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HNB reports Rs 14.6 Bn Group PBT

November 15, 2019

Financial News from Sri Lanka: Hatton National Bank PLC (HNB) posted a profit after tax (PAT) of Rs 8.0 Bn for

Dipped Products Group posts Rs. 15.3 bn revenue

November 7, 2019

Hayleys Group’s subsidiary Dipped Products PLC (DPL), a leader in the global hand protection glove market, reported Rs. 15.3 billion Group turnover for the six months ending September 2019.The Hand Protection sector contributed Rs 8.6 billion to the Group’s top line.

Fitch rates Singer Finance (Lanka)’s senior debt ‘BBB(lka)(EXP)’

November 7, 2019

Fitch Ratings has assigned Singer Finance (Lanka) PLC’s (SFL, BBB(lka)/Stable) proposed Sri Lanka rupee-denominated senior unsecured debentures of up to LKR1.5 billion an expected National Long-Term Rating of ‘BBB(lka)(EXP)’.

32nd Annual Conference of ACSIC – 2019, Colombo Sri Lanka

November 6, 2019

The Central Bank of Sri Lanka hosted the 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) – 2019, from

Pan Asia Bank grows operating profit by 36% to cross Rs. 1 billion PAT in first 9 months

November 5, 2019

Pan Asia Banking Corporation PLC demonstrated a robust performance amidst challenging macroeconomic conditions and reported a strong operating profit before all taxes of Rs. 780.67 million for Q3 with a growth of 36%.

In the first half of 2019, Sri Lanka FDI dropped: service and infrastructure dips

November 5, 2019

The Central Bank says that Foreign Direct Investment (FDI) including loans to projects approved by the Board of Investment (BOI), decreased by 61.3 percent during the first half of 2019 compared with the same period last year.

Fitch affirms Melstacorp & Distilleries at ‘AAA(lka)’; outlook stable

November 5, 2019

Fitch Ratings has affirmed the National Long-Term Ratings of Sri Lanka-based conglomerate, Melstacorp, and its subsidiary, Distilleries Company, at ‘AAA(lka)’. The Outlook is Stable.

Recent Economic Developments: Highlights of 2019 and Prospects for 2020

November 5, 2019

The Sri Lankan Central Bank released its publication- "Recent Economic Developments: Highlights of 2019 and Prospects for 2020" online. An overview of the Sri Lankan economy's performance in 2019, as reflected in this publication, is given below

New banking act permits regulator to impose fines – Central Bank SL

October 15, 2019

The banking sector in Sri Lanka must begin to prepare for the anticipated transformation of the current banking sector environment as the new Banking Act comes into force with the regulator acquiring the power to impose fines on errant banks.

CBSL to remain SDFR and SLFR rates unchanged

October 14, 2019

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 10 October 2019, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 7.00 percent and 8.00 percent, respectively.

CSE and SEC Rings the Bell for Financial Literacy

October 8, 2019

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission joined stock exchanges from around the world to Ring the Bell for Financial Literacy, as part of the World Investor Week 2019 global campaign.

SEACEN-BIS High-Level Seminar and the 18th Meeting of the SEACEN Executive Committee

October 4, 2019

The Central Bank of Sri Lanka hosted the South East Asian Central Banks (SEACEN) - Bank for International Settlements (BIS) High-Level Seminar and the 18th Meeting of the SEACEN Executive Committee, in Colombo, from 26 to 28 September 2019.

The Central Bank’s View on the Sector Comment on Sri Lankan Banks by Moody’s Investors Service

October 1, 2019

On 27 September 2019, Moody’s Investors Service issued a Sector Comment on Sri Lankan banks titled “Sri Lanka’s lending rate cut is credit negative for banks.” In this respect, the Central Bank of Sri Lanka is of the view that the conclusion by Moody’s has not taken into account the complete information set, and is therefore unfounded.

Export earnings recorded a decline of 7.0 per cent YOY after a steady growth

September 28, 2019

In July 2019, the trade deficit expanded as exports dropped more than import declines. Export income decreased by 7.0 percent (year-on-year) after a constant several month developments, while import spending decreased by 2.2 percent (year-on-year) in July 2019.

Withdrawal of the Monetary Law Act Order on Maximum Interest Rates on Sri Lanka Rs. Deposits of Licensed Banks

September 28, 2019

Consequent to the issuance of the Directions to the licensed banks by the Central Bank of Sri Lanka on Enhancing Efficiency of the Transmission of Recent Policy Decisions to Market Lending Rates, where licensed banks are required to reduce its rupee denominated market lending rates,

IMF Reaches Staff-Level Agreement on the Sixth Review of Sri Lanka’s Extended Fund Facility

September 25, 2019

During September 10-25, 2019, an International Monetary Fund (IMF) staff team led by Manuela Goretti toured Colombo to perform the sixth evaluation under the economic reform program of Sri Lanka backed by a four-year EFF agreement.

Inflation increased by 3.4% in August 2019 – CBSL

September 24, 2019

Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1increasedto 3.4per cent in August2019from 2.2per cent in July 2019. The low base that prevailed in the corresponding month of the previous year and the monthly increases of prices of items in both Food and Non-food categories contributed to this increase.

CEB Cancel TKS Finance Limited – of License issued under the Finance Business Act

September 19, 2019

TKS Finance Limited (TKSF), a Finance Business Act, No. 42 of 2011 (FBA) Licensed Finance Company, has consistently violated / contravened the FBA's regulations and a number of directions and rules issued thereunder.

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%.