BOC ranked among The Banker UK’s Top 1000 Banks in world

Bank of Ceylon (BOC), the state-owned premier Sri Lankan bank, continued to hold on tightly to its top position among other banks in the country, according to the rating by the prestigious banker’s magazine of the United Kingdom.

HNB Assurance June quarter premiums up on new life policies

HNB Assurance PLC saw its top line rising in the three months to June, as individual life insurance premiums rose followed by corporate policies but the general insurance premiums fell due to still anaemic motor insurance business hurt by the ban on vehicle imports.

Seylan Bank unveils SME debit card

Seylan Bank, the Bank with a Heart, has unveiled the first-ever SME debit card for business banking customers to convert cash transactions to POS.

First Capital posts PAT of Rs.136mn for 1Q

First Capital Holdings PLC, a member of the Janashakthi group, recorded a profit after tax of Rs.136 million for the first quarter of 2021 (first quarter of 2021/22), compared to Rs.1.46 billion in the corresponding period of the previous year.

APB holds webinar on transformation from traditional banking to digitalisation

The Continuous Professional Development committee of the Association of Professional Bankers (APB) recently conducted the second webinar of the series of webinars, which is part of the annual calendar of the APB.

Citibank doesn’t rule out further rate hikes by CB

Citibank in a note issued soon after last week’s monetary policy action said although the Central Bank would pause for sometime given the temporary respite they may get from the envisaged foreign inflows via swaps and others, it did not rule out further hikes in policy rates towards the end of the year and next year to keep external challenges in check.

No restrictions or higher rates on foreign payments of personal nature via credit cards

After reports and a bevy of queries if certain foreign currency transactions via credit and debt cards are restricted, the Central Bank reiterated that no such restrictions were imposed nor additional charges had been levied on credit card payments made on cross broader transactions provided such transaction are ‘current transactions of personal nature’.

Central Bank to place ceiling on rates of dollar deposits held by exporters

The Central Bank intends placing a ceiling on rates of dollar deposits held by exporters in a bid to narrow the gap between the rates offered between the deposits denominated in rupees and dollars, and rupee loans.

CB intervenes to clear containers stuck at port due to forex shortage

The Central Bank has assisted importers in clearing their shipments since the country started experiencing foreign exchange shortages amid slowdown in foreign earnings and sizeable foreign debt settlements.

Sri Lanka stands to save US$ 500mn in forex outflows if 2700MW rooftop solar power target achieved

Backed by government support, Sri Lanka solar industry is upbeat over the ability of achieving 2700 MW target in installed capacity by 2030, which in result stands to save as much as US$ 495 million in foreign exchange outflows per annum to the country.

SL to receive US$ 250mn B’desh swap in tranches; few other inflows also expected

Sri Lanka is expecting to receive the US$ 250 million swap facility entered into with Bangladesh Bank in multiple tranches starting immediately and a few other inflows during the month of August as part of the stop-gap measures by authorities to rebuild the country’s foreign exchange reserves.

SL in talks for credit lines for big ticket imports to alleviate pressure on BoP

Sri Lanka is holding discussions to explore the possibility of obtaining credit lines from importing countries for big ticket imports such as petroleum to lessen the burden on the foreign exchange and thereby the balance of payment created by the pandemic induced challenges on foreign exchange earnings such as tourism, exports and envisaged direct inflows.

Gas World to double oxygen production capacity

Gas World (Pvt) Ltd, a wholly owned subsidiary of Industrial Gases Pvt Ltd, recently announced its plans to add yet another ASU plant to increase their Medical and Industrial Oxygen production capacity.

CA Sri Lanka to host 20th CAPA Conference and 42nd National Conference in Colombo

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will host two important accounting assemblies in Colombo in October this year.

IPS, SLMA and CPIGH jointly organize forum on ‘Universal Health Coverage’

The Institute of Policy Studies of Sri Lanka (IPS) in collaboration with the Sri Lanka Medical Association (SLMA) and the Center for Policy Impact in Global Health of the Duke University, USA, has organised a Virtual Policy Dialogue on ‘Planning for Universal Health Coverage Amidst the 4Ds of Health Transitions’.

