Avoiding IMF won’t help us avoid austerity

Sri Lanka’s debt problems are a topic of national conversation. Foreign reserves, already low at US $ 4 billion in May 2021 fell to US $ 2.8 billion after the most recent bond repayment of US $ 1 billion in July 2021.

An answer to US $ 3bn question: How can Sri Lankan IT industry grow?

Sri Lanka has immense potential to build itself as a destination for tech products and services, with the ICT/BPM industry being its fifth highest foreign revenue generator.

CSE’s All Share Price Index hits new all-time high

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) reached an all-time high today, hitting 8,920.71 points.

July tea production down YoY, but up from June

Tea production in July witnessed a marginal dip of 0.31 MnKgs when compared with the corresponding period the previous year. However, the July production of 26.16 MnKg is higher than the 25.93 MnKg recorded in June 2021.

SL will lose Rs. 260 mil a day by remaining on UK’s red list: WTTC

Sri Lanka’s continuing to remain on the red list of the United Kingdom (UK) will result in a revenue bleed since for every single day it stays on the disruptive and damaging travel list, the island nation would lose over Rs. 260 million, the World Travel & Tourism Council (WTTC) said.

DFCC Bank partners with JAT Holdings to facilitate easy payment plans and cashback for all premium JAT products

DFCC Bank announced its new partnership with JAT Holdings Limited, supported by the bank’s renowned 0 percent 12-month Easy Payment Plan for top-of-the-line JAT products that provide significant benefits to all interested DFCC Bank cardholders.

HNB CEO Alles inaugurates 37th Asian Bankers Association Conference

HNB’s Managing Director and CEO Jonathan Alles, in his capacity as the Chairman of Asian Bankers Association (ABA), inaugurated the ABA’s 37th General Meeting and Conference.

PB joins hands with Kandy MC to facilitate water bill payment via LANKAQR

People’s Bank has joined hands with the Kandy Municipal Council to enable the citizens residing within the Council limits to conveniently pay their water bills using the LANKAQR network.

UK’s ‘Global Business Outlook’ honours ComBank SL and B’ desh

The Commercial Bank of Ceylon has been declared the ‘Best SME Bank’ in Sri Lanka and the ‘Best Foreign Bank’ in Bangladesh in 2021 by the UK-based Global Business Outlook (GBO) magazine which recognises and rewards excellence in businesses around the world, across industries.

CH17/AceConnekt provide one stop solution for human capital mgt.

A state-of-the-art digital platform that will help recruiters to navigate a database of jobseekers, profiles of candidates, sort them by experience, job relevance, qualifications and many more will be a new feature CH17 will offer all its corporate clientele as well as individual cardholders.

Advantis 3PL Plus wins dual recognition in Asia for best HR practices

Advantis 3PL Plus, a member of the Hayleys Advantis Group has won the ‘Best in Diversity and Impact Management Award’ at the Asian HR Leadership Awards and was ranked amongst the 100 Best Small-Medium Workplaces in Asia for 2021 by Great Place to Work.

McLarens Group among 70 best places to work in Asia and 40 Best Workplaces in SL for year 2021

McLarens Group, one of Sri Lanka’s largest diversified conglomerates has been recognized among the 70 best large workplaces in Asia by the global authority on workplace culture Great Place to Work.

Central Bank imposes 5% maximum rate on forex deposits in local banks

Reinforcing an early cap imposed on the foreign currency-denominated deposits by the local banks, the Central Bank yesterday issued an order stipulating the maximum rate at 5.0 percent for deposits denominated in foreign currency up to one year, barring for special foreign currency deposits the regulator introduced last year.

Currency in circulation nears a trillion rupees prompting steps to absorb part of it

Currency in circulation has gradually reached almost a trillion rupees by mid-August, in response to the extraordinary support extended by the monetary policy by way of liquidity made available and the fast descent in the interest rates since the onset of the pandemic last year.

ADB ranks SL second in SA for highest increase in food price inflation

The escalation in food prices witnessed in Sri Lanka as it grapples with the pandemic has placed the island nation amongst the four countries in South Asia that has the largest increase in food price inflation, according to the Asian Development Bank (ADB).

