NDB Shareek Islamic Banking Unit excels with two wins at IFFSA Awards

In 2023, NDB’s Islamic Banking Unit (IBU) celebrated a remarkable achievement, winning the coveted Gold Award for Deal of the Year 2022 for structuring a Diminishing Musharaka facility for a leading player in the poultry industry. This recognition was presented at the annual IFFSA (Islamic Finance Forum of South Asia) forum, highlighting NDB’s commitment to excellence in Islamic banking practices and its ability to craft innovative financial sol

HNB Assurance wins CMO Award for Transformative Digital Campaign

HNB Assurance announced its recent achievement of winning the CMO Award for the Best Digital Integrated Campaign. This accolade which is a testament to the remarkable success of the Supreme Health Unlimited Campaign, which marked a shift from conventional insurance marketing. The Supreme Health Unlimited Campaign had a simple yet powerful message which was that, life is meant to be lived to the fullestand having the right insurance coverage can g

People’s Bank demonstrates commitment to Sri Lankan export community

Further strengthening its support for Sri Lanka’s export community, People’s Bank recently came forward to be the Platinum Sponsor for the 25th Presidential Export Awards (PEA) organized by the Sri Lanka Export Development Board (EDB). The grand sponsorship was officially marked in a symbolic event held at the People’s Bank Head Quarters, where the Chairman of People’s Bank, Sujeewa Rajapakse and CEO/GM of People’s Bank Clive Fonseka had the dist

Sanasa General Insurance signs MoU with Colombo Law Society

Sanasa General Insurance Company and the Colombo Law Society (CLS) recently entered into a memorandum of understanding (MoU). Through this MoU, CLS members will be able to enjoy a wide range of insurance facilities offered by Sanasa General Insurance with special discounts. “With this MoU signed between CLS and Sanasa General Insurance, our members will receive many benefits. This is an important opportunity for both parties. This MoU also provi

Colombo Port seeks investments for green hydrogen and ammonia to match global shipping trends

Sri Lanka is actively seeking investments to foster the production of green hydrogen and green ammonia at the Colombo Port, to align with the prevailing trends in the global shipping industry. “Vessel owners worldwide are increasingly investing in green technology to reduce emissions. Consequently, our ports must be well-equipped to accommodate these eco-friendly vessels,” Port and Shipping Minister Nimal Siripala de Silva said. “Discussions in t

Sri Lanka targets to boost tea industry with 20mn high-quality plants annually

Agriculture and Plantation Industries Minister Mahinda Amaraweera has directed the Seed and Planting Material Development Centre within the Agriculture Department to annually produce 20 million high-quality tea plants. This move stems from the tea industry’s substantial yearly demand for 20 million saplings, essential for new plantations and replanting and the adverse effects of inadequate and substandard tea plants on crop yields and the preval

Electricity Sector Reforms Bill goes to Cabinet

Power and Energy Minister Kanchana Wijesekera yesterday said he tabled the proposed Electricity Sector Reforms Bill for the observations and approval of the Cabinet of Ministers. “The proposed reforms will unbundle the services of the CEB, improve efficiency, transparency, competition and allow private sector participation in the electricity industry,” Wijesekera said in a message on X, formerly Twitter. He said the bill was prepared over the la

Higher interest rates help to more than double HSBC profits

BBC: Rising interest rates have sent profits at HSBC soaring as the banking giant set out plans to hand billions more dollars to its shareholders. HSBC said profits more than doubled to US $ 7.7 billion (£6.35 billion) in the three months to September from the same period a year ago, although that was below forecasts. It said it had benefited from higher interest rates which allow it to charge more to lend to people and businesses. The Bank of E

World Bank dispatches top executives to support climate-smart agriculture in Sri Lanka

The World Bank has swiftly responded to Sri Lanka’s request for assistance in promoting climate-smart agriculture in the country’s dry zone by dispatching its top executives for a field visit.

Roof-top solar users to be allowed one-time migration

The Ministry of Power and Energy yesterday announced that solar customers of the Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO) will be allowed a one-time migration to different schemes.

SL’s four mobile operators achieve 100% country coverage with GSMA Open Gateway APIs

Sri Lanka’s mobile operator community recently announced the commercial launch of new industry-wide network APIs, as part of the GSMA Open Gateway initiative. In doing so....

