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ICTA’s Disrupt Asia draws spotlight on transforming and driving digital innovation in Sri Lanka

September 18, 2019

With Sri Lanka on the cusp of establishing a digitally empowered country and knowledge economy, the Information and Communication Technology Agency (ICTA), Sri Lanka's apex government agency for ICT under the ministry's authority and management of Ajith P. Perera, Minister of Digital Infrastructure and Information Technology, continues to harness exponential technological channels effectively.

New investments and processes at Keells, journey of freshness for clients

September 18, 2019

With a' Freshness Guarantee' or doubling your cashback commitment in 2018, Keells continues to invest in fresh processes, equipment and innovations to offer the best in freshness and quality to clients.

Call for more public awareness on Monetary Law Act : Central Bank Governor

September 16, 2019

Central Bank Governor, Dr. Indrajit Coomaraswamy called on the public to be more aware of the proposed changes to the Monetary Law Act. He was speaking at the Central Bank Auditorium recently before an annual oration by political scientist and former advisor to the Ministry of Finance Razeen Sally.

1.6 billion Aid to Improvement of the Public Security and Counter terrorism Activities

September 13, 2019

The Easter Sunday terrorist attacks threatened public security in Sri Lanka with a huge adverse financial effect on the country's rapidly increasing tourism industry. As an immediate reaction to the incident, the Government of Japan has agreed to grant Japanese Yen 01 billion (roughly Rs. 1.6 billion)

SLTBP welcomes delegation of high profile Indian journalists

September 9, 2019

Sri Lanka Tourism Promotion Bureau (SLTPB) hosted a press tour for a delegation of high profile journalists from prominent media houses in India, who arrived in Sri Lanka in order to promote the destination as one of the best and the safest tourist destinations.

Ramada hosts ‘Yaal Virindu’ Jaffna food festival

September 9, 2019

The ‘Yaal Virindu’ food festival commence last week and will hold till September 15, 2019, at Ramada Hotel Colombo. The event is organized with the key objective to celebrate the distinct flavors of Northern Sri Lanka that separate it from the traditional cuisine found in the rest of the island.

Financial Intelligence Unit of Sri Lanka entered into MoU with CMA and National Gem and Jewellery Authority

September 7, 2019

In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding (MOUs) with Condominium Management Authority (CMA) and National Gem and Jewellery Authority (NGJA)

Softlogic Life wins the Effies 2019 Brand of the Year

September 6, 2019

At the lately completed Effie Awards 2019 at Water's Edge Battaramulla, Softlogic Life Insurance PLC became the youngest Sri Lankan

In the near future domestic flights to three major areas

September 6, 2019

In the near future, Sri Lanka will start flights from Ratmalana to three main areas

Apparel industry confident of achieving revenue targets

September 2, 2019

Financial News from Sri Lanka: The apparel industry is heading towards becoming the key driver of economy and is set to

Mahindra Finance acquire a 58% stake in Ideal Finance in Sri Lanka

August 30, 2019

India's Mahindra & Mahindra Financial Services Ltd will invest Rs. 700 million next month as part of a 58.2 percent stake in Ideal Finance Ltd, an Ideal Group subsidiary. India's leading Non-Banking Finance Company (NBFC) — In 2020 and March 2021, Mahindra Finance will spend an additional Rs. 1.300 million in two installments to complete the agreement with a total Rs. 2 billion investment.

1.6 billion rupee grant from Japanese government

August 29, 2019

The Japanese government will grant 1.6 billion rupees in Sri Lanka to implement counter-terrorism and national security initiatives.

ADB providing a loan of US$ 160 million to develop the railway sector in Lanka

August 24, 2019

A $160 million loan has been approved by the Asian Development Bank (ADB) to modernize activities and enhance the effectiveness of Sri Lanka Railways, the railway operator of the country, by upgrading its infrastructure and technical ability. This is the first loan from ADB in the rail industry in Sri Lanka.