Vasantha Kumar appointed to DFCC Bank board

Former People’s Bank General Manager/CEO Vasantha Kumar has been appointed to the board of DFCC Bank PLC as a Non-Executive Independent Director, with effect from September 1, 2021.

THASL hails govt.’s global tourism campaign

The Hotels Association of Sri Lanka (THASL) yesterday hailed the government for taking steps to commence the much-awaited destination marketing campaign targeting over 16 key countries.

Cabinet nod to procure organic fertiliser for Maha season

The Cabinet nod has been given to procure organic fertiliser required for the 2021/2022 Maha season from selected local organic fertiliser manufacturers.

ICRA cites several reasons to believe why inflation could be higher during 2H

ICRA Lanka has several reasons to believe why the cost and consumer inflation could be higher in the second half of the year, relative to the first half, as all signs point to that direction with the raging virus spread, putting a damper on the broader economy whenever it attempts to stage a comeback.

First Capital advises investors to cut equity exposure and increase cash as ASPI breached its fair value

As the Colombo Stock Exchange continues to set new daily records, defying the effects of the broader economy from the lockdowns in effect since last Friday, First Capital Research (FCR) said it was time to cut exposure to equity and increase the cash holdings, as the All Share Price Index (ASPI) breached its fair value, which is at between the 7,500 and 8,000 range, a stance the research firm held since June this year.

BOI says 80% of zonal employees double vaccinated

The Board of Investment (BOI) of Sri Lanka announced that, together with the able support received from the Ministry of Health and the armed forces, it had successfully administered the second dose of vaccinations against the COVID-19 pandemic, to nearly 80 percent of employees of all 14 export processing zones (EPZ) across the country.

JAFF formulates 5-point plan to sustain long-term industry growth amid Covid challenges

The Joint Apparel Associations Forum (JAAF) has formulated a 5-point framework to coordinate the industry’s response to challenges stemming from COVID-19 and to drive stakeholder collaboration towards ensuring sustained long-term growth of Sri Lanka’s entire apparel sector.

SDB bank and Hayleys Fentons sign MoU to promote sustainable energy and building solutions

In a historic partnership entered into on August 24, SDB bank and Hayleys Fentons have come together to promote sustainable solutions relating to energy and built environment through innovative customer value propositions, in what represents a fresh direction involving new markets for both entities.

Second Chairperson’s Forum on MICE tourism concludes successfully

Sri Lanka Convention Bureau (SLCB) is a State institute under the Ministry of Tourism with the prime objective of promoting Sri Lanka as a venue for MICE (Meetings, Incentives, Conferences, Exhibitions & Events) activities.

CA Sri Lanka’ webinar on Colombo Port City Act tomorrow

In its standing as the national body of accountants, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will pay special attention to the newly legislated Colombo Port City Economic Commission Act by organising a virtual seminar to help clarify matters pertaining to the bill.

Ceylinco Life’s new Green building makes Negombo its 2nd largest branch

Ceylinco Life has significantly expanded its operations in Negombo, following the opening of the company’s latest eco-friendly branch building in this coastal city, on company-owned land.

AIA Insurance’s Quick Pay app collects Rs.1bn

AIA Quick Pay, the disruptive digital premium payment app developed specially for AIA Insurance’s wealth planners and financial planning executives to collect customer premiums, has hit a whopping Rs.1 billion worth of transactions and premium collections, as at July 2021.

BOC dedicates Matara Super Grade branch as 82nd anniversary branch

Bank of Ceylon (BOC), as a part of its commemoration of the 82nd anniversary, reopened its Matara Super Grade branch at its own premises by the bank’s General Manager D.P.K. Gunasekera, Senior Deputy General Manager K.E.D. Sumanasiri, DGM Sales and Channel Management Priyal Silva and Chief Legal Officer Badra

NDB revamps NEOS with exceptional features

Although the coronavirus pandemic brought our lives to a halt once again with yet another lockdown, NDB NEOS has stepped up its already exceptional service with innovative digital features to make banking at home easier and more convenient.

Union Bank mobile app now enhanced with JustPay

Union Bank announced that its mobile app UBgo has now been further enhanced with the JustPay payment solution from LankaPay to enable seamless payments.