Kaspersky Next introduced for businesses in Sri Lanka

Kaspersky introduced its new flagship product line Kaspersky Next in Sri Lanka, combining robust endpoint protection with the transparency and speed of endpoint detection and response (EDR) alongside the visibility and powerful tools of extended detection and response (XDR). Customers can now cho

ComBank with Q&E to enhance SME capabilities

Commercial Bank announced a strategic partnership with Q&E to enhance the capabilities of small and medium enterprises (SMEs) through the Commercial Bank LEAP Global Linker platform.

SriLankan Cargo-CargoAi to enhance airfreight bookings, payments

SriLankan Cargo, the cargo arm of SriLankan Airlines, has partnered with CargoAi, a leader in digital freight solutions, to simplify and enhance its airfreight booking and payment processes and bring more transparency and velocity for users tha

Two luxury liners visit Hambantota International Port

Two cruise ships docked at the Hambantota International Port on May 15, 2024. MV. Silver Cloud, owned by Silversea Cruises, the luxury brand of the Royal Caribbean group, arrived from Cochin, carrying 232 pas

Laugfs International wins Airman Service Excellence Award

Laugfs International (Pvt.) Ltd, the trusted supplier of Japanese-made Airman power products in Sri Lanka, recently received the prestigious Airman Service Excellence Award for the second consecutive year. Presented by Airman Japan, a globally recognised brand in power generators, the award underscores Laugfs International’s unwa

People’s Bank hosts Inter Branch/Dept. Quiz

People’s Bank hosted its 20th Annual Inter Branch/Department Quiz at Monarch Imperial, Sri Jayewardenepura Kotte, underscoring its commitment to staff development and knowledge sharing. This year’s event saw

Echo3000 sets new benchmarks in hyper-casual gaming market

Digital Zyndicate Co., a leading US-based venture capital firm, recently announced Echo3000, a groundbreaking hyper-casual gaming platform poised to revolutionise the digital gaming sphere. Available now at www.echo3000.com, Echo3000 offers an extensive selection of games that seamlessly blend user-friendly acc

CFA Society SL to hold Capital Market Awards in June

The much-awaited annual CFA Society Sri Lanka Capital Market Awards will be held for the 11th year on June 18, 2024, at Cinnamon Grand, Colombo. Today, it is among the most sought-after accolades that recognises and rewards excellence in the local capital markets.

Navara Capital, training partner for USAID CATALYZE PSD Activity

Navara Capital Ltd, a leading corporate advisory service provider in the country, has been appointed as the training partner for the United States Agency for International Development (USAID) CATALYZE Sri Lanka Private Sector Development (PS

Nawaloka Hospitals introduces preventive screening solutions

Nawaloka Hospitals PLC, a distinguished leader in healthcare solutions, introduced its revolutionary Elite Corporate Services, a g

99x’s Flowyzer empowers software product engineering teams

99x, a leading global product engineering company, unveils its latest innovation, Flowyzer, a developer-friendly environment to provide i

April tea exports expand marginally by 1.3% YoY

Tea Exports for the month of April 2024 totalled 16.38 million Kgs, a marginal increase of 0.21 million Kgs when compared wit

CDS shortens equity transaction cycle

The Central Depository Systems Ltd. (CDS) in a circular yesterday announced the shortening of the settlement cycle from T+3 to T+2 for all equity transactions.

Ceylon Grain Elevators sees improved profits with recovering poultry business

The recovery in poultry feed related business and the increasing demand for chicken have elevated the top and bottom-lines of Ceylon Grain Elevators PLC in the first quarter of 2024 (1Q24). The Group’s top line rose by 29 percent YoY to Rs.5.43 billion in the quarter largely attributed to the increasing demand for compound feed and Broiler & Layer Day Old Chicks (DOCs).

Sri Lanka Telecom PLC sees first quarter profits dip 83% YoY

Sri Lanka Telecom PLC saw its profits for the quarter ended 31 March (1Q24) dip 83.8 percent Year-on-Year (YoY) to Rs. 156 million from 957 million recorded in 1Q23 due to lower operating profit and reduced interest income due to declining interest rates. The entity record

Teejay 4Q profits expand 260%; year end profits down 48%

Teejay Lanka, Sri Lanka’s first multinational textile manufacturer reported net profit of Rs. 549.1 million for the three months ending 31st March 2024, up 260 percent over the corresponding quarter of the previous year and a 15 percent improvement over the preceding quarter. Despite an increas

Economic activities intact despite April slowdown 

Economic activities measured by the Purchasing Managers’ Index (PMI) showed a seasonal setback in April as the demand cooled soon after the

Official garment worker minimum wage not an accurate picture of total earnings: JAAF

The Joint Apparel Association Forum (JAAF) stressed that the official garment worker minimum wage does not paint an accurate image of the total earnings of a garment worker in Sri Lanka.

Rupee expected to dip to Rs.310-320 range later this year: FCR

The Sri Lankan rupee is likely to depreciate in the range of Rs.310-320 against the US dollar in the latter part of the year, First Capital Research (FCR) said.

