Ceylon Chamber international symposium focuses on food safety

The Ceylon Chamber of Commerce hosted the International Symposium on the Role of Science in Food Reformulations recently. The symposium brought together....

Westbury Suites resurrects halted Campbell Avenue project

The halted condominium project, the Campbell Avenue project, is to be resurrected by Westbury Suites, spearheaded by Project Director Muhez Muzammil. The project....

Moratuwa Uni advances to Huawei ICT Competition Global Finals

Huawei Sri Lanka announced that a team from the University of Moratuwa has successfully advanced to the Huawei ICT Competition 2023–2024 Global Finals and Regional Award Ceremony....

HNB General Insurance appoints Dayalanie to board

HNB General Insurance announced the appointment of Dayalanie Abeygunawardena to its director board. Abeygunawardena brings with her....

Dr. Anil Munasinghe appointed as Kelani Cables CEO

Dr. Anil Munasinghe, former Deputy Chief Executive Officer of Kelani Cables PLC, has been appointed as Chief Executive Officer of the company, with effect from April 1, 2024. He started....

People’s Leasing-Hayleys Solar make solar power accessible

Embarking on a bold journey toward sustainable energy solutions, People’s Leasing & Finance PLC (PLC) and Hayleys Solar, the renewable energy arm of Hayleys Fentons Limited, have officially....

DFCC Savings Goal offers 7% interest till end-April

Designed to empower customers with high-return short-term savings plans, DFCC Savings Goal promises a personalised savings experience coupled with flexibility and attractive....

Fitch affirms Construction Guarantee Fund’s ‘BB(lka)’ National IFS Rating

Fitch Ratings affirmed Sri Lanka-based Construction Guarantee Fund’s (CGF) National Insurer Financial Strength (IFS) Rating of ‘BB(lka)’. The Outlook is Stable. The rating....

A lost development opportunity: Regional integration to empower Sri Lankan women

Inequality results in adverse economic, social and political consequences. Unlike the advanced economies, improvements in education, fertility and incomes have not been able to enhance....

Genie Business Powered by Dialog Finance unveils Cutting-Edge Fintech Solutions for Sri Lankan MSMEs

Genie Business, the ultimate all-in-one fintech platform for Sri Lankan businesses, was launched by Dialog Finance PLC to revolutionize the landscape for Micro, Small, and Medium Enterprises...

Cartoon 10.04.2024

Cartoon 10.04.2024

Small Medium Modern Trade outlets gaining traction with SL’s middle class: Study

The Small Medium Modern Trade (SMMT) outlets are rapidly capturing the attention of Sri Lanka’s middle class, with the traditional retailers swiftly adapting to this shifting retail landscape.

Cargills Bank records Rs.730mn PBT in 2023

Cargills Bank released its annual report for 2023, reporting a robust growth in profit before tax (PBT), driven by a 30 percent increase in total assets during the year. The bank posted a PBT of Rs.730 million for the year vs. Rs.206 million in the corresponding period. The total operating income grew 14 percent year-on-year (YoY) to Rs.4,875 million, driven mainly by a 39 percent growth in the net fees and other income to Rs.1,494 mil

Central Bank does not expect firming up in T-Bill yields

The Central Bank said they expect the government securities yields to ease further from their current levels in line with the recent policy rate cut despite some uptick seen recently. Commenting on the bill and bond yields, which saw some bottoming out in March, Central Bank Governor Dr. Nandalal Weerasinghe said it doesn’t indicate a trend, instead it was a reflection of heavy borrowings made by the government during the m

IFC supports CDB to expand green portfolio

In an effort to bolster growth and combat climate change, the International Finance Corporation (IFC) and Citizens Development Business Finance PLC (CDB) announced a new partnership to enhance the latter’s green portfolio, fostering sustainable and inclusive growth. The IFC will support CDB to expand its climate finance product offerings and devise a carbon credit aggregation business model, aligning it with the country’s climate commit

Vulnerabilities in banking sector require close monitoring: World Bank

While Sri Lanka is witnessing improvements in its economic landscape, the World Bank asserted that the persistent vulnerabilities in the banking sector require close monitoring. Even as the credit conditions improved, the non-performing loans (NPL) remained elevated at 13.4 percent in 3Q 2023, compared to 11.6 percent at end- 2022, reflecting a deterioration in the debt servicing capacity in the economy. In the recently launched ‘Sri

Understanding the evolution of consumer behaviour in Sri Lanka

This feature is based on a thought-provoking panel discussion hosted by Capital Alliance Limited which delved into the current trends in consumer spending and the post-crisis outlook for the consumer sector in Sri Lanka. The panelists comprised esteemed industry experts including Maliban Group Chief Executive Officer Ravi Jayawardena, Hemas Consumer Brands Managing Director Sabrina Esufally and Singer Sri Lanka PLC Group Chief Executive Officer

