CB keeps door open for more rate cuts; but says future action would depend on data

Although the Central Bank said the current monetary policy stance is appropriate to both maintain inflation in line with their desired goal of 5 percent while supporting the recovery in the economy, they kept the door open for future rate cuts, but

CSE sees growing trend among listed entities adopting ESG standards

Having nearly one third of listed entities adopting Environmental, Social and Governance (ESG) principles in their business models and reporting, the Colombo Stock Exchange (CSE) Chief acknowledges a growing interest among listed entities to adopt ESG principles.

dnata Travel Group launches global travel industry event to boost tourism in Sri Lanka

dnata Travel Group, a leading Dubai-based travel services provider, part of the Emirates group, is launching a travel industry event in Sri Lanka this June, ‘Horizon: Sri Lanka’, hosted by senior representatives from its global brands, amidst growing demand for travel to the island country. For dnata Travel Grou

Education for all: Mind remoteness

On May 16, a few experts from the education sector gathered at the Centre for Poverty Analysis (CEPA) in Colombo for a roundtable discussion on ‘inequalities’ of the proposed National Education Policy Framework (NEPF) of Sri Lanka, organised jointly with the University of Nottingham. The discussion was confined mainly to early, primary and secondary public education, although the NEPF covers all sub-sectors, including tertiary education and priv

NSB presents annual report 2023 to president

National Savings Bank (NSB), the largest licensed specialised bank in Sri Lanka, presented its integrated annual report 2023, themed ‘Shaping our Mettle’, to President Ranil Wickremesinghe. The bank de

IBSL-Pan Asia Bank to elevate practical training in banking education

Pan Asia Bank announced the partnership with the Institute of Bankers of Sri Lanka (IBSL). This collaboration will be a key factor for Pan Asia Bank to offer the students of the IBSL the most important practical training opportunities based on the Practical Training Guidelines set by the IBSL. Commenting

Trade Promoters celebrates 5 years in Maldives

Trade Promoters Limited celebrated its five-year milestone of revolutionising the Maldives’ energy sector through its appointed dealer Electrify Maldives. Electrify Maldives, representing Cummins in the Maldives, has been at the forefront of providing cutting-edge power solutions ba

Antyra Solutions, a 2024 Google Premier Partner

Sri Lanka-based digital agency Antyra Solutions has achieved the 2024 Premier Partner status in the Google Partners programme. Antyra’s team of ex

Eco Tablet launches Glass Reborn, Glass Cleaner Rain Drop products

Eco Tablet, which has introduced many vehicle-care solutions using nano technology, has launched its latest products, Glass Reborn and Glass Cleaner Rain Drop, which clean all the glass and side mirrors of vehicles and give them a brighter and transparent look. Glass Reborn removes dust particles, acid rain stains and minor scratches from front and rear windshields, door and quarter glasses an

Aitken Spence Plantation Managements announces delisting

Aitken Spence Plantation Managements PLC board of directors has decided to delist the company’s shares from the official list of the C

People’s Leasing & Finance reports steady growth in FY 2023/24

People’s Leasing & Finance PLC, a leading non-banking financial services provider in Sri Lanka, has demonstrated remarkable resilience and strategic foresight in its financial performance for the fiscal year 2023/24. The com

Investor Visa programme relaunched to spur property investment

In an inspired strategic move to rejuvenate foreign investment in the real estate sector, the Sri Lanka’s Immigration and Emigration Department has reintroduced the Investor Visa programme. This revamped initiativ

ComBank Trade Club hosts forum for importers and exporters

The Commercial Bank Trade Club, a platform created by the bank to empower importers and exporters by providing them easy access to the bank’s trade services, recently hosted an event for more than 100 customers, to foster economic grow

Seylan Bank to disburse ADB’s working capital and long-term loans for SMEs

Seylan Bank PLC, in collaboration with the Asian Development Bank (ADB) and government of Sri Lanka, will disburse working capital and long-term loans from the ADB, aimed at bolstering the small and medium enterprise (SME) sector in the country. In an effort to stimulat

Indices gain after three days of losses

ASPI closed in green as a result of price gains in counters such as Commercial Bank, Sampath Bank and Richard Pieris & Company with the turnover crossing Rs. 1.3 bn. Similar behavior was witnessed in the S&P SL20. High net worth and institutional investor participation were noted in Sampath Bank