Proposed wealth/property tax will be introduced after thorough analysis: Siyambalapitiya

The government will introduce the proposed property or wealth tax after a thorough analysis, State Finance Minister Ranjith Siyambalapitiya said. Calling it a very progressive...

SL to designate 1% of total land area for industrial use

Minister of Industry and Health Ramesh Pathirana recently emphasised the need to expand industrial land allocation in the country due to limited availability of land for industrial purposes. The goal....

Pan Asia Bank’s third quarter earnings up; de-growth in loans continues

Pan Asia Banking Corporation PLC reported higher earnings for the period ended September 30, 2023 (3Q23) amid strong top line performance, though the bank still recorded a de-growth....

Huawei announces business results for first 3 quarters of 2023

Huawei announced its business results for the first three quarters of 2023 yesterday. During this period, Huawei generated CNY 456.6 billion in revenue, with a year-on-year increase of 2.4 percent....

Expolanka 2Q performance hit by slowing global demand, decline in freight rates

Expolanka Holdings PLC saw its financial performance for the quarter ended September 30, 2023 (2Q24) impacted by slowdown in global demand and sharp decline in freight rates after....

NTB introduces INR as designated currency

Nations Trust Bank PLC recently announced a step forward in addressing the growing needs of customers while aligning with the recent directive from the Central Bank of Sri Lanka (CBSL) with the introduction...

EO Sri Lanka Chapter welcomes new board and president for 2023-2024

EO Sri Lanka, in September, inaugurated a new board and president at an event held at Mount Lavinia Hotel. Outgoing President Jitherndra Gajendran....

Sarath Gamage assumes duties as 43rd OPA President

Organisation of Professional Associations of Sri Lanka (OPA) President Elect Sarath Gamage assumed duties as the 43rd President of the OPA on October 27, 2023. The OPA...

SLT-Mobitel brings Apple’s latest 5G-ready iPhone 15 lineup with exclusive benefits

Echoing its leadership in bringing the latest technological advancements to Sri Lanka, SLT-Mobitel, the national ICT solutions provider, announces the introduction of Apple’s latest iPhone 15 lineup with....

Central Bank of Sri Lanka co-hosts 4th CBSL-ADBI-APAEA joint workshop

The Central Bank of Sri Lanka (CBSL) co-hosted the CBSL-ADBI-APAEA Workshop for the fourth consecutive year, in collaboration with the Asian Development Bank Institute (ADBI) and Asia-Pacific...

CIC Holdings posts Rs.1.98bn PAT for first six months of FY23/24

CIC Holdings PLC continued its onward journey despite a challenging environment to post a revenue of Rs.34.78 billion and a profit after tax (PAT) of Rs.1.98 billion at the end of the first six months....

Extra effort required from SL to draw FDI in current tough investment climate

Sri Lanka is expected to witness modest growth in the years ahead, but it will have to go the extra mile to not only retain existing investors but harder still, to attract fresh investments in the current....

Well-defined road map and adequate funding must for digital transformation

President Ranil Wickremesinghe stressed on the need for a well-defined road map and adequate funding to materialise the aspired digital transformation.

Local print solutions under spotlight at SL Print Exhibition and Trade Fair 2023

The local print solutions and technologies came under fresh spotlight this week, with the launch of SL Print Exhibition and Trade Fair 2023, at the BMICH.

Tea Auction sees marginal improvement in offering volumes this week

The Colombo Tea Auction this week saw the volumes improve marginally, totalling five million kilogrammes, which was met with good general demand although at irregular rates.

SL-B’desh Business Council launched at Ceylon Chamber of Commerce

The Ceylon Chamber of Commerce (CCC) yesterday announced the launch of the Sri Lanka-Bangladesh Business Council, under the patronage of Bangladesh High Commissioner to Sri Lanka Tareq Mohammad Ariful Islam.

Apparel sector SMEs eye Indian market for fresh orders

In an effort to reduce the shocks faced by the local apparel sector, due to the increase in global economic challenges, the small and medium enterprises (SMEs) in the industry are moving towards the Indian apparel market.

Plans afoot to designate 1% of total land area for industrial use: Industry Minister

The government yesterday announced that plans are afoot to designate one percent of the nation’s total land area for industrial use, to help improve industrial activity.

AI could worsen cyber-threats, report warns

BBC: Artificial intelligence could increase the risk of cyberattacks and erode trust in online content by 2025, a UK government report warns.