CB expected to maintain policy rates allowing prior actions to take effect

As the Monetary Policy Board of the Central Bank convenes today, for its eighth monetary policy meeting of the year and the second under the new Central Bank Act, there is a widespread expectation in the market that the rate-setting committee will maintain the current stance.

HIP briefs newly appointed Sri Lankan Heads of Mission and Ambassadors

Seven Sri Lankan Heads of Mission/Ambassadors designate to foreign embassies and high commissions, were given a detailed orientation by Hambantota International Port (HIP) on port operations and activities. Tissa Wickramasinghe, COO of the Hambantota International Port Group (HIPG) briefed the group of diplomats on these aspects, covering the port’s progress over the last 5 years. “From our perspective this interaction was extremely welcome as t

John Keells Group inks exclusive distribution deal with China’s BYD

Diversified blue-chip John Keells Group has been appointed as the exclusive distributor of BYD passenger vehicles in Sri Lanka.

Eight investors show interest in Lanka Hospitals

The Finance Ministry yesterday said it has received eight Requests for Qualification (RfQs) from potential investors for the acquisition of Lanka Hospitals Corporation PLC. The deadline for submission of proposals was November 21, 2023. The Finance Ministry said the eight RfQs that were received would be evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises, approved by the Cabinet of Ministers in July 2023.

People’s Bank reports consolidated pretax profit of Rs.11.4bn for nine months of FY23

People’s Bank yesterday announced the results for its nine-month period ended on September 30, 2023, with a total consolidated operating income and pre-tax profit of Rs.67.6 billion and Rs.11.4 billion, respectively. Due to the higher cost of term deposit funding, which stemmed from the high interest rate environment that prevailed during much of 2022, the consolidated net interest income slipped to Rs.44.6 billion during the nine months ended on

Loan woes continue for many despite economic recovery

October tea exports down 4% YoY

The tea exports from Sri Lanka in October contracted marginally by 4 percent year-on-year (YoY), totalling 18.21 million kilogrammes. After exporting over 20 million kilogrammes of tea for five consecutive months, the export volumes dropped to the levels recorded in January to April 2023, averaging about 17.5 million kilogrammes per month during that period. For October, packeted tea and tea bags showed a marginal improvement, while other produc

Sri Lanka receives Rs.770mn grant assistance from Japan

Sri Lanka yesterday received a grant assistance of approximately Rs.770 million from the government of Japan. The grant was extended under two different projects, with the higher financial assistance being offered to the fisheries sector and the other to the Meteorology Department. Approximately Rs.435 million was offered to provide supportive equipment for the fisheries industry, under the Japanese Economic and Social Development Programme. The

25th Presidential Export Awards today

The Sri Lanka Export Development Board (EDB) is slated to hold the 25th edition of the Presidential Export Awards (PEA) ceremony today, at the Bandaranaike Memorial International Conference Hall (BMICH), under the patronage of President Ranil Wickremesinghe. The PEA stands as the pinnacle of recognition bestowed by the president upon the exporters who have made exceptional contributions to the country’s export sector and economic advancement. Thi

Sri Lanka – USA Business Council elects Charithra Hettiarachchi as President for 2023/2024

The Sri Lanka – USA Business Council (SLUSABC) of The Ceylon Chamber of Commerce elected Charithra Hettiarachchi, Chief Operating Officer of WICHY Plantation Company (PVT) LTD, as President of SLUSABC at its 07th Annual General Meeting held recently. Chief Guest at the event Ambassador of the United States Ambassador to Sri Lanka Julie Chung, recognized the challenging journey that Sri Lanka has traversed since the previous annual general meeti

Travel Influencer ‘Nas Daily’ joins hands to promote Sri Lanka Tourism

Sri Lanka Tourism Promotion Bureau (SLTPB), under The Ministry of Tourism and Lands welcomed World’s Top Travel Influencer Nusier Yassin also known as ‘Nas Daily’’ to promote Sri Lanka as One of Best Travel Destinations in the world to travel. As part of this exclusive social media-based campaign with Sri Lanka Tourism Promotion Bureau, Nas Daily social platforms where they have over 67 million followers base worldwide, will be posting various d

NDB tops banking sector at SLIM National Sales Awards 2023 with highest wins

NDB Bank has recently earned recognition at the SLIM National Sales Awards (NSA) 2023, held on November 14th. The bank clinched a total of six awards, which included two Gold Awards alongside a Silver, two Bronze, and one Merit Award at the ceremony. Notably, Kasun Jayawardana was honoured with the Gold Award for Best Regional Sales Manager, and Praveen De Jacolyn secured the Gold Award for Best Territory Manager.

Fitch rates BOC’s Basel III subordinated debt ‘BBB+(EXP)(lka)’

Fitch Ratings has assigned Bank of Ceylon’s (BOC) (CC/CCC-/A(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to Rs.10 billion an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures will mature in five years and be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 capital base, bridge maturity mismatches, and to support the expansion of i

DFCC Leasing unlocks Most Affordable Market Option

DFCC Leasing, renowned for its commitment to providing exceptional customer value, continues its winning streak by introducing the most affordable monthly lease rentals. Understanding the needs of its diverse customers, ‘DFCC Leasing’ provides the lowest leasing rates in the market, redefining affordability, and accessibility for personal vehicle ownership in Sri Lanka.

