The National Resource Protection Movement yesterday staged a protest in Colombo

Seylan Bank reports subdued December on margin compression

Seylan Bank PLC reported subdued financial performance in the final three months of last year, albeit seeing growth in its loans and fee incomes coming from cards and other lending activities, as the bank saw its margins narrowing amid a fast decline in both the yields and lending rates.

Monetary Board minutes going public a possibility

As the Central Bank is stepping up its efforts to be more transparent, there is a possibility for the public to peruse the meeting minutes of the Monetary Board. Responding to a question posed by the media, a senior official of the monetary authority yesterday said it could be a possibility. “That should be the standard and we will possibly be able to do that in the future. However, as of now, there is no decision in that regard,” a senior offici

Higher costs, taxes hurt DFCC profits

DFCC Bank PLC reported improved performance in the three months ended in December 2023, as the bank saw the loans picking up, with the easing interest rates and the provisions were lower from a year ago. However, the higher costs and taxes hurt the profits. The bank reported Rs.7.59 billion in net interest income for the October-December period, down 3 percent from the same period in 2022, as the margin between what the bank offers for its

Samsung Electronics continues reign as TV market leader

Samsung Electronics has once again confirmed its dominance in the global TV market. Market research firm Omdia reported that Samsung has achieved a 30.1 percent share of the global TV market in 2023, reinforcing its status as the industry leader since 2006. This success is largely due to the company’s strategic focus on premium and large-screen TV categories, driven by its cutting-edge QLED and OLED models. Since its launch in 2017, Samsung’s QL

ITX360 achieves ISO accreditations

ITX360 has announced the attainment of ISO 9001:2015 and ISO 14001:2015 certifications, underscoring its commitment to quality management. ISO 9001:2015 certification is an internationally acclaimed standard for Quality Management Systems, empowering organizations to enhance performance, meet customer expectations, and demonstrate a commitment to quality. This certification reinforces ITX360’s core principle of maintaining a strong customer fo

Dialog Enterprise joins CIO Confluence

The Banks’ Chief Information Officers Forum (BCIOF) of Sri Lanka has teamed up to host the CIO Confluence for 2024. The Conference will be held on February 27 at Shangri-La Colombo and will bring together CIOs and both locally and internationally prominent industry experts under the theme ‘Banking in the Digital age’. The event offers CIOs from the banking and ICT industries an opportunity to engage, discover, and exchange ideas, insights, and s

LinearSix celebrates seventh anniversary

LinearSix marks its seventh anniversary as a leader in promoting financial inclusivity through innovative technology solutions. Since its inception in 2017, LinearSix has played a pivotal role in driving digital growth in Sri Lanka’s banking and financial sector, demonstrating a commitment to advancing financial technology on a global scale. They specialise in implementing Fintech software solutions for banks, insurance and NBFI’s for rapid dig

Deloitte discusses blueprint for biz transformation and growth

The Deloitte Consulting leadership in South Asia convened in Sri Lanka recently with a view of shaping the future trajectory of the South Asian region’s business landscape. The meeting emphasised the importance of close collaboration with businesses across industries to envision and implement transformative models. With the rapid advancements in artificial intelligence (AI) and the emergence of Generative AI, businesses need to adapt their strate

UPI payments to drive SME digital transformation

The Federation of Information Technology Industry Sri Lanka (FITIS) has expressed its strong support for LankaPay’s launch of the Unified Payments Interface (UPI) acceptance in the island, an initiative taken in partnership with the National Payment Corporation of India’s international arm-NIPL. The UPI, a product of India’s payment innovation, stands as a real-time payment system facilitating instant electronic fund transfers directly between ba

Selling dominates secondary market

The secondary market witnessed a notable shift in sentiment, as the buying momentum observed during the past sessions continued to wane, with investors adopting a more cautious stance and opted to book profits throughout the day. Consequently, on the short to mid end of the curve, 2026 maturities including 01.02.26, 01.06.26, and 01.08.26 traded in the range of 11.00 percent-11.25 percent, whilst 15.09.27 trad

Sri Lanka-India maritime tourism boost sets sail

Sri Lanka is poised to witness a surge in tourism from India as plans unfold to boost maritime passenger transport between the two countries. The Cabinet of Ministers approved this week a proposal to reduce the deviation tax, aiming to enhance tourism and foster cultural exchange, arts, and sports cooperation. Proposed by the Minister of Ports, Shipping, and Aviation, the plan seeks to lower the current deviation tax for passengers departing Sri

SL casts nets for private offshore wind investors

The Cabinet of Ministers has approved a proposal put forward by the Minister of Power and Energy to bolster the presence of large-scale renewable energy projects in the nation. This decision paves the way for the gradual development of Sri Lanka’s offshore wind potential through private sector investments, aiming to create economies of scale. While previous efforts to attract renewable energy producers have been criticised for not adhering to com

Lifeline for borrowers under Revival Units: CB

While some borrowers have criticised the loan recovery methods of financial entities, the Central Bank (CB) has stated that under the proposed detailed guidelines for the establishment of Business Revival Units, borrowers can negotiate with their banks to stay financially afloat.