Melstacorp records Rs. 8.9 billion PAT for 2018-19

August 21, 2019

The profit after tax of the Melstacorp group for the financial year 2018-19 was Rs. 8.9 billion compared to the figure of Rs. 6.2 billion of the previous year, an increase of 41 percent. Group turnover reached to Rs. 156 billion and in the same financial year the Group contributed Rs. 64 billion as taxes. Melstacorp has a Rs. 51 billion market capitalization.

Sunshine Holdings generates income of Rs 5.2 billion

August 19, 2019

Lower performance in the consumer goods and agribusiness industries has pushed back the top-line performance development of Sunshine Holdings PLC during the first quarter of the present economic year (1QFY20), with a consolidated income of Rs. 5.2 billion reported by the diverse Sri Lankan conglomerate, down 6.5 percent YoY.

Allianz has solid performance in Asia for half a year

August 19, 2019

Allianz for the half-year ending June 30, 2019 Business segment Life & Health (L / H) produced powerful outcomes, driven by remarkable company development and spending discipline in Taiwan, China and Thailand, supporting an operating profit rise of 42% to EUR 205 million. Increased margin growth in our preferred product sections represents an enhanced product combination, contributing to a fresh company value (NBV) increase of 18 percent to EUR 166 million.

ADB approves first loan to Sri Lanka’s railway sector

August 17, 2019

A $160 million loan has been approved by the Asian Development Bank (ADB) to modernize activities and enhance the effectiveness of Sri Lanka Railways, the railway operator of the country, by upgrading its infrastructure and technical ability. This is the first loan from ADB in the rail industry in Sri Lanka.

US confirms support for tourism sector recovery

August 16, 2019

Yesterday, at the 27th Annual General Meeting of the American Chamber of Commerce in Sri Lanka, U.S. Ambassador for Sri Lanka and Maldives Alaina B. Teplitz said that the U.S. is supporting Sri Lanka for the quick recovery of its tourism industry from the Easter attacks.

Adopting Safe and Secure Electronic Payment Practices

August 6, 2019

Electronic methods of payment (e-payment), such as real-time interbank fund transfers from client present and savings accounts as well as card payment services, have given clients with excellent comfort. Payment systems and infrastructure in Sri Lanka fulfill international security requirements to guarantee client funds are safe. Customers must adhere to appropriate security measures when making e-payments in order to enjoy these facilities continually.

The President of the CFA Institute Paul Smith opens the CSE market

August 5, 2019

The Chartered Financial Analyst (CFA) Institute articulated its dedication and capacity to have a positive effect on Sri Lanka in supporting the ambitious capital market growth plans of the country.

The SBI Group in Japan invests US$ 2 million dollars in Sunshine Energy.

August 1, 2019

Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) has announced that SBI Ven Holdings (Pte) Limited, SBI Holdings Inc.'s foreign private equity firm, has invested USD 2 million in Sunshine Energy (Pvt) Ltd (SEL) to further propel renewable energy production initiatives by Sunshine Holdings.

The SL Quiz pool brings the directFN Quiz team to light.

July 26, 2019

One of the leading rivals in the recent Biz Quiz competition, the Glitz-sponsored Sri Lankan corporate contest, was DirectFN Quiz Team. The team won the title of the winner of the category IT / Software. In the general contest, DirectFN also ranked 4th.

Keells Foods recognizes leading sales representatives

July 26, 2019

In a recent annual sales meeting held by Keells Food Products (KFP) at Cimmamon's Hikka Tranz, the Icelandic Sales Team recognized and recognized its most excellent sales leaders ' commitment and accomplishments in the financial year ending on 31 March, at which 27 of the world's most prominent sales leaders were recognized.

In cooperation with LJMU, SLIIT offers LLB (Hons) degree

July 26, 2019

Not only will an LLB (Hons) degree open numerous career paths to the students, but it also expands their perspectives on many social issues and enables them to collect understanding through studies and analysis separately.

