Sizeable uptick in auction yields across board for 3rd consecutive week

The Central Bank conducted the weekly T-bill auction yesterday, raising Rs.230.0 billion and accepted the total offered while the weighted average yield rates saw a rise across the board for the third straight week. Accordingly, the three-month and six-month bills edged higher by 50 basis points (bps) and 51bps to close at 9.39 percent and 9.81 percent, respectively while the one-year bill nudged up by 36bps to 9.90 percent. Moreover, the three

LOLC Finance pledges commitment to ocean conservation and sustainability

LOLC Finance marked World Environment Day and Ocean Day with a series of impactful initiatives aimed at fostering ecological conservation and awareness. World Environment Day holds profound significance for LOLC Finance, underscoring the increasing importance of environmental, social, and governance (ESG) factors in financial decisions. A significant highlight of these celebrations was marked by signing the “Life to Mangroves” project agreement

Union Assurance celebrates top achievers at annual awards ceremony

Union Assurance celebrated the outstanding achievements of its Agency Distribution Channel at the Annual Awards 2023 held at Shangri-La Hotel, Colombo. The Annual Awards event aimed to celebrate the top performers in the Agency Distribution Channel while inspiring the advisors to strive for continuous excellence. The event was attended by the senior management of the company and John Keells Holdings, including the Chairperson Krishan Balendra.

DigiEcon Investment Summit to feature top industry experts

The ‘DigiEcon 2024’ Investment Summit, Sri Lanka’s premier technology and investment event organized by the Ministry of Technology and powered by Mastercard, is gearing up to host a remarkable lineup of speakers this year. The highly anticipated summit, scheduled for June 25, promises to unlock invaluable insights and power strategic alliances that will provide a platform to redefine success in the digital economy. The Summit’s comprehensive ag

CCD and Honda crack down on counterfeit spare parts

In a collaborated effort to combat the distribution of counterfeit spare parts, the Colombo Crime Division (CCD) and the Honda Motor Company initiated multiple criminal raids in different areas of the country. Accordingly, several dealers who were involved in the sale of counterfeit spare parts of the Honda Brand were arrested in police operations conducted in Kurunegala, Rathnapura, Homagama and Panchikawatte areas. Moreover, some dealers wer

ComBank boosts digital banking through dual promos

The electricity bills of 300 customers will be wiped out, and three customers will each win a tour package for two to Singapore under an exciting new campaign launched by the Commercial Bank of Ceylon to promote use of ‘ComBank Digital’. The bank has announced that these valuable prizes will be offered under two promotions – ‘Pay and Win’ and ‘Transact and Win’ that will run till the end of August 2024, and will be open to all existing users of C

‘NDB Araliya’ promo offers exclusive gifts

NDB Bank announced the ‘NDB Araliya Promotion 2024’, running from June 3rd to July 31st, under the theme “Save and Be Gifted.” This special campaign continues the bank’s tradition of empowering women by encouraging them to save and invest in their futures, offering exclusive rewards as a token of appreciation for their trust and commitment. The NDB Araliya savings account, designed specifically for women, aligns with the bank’s commitment to pro

HNB receives ‘Best Automobile Financing in Asia-Pacific’ award

HNB PLC was recently honoured with the Best Automobile Financing in Asia-Pacific award at the Asian Banker Global Excellence in Retail Financial Services Awards 2024. HNB received this accolade for its commitment to seamless facilitation of vehicle ownership nationwide. Notably, HNB was recognized for its significant support to grassroots communities through value-added leasing agreements with partners such as Browns, DIMO, Hayleys, Lanka Commerc

DFCC Aloka hosts special event to honour women in healthcare

DFCC Aloka, the women-centric banking proposition from DFCC Bank, recently conducted a unique programme to honour women in healthcare at the Kandy General Hospital to celebrate International Women’s Day. The event witnessed several exciting activities, together with an insightful panel discussion, which highlighted women’s critical role in supporting the health and well-being of our communities. Shera Hassan, Vice President and Head of Pinnacle

Sierra Cables sustains Fitch ‘A+ (lka)’ rating for three consecutive years

Cable manufacturer Sierra Cables PLC has sustained a solid rating of A+ (lka) with a stable outlook for three consecutive years from Fitch Ratings. Despite the challenging economic conditions both locally and internationally, Sierra Cables’ impressive standing is a testament to the company’s financial performance and strategic management decisions which played a pivotal role in maintaining this consistent distinction. Commenting on the recogniti

Dettol launches latest skincare soap

Dettol introduced its latest skincare soap to the Sri Lankan market recently. The launch event, named ‘Dettol Beauty Pink Night’ featured Sri Lanka’s first influencer ramp walk. This event drew some of the country’s most beloved and influential female social media personalities, including Rozanne Diasz and Hasini Gunasekara, a prominent beautician. The event was not only a visual delight but also an insightful gathering where experts shared thei

Increased migration of educated youth

Many Sri Lankans want to leave the country, and most of them are from the “educatd youth” category. There is a growing discussion in Sri Lankaabout people’s desire to leave the country, especially within its currentpolitical and economic context. Sri Lankans migrating to other countries for both temporary employment purpose and permanent residencial purpose continued to remain a socio-economic issue for decades. However, the gravity of the probl

Int’l university at Port City Colombo set to elevate regional education

Port City Colombo is set to become the engine of Sri Lanka’s future economic development by opening up opportunities for local and international university level students to pursue academics in diversified fields of study.

