NSB appoints Shashi Kandambi as new GM/CEO

Shashi Kandambi, a leading professional in the banking sector, assumed office as the 19th General Manager/CEO of National Savings Bank (NSB) this week. Kandambi was Senior Deputy General Manager of International Banking at Sampath Bank, where she had a long-standing and successful career. Her banking experience spans over 35 years, including 10 years in corporate management. She has a proven track record of successfully developing and executing s

FitsAir acquires approval for inflight catering

FitsAir, Sri Lanka’s leading low-cost airline, is proud to announce a significant enhancement to its service offerings by obtaining the approval for inflight self-catering. This strategic move aligns with the airline’s vision to offer low-cost international travel. FitsAir’s inflight catering services prioritise affordability and variety, providing the passengers with wallet-friendly meal choices that won’t strain their budgets. FitsAir The i

SLT-Mobitel dominates Business Today TOP 40 2022-2023 listings

SLT-Mobitel, the national information and communications technology (ICT) solutions provider, has achieved another milestone by securing the prestigious honour of being ranked among the Business Today’s TOP 40 2022-2023 listings, dominating the telecommunications industry in Sri Lanka. In the rankings unveiled recently, SLT-Mobitel is the only telecommunications provider among the Top 40 recognised for its dedication and innovation, a testament t

Sri Lanka Tourism Promotion Bureau to launch mass media marketing campaign by end-2024

The Sri Lanka Tourism Promotion Bureau (SLTPB) unveiled its plans to launch a marketing campaign in mass media channels by the end of this year, while efforts are underway to officially kick off the global promotion campaign, under the new brand identity, in March. To utilise the limited funds optimally, SLTPB Chairman Chalaka Gajabahu shared that the agency is currently in the process of selecting a media agency for the above-the-line (ATL) cam

VAT exemption for DMCs under consideration

The government expressed confidence in the International Monetary Fund (IMF) exhibiting flexibility by overturning the elimination of VAT exemption for Destination Management Companies (DMCs)

Central Bank to embark on bold reforms on monetary policy implementation efforts

The Central Bank announced this week a slew of changes to its monetary policymaking to improve both its efficacy and transmission, as it remains committed to maintaining price stability under the inflation targeting framework while facilitating the economy to reach its full potential. In addition to t

Distilleries Company acquires Heineken Lanka

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US official says Boeing jets won’t fly until safe

BBC: Airline regulators will not be rushed into clearing grounded Boeing 737 Max 9 planes after a mid-air blowout, the US government has said. The aircraft, which were suspended in the US following an incident on an Alaska Airlines flight “need to be 100 percent safe”, said Transportation Secretary Pete Buttigieg. It is unclear when the planes will be allowed to fly again. Boeing’s boss, Dave Calhoun, described the incident as a “quality escape”.

Ranil pledges to boost gem and jewellery sector over next two years

Sri Lanka’s gem and jewellery industry will receive a fresh boost as plans are afoot to bring in significant advancement to the industry over the next two years, the government said. The pledge t

Infinix enters Sri Lanka signalling a new era of advanced technology

Infinix, a leading global smartphone brand known for its innovative technology and user-centric devices, has now ventured into Sri Lanka, with an aim to empower the country’s younger generation. After achiev

ComBank upgrades eSlip app

The Commercial Bank of Ceylon has unveiled a series of new features to the bank’s eSlip app, the first app of its kind in

Central Bank to begin balance sheet run-off, end new monetary financing

The Central Bank announced this week the initiation of a balance sheet run-off. This move comes as the institution addresses the unprecedentedly substantial expansion of its balance sheet in the recent past. While the Centr

Abans recognised as trusted source for TRCSL-approved smartphones in Sri Lanka

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has announced that unregistered telecommunication devices equipped with a SIM card will be deactivated within the cellular mobile telephone operator’s network.

Fishing village of Negombo puts Sri Lanka tourism under spotlight

Sri Lanka came under the international spotlight once again for its unique tourism offering, but drawing the attention this time round is the scenic city of Negombo. The New York Times in its latest travel review placed the fishing village of Negombo as one of the 52 places to go this year. Negom

Enterprise Analytics puts spotlight on transformative power of data

Enterprise Analytics (EA) recently wrapped up its highly anticipated second annual customer summit Evergreen 2.0.

