Ceylinco Life presents 162 more ‘Pranama’ scholarships at virtual ceremony

Ceylinco Life recently celebrated the 20th edition of its ‘Pranama’ scholarships programme with its first ever virtual ceremony to felicitate and reward 162 students who excelled in academic and extracurricular activities with Rs 11.8 million in scholarships.

Pan Asia Bank supports local communities rehabilitating tanks in villages

Continuing its efforts to support the lives and livelihoods of people along with preserving the nation’s rich heritage in its newest initiative, Pan Asia Bank is partnering the Irrigation Department to rehabilitate rural area tanks and anicuts under the ‘Wari Saubhagya National Programme’, the first such private-public partnership under this national programme.

18 Critical Care Hospital Facilities To be Funded by Dialog Axiata

As part of its ongoing commitment to empower the national health care efforts during the pandemic, Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, pledged to enhance urgently required critical care infrastructure in 18 hospitals selected by the Ministry of Health (MOH).

Grey market suspected for recent weakness in remittance inflows

Sri Lanka’s remittance incomes have been growing every month for over a year consecutively from their year earlier levels before showing some cracks starting from June and continuing through July, a trend which is suspected due to the re-emergence of grey market activities, which offer a higher rate for foreign exchange.

CB ends pandemic era policy stimulus as key rates raised by 50bps

The Monetary Board yesterday raised policy interest rates, ending its unprecedented monetary support extended to the pandemic-hit economy in a bid to address recent external sector imbalances and ward off medium term price pressures to make sure the economy is on track to record 5.0 percent growth this year.

Singapore-based Robocash to commence online lending operations in Sri Lanka

Singapore-based leading alternative lending service provider, Robocash Group plans to commence an online lending operation in Sri Lanka within this quarter (3Q).

INSEE steps up efforts to ensure steady supply of cement

As the cement industry is left to grapple with price control issues that are hampering the supply of the commodity in the country, Sri Lanka’s largest cement manufacturer, INSEE, announced that it is gearing to cater to the growing demand with the completion of the maintenance of its grinding plant in Galle.

SC rules completion of employee’s work should be determined by employer

The Supreme Court in a judgment relating to an industrial dispute case held that it is a matter for the employer, not the employee, to decide whether the work for the day of an employee was completed or not.

ComBank becomes biggest lender to SME sector in 2020

The Ministry of Finance has confirmed that Commercial Bank of Ceylon was the biggest lender to Sri Lanka’s SME sector in 2020 among all State-owned, private and specialised banks in the country, accounting for more than a fifth of all loans in terms of value and number.

Producers grapple with over 10% price increase across supply chains in June

Sri Lanka’s producers contend over 10 percent increase in prices across their supply chains as producer inflation accelerated during June from a month ago when the country was under virus-related restrictions for three weeks while fuel prices were raised.

Samsung named as No. 1 global TV manufacturer for 15 consecutive years

Samsung Electronics topped the global TV market for the 15th consecutive year, according to market research firm Omdia.

Sampath Bank introduces country’s first touchless cash withdrawals via automated teller machines

Sampath Bank PLC announced the introduction of touchless cash withdrawals at automated teller machines (ATMs) for the first time in Sri Lanka, and possibly the first time in the region.

TPL wins award for Right Environment at Cummins APAC Distributor Conference

Trade Promoters Limited (TPL), the authorised distributor in Sri Lanka and the Maldives for global entity Cummins Inc. (diesel generators and engines for marine, construction and industrial applications), was awarded a prestigious award at the virtual Cummins Asia Pacific Distributor Principals Conference, held recently.

DSI-Dreamron partner to enhance customer experience

DSI, Sri Lanka’s largest footwear retailer with a wide variety of local and international footwear brands, announced a partnership with Dreamron, the local cosmetic giant with a large portfolio of hair and skin care products under three different brands Dreamron, Evon and Aurica.

Maliban titled as Most Loved biscuit brand for 5th consecutive year

With the continued commitment to inspire goodness for many generations, Maliban Biscuit Manufactories was recently honoured as the Most Loved biscuit brand for the fifth consecutive year.

