Stocks extend surge with net foreign inflow of Rs.1.5bn

The Colombo Stock Exchange maintained its upward momentum for the fifth consecutive session yesterday as foreign investors made significant contributions, resulting in the highest net foreign inflow to the market in recent times.

Dijital Team launches operations in Sri Lanka

Dijital Team, a global leader in providing smarter offshoring solutions for IT teams, officially launched operations in Sri Lanka recently.

Airtel Lanka reaffirms commitment to customers during challenging times

In the wake of ongoing economic hardship faced by Sri Lankan consumers, the island’s most preferred telco among youth, Airtel Lanka, issued a statement reiterating its commitment to stand by its customers in difficult times and hold to its promise of delivering maximum value for nation’s fast-growing base of mobile users.

Pre-order availability of Galaxy Z Fold5 and Z Flip5 announced

Samsung Sri Lanka has announced the highly anticipated pre-order availability of the revolutionary Galaxy Z Fold5 and Z Flip5, marking a new era of innovation and immersive experiences.

Inqbaytor CEO recognised with 2 prestigious awards for innovation in IT, travel sectors

Co-Founder and CEO of Inqbaytor, the trailblazing travel technology company, Dr. Harshani Perera, has been honoured with two extraordinary awards, acknowledging her exceptional contributions and leadership in the field of information technology and travel industry.

Kotelawala Defence University joins forces with Dialog Enterprise

Dialog Enterprise, the leading ICT solution provider in the country, recently announced its collaboration with Kotelawala Defence University (KDU).

Enfection launches vAIral as first AI-human marketing agency in Sri Lanka

Enfection, a trailblazing force in the marketing industry, has announced the launch of its latest brainchild, vAIral.

Celebrating a marketing maestro: Dilmah Tea continues to carry forward his enduring legacy

In the early 2000s, as an eager undergraduate, I vividly recall the captivating stories that echoed through our marketing classes about a visionary entrepreneur, who was on a mission to transform Ceylon tea into a global brand. Little did I know that these tales would stay with me for years to come, inspiring my pursuit of marketing excellence. Today, as we bid farewell to iconic Merril J. Fernando, the founder of Dilmah Tea, it is a touching mom

Chamber of Mineral Exporters launched to advance sector

In an effort to bring fresh focus to Sri Lanka’s mineral resource industry, the stakeholders of the sector yesterday launched the Chamber of Mineral Exporters (CME) as a collaborative initiative.

Colombo Dockyard makes history as JMSDF’s first foreign shipyard for vessel repair

Colombo Dockyard PLC was selected as an afloat repair service provider to the Japanese Maritime Self-Defence Forces (JMSDF) at the Colombo Port.

Union Bank recognised as a women-friendly workplace

Amana Bank climbs 14 positions in Top 100 Most Valuable Brands

Amana Bank has climbed an impressive 14 positions in the latest ranking index of LMD Brand Finance Top 100 Most Valuable Brands in Sri Lanka. The significant ranking advancement from 81st to 67th position in a period of 1 year is a testament to Amana Bank’s growing popularity and strong brand acceptance. In a challenging year, Amana Bank stood out as one of the few brands to record a positive growth in their brand value, highlighting the bank’s

DFCC Bank sets new industry standard with enhanced leasing products

DFCC Leasing, the leasing arm of DFCC Bank PLC has taken a bold and innovative step to address the concerns of Sri Lankans in the market for a vehicle with its special leasing promotion, ‘Aduwenakota Aduwena Leasing’ – ‘A lease that gets better as you go’. Available only for a limited time, until the 14th of September, DFCC Aduwenakota Aduwena Leasing allows customers to obtain a vehicle now without having to wait for interest rates to go down,

Acuity Knowledge Partners offers undergraduates access to Capital Markets webinar series

Acuity Knowledge Partners (Acuity), a leading provider of bespoke research, analytics, staffing and technology solutions to the financial services sector, launched its Capital Markets webinar series in Sri Lanka, inviting the participation of undergraduates and graduates at universities, educational institutions, and professional bodies. The series will begin in August 2023 and offer final-year undergraduates and graduates an interactive way to g

People’s Bank Nawala Service Centre moves to improved new location

People’s Bank Nawala Service Centre was ceremoniously declared opened at a new location recently. A ceremony to mark the occasion was attended by People’s Bank Chairman Sujeewa Rajapakse and Acting Chief Executive Officer/ General Manager Clive Fonseka. The Service Centre is located at No.134/A, Nawala road, Nugegoda with a host of services and modern conveniences backed by the latest technology. Through the Self Banking Unit available at the bra

Mahendra Wilegoda elected President of Sri Lanka Insurance Institute

The Sri Lanka Insurance Institute (SLII) has elected Mahendra Wilegoda, Head of Life Operations at HNB Assurance PLC as its 20th President. The appointment was announced during the Annual General Meeting held on the 22nd June, marking a significant milestone for the institute. Wilegoda, an old boy of Central College of Piliyandala, is no stranger to the SLII and did serve as the Vice President up until his recent appointment. With over 26 years o

Lanka Rating Agency appoints Charana Jayasuriya as CEO

Lanka Rating Agency (LRA) has announced the appointment of Charana Jayasuriya as its new Chief Executive Officer from 1st August 2023. Prior to his appointment, Jayasuriya was Chief Executive Officer of National Asset Management Limited. He counts over 20 years experience in the capital markets of Sri Lanka and in the United Kingdom in asset management, investment banking and financial regulation. Prior to that, Jayasuriya was a Fund Manager for