Pan Asia launches Ezy Banking spaces to boost customer digital experience

Pan Asia Bank proudly launched its first digital banking centre to enable its customer base to access its banking services round the clock. The new state-of-the-art Ezy Banking Centre offers unprecedented freedom for Pan Asia Bank customers to conduct all their transactions under one roof digitally while also enjoying the familiarity of a branch locatio

Microsoft Sri Lanka empowers McLarens Group to forge ahead in tech innovation

McLarens Group, one of Sri Lanka’s largest diversified conglomerates, propels forward with Microsoft Sri Lanka, as the organisation transitions from Business Productivity Suite to Microsoft Enterprise Product Services. This adoptio

SLT-Mobitel Enterprise-Fortinet strengthen partnership

Recognising that security threats are complex, ever-evolving and heavily on the rise globally, SLT-Mobitel Enterprise h

Citrus Leisure to raise Rs.1.5bn

Citrus Leisure PLC announced this week that it would raise Rs.1.5 billion by way of a rights issue. In a filin

Benchmark 1-year bill yield continues to show downward stubbornness

The benchmark one-year Treasury bill yield extended its weeks-long downward stickiness at the weekly bill auction held on Wednesday. This is despite the assurances by the Central Bank that it would continue on its monetary easing cycle and enter into early reso

Former Chinese central banker accused of taking massive bribes, admits ‘huge mistake’

BBC: Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. Fan, who

Hayleys Solar sets national record for rooftop solar surpassing 150MWp mark

In a groundbreaking achievement for Sri Lanka’s renewable energy landscape, Hayleys Solar, a division of Hayleys Fentons, has surpassed the 150MWp mark in rooftop solar installations. This remarkable feat establishes a national record for rooft

Rajive Dissanayake appointed as HNB Finance Chairman

HNB Finance Plc has appointed Rajive Dissanayake as the new Chairman of the company, effective from January 8, 2024. Dissanayake succeeds Dilshan Rodrigo, former Chairman and HNB Executive Director/COO, who served the board since 20

Negombo puts Sri Lanka tourism under spotlight

Sri Lanka has come under the international spotlight once again for its unique tourism offering, but drawing attention this time round is the scenic city of Negombo.

Govt. mulls possible downward revision of VAT rate in 2Q24

By Nishel Fernando The government this week said it is mulling on a possible downward revision of the Value Added Tax (VAT) rate in the second quarter of 2024. A relief is likely towards March-April this year. Addressing a special conference held at the Finance Ministry this week on the VAT, President’s Office State Revenue Unit Director K.K.I. Eranda outlined that the government’s strategy is to further lower the VAT registration threshold, t

Unilever Sri Lanka appoints Ali Tariq as new Chairman and CEO

Unilever Sri Lanka will have a new Chairman and CEO taking over, with Ali Tariq set to take on the role from February 1. With this appointment, Tariq will also join Unilever’s South Asia leadership team. Prior to this, Tariq served as CFO for Global Transformations at Unilever’s headquarters in London. Tariq joined the group in 2003 and has since held global and country leadership roles across Europe, South Asia and the Far East. He is a member

Citrus Leisure to raise Rs.1.5bn

Citrus Leisure PLC announced this week that it would raise Rs.1.5 billion by way of a rights issue. In a filing to the Colombo Stock Exchange, Citrus Leisure PLC said it would offer 378,354,954 ordinary shares, at Rs.4.20 per share. As per the filing, 143 new ordinary shares will be issued for every 101 existing ordinary shares held by the shareholders. The current stated capital of the company is Rs.3,256,172,662, represented by 267,229,723

Benchmark 1-year bill yield continues to show downward stubbornness

The benchmark one-year Treasury bill yield extended its weeks-long downward stickiness at the weekly bill auction held yesterday. This is despite the assurances by the Central Bank that it would continue on its monetary easing cycle and enter into early resolutions with the private creditors to restore external debt sustainability, which remained as a long-time hangover, over a meaningful downward shift in the yield curve. The Central Bank offer

CBSL maintains easing stance amid stable inflation, lingering growth concerns

The Central Bank yesterday said it does not see the need to change the course of the current monetary policy path set off in June last year, as inflation remains well anchored, despite the near-term blips in the price indices, due to the recent hike in the Value Added Tax.

User-friendly system for OMOs to be introduced

With a view to enhancing the effectiveness of monetary policy implementation as well as catering the current and future developments, a user-friendly system for open market operations (OMOs) would be introduced, the CBSL said. This will be in line with a smooth transition to the new auction system by 2025. Further, an OMO auction schedule will be introduced in 2024 that helps create certainty on liquidity management among market participants. Th