Improved focus on exports

According to Maharaja Foods Limited (MFL) Chairman/Non-Independent Executive Director Vijayananth Guganathan, the main aim of the IPO is to finance business expansion and growth, in particular focusing on the export segment where the ‘Maharaja Foods’ brand has gained ground among the Sri Lankans living abroad as an ethnic food brand. “We will use the majority of the IPO funds to set up a raw rice plant and a rice polishing plant, setup a gingelly

Maharaja Foods to become first women-led enterprise with Northern origins to be listed on CSE

Maharaja Foods Limited (MFL), a leading manufacturer, exporter and a distributor of authentic Sri Lankan foods and groceries, is on the route to become the first women-owned enterprise with Northern origins to be listed on Colombo Stock Exchange (CSE). The company plans to issue an offer for subscription of 25 million new ordinary voting shares, amounting to approximately 20 percent post-initial public offering (IPO), at an of

Cartoon 20.06.2024

SL’s FIU and FINC-Bahrain ink MoU to exchange financial intelligence

The Financial Intelligence Unit of Sri Lanka (FIU-Sri Lanka) entered into a memorandum of understanding (MoU) with the Financial Intelligence National Centre of the Kingdom of Bahrain (FINC-Bahrain), to exchange financial intelligence related to money laundering (ML) and associated predicate offences and in relation to terrorist financing (TF) offences.

Nvidia dethrones Microsoft to become the world’s most valuable company

Chip-maker Nvidia dethroned fellow tech giant Microsoft to become the world’s most valuable company after its share prices surged to an all-time high, Tuesday.

CCD and Honda crack down on counterfeit spare parts

In a collaborated effort to combat the distribution of counterfeit spare parts, the Colombo Crime Division (CCD) and the Honda Motor Company initiated multiple criminal raids in different areas of the country.

PUSCL seeks public input on electricity tariff revision

The Public Utilities Commission of Sri Lanka (PUCSL) has has called for public opinions regarding the revision of the 2nd round of electricity tariff reductions, proposed by the Ceylon Electricity Board (CEB) for 2024.

Experts warn Economic Transformation Bill may deter foreign investments

The Economic Transformation Bill could create an oasis in an island of bad governance, sparking uncertainty among foreign investors and threatening the flow of crucial investments, warn legal and investment experts.

IMF report, tax reforms webinar on June 24

KPMG Sri Lanka Academy presents a webinar titled ‘The IMF Report - Tax Reforms’ on Monday, June 24, at 3:00 p.m.

IMF’s role in Sri Lanka: A misguided decision?

Let us not kid ourselves. The International Monetary Fund (IMF) has nothing to do in Sri Lanka, not least with what Sri Lanka has been going through. So, you might

CCC-Southern Gujarat Chamber of Commerce sign MoU

The Ceylon Chamber of Commerce (CCC) recently signed a memorandum of understanding (MoU) with the Southern Gujarat Chamber of Commerce and Industry (SGCCI), paving the way for enhanced cooperation and growth between Sri Lanka and the dynamic business community of South Gujarat, India. Established in 1940,

Talal, Policy Advisor to Opposition Leader

Opposition Leader Sajith Premadasa has appointed Talal Rafi as his policy advisor. Rafi is an economist and is an economic policy consultant to a multilateral development bank. He is a regular contributor

ACCA SL honours tutors and lecturers

The Association of Chartered Certified Accountants (ACCA) recently held a distinguished Tutor Recognition Ceremony

Rally for wage adjustments

The Sri Lanka Bank Employees Union (SLBEU) yesterday held a protest in front of the People’s Bank head office in Colombo, demanding that State Bank employees be given a salary commensurate with their tax burden

Abans empowers Sri Lanka’s brightest minds

In a heartwarming display of corporate responsibility and dedication to the future of Sri Lanka, Abans has taken a monum

KPMG India to host All India Partners Meet in SL

KPMG in India is scheduled to host its 31st All India Partners Meet in Colombo, Sri Lanka from June 20-22, 2024. The annual meeting of the India Firm is one of the largest meets to be hosted in Colombo, with over 600 India Partners and their familie

NDB Bank with IFC empowers female entrepreneurs

In a significant move towards empowering women and promoting financial inclusion in Sri Lanka, NDB Bank has partnered with the International Finance Corporation (IFC) to conduct a series of training programmes for female entrepreneurs.