Getting to zero emission future through cleaner energy

The world warms more when there is more carbon dioxide in the atmosphere, which functions as the earth’s thermostat. Global greenhouse gas concentrations reached 419 parts per million in 2023, about 50 percent higher than they were prior to the Industrial Revolution. This indicates that compared to 1750, there are around 50 percent more carbon dioxide molecules in the atmosphere. Year 2023 was an exceptionally warm year, both on land and in the s

Govt. to allow Power Wheeling Facility for new renewable power projects

The government has decided to grant Power Wheeling Facility for new renewable power projects in allowing renewable power operators utilize Ceylon Electricity Board transmission network to transmit power from their own renewable energy plants to meet their electricity demand elsewhere. Power and Energy Minister Kanchana Wijesekara on Monday sought the approval of the Cabinet of Ministers to enable this facility based on a committee recommendation.

HNB records Rs.11.2bn PBT in 1Q

Hatton National Bank PLC (HNB) recorded a profit before tax (PBT) of Rs.9.8 billion during the first quarter of 2024, while the profit after tax (PAT) amounted to Rs.6.2 billion. At group level, PBT and PAT were at Rs.11.2 billion and Rs.7.4 billion, respectively. The substantial monetary policy loosening adopted by the Central Bank to revive the economy resulted in a drop in AWPLR by 50 percent, from 21.40 percent to 10.69 percent during the 12

Amana Bank 1Q PBT expands 73% YoY to Rs.734mn

Amana Bank saw its profit before tax (PBT) expand 73 percent year-on-year (YoY) to Rs.734.5 million in the first quarter (1Q24), while profit after tax surged by 91 percent YoY to Rs.422.2 million. The bank’s top line witnessed a marginal decline to close at Rs.4.1 billion, owing to the drop in the market rates, in line with the Central Bank’s economic revival policies. However, by maintaining a financing margin of 4.5 percent, the net financing

NTB March profit gets a cushion from lower impairments

Nations Trust Bank PLC (NTB) reported a higher profit for the quarter ended in March 2024 (1Q24), supported predominantly by the lower provisions made for possible bad loans, as the economy is improving along with borrower profiles, which enhances its debt serviceability. The bank reported a net profit of Rs.3.78 billion for the January-March period or Rs.11.58 a share, compared to Rs.2.79 billion or Rs.8.56 a share in the same period last year.

Bank of Ceylon records Rs.9.3bn PBT for 1Q 2024

During the first quarter of 2024, Bank of Ceylon (BOC) achieved a profit before tax (PBT) of Rs.9.3 billion, a substantial increase compared to the previous year. The bank’s interest income for the quarter reached Rs.108.6 billion, making a significant contribution to its total income, even though reflected a reduction of 21 percent year-on-year (YoY), in line with the low interest regime. Similarly, the interest expenses also decreased to Rs.82.

Net foreign purchases record the highest value for the year

Indices closed in red as a result of price losses in counters such as Hatton National Bank and National Development Bank and Sampath Bank with the turnover crossing Rs 3.2 Bn. High net worth and institutional investor participation was noted in Ambeon Capital, John Keells Holdings and Aitken Spence. Mixed interest was observed in Browns Investments, Hemas Holdings and Nations Trust Bank whilst retail interest was noted in LOLC Finance, Marawila R

Auction yields taper down across board

The Central Bank conducted its weekly T-bill auction where weighted average yields declined across the board for the sixth consecutive week. The total offered amount of Rs.177.5 billion was fully accepted with the one-year bill being oversubscribed amidst higher reception. Accordingly, the weighted average yield rates declined by over 30 basis points (bps) across all maturities with the three-month closing at 9.04 percent (-39bps), whilst the si

Dialog Customers Contribute Over Rs. 18 Million to Little Hearts via Star Points

Dialog customers came together extending their support once again to contribute over Rs. 18 Million towards Little Hearts, an initiative spearheaded by the Sri Lanka College of Pediatricians, bringing the total donation amount since 2016 to Rs. 140 Million. The programme aims to develop a 12-storey cardiac and critical care complex at Lady Ridgeway Hospital in aid of children with heart diseases and critical illnesses. This donation will signific

United Motors Lanka PLC Announces the Appointment of Vish Govindasamy as an Independent Non-Executive Director

Currently serving as the Deputy Chairman of Sunshine Holdings PLC, Vish Govindasamy has been instrumental in steering one of Sri Lanka’s top 50 listed companies to great heights. His tenure in various top-tier roles, including as an appointed Member of the Governing Board of the Central Bank of Sri Lanka and as the Immediate Past Chairman of the Ceylon Chamber of Commerce, reflects his extensive expertise and deep commitment in advancing Sri Lank

Pan Asia Bank recognizes top performers

Top achievers within Pan Asia Bank’s top-tier workforce were rewarded at the bank’s Annual Retail Awards held recently. The awards for the ‘Branch of the Year’ were the culmination of the event. With the presence of the Chairman of Pan Asia Bank Aravinda Perera and Director/CEO Naleen Edirisinghe, the award for the best branch for the year was earned by the Piliyandala branch. Kottawa branch was awarded as the first runner-up and Homagama branch