Ceylinco Life secures a decade of excellence

In a notable industry feat, Ceylinco Life has clinched the esteemed title of Best Life Insurance Company in Sri Lanka for the 10th consecutive year, as declared by World Finance in 2023. This recent recognition follows swiftly after Ceylinco Life was bestowed the title of Sri Lanka’s Brand of the Year by the Sri Lanka Institute of Marketing (SLIM) for the second successive year. The dual accolades, both at home and on the global stage, undersco

Stalwart CEO Dimantha Seneviratne to relinquish duties after seven years of transformative leadership at NDB

National Development Bank PLC (NDB) Director and CEO Dimantha Seneviratne is set to retire from service on January 31, 2024. This signifies the end of an illustrious banking career spanning over 34 years, 10 of which were in the capacity of CEO in two of Sri Lanka’s listed banks, NDB and Pan Asia Banking Corporation PLC (PABC). Dimantha assumed duties as CEO of NDB on January 01, 2017 and was pivotal in charting a new course for one of Sri Lank

KPMG Sri Lanka to provide insights on navigating tax appeals

Unlocking the intricacies of tax appeals will take the centre stage at the upcoming KPMG Academy webinar titled ‘Unravelling the Mysteries of Tax Appeals’. Scheduled for Monday, January 29, 2024, from 3:00 p.m. to 4:00 p.m., the session aims to provide a comprehensive understanding of the tax appellate procedure in Sri Lanka. The webinar will delve into the distinct procedures essential for appealing to higher authorities under various statutes

DFCC Bank introduces tailored financial flexibility for freelancers

In a pioneering move towards the financial inclusivity, DFCC Bank is proud to unveil DFCC Freelancer – a comprehensive, tailored financial solution for freelancers. This groundbreaking solution is uniquely designed to cater specifically to the dynamic needs of the growing freelancer community, setting DFCC Bank apart as a leader in addressing the financial requirements of this distinct segment. Accordingly, this proposition will provide individ

Uber Eats celebrates five-year anniversary with delivery partners

Uber Eats completed five years of operations in Sri Lanka late last year and celebrated the milestone with driver partners and their families. Varun Wijewardene, General Manager, Uber Eats Sri Lanka, termed the journey ‘nothing short of incredible’ and expressed excitement for the future. After commencing operations in Sri Lanka in 2018, Uber Eats has continually expanded to different parts of the country with Galle being the latest addition. Wi

Oneworld unveils first-ever dedicated lounge experience in Seoul

Breaking new ground in premium benefits and luxury air travel, the oneworld alliance unveiled its first-ever fully branded dedicated airport lounge in Seoul. The new oneworld lounge opens as the world’s leading airline alliance prepares to celebrate its landmark 25th anniversary later this year. For the launch of its first branded lounge, oneworld collaborated with global aviation ground services provider Swissport and the team behind its award-w

UN Tourism opens calls for Best Tourism Villages 2024

The United Nations Tourism organisation has officially launched the application process for the 2024 iteration of its esteemed Best Tourism Villages initiative. In the preceding three editions, UN Tourism, formerly known as the World Tourism Organisation (UNWTO), garnered an impressive volume of nearly 600 applications from participants representing close to 100 countries. ‘Best Tourism Villages by UN Tourism’ recognises those rural destinations

737 Max 9: Boeing jets cleared to fly after mid-air incident

BBC: The US aviation regulator says it will allow Boeing’s 737 Max 9 jets to resume flying after inspections are completed.

SriLankan Aviation College joins ranks of IATA’s Regional Training Partners

SriLankan Aviation College, the training arm of SriLankan Airlines, has signed on to become Sri Lanka’s only International Air Transport Association (IATA) Regional Training Partner, joining ranks of a prestigious few training centres numbered to seven in all of Asia. SriLankan Aviation College will be offering the Safety Management Systems (SMS) for Maintenance and Repair Operations, IATA Competency-Based Training for Dangerous Goods Instructors

First Capital seeks shared growth in banking partnerships to expand unit trust market

By Nishel Fernando First Capital Holdings said it sees room for shared growth in partnerships with the banking sector to broad base the unit trust investment market in the country. First Capital this week announced a groundbreaking partnership with HNB to introduce ‘First Capital Money Plus Fund’ which includes a real time digital withdrawal and payment facility for unit trust investors for the first time in the country. Speaking at the occa