Eco Technologies unveils chemical-free, eco-friendly water solutions

Eco Technologies unveiled recently a revolutionary solution using electronic methods to combat caking and scaling in factories for hot boiler and chillers, eliminating the need for chemicals and providing a long-term fix. Dr. Lalindra Malindra Munnasinghe, CEO and founder, highlighted the cost savings for industrialists compared to traditional chemical treatments. With a five-year service warranty, reliability is assured. The initial cost of Eco

Browns signs MoU with Jayawardenepura University

Brown & Company’s Digital Transformation Solutions Strategic Business Unit recently signed a Memorandum of Understanding (MoU) with the University of Sri Jayawardenepura. The agreement was initiated to enable industrial digitalisation through Internet of Things (IoT) solutions and conduct research and development, along with projects on a partnership basis between the two entities. The significance of the partnership will extend beyond the re

Dhammika Fernando elected FTZMA Chairman

Dhammika Fernando was re-elected as the Chairman of the Free Trade Zone Manufacturers Association (FTZMA) at the 43rd Annual General Meeting. Managing Director – Flintec Transducers Pvt Ltd, Tyronne Weckasinghe was elected as the Secretary of the Association, Manjula Mahadanaarachchi, Chief Executive Officer of Lalan Rubber Pvt Ltd was elected as the Treasurer while Fazal Abdeen Managing Director of ATG Ceylon Pvt Ltd and Nishantha Bakmeege Manag

SEC and CSE organise Island wide teacher training programmes

The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) hosted several impactful teacher training programmes for teachers of the established 100 Capital Market Clubs across the country. These teacher training programmes were conducted in all three languages from the 13th March to 4th of April at teacher training centers across the nine provinces of country. The ‘Capital Market Club’ prog

Damith Pallewatte appointed HNB Acting CEO

HNB PLC announced the appointment of Damith Pallewatte as Acting CEO, effective from 6th April, subject to approval of his fit & propriety from Central Bank of Sri Lanka. The appointment comes as part of a planned leadership transition first announced in May 2023. A qualified Banking and Risk Management Professional with over 27 years of experience including more than 14 years in Senior and Corporate Management positions, Pallewatte brings a wea

LOLC clinches seventh successive People’s Award

LOLC Holdings PLC announced clinching the ‘People’s Financial Services Brand of the Year’ at the SLIM-Kantar People’s Awards 2024. This achievement marks the seventh consecutive year that LOLC has been recognized as the top choice in the nation’s financial services sector. Kapila Jayawardena, Group Managing Director/CEO of LOLC Holdings PLC, expressed his gratitude, stating, “We are honoured and humbled to once again receive this prestigious awar

ESG reporting to be recognized at CFA Capital Market Awards

The 11th annual CFA Society Sri Lanka Capital Market Awards will be held on June 18 June, with a key highlight being the Best ESG Reporting Award conferred for the first time in the history of the event. ESG reporting refers to the process of disclosing a company’s performance and practices related to environmental, social and governance (ESG) factors. It involves the communication of relevant information to key stakeholders, including investors

SFA officials explore local food processing firms

A delegation from the Singapore Food Agency (SFA), headed by Dr. Abdul Jalil Abdul Karder, Assistant Chief Executive Officer (Operations), along with two other officers from the Joint Operation Division of the SFA visited Sri Lanka from March 25-28. The purpose of the visit was to conduct pre-inspections of slaughterhouses in Sri Lanka that have applied for licenses from the SFA in Singapore, with the objective of assessing the potential of Sri

UK’s revised travel advisory boosts confidence in Sri Lankan tourism

Sri Lanka’s tourism sector is expecting a multiplier effect across all key source markets following United Kingdom’s recent update on the travel advisory for Sri Lanka, which will immediately result in a significant boost in tourist arrivals in the upcoming summer season.

Gross official reserves just shy of US$ 5bn

Gross official reserve assets of Central Bank reached the highest levels in more than three years in March as authorities managed...

Embracing Avurudu amidst hopeful recovery

After enduring a series of crises, including the pandemic, Sri Lanka is eagerly anticipating the Avurudu festival ....

Remittances reach seasonal high of US$ 572mn in March

Sri Lankans working abroad typically send the highest amount of money back home in March, ahead of the Sinhala and Tamil New...

Passenger demand up 21.5% in February: IATA

The International Air Transport Association (IATA) released data for February 2024 global passenger demand, showing....