Arjuna Herath bids adieu to EY

Ernst and Young announced the retirement of Arjuna Herath as a Partner and Head of Consulting for EY Sri Lanka and the Maldives, with effect from June 30, 2023, after an illustrious consulting career spanning over 22 years.

Nestlé Lanka receives go-ahead for delisting from its shareholders

The special resolution to delist Nestlé Lanka PLC’s ordinary voting shares from the Colombo Stock Exchange was approved by the Nestlé Lanka PLC shareholders at the Extraordinary General Meeting held on June 30, 2023, with over 75 percent of shareholders present in person or by proxy voting in favour.

Excluding banking sector in DDO will lead to lower interest rates: CA Sri Lanka

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) today said the decision to exclude the country’s banking sector from the Domestic Debt Optimisation (DDO) plan will result in lower interest rates.

Inflation down sharply to 12% in June

Sri Lanka’s official headline inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year (YoY) basis eases to 12 percent in June, largely on higher base effects, last year.

Pakistan enteres US $ 3bn staff-level deal with IMF

Pakistan, which is flirting with a debt default, has secured a staff-level agreement with the International Monetary Fund (IMF) for a US $ 3 billion stand-by arrangement, foreign media reported.

Resilience and Success: HNB FINANCE’s journey towards sustainable growth amidst adversity

In an exclusive interview with HNB FINANCE’s Managing Director and Chief Executive Officer Chaminda Prabhath, we delve into the company’s remarkable ability to overcome challenges and drive growth in the Sri Lankan financial sector. Despite navigating difficult times, HNB FINANCE has demonstrated

DdO and economic recovery beyond IMF

According to the latest figures published by the Finance Ministry, the present administration continues to borrow more money, both domestic and foreign funds and thus increasing the overall debt stock. The total public debt is around US $ 92 billion as at March 31, 2023; it was only US $ 79 billion by end-September 2022, as announced by the Finance Ministry, which is an increase of US $ 13 billion (or a 16 percent increase).

Ex-Central Banker casts doubts on adequacy of proposed DDO strategy

Given the anticipated shortfall in state revenue from the targeted levels, a former Central Banker casted doubts on the narrow scope in the proposed Domestic Debt Optimisation (DDO) strategy providing sufficient leeway for the government to get the fragile budgetary situation under control, while raising concerns on the disproportionate impact on the low-income earners.

World Bank approves US $ 700mn loan for Sri Lanka; adopts new CPF

US $ 500mn of loan will come as budget support and balance US $ 200mn to support social protection

Central Bank brings forward monetary policy announcement date to July 6

The Monetary Board of the Central Bank has brought forward the fifth monetary policy announcement for this year to July 06, from July 13.

National Geographic magazine lays off last of its staff writers

CNN: National Geographic, the iconic yellow framed magazine that has chronicled the natural world for more than 100 years, laid off its last remaining staff writers this week, multiple departing staffers said.

Vidullanka to invest US $ 10mn in a JV to develop 50MW solar power plant in Malawi

Renewable power producer Vidullanka PLC is planning to invest in a joint venture (JV) to develop a 50MW solar power plant in Malawi.

US economy stronger than reported at start of 2023

BBC: US economic growth was stronger than previously reported at the start of the year - news that could help bolster the case for higher interest rates in the world’s largest economy.

Dialog Enterprise Cloud becomes VMware Sovereign Cloud Provider in South Asia

Dialog Enterprise, the corporate ICT solution arm of Dialog Axiata PLC, announced it has become a VMware Sovereign Cloud Provider in South Asia.

Trade deficit expands in May marking first increase since February 2022

Sri Lanka’s trade deficit expanded for the first time since February 2022 to US $ 447 million in May, compared to US $ 403 million recorded in May 2022, the data released by the Central Bank showed.

Laugfs Gas assures uninterrupted supply

Issuing a statement, Laugfs Gas yesterday assured uninterrupted supply of cooking gas amid speculation regarding a potential gas shortage.

Minimum room rate will drive tourists away from Sri Lanka: SLAITO

The Sri Lanka Association of Inbound Tour Operators (SLAITO) yesterday cautioned on the fresh move made by the government and some tourism industry stakeholders to reintroduce the minimum room rate (MRR), asserting it could do more harm than any good to the industry.

CB Governor calls for coordinated effort between importers and exporters

Central Bank Governor Dr. Nandalal Weerasinghe this week emphasised the need for a coordinated effort between importers and exporters to generate more foreign exchange for the country and maintain a positive trade balance.

President to decide on establishing special court to collect unpaid taxes

President Ranil Wickremesinghe is set to consider the proposal to establish a special tax court to collect unpaid taxes from tax evaders expeditiously, instead of exhausting years in court proceedings.

EDB mulls revising export targets

The Export Development Board (EDB) said Sri Lanka would be revising down the year-end export targets, amid the modest export performance of the first five months of the year.

EU moves closer to launching digital euro

AFP: The European Union (EU) yesterday took its first significant step towards launching a digital version of the euro, a controversial project that has been questioned by politicians and banks.

Banks’ Association hails Central Bank Governor’s assurances on DDR/DDO

The Sri Lanka Banks’ Association (SLBA) has welcomed the assurance by Central Bank Governor Dr. Nandalal Weerasinghe that the financial sector stability will be maintained and the clarifications provided by the governor on the relevant process in this regard.

AIA Insurance and NDB Wealth Management join forces in strategic partnership

Building on AIA Insurance’s upward trajectory and its market position as the Best Life Insurance Company in Sri Lanka, the company has decided to take its ambitions to the next level by expanding its distribution footprint in Sri Lanka.

People’s Bank opens service centre in Ella

People’s Bank recently opened its newest service centre in Ella Town.

Dushayanta Basnayake assumes duties as Sri Lanka Savings Bank Chairman

Dushayanta Basnayake assumed duties as the new chairman of Sri Lanka Savings Bank yesterday.

Sri Lanka Insurance expands presence in Northern Region with two ABDCs

Hayleys Aventura hosts Brand Conclave connecting global industry brands with local businesses

Hayleys Aventura hosted their Brand Conclave recently bringing together some of the world’s most reputed industrial brands and their top management, to interact and share insights on their world-class product innovations, all under one roof. Hyster (USA), Prestar (Malaysia), Suzhou Asia Fuji (China), Goodpack (Singapore), A&D (Japan), A-Safe (UK) and most recently Avery Weigh-Tronix (UK), globally renowned industry leaders, have partnered Hayleys

IronOne bolsters national innovation at AsiaBerlin Summit 2023

IronOne Technologies LLC attended the AsiaBerlin Summit 2023, which was held from 12th-16th June in Berlin, Germany. The summit, now in its 25th year, took place at the historic Rotes Rathaus, Berlin’s Town Hall, and attracted over 1100 attendees from 39 countries, including startups, investors, industry leaders, and policymakers.

ComBank declared ‘Best Bank for Digital Solutions in Sri Lanka’ by Asiamoney

The Commercial Bank of Ceylon was recently adjudged the ‘Best Bank for Digital Solutions in Sri Lanka’ in 2023 by the UK-based Asiamoney Magazine, reaffirming the bank’s position as a leader in digital innovation in the country.

Samsung accredited as Sri Lanka’s Most Loved Home Appliance brand for 2023

Samsung Electronics, the global leader in technology and innovation ranked Sri Lanka’s Most Loved Home Appliance brand by the world’s leading brand valuation consultancy – Brand Finance. Published in the LMD Brands Annual 2023, this prestigious list analyses Sri Lankan brands based on their value and strength.