Havelock City opens a new outdoor Play Area with 100’s of things to do

With the completion of Havelock City’s fourth and final phase, the development recently opened a new Roof Garden Play Area with Basketball and Badminton Courts, and a multi-purpose Playground for mini football, roller skating, skateboarding or any other sport giving ample space for children of all ages to play and engage in healthy outdoor games.

People’s Bank 60th anniversary special publication presented to Prime Minister

A unique, commemorative publication in celebration of People’s Bank’s 60th anniversary was officially presented by People’s Bank Chairman Sujeewa Rajapakse to Prime Minister Mahinda Rajapaksa, at Temple Trees, recently.

HNB records over Rs.100bn in volume on PAYFAST for 1H

In an effort to enhance the nation’s digital financial landscape in the wake of the COVID-19 pandemic, Sri Lanka’s leading private sector bank HNB PLC recently announced that its secure corporate payment platform ‘PAYFAST’ had recorded over a colossal Rs.100 billion in volume during the first half of 2021.

AIA posts jump in first-half new business value, raises dividend

Insurer AIA Group Ltd raised its interim dividend this week and posted a jump in first-half new business value, as it recovered from pandemic-led business disruptions in most of its main markets apart from Hong Kong.

Amana Takaful Life Insurance offers customisable plans with Gold Fund

For the first time in Sri Lanka, Amana Takaful Life Insurance is offering customisable life insurance plans, with a Gold Fund, a step forward in the life insurance industry of Sri Lanka.

Softlogic Invest celebrates 1st anniversary as a leading fund manager with Rs.31bn AUM

Softlogic Invest, the asset management arm of the Softlogic group, recently celebrated one year of revolutionising Sri Lanka’s investment landscape with its unique and innovative approach to making unit trust funds accessible to a whole new generation of aspirational young investors.

Local firms raise over Rs.77bn through CSE in first 7 months

The Colombo Stock Exchange (CSE) evidently had been one of the most preferred options for local corporates of all sizes to raise capital in the first seven months of 2021.

Cabinet nod to extend Pure Ceylon Tea brand promo to 2021/2022

The Cabinet nod has been received to extend the Pure Ceylon Tea Brand Promotion Scheme to the 2021/2022 period, encouraging the exporters to promote their individual brands in their respective markets under the Global Promotion Programme currently being implemented in 12 countries.

Central Bank says no change to exchange policy; didn’t ask banks to devalue rupee

The Central Bank yesterday stressed that it has not officially asked the banks to devalue the Sri Lankan rupee, although the banks have started selling the US dollars at much higher prices than the official exchange rate stipulated by the Central Bank.

Distilleries loses sales momentum due to restrictions on alcobev sector

The restrictions on liquor sales and the subsequent partial lockdowns, which lasted for a month, had a bearing on Distilleries Company of Ceylon PLC in the quarter ended in June 2021, as the company lost its sales momentum it built through the end of March 2021.

COVID-19 Special Provisions Bill passed in P’ment

The COVID-19 Special Provisions Bill, which provides redress to those who borrow funds from banks and investors, was unanimously approved by Parliament with few amendments, this week.

Govt. to set up rice mills as private-cooperative partnerships to counter exorbitant prices

The Cabinet approval has been granted to a proposal to establish rice mills as private-cooperative partnerships across the country and to allow additional rice imports as a solution to exorbitant prices of rice prevailing in the market, despite maintaining sufficient rice production over the past few years.

Lankan travellers will be able to visit Switzerland without restrictions from Sept.

Sri Lankans will be able to visit Switzerland without any restrictions from September, with the country opening its borders to fully vaccinated travellers.

CCC wants govt. to embrace more consultative approach to policymaking

The Ceylon Chamber of Commerce (CCC) this week urged the government to embrace a more consultative approach in charting the way forward and creating a conducive environment for local business to operate, by forming a national level committee.

Govt. approves US $ 500mn project to improve agricultural supply chains

The Cabinet of Ministers this week approved the ‘Inclusive Connectivity and Development Project’, which is to be implemented with US $ 500 million financial assistance from the World Bank (WB), with an aim to strengthen the agricultural supply chains in selected districts to provide a safe, efficient and climate-friendly road connectivity.