Bonds wrap the day on a flat note

The secondary market yield curve remained broadly unchanged as the overall market witnessed dull sentiment while recording thin volumes. Limited trades were o

Watawala Plantations appoints Reyaz Mihular as Chairman

Watawala Plantations PLC announced the appointment of Reyaz Mihular as the Chairman, succeeding Sunil G. Wijesinha, who is stepping down after completing 12 years with the company. Reyaz Mihular has held various significant senior management roles throughout his career. He served as Managing Partner of K

Plantation wage hike accelerates struggling rubber sector collapse: Industry

A top industry leader warned that the recent arbitrary wage hike to plantation workers would accelerate the collapse of Sri Lanka’s struggling rubber sector. Sri Lanka’s natural tuber output declined by 60 percent over the last decade to mere 64,400 tons last year, Colombo Rub

Healthcare and Consumer sectors drive Sunshine Holdings’ FY24 results

Sunshine Holdings PLC recorded resilient revenue growth amidst the backdrop of a moderately stable macroecono

LOLC Finance concludes significant year with highest profits to-date

LOLC Finance PLC has reported exceptional performance recording Rs.21.5 billion profits for the fiscal year 2023/24 with 39 percent YoY growth, representing an ROE of 20 percent. As at the end of the

People’s Bank kicks off year with Rs. 92.7 bn 1Q consolidated gross income

People’s Bank announced its financial results for the first quarter ended March 31, 2024. The bank reported total consolidated operati

World Bank discusses energy transition for Sri Lanka in high-level roundtable

The World Bank organized a high-level roundtable discussion on advancing energy transitions in Sri Lanka, yesterday.

Central Bank hopeful of faster recovery in credit to private sector

Although the private sector credit growth hasn’t so far picked up to the desired levels, the Central Bank said it is hopeful that the pace of growth would improve along with the recovery in the economy as well as the easing of credit conditions, alongside the easing of interest rates.

Treasury to settle allowance arrears of three loss-making state-run plantation companies

Amidst the mounting legal fees and difficulties faced by the employees and former employees, the government has decided to step in to settle the arrears of the statutory allowances of three state-run plantation companies and to recover the relevant amounts in instalments from the future earnings of those institutions. Accordingly, the Cabinet of Ministers this week approved the proposal presented by President Ranil Wickremesinghe to provide the

Indrajit Wickramasinghe announces retirement

Union Bank yesterday announced that Director/Chief Executive Officer Indrajit Wickramasinghe would retire on August 15, 2024, as per the stock exchange release issued by the bank.

Cartoon 30.05.2024

Cabinet nod to develop 52 wildlife bungalows on public-private partnership basis to boost tourism

The Cabinet nod has been granted to develop 52 wildlife bungalows strategically located in key wildlife parks, on a public-private partnership (PPP) basis, to gain traction in particular from foreign tourists, to boost the revenue to support the wildlife conservation efforts. Wildlife Minister Pavithra Wanniarachchi sought the approval of the Cabinet of Ministers this week to invite declarations of intent from the concerned parties and to enter i

ComBank stock takes a tumble following Rs.22.5bn rights issue announcement

The Commercial Bank stock yesterday took a tumble in the Colombo Stock Exchange (CSE), following the bank’s announcement to raise Rs.22.5 billion via a rights issue. The rights issue is to increase its Tier I and the total capital, to accommodate and facilitate future business growth. The board of directors of Commercial Bank at the meeting held on the 28th of this month decided to recommend a rights issue for the approval of the shareholders of

Ceylinco Holdings rebranding sparks spin-off speculations

Speculations have emerged about the potential spin-offs following Ceylinco Insurance PLC’s rebranding to Ceylinco Holdings PLC, a move that reflects its expansion beyond insurance into other business sectors. Ceylinco Insurance PLC secured the shareholders’ approval to the name change to Ceylinco Holdings PLC, at the Annual General Meeting held on May 21, with effect from May 25, this year. Accordingly, the company in a stock filing announced the

ASPI continues losses

Indices closed in red as a result of price losses in counters such as Commercial Bank, DFCC Bank and Hatton National Bank with the turnover crossing Rs 1.0 Bn. High net worth and institutional investor participation was noted in Sampath Bank, Lanka Milk Foods and Nations Trust Bank. Mixed interest was observed in Commercial Bank, John Keells Holdings and Royal Ceramics whilst retail interest was noted in SMB Leasing, Browns Investments and Blue D