Hela Apparel Holdings acquires major UK-based brand licensing house

Hela Apparel Holdings PLC yesterday announced the acquisition of Focus Brands, a major UK-based apparel brand licensing house. Hela has acquired 100 percent shareholding in the company from JD Sports Fashion PLC, one of the world’s leading global omnichannel retailers of sports, fashion, and outdoor brands. Focus Brands is a market leader in the design, sourcing, distribution and promotion of sports fashion and lifestyle apparel brands. It curren

Fitch expects Pakistan to be dependent on successful IMF programme implementation

Fitch stated on Wednesday that elections are scheduled for 2024 in almost half of its rated portfolio of Asia Pacific (APAC) sovereigns and will lead to some uncertainty. In its report, Fitch said that the Asia-Pacific region should largely remain resilient in 2024 to the several challenges it will face, including slowing global growth, high yields, geopolitics and lingering property-sector issues in China. GDP growth will mostly be higher for A

Spiritual odyssey

A group of foreign tourists are seen embracing the sacred ambiance of Sri Lanka’s iconic Gangarama Temple yesterday, taking part in religious rituals held for the Duruthu full moon Poya Day. Gangarama Temple, with its rich historical significance and intricate design, provides an enchanting setting for cross-cultural communion. This serene encounter at Gangarama Temple stands as a testament to the power of shared spirituality, creating lasting me

Tesla warns of ‘notably lower’ sales growth in 2024

BBC: Tesla is forecasting a sharp sales slowdown this year, becoming the latest car company to warn of sagging demand. Elon Musk’s electric vehicle (EV) maker said growth would be “notably lower” than in 2023, when deliveries rose 38 percent. The company’s shares fell by almost 6 percent in extended trade in New York after the announcement. Musk also warned that Chinese rivals “will pretty much demolish most other car companies in the world” unle

No imminent need for Sri Lanka to unlock usability of Yuan denominated swap

Central Bank said they hadn’t even begun talking about unlocking the roughly US$ 1.4 billion equivalent Yuan denominated currency swap line with China as they do not see the need for doing so and they also have a target to build its foreign currency reserves under the International Monetary Fund (IMF) programme currently in place. The Central Bank was highly credited for rebuilding its foreign currency reserves by about US$ 2.5 billion in 2023 wi

Card payments’ merchant fee shouldn’t be borne by customers: CB Deputy Governor

Merchant fees which are at most times conveniently passed on to the customer should not be borne by the customer, the Central Bank asserted this week. As per agreements inked between banks and vendors, the fee must be absorbed by the merchant himself. Speaking on the issue, the Central Bank’s Senior Deputy Governor, Yvette Fernando said they have made aware the merchants at times who should bear the merchant fee which often gets added to the cost

President Wickremesinghe envisions SL as key player in global confectionery industry

President Ranil Wickremesinghe this week expressed unwavering confidence in Sri Lanka’s potential to play a pivotal role in the global confectionery industry. Emphasising the need for local stakeholders to broaden their horizons, he urged concerted efforts to position Sri Lankan chocolates as world-class products, akin to the distinguished reputation of the country’s tea and cinnamon. Speaking at the 30th Annual General Meeting of the Lanka Confe

Introduction of VAT on used vehicles sparks black market: Motor Traders

The recently introduced Value Added Tax (VAT) on used vehicles has inadvertently given rise to a black market within the industry. This, in turn, has led to an escalation in the market prices of used vehicles, adversely impacting the average citizens of the country, according to the Ceylon Motor Traders’ Association (CMTA).

Colombo Port sees modest recovery in container throughput despite global uncertainties

The container throughput at the Port of Colombo experienced a modest recovery in 2023, rebounding from the effects of the economic crisis and political and social unrest of the preceding year.

Private sector credit surges by Rs.100bn in Dec.

