ComBank and Daraz spark shopping fever with series of year-end promotions

As shopping begins to occupy thoughts with the year drawing to a close, the Commercial Bank of Ceylon has unveiled a series of exciting discount opportunities in November and December in partnership with Daraz, South Asia’s largest ecommerce platform. From Saturday, 11th to Friday 17th November, all purchases by Commercial Bank Credit Card holders will be eligible for a site-wide 10% discount under the Daraz 11.11 promotion. Simultaneously, Comme

Sithaka tea sets record at weekly auction with Rs.4,800 per kg

In a remarkable event at this week’s tea auction on November 7 and 8, 2023, Avissawella Tea Factory, trading its produce under the

Sri Lanka aims to revive coffee and cocoa production and diversify export markets for spices

Sri Lanka is looking to revitalise its high-quality coffee and cocoa production alongside measures to boost the country’s spice indus

99x expands global presence with acquisitions in Portugal and Brazil

99x continues to expand its global presence with two new acquisitions in Portugal and Brazil. The acquisitions of Cleverti - Portugal and LeanOn Systems - Brazil were formally concluded by 99X Investment AS, Norway in Octobe

Port City Colombo signs MoU to attract investors at ‘Invest Sri Lanka – Retire Sri Lanka’ event in Singapore

‘Invest Sri Lanka – Retire Sri Lanka’– an event focused on attracting investment to Sri Lanka was held in Singapore recently. The even

Deterioration in financial profile prompts rating downgrade for Hela

Fitch Ratings has downgraded Sri Lanka-based Hela Apparel Holdings PLC’s National Long-Term Rating to ‘BB+(lka)’, from ‘AA-(lka)’. The Outlook is Negative. The downgrade fol

U.S. DFC commits US $ 553mn to develop Colombo West International Terminal

U.S. International Development Finance Corporation (DFC) yesterday said it would lend US $ 553 million to develop Colombo West International Terminal (Pvt.) Ltd (CWT), a deep-water shipping container terminal in the Port of Colombo. India’s largest port operator Adani Ports and SEZ holds 51 percent of CWT, which it is developing with Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) and state-run Sri Lanka Ports Authority (SLPA). JKH

Sri Lanka, Argentina top list of most vulnerable economies- study

REUTERS: Sri Lanka and Argentina remain very vulnerable amid a worsening in global financial conditions while China has suffered a sharp deterioration in financial resilience since pre-COVID times, a think-tank study found yesterday. The resilience indicator, published by the Washington-based Centre for Global Development, assesses which countries would be most economically and financially affected if an external shock were to materialise. It is

Lankan school students to get a taste of entrepreneurship with ILO’s Schoolpreneur 2023

Sri Lankan school-going children will get a fresh taste of entrepreneurship in November, with the International Labour Organisation (ILO) set to launch Schoolpreneur 2023 across the island nation. The event aims at instilling entrepreneurial skills at school level, so that the younger generation has access to wider opportunities to generate a substantial income once they have completed their school education. The event will be rolled out by the

Sri Lanka aims to position Northern province as MICE hub for South India

The Sri Lanka Convention Bureau (SLCB) is actively working to establish the country’s Northern province as a promising destination for meetings, incentives, conferences and exhibitions (MICE) for South India. To this end, the SLCB is organising Jaffna MICE Expo 2023, which is scheduled to be held from November 30 to December 03, 2023. “After the successful MICE Expo in Colombo earlier this year, the Northern province was identified as a promisin

Top U.S. officials Blinken, Austin to visit India for Indo-Pacific talks

REUTERS: U.S. Secretary of State Antony Blinken and Defence Secretary Lloyd Austin will hold talks with India this week that officials say will focus on security challenges in the Indo-Pacific and concerns over China, rather than the wars in Gaza and Ukraine. The talks in New Delhi on Friday with India’s Foreign Minister Subrahmanyam Jaishankar and Defence Minister Rajnath Singh are part of the so-called “2+2 Dialogue”, launched in 2018 to boost

Talawakelle Tea Estates earns spot in UN Global Compact Report

Talawakelle Tea Estates (TTE PLC), a Hayleys Plantations company, has earned prestigious recognition as the sole representative from Sri Lanka to be featured in United Nations Global Compact-Accenture Global Private Sector SDG Stocktake Report 2023. The report, unveiled during the 78th UN General Assembly, acknowledges exemplary contributions to sustainable growth made by the private sector at the midway point toward achieving the 2030 Agenda fo

Apparel sector seeks enhanced access to Indian market amid challenging export climate

The Sri Lankan apparel industry leaders have recently emphasised the importance of gaining improved access to the Indian market, to boost the local apparel sector exports, particularly in light of the sluggish demand from key markets. The senior representatives of Sri Lanka’s apparel sector, MAS Holdings Chairman Mahesh Amalean and Brandix Apparel CEO Ashroff Omar, urged the need to increase the quota on garments to India.