Free visa facility to increase access

July 26, 2019

A press conference was held in the Hotel Shangri-La with the introduction of the free visa for the 46 countries with effect from August 1st and was held in Shangri-La by the ministers of Chrétien Affairs, Wildlife, and Tourism.

Aitken Spence Hotels invests Rs 70 mn for women’s lodgings

July 25, 2019

Aitken Spence Hotels has spent Rs 7 million to establish a well-equipped women's lodging facility in Heritance Kandalama in the creation and promotion of a job setting as an equal opportunity employer.

The Planters Association is seeking redress for the woes of palm growers

July 25, 2019

The palm oil business is in a serious crisis in Sri Lanka as a result of an informal planting ban, Rs. 500 million of crops are lost in nurseries.

CPC mulls CEB additional loan rs.100bn

July 24, 2019

If the directors of CEB come to the salvage of the CEB with an enhanced credit ceiling of up to thumping Rs.100 billion for the supplies of fuel to the board of thermal plants, consumers of electricity, industry as well as citizens, facing the expectation of an erratic electricity supply from a cash-strapped Ceylon Electricity Board may receive some replacement.

Boss of ACIFMA impressed with safety actions

July 24, 2019

The president of the Association of Financial Markets ACI, Bruno Langfritz, who was a forerunner for the World Congress in Colombo in October in Sri Lanka, feels comfortable about the present safety policies on the island.

Easter terrorist attack Revenue loss Rs.50 bn

July 24, 2019

The mid-year tax position report for 2019, which the Ministry of Finance presented to Parliament yesterday, estimates a loss to the income of Rs 50 billion in the nation resulting from the Easter Sunday terrorist attack.

Japan offers the Human Resource Development Scholarship (JDS) project with Rs.429 million grant assistance

July 23, 2019

The Government of Japan has given the Human Resource Development Scholarship (JDS) project with a grant worth approximately Rs.429 million to

In May, PPI increased by 2.4%

July 18, 2019

For financial operations such as agriculture, production, and the energy, water, and energy industries the PPI (Producer Price Index) of all reports is 153.4, 131.5 and 88.1. According to the Ministry of Census and Statistics, the PPI growth rate for May is 2.4% annually. The PPI growth rates for May are 2.4%.

Only once in 2019 will the Federal Reserve cut rates

July 18, 2019

In view of strong employment growth in the US, the Fed will probably lower interest rates than expected by financial markets in the rest of 2019, says Fitch Ratings. A 25bp reduction now appears likely either at the July or September FOMC, but unlike current prices on future Fed funds markets, the start of a set of interest rate cuts is unlikely.

The decrease in aviation fees is commendable

July 10, 2019

Board of Airline Representants (BARs), Sri Lanka Airline Representatives Association (SLAAR) and Sri Lankan Airline Country Managers welcomed the government moving for six months to decrease land handling, aviation fuel, and boarding levies.

Steps to simplify interventions for tourism relief

July 10, 2019

Minister for Tourism John Amaratunga requested on 11 June to hold a conference with the governor of the Central Bank and with the CEOs of public and private banks and insurance companies.

Foreign tourism-boosting charges

July 9, 2019

On Monday, together with Sri Lanka's Prime Minister's Office, Tourism Ministry and the Sri Lankan Civil air agency, the Sri Lanka Tourism Authority presented a cabinet document and obtained 6 months of ground handling, air fuel, and boarding fees approvals.

Two new treasury managers

July 8, 2019

D.C. R Olga, the Director General for Treasury Operations and the Department of Remarks of Sri Lanka Accountancy, took over the task. A. As the Director General of the Department of Finance, Rathnayaka has taken over the duties of Sri Lanka Accountancy Service.

Hybrid for all wastewater problems

July 8, 2019

The Omega Jokasou septic tank has been acquired a significant market share for three years since the launch in Sri Lanka, which is the continuous answer to issues associated with the toilets and drainage such as overloading, excessive use of the toilet pit, damaging and erosion, poor smell, and toxic gas emission.