Credit to the private sector is expected to have increased by approximately Rs.100 billion in December of the previous year, marking a rise from the preceding month. This suggests a robust demand for credit from the private sector in the upcoming months, coinciding with the ongoing economic recovery and declining interest rates. Presenting the recent macroeconomic indicators, which influenced the Monetary Policy Board to stand pat this week, the

SAP is restructuring 8,000 jobs as it shifts focus to AI

CNN: One of Europe’s most valuable companies is restructuring 8,000 jobs as it joins a growing list of firms shifting their focus to artificial intelligence. SAP (SAP), the enterprise software giant, announced Tuesday that it would spend 2 billion euros (US $ 2.2 billion) this year on the transformation, including buyouts and retraining programmes. The decision was necessary “to prepare the company for highly scalable future revenue growth,” the

UNDP, UN Global Compact Network Sri Lanka renew strategic collaboration

In a move towards advancing sustainable development, the United Nations Development Programme in Sri Lanka (UNDP) and UN Global Compact Network Sri Lanka (Network Sri Lanka) recently renewed their commitment through the signing of the third memorandum of understanding. The agreement aims to join efforts in facilitating private sector participation and promoting sustainable development in Sri Lanka. As the first non-private sector entity to secur

NDB Bank and CSE forge strategic alliance to support foreign investment

NDB Bank and the Colombo Stock Exchange (CSE) entered into a memorandum of understanding (MoU) to pave the way for foreign investors to seamlessly invest in the CSE, through Inward Investment Accounts (IIA), accessible via the CSE mobile application. Under this collaboration, NDB Bank assigned the Custody and Trustee Services Department as the central coordinating entity, facilitating a smooth linkage between the two organisations and ensuring un

Standard Chartered appoints Rukshila Seneviratne as new HR Head in Sri Lanka

Standard Chartered has announced the appointment of Rukshila Seneviratne as the new Head of Human Resources for Sri Lanka, effective 12thJanuary 2024. In her new role, Rukshila will lead the country’s people strategy and will join the bank’s Country Management Team. As part of her appointment, she will also assume duties as the Co-Chair of the bank’s internal Diversity & Inclusion (D&I) Council. Commenting on the new appointment, Standard Charte

SLT-Mobitel powers ‘Sihinayeki Adarey’ bringing novel cinematic experience

Reaffirming its commitment to upholding Sri Lanka’s rich cultural heritage, SLT-Mobitel powers the cinematic masterpiece ‘Sihinayeki Adarey’. ‘This collaboration aims to captivate audiences through a narrative that explores the connections between individuals, transcending generations. Produced by R. Sadesh Kumar, renowned for producing films like ‘Prawegaya’ and ‘Maaya,’ in collaboration with Shrimathi Sadesh Kumar, this cinematic masterpiece is

Sysco LABS completes 10th phase of ‘Share a Meal, Share a Moment’

Marking a significant milestone, Sysco LABS announced the successful conclusion of the 10th phase of their flagship sustainability project, ‘Share a meal, Share a moment’, spreading warmth and sustenance to communities in the Lunawa and Balagala Road areas. Over its 10 phases, the programme has positively influenced the lives of more than 43,000 beneficiaries, providing them with over 26,000 meals and 4,000 essential ration hampers.

One hundred and fifty high achievers felicitated at CDB Sisudiri Scholarship Season 15

One hundred and fifty high achieving students who excelled in the Grade 5 Scholarship and GCE Ordinary Level examinations were felicitated at the 15th CDB Sisudiri Scholarship Awards Ceremony held at the BMICH in January. Under the aegis of Chief Guest Chairman of CDB Alastair Corera, this annual scholarship programme awarded Rs. 12,500 per year for five years to 100 students excelling in the Grade 5 Scholarship examination which totals Rs. 62,

Ceylinco Life to restore and maintain 10 acres of forest in Balangoda

Ceylinco Life has undertaken the reforestation of 10 acres of degraded rainforest in Balangoda and its maintenance for five years, as a corporate sustainability initiative. An investment of Rs 5.7 million, the project will be executed in collaboration with the non-profit environmental organisation Rainforest Protectors of Sri Lanka, and will entail planting 10,000 trees, the life insurance market leader said. The land to be reforested is located

Transparency International Sri Lanka challenges Microfinance Bill in Supreme Court

In a significant move, Transparency International Sri Lanka (TISL) has submitted a Special Determination petition to the Supreme Court, contesting the ‘Microfinance and Credit Regulatory Authority.....

Sri Lanka observed to be putting a lot of effort to go fully digital: Indian tech expert

While different countries in the Asian region are at different levels when it comes to digital transformation, Sri Lanka is observed to be putting in “tremendous” efforts in this regard, which will pave the way for the island nation to reach its aspirations, a top executive of an India-based global technology company said.