Global Student Entrepreneur Awards 2023 opens for applications in Sri Lanka

The Global Student Entrepreneur Awards (GSEA), the prestigious international competition for student entrepreneurs, is back in Sri Lanka, providing young business leaders with a platform to showcase their innovative ventures. In Sri Lanka, the GSEA 2023 programme is being conducted and facilitated by the David Pieris Group in partnership with GSEA Global. Aspiring student entrepreneurs across the country are invited to participate in the GSE

Sri Lanka’s inaugural ‘International Climate Change Forum’concludes successfully

Sri Lanka hosted the inaugural ‘International Climate Change Forum’ (ICCF) on November 2nd and 3rd in Colombo. The ICCF served as a global congregation of experts, policymakers, scientists, and practitioners, brought together to collectively tackle the critical issues linked to climate change. With a specific focus on climate change adaptation within the context of food security. This event was made possible through the dedicated efforts of Conn

HNB revives100 MSME businesses with Rs.10 mn grant

Consolidating its efforts to revive the economy at the grassroots, Sri Lanka’s leading private sector bank, HNB PLC, allocated Rs.10 million as a grant fund for 100 microfinance entrepreneurs under its flagship ‘Oba Venuwen Api’ initiative to rebuild their businesses. Established by the HNB Sustainability Foundation, the grant aims to provide up to Rs. 100,000 as financial assistance to select microfinance customers, enabling them to strengthen

Ceylinco Life goes Green in Matugama with latest company-owned property

Ceylinco Life has invested in the acquisition and renovation of a building in Matugama, to provide this scenic locality in the Kalutara District with an eco-friendly branch that complies with the specifications of the life insurance leader’s flagship Green branches. The new branch at Nabada Road, Matugama is the 32nd branch to function in a company-owned building, and the fourth of its kind in the Kalutara District, the company said. The renovati

People’s Bank honours long-serving staff members

People’s Bank recently paid tribute to its dedicated staff members who have completed 25 years of service during the grand ‘25 Years of Service award ceremony’, held recently at the Bandaranaike Memorial International Conference Hall (BMICH), Colombo. The awards ceremony was graced by People’s Bank Chairman Sujeewa Rajapakse, People’s Bank Chief Executive Officer/General Manager Clive Fonseka and members of the corporate and executive management.

Assetline Finance receives ‘A-‘ rating with stable outlook

Assetline Finance Limited (AFL), the flagship company of the Financial Services Cluster of David Pieris Group received its initial rating of ‘A-‘ with a stable outlook from the Lanka Rating Agency (LRA) reflecting its medium size and solid standing in the lending market. The company provides a range of products such as automobile leasing & loans, working capital financing, and commercial financing; serving both individuals and corporates across

‘ComBank Digital’ adjudged ‘Best Mobile Banking App’ in Sri Lanka by Global Finance

‘ComBank Digital’ – Commercial Bank’s omni-channel digital banking platform has been adjudged the ‘Best Mobile Banking App’ in Sri Lanka by Global Finance at the 2023 edition of the magazine’s World’s Best Digital Bank Awards presentation in London. Sri Lanka’s no 1 digital banking platform with the highest usage and customer penetration, ComBank Digital is an integration of all online and mobile banking channels of Commercial Bank of Ceylon offe

John Keells September quarter stung by heavy exchange losses

John Keells Holdings PLC (JKH) saw its revenues decline and bottom line turning to negative in the three months through September 2023 ....

Enters into MoU with leading gaming operator

John Keells Holdings PLC (JKH) said yesterday they entered into a Memorandum of Understanding (MOU) with a leading international gaming operator in connection to the Cinnamon....

Taj Group proposes to convert Nuwara Eliya Post Office into a hotel

India’s Taj Group has proposed to convert the colonial-era Nuwara Eliya post office to a hotel, Cabinet Spokesman Minister Bandula Gunawardana said.

Cabinet greenlights Sri Lanka Economic Commission, merging BOI and EDB functions

The Cabinet of Ministers this week gave its approval to proceed with the initiation of Sri Lanka Economic Commission, which will merge the functions of the Board of Investment (BOI) and Export....

Cruise vessel Aida Bella to call at Port of Colombo tomorrow

Super luxury passenger vessel M.V. Aida Bella, operated by Aida Cruises, Germany with 1,900 passengers and 730 crew on board will call at the Port of Colombo tomorrow (November). The vessel....

BOI Advisory Council meets

The BOI Industry Advisory Council (IAC ) recently met to deliberate on the opportunities and challenges facing sectors such as ICT, apparel, spices & concentrates, nautical tourism, aquaculture....

Government level cooperation needed to boost tourist arrivals from India: Ceylon Chamber

In an effort to capitalise on Sri Lanka being one of the most sought-after destinations for Indian travellers, the Ceylon Chamber of Commerce (CCC) noted that government-level cooperation is required to further benefit from the travel trend.

Arrivals cross 22, 000 in first five days of November

Tourist arrivals to Sri Lanka for the first five days of November totalled 22, 202, showing an improved inflow rate from the previous month. Provisional data from the Sri Lanka...

Sri Lanka exceeds APIT target, collects Rs.107.1bn in first nine months

Sri Lanka has collected Rs.107.1 billion from Advance Personal Income Tax (APIT) in the first nine months of the year, surpassing the Rs.100 billion target set for the period, State Finance Minister...

Govt. invites proposals for Kirimandala Mawatha mixed development project

The government has made a decision to solicit investment proposals for a mixed development project on a five-acre plot of land located in Kirimandala Mawatha, Nawala. This land has....