HDFC launches new savings account for monthly income earners

HDFC Bank has launched a new savings account, HDFC Salary Saver, designed to empower the financial goals of monthly income earners. With HDFC Salary Saver account, you can enjoy higher interest rates compared to traditional savings accounts, ensuring a brighter future. By starting the account with your salary or you only need a minimum deposit of Rs. 2000 to open this account, which ensures that anyone can start their journey towards success in

Bairaha lights up Children’s Day 2023 with festivity and kindness

Bairaha Farms PLC marked the World Children’s Day 2023 with a celebration at its recently launched flagship restaurant, Bairaha Chicken Café, located in Port City Colombo. The event, which took place on October 1, witnessed the participation of over 200 excited children, making it a memorable day filled with happiness, good food, and community spirit. The Children’s Day celebration at Bairaha Chicken Café was a resounding success, with children

HNB Finance appoints Saliya Jayaweera as Independent Non-Executive Director

HNB Finance Plc has appointed Saliya Jayaweera as an Independent Non-Executive Director to its board, effective from November 21, 2023. Jayaweera counts for over three decades of experience in the Financial Services Industry in multiple markets including United Kingdom, India, across Middle East and Maldives. His vast international exposure scopes delivery of Finance Transformations, Large Mergers, Acquisitions, and Integrations

SMR Consolidated clinches coveted Gold at National Industry Excellence Awards

SMR Consolidated (Sena Mills and Refineries Pvt Ltd), is Sri Lanka’s leading manufacturer, refiner, and exporter of edible oils and fats. In a remarkable triumph, showcasing its unwavering commitment to quality and excellence, the company clinched the coveted national-level Gold Award at the National Industry Excellence Awards 2023. This accolade was presented to SMR Consolidated during the National Industry Awards Ceremony conducted by the Indu

PeoplesHR by hSenid unveils dynamic rebranding initiative

PeoplesHR by hSenid Business Solutions PLC has embarked on a significant rebranding journey, aiming to fortify its brand image to align seamlessly with the dynamic global Human Capital Management (HCM) landscape. This strategic transformation represents a departure from conventional models to embrace a modernist approach, integrating innovation and technology to cater to the evolving needs of the contemporary business and HR environment. The b

CIPM launches another sustainability initiative

CIPM Sri Lanka has announced an important milestone in their commitment to environmental sustainability by initiating a PET plastic collection and recycling programme in collaboration with Coca-Cola Beverages Sri Lanka (CCBSL). Under the guidance and advice of Ken Vijayakumar – President of CIPM, and Wasanthi Vithanage –Chairperson of the CIPM Standing Committee on Sustainability, Diversity & Inclusivity, a dedicated 50Kg recycling unit was insta

John Keells Group inks distribution deal with BYD

John Keells Group has been appointed as the exclusive distributor of BYD passenger vehicles in Sri Lanka.

No change in State sector wages in the year through September despite soaring costs

The official wage rate index for State sector employees showed that it hadn’t budged at all during the last 12 months, perhaps making the case for the substantial increase in the cost of living allowance for the public servants announced in the 2024 budget.

Sri Lanka signs agreement to send workers to Israel

Sri Lanka has entered into an agreement with Israel to send workers to be employed in the latter’s agricultural sector, Cabinet Spokesperson Minister Bandula Gunawardana said.

SL says ready for BRI second phase; China keen on extending CMEC

Sri Lanka has conveyed its preparedness for the second phase of the Belt and Road Initiative, with China expressing a keen interest in extending the China-Myanmar Economic Corridor (CMEC) to include Sri Lanka.

National inflation slightly accelerates to 1% in October

Consumer prices, as measured by the National Consumer Price Index rose 1 percent in the 12 months through October 2023, a slight uptick from the 0.8 percent in September as inflation, having reached its lowest point last month due to higher base effects last year, may have bottomed out.

RM Parks signs US$ 110mn BOI deal to enter Sri Lankan fuel market

RM Parks Inc. California-based US fuel distribution company has signed an agreement with state-run investment promotions agency Board of Investment (BOI) to invest US$ 110 million to serve....

SL-Thailand FTA to be inked on February 3

The signing of the proposed Sri Lanka-Thailand Free Trade Agreement (SLTFTA) is expected to take place on February 3, 2024 following the completion of final negotiations next month, the Government...

Zambia dealt major setback as official creditors object to bond deal

Zambia suffered a major setback in its debt restructuring efforts after the government on Monday said a revised deal to rework US$ 3 billion of Eurobonds could not be implemented at this time....

Govt. to allow non-BOI firms to come under investment promotion agency

Recognising significant foreign investor interest in companies affiliated with the Board of Investment (BOI), the Cabinet of Ministers this week granted approval to a proposal enabling non-BOI....

Prime lending rate falls below Central Bank’s October target

The prime lending rate, the rate at which banks lend to their prime customers, dropped earlier this month to a level even below Central Bank’s target by the end of October. The Average Weighted....