Prioritise building inclusive social protection system: ADB tells Sri Lanka

The Asian Development Bank (ADB) stressed that for Sri Lanka, the near-term priority during economic recovery is to lay institutional and structural frameworks for an inclusive social protection system.

Job creation and sustainable livelihoods key to poverty alleviation

Generating employment and supporting sustainable livelihoods are crucial steps in reducing poverty in Sri Lanka, the ADB said. The Manila-based lender said this can begin by improving workforce productivity, particularly in agriculture, which employs 27 percent of the labour force but contributes little to gross domestic product. The government must prioritise modernising agriculture by resolving the issues regarding farmland, investing to impro

Private credit marks modest growth in February

As indicated by the Central Bank, the credit extended by the commercial banks to the private sector showed some growth in February, after a surprise decline in January, which had been mostly caused by the appreciation in the currency. The total outstanding private sector credit of the licensed commercial banking sector grew by Rs.7.3 billion in February, compared to a Rs.52.2 billion decline in January. Until then, the private credit had been gro

Sri Lanka’s consumer confidence reaches a new peak in March

Sri Lanka’s consumer confidence soared to unprecedented heights in March but a late-month dip has analysts on edge, according to a report from the Institute for Health Policy (IHP). “Indices have been improving since the start of this year, so the general trend has been up. However, the late March data suggest a fall but this will need to be confirmed in the April data, before drawing conclusions,” the IHP said. The IHP’s Consumer Confidence indi

Tourist arrivals cross 50,000 mark in first 9 days of April

Extending the growth momentum, the international tourist arrivals to Sri Lanka crossed the 50,000 mark during the first nine days of April.

Hambantota International Port ventures into container operations with MSC

The Hambantota International Port (HIP) has ventured into container transshipment operations, partnering with Switzerland-based Mediterranean Shipping Company (MSC). Container ship MV MSC Ingrid made her maiden call at the HIP on Tuesday, discharging over 500 TEUs, originating from Rotterdam Port, via the east-west shipping route. The transshipment cargo is scheduled to reach the final destination Dubai, through container vessel MSC Sky 11, whi

SL to set up Youth Agripreneurship Villages

The Cabinet nod has been granted to establish Youth Agripreneurship Villages at Divisional Secretariat level, in a bid to attract youth to the agriculture sector, with the use of the latest technologies. Agriculture and Plantation Industries Minister Mahinda Amaraweera this week sought the approval of the Cabinet of Ministers to implement the programme by selecting one village in each of the selected Divisional Secretariat area this year, under

Assetline Finance appoints Nanda Fernando to board

Assetline Finance Limited (AFL) announced the appointment of Nanda Fernando as Independent, Non-Executive Director of the company. Fernando currently serves as a business consultant. A banker with over four decades of experience in banking, he is also Managing Director of Professional Business Consultants, a company engaged in providing financial planning and advisory services. He also serves on the respective boards of Hatton National Bank P

Ravi Tissera appointed as HNB Finance Non-Executive Director

Ravi Tissera has been appointed to the board of HNB Finance PLC as an Independent Non-Executive Director, effective from April 4, 2024. Tissera is an inclusive finance, impact investing, green finance and MSME sector specialist, with over 15 years’ experience as a CEO, both in Sri Lanka and Myanmar. He was the founder CEO of LOLC Micro Credit Ltd in 2008, which later merged with LOLC Finance PLC (LOFC) in 2018. He continued as Executive Deputy Ch

Reforms to governance of state-owned banks to kick off soon

The reforms to the governance of Sri Lanka’s state-owned banks will soon kick off, with the Cabinet approving the implementation process, this week. On Monday, the Cabinet of Ministers affirmed the resolution furnished by President Ranil Wickremesinghe, as the Finance, Economic Stabilisation and National Policies Minister, to implement the reformation proposals. The set of reforms for the state-owned banks was identified by a committee consisting

IRD urges digital collection of tax data

The Committee on Ways and Means has instructed the Inland Revenue Department (IRD) to collect the data of individuals earning above Rs.100,000 per month, on a digital platform, instead of all persons above 18 years of age. The committee, which met under the chairmanship of Patali Champika Ranawaka, in Parliament, on April 2, this year, issued the above instructions to the IRD. The government introduced mandatory income tax registration for everyo

HSBC agrees to sell off Argentina business

BBC: Banking giant HSBC is selling off its business in Argentina at a US $ 1 billion (£790 million) loss after years of battling with the country’s unstable exchange rate. HSBC Argentina, which has more than 100 branches and 3,100 employees, will be bought by Grupo Financiero Galicia, a major private financial group. Annual inflation in Argentina hit 276.2 percent last month, the highest in the world. Five years ago, US $ 1 would buy 43 pesos. It

Sri Lanka’s labour force participation rate hits new low in 2023

Sri Lanka’s labour force participation rate hit a new low in 2023, the recently published Labour Force Survey (LFS) annual bulletin highlighted.

World’s first Cinnamon Museum unveiled in Mirissa Hills

The world’s first Cinnamon Museum was unveiled this week in Mirissa Hills, a cinnamon estate near Weligama. The opening event was graced by Tourism Minister Harin Fernando....

Sri Lanka Insurance records Rs. 10.6bn PBT in 2023

Sri Lanka Insurance concludes year 2023 with a profit before tax of Rs. 10.6 billion, reflecting an improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, a growth of 7.2.....

Middle class brand loyalty shrinks: Sparkwinn

Sri Lanka’s middle class consumers are willing to shift from established brands to cheaper, lesser-known alternatives, or even try unbranded loose products at a time of shrinking....

Delvin Pereira joins Amana Bank board

Amana Bank has announced the appointment of Delvin Pereira to its director board as a Non-Executive Independent Director with effect from 28 March 2024. With experience....

Govt. designates four entities as Secondary Businesses of Strategic Importance

Four companies this week received government approval to be recognised as Secondary Businesses of Strategic Importance. Cabinet nod was given....

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.