HNB appoints Suresh Shah to Board

HNB PLC yesterday announced another strategic addition to its Board of Directors with the appointment of Suresh Shah as an Independent Non-Executive Director. Shah brings with him a

Indices bounce back

Indices closed in green as a result of price gains in counters such as Hatton National Bank, Sampath Bank and Commercial Bank with the turnover crossing Rs. 2.7bn. High net wor

BESPA-FOOD project builds Sri Lanka’s capacity for standards development

The European Union (EU)-funded Best Standardised Practices for the Agri-Food Sector (BESPA-FOOD) project, implemented by the United Nations Industrial Development Organisation (UNIDO) as well as the United Nations Food and Agriculture

Prez wants Bingiriya Industrial Zone completed by this year

President Ranil Wickremesinghe this week directed relevant officials to ensure the completion of infrastructure development in the Bingiriya Industrial Zone by the end of this year. These instructions were given during a discussion held at the Presidenti

Uber hosts Springboard initiative for Lankan start-ups

Uber, the global ride hailing and food and grocery delivery platform, hosted ‘Uber Springboard’, an initiative to encourage Sri Lankan start-ups to strengthen the country’s entrepreneurial ecosystem. With support from

Litro Gas commissions Mabima storage and bottling facility

Litro Gas, Sri Lanka’s national LPG provider, commissioned its state-of-the-art refurbished and upgraded storage and bottling facility in Ma

BOI recognises Virtusa as Outstanding Exporter

Virtusa Corporation, a global provider of digital business strategy, digital engineering and IT services and solutions, was recognised as one of the Most Outstanding Exporters in the Services category by the Board of Investment of Sri Lanka (BOI), at the Awards Ceremony held at the Presidential Secretariat recently. Virtusa was among 30 organis

IASL introduces 2024/25 office bearers

The Insurance Association of Sri Lanka (IASL), the representative body of the insurance industry in the country, has announced the reappointment of its esteemed office bearers for the year 2024/25. The event took place

Dialog renews pledge to GSMA’s Connected Women Commitment Initiative

Reaffirming its dedication to gender equality and digital empowerment, Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, renewed its pledge to the GSMA’s Connected Women Commitment Initiative. This commitmen

Communication Technologies unveils Zappy AI

Communication Technologies (Pvt.) Ltd introduced Zappy AI, a groundbreaking sales automation solution poised to transform the way businesses engage with their customers. Designed to streamline operations and enhance customer interactions, Zappy AI represents a significant leap forward in efficien

Measuring pulse of pulses: Improving food security in Sri Lanka

While Sri Lanka is recovering from its worst economic crisis since independence, significant concerns remain as 42 percent of the households still adopt food coping strategies, which severely affect both the quantity and quality of protein consumption.

No import of vehicles expected in near future - Vehicle Importers Association

While denouncing the false rumours regarding imminent vehicle importation, the Vehicle Importers Association of Sri Lanka (VIASL) clarified that no vehicles, including lightweight vehicles, will be imported within the current year or before the election.

Sri Lanka targets economic transition achieving net zero

Plans are underway to introduce legislation in Parliament, which would ensure that all government policies focus on the transformation to a highly competitive export-oriented economy, President Ranil Wickremesinghe said.

Exporters demand swift action from government

The senior representatives of Sri Lanka’s key export sector came on to one platform this week to shed light on their list of woes, which only seems to be getting longer, with little being done to address the challenges faced.

Government must fully digitalise Sri Lanka Customs

The government must fully digitalise the services offered by the border agencies, including Sri Lanka Customs, to ensure paperless trade, which will facilitate exports and bring down the cost of living.

Dialog-Airtel share swap details out

Dialog Axiata yesterday shared further details on the share swap with Bharti Airtel. Following inking the deal with Bharti Airtel last month for a merger, the share swap will be executed at a ratio of 5,041 Dialog Axiata PLC shares for every 642,966 shares held by Bharti Airtel Limited in Bharti Airtel Lanka (Private) Limited. In a filing to the Colombo Stock Exchange, Dialog Axiata said that under the proposed transaction, Dialog would acquire o

Expolanka receives SEC approval to delist from CSE

Expolanka Holdings this week received the approval from the Securities and Exchange Commission (SEC) to delist from the Colombo Stock Exchange (CSE). The approval for the application that was put forward on April 3 was granted on May 7. Accordingly, Expolanka will delist the shares from the official list of the CSE, at an exit offer price of Rs.185 per share. In a filing to the CSE, Expolanka said it would take all actions necessary to complete t

Citrus Leisure appoints new chairman and director

Citrus Leisure PLC announced the appointment of Suresh de Mel as Chairman of the board of directors along with Lalith Withana as an Independent Non-Executive Director to the boards of the group companies. De Mel will serve as Chairman of Citrus Leisure Group of Companies, which includes Waskaduwa Beach Resorts PLC and Hikkaduwa Beach Resorts PLC. The appointment comes following the sudden demise of the group’s much-loved Chairman Prema Cooray.