Strengthened atlas with technical skills

July 5, 2019

Atlas Axillia is celebrating its 60th anniversary with a range of projects aimed at enhancing children's lives across the nation. The firm intends a bursary and fresh innovative warehouse products to be launched. Viraj Jayasooriya, Chief Operating Officer of Atlas, says his firm has invested strongly in its business and can generate a high-quality product at a good cost.

Sweetened beverage tax will be reimposed to safeguard Sri Lankans

July 3, 2019

Health Ministry spokesperson said that the tax on high-sweetened beverages will be reimposed to safeguard Sri Lankans from non-communicable diseases such as diabetes, cancer, kidney disease, cardiac illnesses, hypertension and so on. Speaking at the Finance Minutes next Friday morning, the spokesperson said that the final choice is to impose a heavily sweetened drink during the debate.

Sri Lanka is changing to ‘ higher-mean income ‘

July 3, 2019

Sri Lanka has revised the World Bank's gross national income (GNI) classification limits announced on Monday (July 1) to the "upper-middle income" category from the "lower-medium income. "The per capita GNI of Sri Lanka has risen from 3.840 USD in 2017 to 4.060 USD in 2018 according to World Bank information. The fresh categories define the higher-medium revenue markets between USD 3,996 and USD 12,375 for GNI per person.

CSE and SEC reach investors in Jaffna

July 3, 2019

The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently organized a regional investor forum in Jaffna with the aim of creating awareness on stock market investments.

Approval by the Cabinet conditional

July 2, 2019

Cabinet approval had been granted for the program to provide tab computers to G.C.E.Advanced Level students on condition that it is first implemented as a pilot project in national schools only, President Maithripala Sirisena had stated according to a press release by the President’s Media Division.

In the first four months, the external industry moderates

July 2, 2019

Sri Lanka’s external sector moderated in the first four months of 2019 mainly due to the lessening of the trade deficit, a marginal increase in earnings from tourism, the decline in workers’ remittances and weaker financial flows. The exports increased by 4.5 percent to US$ 3,954 million in the first four months of 2019 while imports contracted by 17.4 percent to US$ 6,412 million which has resulted in narrowing the trade deficit to US$ 2,458 million in the first four months of 2019, compared to US$ 3,981 million in the same period of 2018.

ADB project report in Sri Lanka funded by the Finance Initiative for Women Entrepreneurs.

July 1, 2019

Asian Development Bank (ADB) President Takehiko Nakao submitted a report to Japanese Prime Minister Shinzo Abe on an ADB project in Sri Lanka funded by the Women Entrepreneurs Finance Initiative (We-Fi) at the Osaka G20 Summit on June 29.

Airtel presents a product that changes the game

June 26, 2019

Airtel Lanka has introduced a new product offering unlimited voice calls in a move that is set to revolutionize the telecom industry.

AMW launches Big Brother Swift, CROSSOVER SUZUKI BALENO 201

June 26, 2019

Associated Motorways (Private) Limited (AMW), the pioneer and frontrunner in the automotive sector in Sri Lanka, ceremoniously launched the Brand New Suzuki BALENO CROSSOVER on June 24, 2018,

Two prestigious prizes were awarded for digital loans via mCash

June 26, 2019

Demonstrating the rising use of digitally-backed products and services in the financial services space, Mobitel and LOLC Finance PLC

ICRA National Bank of Savings [ Sl ] AAA rates

June 25, 2019

ICRA Lanka Limited, a subsidiary of ICRA Limited, a Moody's Investors Service group company, 

India Int’l Textiles Expo in Colombo from 29 July

June 25, 2019

Powerloom Council for Development and Export Promotions (PDEXCIL), established by the Textiles Ministry, Govt. The ' India International Textiles Expo ' (IIT Expo Colombo 2019) is organizing a cum buyer meeting in India from 29 to 31 July at Hotel Galadari, Colombo.