JAT bestowed with [SL]A+ rating with Stable outlook for 6th consecutive year

ICRA Lanka Limited, the premier investment rating agency in Sri Lanka affiliated to Moody’s, has reaffirmed that JAT Holdings PLC remains worthy of the agency’s much coveted [SL]A+ rating, with a Stable outlook.

Insee Cement secures spot on LMD’s Most Respected Entities list

Insee Cement, Sri Lanka’s leading and only integrated manufacturer of cement, has been ranked amongst Sri Lanka’s Most Respected Entities 2021 by the LMD magazine.

SLT-Mobitel provides advanced ICT solutions to Piripun Property’s commercial building

SLT-Mobitel, the national ICT, telecommunication and mobile services provider and leader in digital transformation, signed a strategic agreement with Piripun Property Holdings (Pvt.) Ltd recently, to provide advanced communications solutions for its new commercial building.

SEC Act of 2021 comes into force

Speaker Mahinda Yapa Abeywardena today endorsed his certificate on the Securities and Exchange Commission of Sri Lanka Bill in parliament.

Prez pitches investment opportunities in SL to Kuwait

In an effort to increase Foreign Direct Investments (FDIs) into the country, the government has pitched Sri Lanka as a feasible destination for investments to the State of Kuwait.

Sri Lanka’s largest cable manufacturer resorts to upfront cash only sales to sustain production

Alarmed by the rising short supply of the required raw materials for manufacturing, due to the severe shortage of foreign currency in the country’s banking sector, Sri Lanka’s largest cable manufacturer ACL Cables PLC has decided to sell all its products on a cash upfront basis, as a survival strategy to stay afloat in prioritising the long-term interests of the stakeholders amid the looming crisis.

Pandemic provides room for bold economic reforms

Reminding the famous saying that one must never waste a good crisis, a leading economist in the country opined that there has never been a better time for Sri Lanka to make the pressing and long overdue reforms in its economy through tough revenue and expenditure reforms.

COVID relief on tourism sector loans extended to June 2022

The Central Bank last week extended the loan payment holidays on the tourism sector reeling from the lingering effects of the pandemic-induced restrictions by a further nine months to June 2022, as the most recent round of relief is coming to an end by the end of this month.

Prolonged ban on vehicle imports continues to dampen finance and leasing company earnings

The prolonged restrictions on vehicle imports will continue to dampen the growth and profits of the finance and leasing company (FLC) sector, which has already been grappling with a multitude of challenges, including degrowth and sour asset quality.

Karunaratne replaces Dalugala as new Monetary Board Secretary

Assistant Governor K.M.A.N. Daulagala has been removed from the post of Secretary of the Monetary Board of the Central Bank, with immediate effect. She has been replaced by Assistant Governor J.P.R. Karunaratne.

IMF programme “more likely than not” as external liquidity conditions continue to tighten: FCR

Seeking an International Monetary Fund (IMF) assistance to ride out the external sector and broader economic woes of Sri Lanka is increasingly becoming the most plausible scenario, as access to external funding is becoming more difficult with the global central banks turning hawkish, changing the direction of global capital flows, according to First Capital Research (FCR).

Fertiliser shortage will deprive SL of critical forex earnings: Planters’ Association

Due to the shortage of suitable fertiliser, Sri Lanka is unlikely to be able to achieve its export earnings target for 2021, according to the Planters’ Association of Ceylon (PA), which also reiterated the calls for a sustainable solution to the worsening crisis.

Chemical fertiliser ban could incur US $ 1bn cost on trade: study

In what could be the most comprehensive study carried out to date on the cost of chemical fertiliser ban and its implications on the country’s already ailing merchandise trade deficit, the Sri Lanka Agricultural Economics Association has estimated over a billion dollar cost to the country’s trade, caused by the estimated crop losses of up to 50 percent.

Lankan Angel Network and Angel Fund appoint first female Chairperson

The Lankan Angel Network (LAN), the country’s largest network of angel investors, has appointed Chandi Dharmaratne as its Chairperson for 2021/2022, at its most recent board meeting held in September.