February tourist arrivals exceed 138,000 in 18 days

Sri Lanka’s tourism surge shows no sign of slowing down, with more than 138,000 international visitors exploring the island nation just in the first 18 days of February.

Jaffna International Airport upgrade initiatives begin

Sri Lanka’s North will witness a boost in connectivity, with efforts to upgrade Jaffna International Airport (JIA) kicking off. The Airport & Aviation Services on Monday called for Expressions of Interest....

Colombo Port January transshipment volumes growth tops 25%

The Port of Colombo experienced a significant surge in transshipment volumes, marking a record 25.5 percent Year-on-Year (YoY) increase to 562,527 TEUs in January. This growth....

NDB Bank optimistic on key indicators moving into positive territory

NDB Bank yesterday said it is anticipated that macro-economic challenges may subside in the near term with all key indicators adjusting in to positive territories, and expressed confidence in recovery...

Aitken Spence Logistics unveils Container Freight Station

Aitken Spence Logistics unveiled its latest state-of-the-art Container Freight Station (CFS) to facilitate the growing requirements of the supply chain community in the region. This 100,000...

NDB Group posts Rs.11bn pre-tax profit

NDB Group, comprising NDB Bank as the parent and its subsidiary companies, posted a pre-tax profit of Rs.10.9 billion, whilst at bank level, the pre-tax profit was Rs.10.1 billion. Profitability ....

JAT commences Bangladesh’s Alkyd Resin Plant operations

JAT Holdings PLC, Sri Lanka’s market leader in wood coatings and brushes and emerging regional paint manufacturer, marked a key milestone recently, with the official commencement of operations...

Sri Lankans strengthen trade ties with Pakistan

The Sri Lanka-Pakistan Business Council (SLPBC) of the Ceylon Chamber of Commerce, in collaboration with the Pakistan High Commission in Sri Lanka, led a 10-member business delegation....

Electronics workforce upgrades skills

A fundamental course on hand soldering and a practical workshop on electrostatic discharge (ESD) and electronic assembly recently benefited 60 participants from Sri Lankan electrical and electronic....

Ministry of Gems makes impact in Australia

Ministry of Gems, a modern gemstone company based in Australia with roots in Sri Lanka, is making a significant impact in the Australian market with its portfolio of gemstones. Based...

Sri Lankan trio

Ministry of Gems founder Akila Guruge (MBA, BCom(ProfAccg)) is from Sri Lanka and is a prominent figure in the Sri Lankan gem industry with well-established, reliable and trustworthy connections...

Cartoon 21.02.2024

CEB Engineers open to “progressive” reforms

The resistance to restructuring the state-owned enterprises is a common narrative but the Ceylon Electricity Board Engineers Union (CEBEU) has made it clear that it is not opposed to reforms.

Bond market activities moderate

The secondary market yield curve remained broadly unchanged, with limited activity observed. The robust buying sentiment seen during the previous sessions toned down during the day, as the investors took a cautious approach. As a result, mixed sentiment was observed on the short to mid end of the curve, where the 2026 maturities: May 15, 2026, June 01, 2026 and August 01, 2026, registered trades between 10.90 percent and 11.00 percent while Marc

CSE partners with SLIM to promote capital market education

The Colombo Stock Exchange (CSE) signed a Memorandum of Understanding (MoU) with the Sri Lanka Institute of Marketing (SLIM) recently to provide SLIM students with the enhanced access and preparation necessary to capitalise on financial sector opportunities. The objective of this MOU is to include a Capital Market Module for the Post Graduate Diploma in Marketing programme and facilitate guest sessions in other courses of SLIM, designed and offer

SLT-Mobitel hosts ‘Innovation Day 2023’

SLT-Mobitel has successfully hosted the first ‘Innovation Day 2023, supporting staff and budding external entrepreneurs. The Innovation Day featured an exciting line-up of exhibits at ‘The Embryo’ R&D Unit, and showcasednovel products such as 5G demo items, Querio AI, Raccoon AI, Smart Agro, Univo, Portable Soil Tester, NBIoT Dev Kit, Smarter Q, IIoT CMS, Emy BOT, etc. Further, solutions developed by the Intrapreneurship Studio Finalists and the