping up its efforts to expand its team of legal professionals to cater to the growing demand in the GBP2.5 billion market. It was recently named one of the UK’s fastest-growing firms for the second consecutive year by the British Sunday newspaper, The Sunday Times in their latest list of 100 fastest-growing companies published annually, mak

Tourist arrivals pick up pace in July

Sri Lanka welcomed over 43,000 international visitors in the first week of July, a significant pickup in the tourist inflow rate from last month.

Post-crisis construction interest surpasses economic boom levels: Industry

Sri Lanka’s construction industry, crippled by poor policies and crisis events, is bouncing back with renewed vigor, industry leaders said, as they see a surge in interest surpassing even the boom times of economic growth.

Nishan Mendis appointed SLASSCOM Chairman for 2024/2025

The Sri Lanka Association of Software and Services Companies (SLASSCOM) has appointed Nishan Mendis as its new Chairman for the term 2024/2025.

Implementation delay of National Single Window frustrates Sri Lanka’s exporters

Sri Lanka’s export community is calling for swift implementation of the National Single Window (NSW) to enhance operational efficiencies.

Indices close on a negative note

Indices closed in red as a result of price losses in counters such as Sampath Bank, Commercial Bank and John Keells Holdings with the turnover crossing Rs. 483 Mn.

Dull market ahead of bill and bond auctions

The secondary market yield curve remained broadly unchanged yesterday, reflecting dull activity and thin trading volumes across the market. Market participants were on a wait and see approach ahead of the treasury bond auction scheduled to be held on 11th for Rs. 58.0bn from 15 Dec 2027 maturity and Rs. 80.0bn from the 01 Dec 2031 maturity.

MAS, official clothing partner for Paris Olympics SL team

Official Olympic Podium kits designed by MAS unveiled for Paris Olympic Games 2024

Sri Lanka Insurance declares Rs.11.2bn bonus for life policyholders

Sri Lanka Insurance Life yet again outshines its own record to declare the largest life insurance bonus in the industry amounting to a staggering Rs.11.2 billion for the year 2023 to its policyholders.

Intex textile sourcing platform to return to Colombo

The premier international textile sourcing platform in South Asia returns to Colombo for its 10th edition.