CFA Society-Acuity introduce python and ML virtual course for investment management

The CFA Society Sri Lanka is to unveil its virtual course on ‘Enhancing Investment Management with Python and Machine Learning’ in collaboration with Acuity Knowledge Partners, commencing from Tuesday, September 28, 2021.

SLT-Mobitel Entrepreneurship Studio gains momentum with 20 start-ups short-listed

SLT-Mobitel, the national ICT solutions provider focused on purpose-driven innovation, has announced the short listing of 20 start-ups for its pioneering Entrepreneurship Studio 2021-2022 cohort and the commencement of an intensive mentoring and coaching programme targeting the participants.

ComBank and CBB promote export opportunities to Britain

Commercial Bank of Ceylon in collaboration with the Council for Business with Britain (CBB) recently conducted a free webinar titled ‘Export Opportunities to Great Britain’ for over 290 Sri Lankan small and medium entrepreneurs and exporters as well as business promoters from countries such as the United Kingdom, USA, India, Qatar and Singapore.

The EU’s warning on WTO rules: Another perspective

I was surprised when I read in your newspaper about the call on Sri Lanka by the EU Ambassador Denis Chaibi to respect international trade rules (“EU asks SL to respect WTO rules; urges not to put country’s exports at risk”, Daily Mirror,10 September 2021).

Reform or Perish . It’s not too late

The Sri Lankan economy faces a historical crisis. The root causes are the twin deficits.

AIA partners with Fortude to adopt Microsoft analytics for intelligent decision-making

AIA is expanding the use of analytics to meet its increasing business needs and demands.

ComBank enables bill payments via Cash Recycler Machines

Commercial Bank in partnership with Sri Lanka’s leading utility companies, mobile operators and insurance companies has launched a bill payment facility through its state-of-the-art Cash Recycler Machine (CRM) network, enabling customers to make their payments conveniently and securely.

Amana Takaful Insurance continues growth momentum in 2Q

Amana Takaful Insurance (ATI) announced that its 2021 first quarter record performance has been successfully sustained during the second quarter as well.

HNB Finance announces appointment of new Chairman

HNB Finance Plc (HNBF) recently announced the appointment of Dilshan Rodrigo as the company’s Chairman and as a Non-Independent, Non-Executive Director, effective from 10th of September.

HNBGl awarded ‘Motor Insurance Initiative of the Year’ at Insurance Asia Awards

HNB General Insurance Limited (HNBGI) was awarded the ‘Motor Insurance Initiative of the Year - Sri Lanka’ by the Insurance Asia Awards 2021 for the innovative insurance solution, ‘MotorGuard Pay As You Claim’.

LCB Finance appoints new Board Member

LCB Finance recently announced the appointment of Mahesh Katulanda to the company’s Board of Directors as a Non-Executive, Independent Director effective from 09th September 2021.

LOLC Al-Falaah’s Mudharabah Super Savings offers bonus profits

LOLC Al-Falaah, the Alternate Financial Services Unit of LOLC Finance PLC – Sri Lanka’s largest non-banking Financial Institution (NBFI) unveiled yet another pioneering savings product with a host of features and benefits to suit the needs of its diverse clientele.

NDB Ran Naya Service gives advance up to Rs. 80,000 at 0.64%

Urgent cash requirements are seen more often especially during this time when the country is facing an extended lockdown period.

Do you know enough about protein

It wouldn’t be wrong to look back at the past couple of decades as a period of radical change for the Sri Lankan society that was propelled by the growing per capita income, internet age and social media amongst other things.

Alumex PLC’s commitment to sustainability is awarded the GREEN Labelling Certification

The commitment to sustainability has led Alumex PLC to receive the Eco-Label under the GREEN Labelling System, of the Green Building Council of Sri Lanka (GBCSL) for all its Aluminium Extruded Products.

Central Bank removes maximum acceptable rate for T-bills

The Central Bank (CB) has removed the maximum acceptable rate (364-day T-bills) at the T-bill auction after one year, as it was not successful in attracting bids for the auction, due to this restriction.