Wilpattu National Park establishes SOP to enhance visitor experiences

On 25 June 2021, the first-ever Standard Operating Procedures (SOP) manual for Wilpattu National Park was handed over to the Department of Wildlife Conservation.

Abans records Rs.1.2bn PBT for first quarter, up 131%

Abans PLC has reported a commendable performance in 1Q22, despite the pandemic-induced economic slowdown intensified by a month-long island wide lockdown.

Strengthening Sri Lanka’s apparel SME reliance is good for everyone

Micro, small and medium enterprises (MSMEs) are the backbone of any economy and that is certainly true for Sri Lanka. MSMEs make up more than 90 percent of all non-agricultural business establishments in the country and generate 52 percent of GDP. They also account for 47 percent of all employment in a workforce of about 8.18 million.

KPMG and ICCSL survey brings to light impact of trade restrictions

The COVID-19 pandemic brought on a stream of new regulations and policy decisions put in force to bring stability and order to an unsettled economy. This includes the import restrictions and three-month credit limit on a range of industries imposed by the Sri Lankan government in order to stabilise the foreign exchange market and provide support to local businesses in these tough times.

Namal assures no tax on e-platforms

As a surge in online transaction volume is expected with the rise in Covid-19 cases and casualties in the country, Minister Development Co-ordination and Monitoring, and State Minister Digital Technology and Enterprise Development Namal Rajapaksa assured that no tax will be imposed on online platforms.

July merchandise exports top US $ 1bn after four months

Sri Lanka’s merchandise export earnings surpassed the US $ 1 billion mark in July, after a lapse of four months, where a similar achievement was only recorded in March during this year.

Norwegian Ambassador calls on Finance Minister

Norwegian Ambassador Trine Jøranli Eskedal called on Finance Minister Basil Rajapaksa yesterday.

Sri Lanka Tourism highlighted once again by CNN Travel

The concerted efforts by Sri Lanka Tourism to promote the island globally through its integrated and strategic campaign continues to bring attention to the island.

INSEE Cement runs at full production capacity to meet local demand

Sri Lanka’s only local cement manufacturer continues to supply its range of retail and industrial cement products to the market and geared up its production to full capacity.

Samsung launches Galaxy Tab S7 FE in Sri Lanka

Samsung, Sri Lanka’s No.1 smartphone brand, recently launched Galaxy Tab S7 FE in Sri Lanka.

CCC holds briefing for Best Corporate Citizens Sustainability Awards 2021

The Ceylon Chamber of Commerce (CCC) recently held an informative webinar to brief the prospective applicants for Best Corporate Citizens Awards 2021 (BCCS Awards).

COSMI urges President to lock down country for two weeks

The Confederation of Micro, Small and Medium Industry Sri Lanka (COSMI) requests the President to shut down the country for a minimum period of two weeks, in order to break the fast escalating fourth wave of the pandemic within the country.

Abans donates LG anti-virus dual cool inverter air conditioners to Anuradhapura hospitals

During the time of the Covid-19 pandemic, which is rapidly spreading across the island, the people living in rural areas face greater risks due to the lack of facilities and resources.

Capital Market Donation Drive provides COVID-19 related medical equipment to 10 hospitals

The Colombo Stock Exchange (CSE), stockbroker firms and the staff of the Securities and Exchange Commission of Sri Lanka (SEC) collaborated recently on a community engagement project focused on donating Rs. 9.6 million worth COVID-19 related medical equipment to 10 hospitals around the country.

HSBC launches Project CORE in Sri Lanka to tackle climate change

HSBC has committed Rs.48.2 million for Project CORE (Climate-smart Opportunities through Restoration and Education): a first of its kind, science-backed restoration initiative combining nature-based knowledge, ecosystem best practices, youth involvement and innovation to enhance ecosystem sustainability.