DFCC Bank sees profits surge in 1Q

DFCC Bank PLC reported some robust financial performance for the three months ended in March 2024, although the core banking performance is yet to contribute meaningfully to the bank’s bottom line. Releasing its interim report for the January-March quarter, the bank reported earnings of Rs.8.94 a share or Rs.3.79 billion, compared to Rs.4.97 a share or Rs.2.01 billion a year ago. The profit was mainly supported by the Rs.1.88 billion gains it rea

Downturn continues

The ASPI closed in red as a result of price losses in counters such as Melstacorp, Commercial Bank and LOLC Finance with the turnover crossing Rs 2.2 Bn. Meanwhile, the S&P SL20 edged down. High net worth and institutional investor participation was noted in John Keells Holdings, Pan Asia Banking Corporation, and Sampath Bank. Mixed interest was observed in Hayleys, Dialog Axiata and Haycarb whilst retail interest was noted in Browns Investments,

Auction yields on steady descent

By First Capital Research The secondary market yield curve experienced a continued dip, reflecting a bullish sentiment as the auction yields sharply decreased in the recent bill auctions. With buying interest, short tenures 01.02.26 traded in the range of 10.30 percent-10.20 percent, while 15.05.26 and 01.06.26 hovered between 10.60 percent-10.45 percent and 15.12.26 traded between 10.67 percent-10.60 percent. Additionally, the 2027 maturities,

Unveiling Dialog’s Unlimited Blaster: One Plan, One Month, Unlimited Access

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, announced the launch of their latest Unlimited Blaster monthly plan, priced at Rs. 1299 and designed to deliver a truly boundless digital experience, reinforcing the Company’s commitment to unrivalled value and seamless connectivity for its customers. This latest offering stands out by providing unlimited access to the subscriber’s favourite social media apps including Facebook, WhatsApp, a

Seylan Bank to facilitate International Industry Expo 2024

Seylan Bank is set to enable the anticipated International Industry Expo 2024 for the 2nd consecutive year. The expo, organised by the Industrial Development Board under the purview of the Ministry of Industries, will be held from the 19th of June to the 24th at the Bandaranaike Memorial International Conference Hall (BMICH). In its role as a catalyst for the growth and development of Sri Lanka’s industries and small and medium-sized enterprises

Taking Stock Equity market outlook for 2024

The stock market serves as a barometer of a nation’s health, responding to various factors such as economic indicators, political stability, and overall consumer sentiment. Sri Lanka’s equity market has been showing signs of strength and optimism in recent months, with a bullish trend that has caught the attention of investors. Despite facing a prolonged period of volatility and uncertainty including a contraction in GDP, soaring inflation rates

NDB shines at Great Manager Awards 2023 with highest number of wins

National Development Bank PLC (NDB) reaffirms its commitment to excellence by being recognised as a ‘Company with Great Managers’ at the Great Manager Awards 2023. Hosted by the Colombo Leadership Academy for Leadership Excellence, this recognition celebrates NDB’s exceptional leadership and managerial talent. NDB’s stellar performance at the awards ceremony saw seven individuals from the bank’s management secure awards across various categories

Emirates extends strategic partnership with Sri Lanka Tourism to boost visitor traffic

Emirates has reaffirmed its long-standing commitment to promoting tourism to Sri Lanka through a Memorandum of Understanding (MoU) signed with the Sri Lanka Tourism Promotion Bureau at Arabian Travel Market 2024 in Dubai. The MoU was signed by Ahmed Khoory, Emirates’ Senior Vice President, Commercial West Asia & Indian Ocean, and Chalaka Gajabahu, Chairman, Sri Lanka Tourism Promotion Bureau, in the presence of Tourism Minister Harin Fernando and

People’s Bank re-launches SPARK Entrepreneurial Development Programme

People’s Bank announced the re-launch of its SPARK Entrepreneurial Development Programme, aimed at bolstering young entrepreneurs and supporting the growth of small and medium enterprises (SMEs) throughout Sri Lanka. Initially launched in 2022, SPARK has been redesigned with updated eligibility criteria to make entrepreneurial success more accessible than ever before. The revamped SPARK programme now welcomes applications from budding entreprene

LOLC Finance relocates Wellawatta branch

LOLC Finance relocated its Wellawatta branch to its very own property at No 501, Galle Road recently. The opening ceremony was held on May 2nd, with the presence of Conrad Dias, Chairman of LOLC Finance PLC and Krishan Thilakaratne, Director/CEO of LOLC Finance PLC, together with the LOLC management team, key officials, staff members, customers and well-wishers. The state-of-the-art design and technology of the new branch reflect LOLC Finance’s

Colombo Plan seeking greater collaboration in maritime and logistics sector

The Indian High Commissioner to Sri Lanka Santosh Jha met with Dr. Benjamin P. Reye -, Secretary General of Colombo Plan and Rohan Masakorala - Lead Consultant of the Port of Colombo Capacity Building Project recently to discuss the priorities of Colombo Plan and opportunities for further collaboration. India plays a vital role in the development of the maritime and logistics sector in South Asia is among the fastest growing economies of the

National Chamber seminar on Country of Origin certification and upcoming FTAs

The National Chamber of Commerce of Sri Lanka in collaboration with the Department of Commerce, Sri Lanka will be conducting a seminar on “Country of Origin certification for Exporters and upcoming FTAs” on 16 May from 2.30 p.m. to 4.30 p.m. at the National Chamber Auditorium. The scope of the programme will be: Understanding the Importance of Country of Origin Certification: Overview of country of origin regulations and requirements, Benefits o