BOC celebrates 84th anniversary nurturing country’s economy

The Bank of Ceylon celebrated its 84th anniversary at a ceremony held at its Head Office in Colombo 01. The ceremony began with special religious sermons, invoking blessings on the staff and on all customers of the bank. The event held with the patronage of the bank’s Chairman Ronald C. Perera and the General Manager Russel Fonseka. Members of the bank’s Board of Directors, Corporate and Executive management, staff members, customers and well-wi

Sri Lanka to host World Travel Awards Grand Finale in Colombo

Yesterday, early in the morning, WTA Founder and President Graham Cooke and its Business Development Director Mike Sawicki arrived in Sri Lanka. They met with State Minister of Tourism Diana Gamage, Private Secretary to State Minister of Tourism Dr. Arosha Fernando and the senior officials of the State Tourism Ministry of Sri Lanka to discuss and plan the programme of the WTA 2023 World Grand Finale Gala Ceremony in Colombo, on December 15. “WTA

Mineral sector unable to reach full earning potential due to unaddressed challenges: CME

The stakeholders of the local mining sector yesterday said the industry is unable to function to its full potential as several unaddressed challenges continue to persist, standing as stumbling blocks in fetching higher foreign revenue. One of the key issues impeding the development of the industry is the reduced accessibility to raw materials. “It is not the availability of raw materials that is the issue; it is the lack of accessibility to the

Govt. plans to launch second Coconut Triangle in Northern province

Eyeing a US $ 2 billion annual export income from coconut and coconut-based products, the government plans to launch the second Coconut Triangle in the Northern province, in conjunction with the World Coconut Day that falls on September 2. “Upon a special request from President Ranil Wickremesinghe, we are lunching the second Coconut Triangle connecting Pedro Point of Jaffna, Silawathurai in Mannar and Kokilai in Mulathiv, covering all the distri

T-bill yields ease across maturities; PDD raises Rs.180bn

The Treasury bill yields eased across maturities for the second consecutive time yesterday and the Public Debt Department (PDD) of the Central Bank sold the full Rs.180 million offered. The three-month yields fell by six basis points to 19.90 percent, while the six-month yields eased 12 basis points to 17.57 percent. The 12-month bill yields eased the most by 13 basis points to 14.16 percent. The PDD offered Rs.80 billion in three-month bills, Rs

CB sets record straight; says LKR, not INR legal tender in Sri Lanka

The Central Bank yesterday set the record straight, stating that the legal tender in Sri Lanka for domestic payments and settlements would remain as Sri Lankan rupees (LKR) and not the Indian rupee (INR). Issuing a statement to the media, the Central Bank urged the public not to be misled by the misrepresentation of facts circulating in the public domain on the INR. “The authorisation of the INR as a designated currency does not make the INR a le

Malik and Dilhan Fernando appointed as Co-Chairs of MJF Holdings

Pursuant to the demise of MJF Holdings Founder and Chairman Merrill J. Fernando, his two sons, Malik J. Fernando and Dilhan C. Fernando, wish to express their deep appreciation to the overwhelming number of people who joined them in their grief and in laying their beloved father to rest. They reaffirm their commitment to building on the formidable legacy that Merrill J. Fernando built in tea and leisure, with kindness to people and nature. MJF

Fitch downgrades US credit rating from AAA to AA+

BBC: The US government’s credit rating has been downgraded following concerns over the state of the country’s finances and its debt burden. Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+. Fitch said it had noted a “steady deterioration” in governance over the last 20 years. US Treasury Secretary Janet Yellen called the downgrade “arbitrary”. It was base

Lubricant market records slight recovery in 1Q

Sri Lanka’s lubricant market recorded a slight recovery in the first quarter of this year on a quarter-on-quarter basis, after plunging to a 13-year low in 2022, the lubricant market data released by the Public Utilities Commission of Sri Lanka (PUCSL) showed. Lubricant sales volumes rose by 8.24 percent in 1Q23 to 10,395.19 kilo litres (KL), from 9,603.85 KL in the previous quarter (4Q22). “This indicates a positive trend in the lubricant marke

July witnesses highest monthly tourist arrivals so far this year

Sri Lanka achieved its highest monthly tourist arrivals so far this year in July, attracting over 140,000 international visitors. According to the provisional data released by the Sri Lanka Tourism Development Authority (SLTDA), a total of 143,039 tourists entered the country in July, marking a remarkable 202 percent year-on-year (YoY) increase. The previous highest arrivals were recorded in March, with 125,495 international visitors. With the i

July witnesses highest monthly tourist arrivals so far this year

Sri Lanka recorded 143, 039 tourist arrivals for July, the highest monthly arrivals recorded so far this year, the data released by Sri Lanka Tourism Development Authority said.

Chamber of Mineral Exporters launched to advance the sector

In an effort to bring fresh focus to Sri Lanka’s mineral resource industry, stakeholders of the sector today launched the Chamber of Mineral Exporters (CME) as a collaborative initiative.

Trade deficit expands for second consecutive month in June amid rising imports

Sri Lanka’s trade deficit expanded for the second consecutive month in June on a Year-on-Year YoY basis with imports rising for the second straight month while exports continued to be on a declining trend. The deficit in the trade account expanded to US$ 364 million in June this year, from US$ 22 million surplus recorded a year ago at the height of foreign exchange crisis. However, on a month-on-month (MoM) basis, trade deficit contracted by ar