Transforming Sri Lanka into a Startup Nation

Post COVID-19, Sri Lanka will be in an ideal position for a major pivot away from its old safety net of traditional investments.

Addressing misconceptions on agricultural practices in Sri Lanka’s tea plantations

The recent move by the government to ensure the availability of fertiliser critical for the country’s agriculture sector is welcomed by all industry stakeholders – including the Regional Plantation Companies (RPCs), which cultivate tea, rubber and other plantation crops.

KPMG Mid Afternoon Chat webinar tomorrow

The topic of August 20th Mid Afternoon Chat webinar at 3.00 p.m. conducted by KPMG Sri Lanka Academy will be ‘Ramifications of new tax rules on dividends’.

CMA webinar on Strategic Mergers & Acquisitions today

Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka) in association with National Development Bank Investment Bank (NDBIB) will host a Continuing Professional Development (CPD) webinar on ‘Strategic Mergers and Acquisitions for Business Growth’ today (August 19) from 6.00 p.m. to 7.30 p.m. via online zoom platform.

IFC and Hemas to boost access to affordable and quality healthcare services in Sri Lanka and beyond

Sri Lanka will become the first country to benefit from an IFC global initiative designed to boost access to affordable and quality health-care through digital technology across the region—amid increased demand for services in the wake of COVID-19.

Lanka Sathosa and cooperatives will remain open to public

Lanka Sathosa and cooperatives will remain open throughout the country although the government is tightening travel measures to tackle the spread of Covid-19 in the country, Trade Minister Bandula Gunawardena said.

StanChart Sri Lanka wins Credit Card Initiative of the Year at ABF Retail Banking Awards 2021

Standard Chartered Sri Lanka won the Credit Card Initiative of the Year – Sri Lanka Award for the bank’s ‘2By20 Campaign on Loan on Card’, at the recently announced Asian Banking and Finance (ABF) Retail Banking Awards 2021.

Ceylinco Life gifts gold to another 103 lucky policyholders

Another 103 Ceylinco Life policyholders are celebrating the luck of the draw after the life insurance leader presented them with gold worth Rs.5 million under the 14th edition of its ‘Family Savari’ mega promotion.

Amana Bank 2Q profits surge but virus resurgence hurts loan momentum

Amana Bank PLC reported some robust financial performance in the three months to June (2Q21), on improving margins and new loans, albeit the momentum slowed in its fiscal second quarter, due to the virus resurgence.

Fintrex Finance awarded as Fastest Growing Finance Company in SL at Int’l Business Awards 2021

At its recent International Business Awards for 2021, Dubai-based publication International Business Magazine awarded Fintrex Finance Ltd with the prestigious title of Fastest Growing Finance Company in Sri Lanka for 2021, after an independent survey.

Dr. Ananda Kuruppuarachchi takes over as APHNH President

Pledging to amplify initiatives to enhance its contribution to the country’s pandemic-burdened healthcare sector and to its members, the Association of Private Hospitals and Nursing Homes (APHNH) elected a new group of leaders at its recent Annual General Meeting (AGM).

Mediquipment installs SL’s most advanced AI-driven CT scanner at National Hospital

Mediquipment Ltd, Sri Lanka’s leading biomedical engineering service provider, which specialises in high-end medical imaging technology, announced the introduction of an advanced standard in medical diagnostics with the successful installation of the first-ever Canon AQ One PRISM Edition CT scanner, at the Radiology Department of the National Hospital of Sri Lanka.

SLCPI conducts 60th Annual General Meeting

The 60th Annual General Meeting of the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) was held on August 10, 2021 by virtual means.

Ataraxia Capital Partners’ My Dentist chain announces expansion of dentistry platform

My Dentist clinics, the first and only Sri Lankan chain of dental practices, is expanding its footprint with the opening of its new clinics-in-hospitals with Medihelp Hospitals Piliyandala and Homagama and ESESS Healthcare Kadawatha.

Restaurateurs call on govt. to expedite vaccination for those below 30 years

The Colombo City Restaurant Collective (CCRC) yesterday called on the government to expedite efforts in vaccinating those below 30 years of age since it is essential for the frontlines to be jabbed when operating during the pandemic.

CSE launches investigation into technical difficulties faced by broker systems vendors transitioning to DVP

The Colombo Stock Exchange (CSE) has launched an investigation into the technical difficulties experienced by broker systems vendors in the first two days of implementing the delivery vs. payment (DVP) mechanism.

Softlogic group maintains 1Q top line intact beating pandemic odds

Softlogic Holdings PLC maintained its top line intact during the three months to June (1Q22) as its key business verticals such as retail, healthcare and financial services helped the group to overcome pandemic-induced challenges.

Consumer and healthcare fortify Hemas June quarter performance

The consumer and healthcare sector tilt provided Hemas Holdings PLC the defence against virus related restrictions on swaths of the economy during the three months to June, eclipsing all its businesses to its pre-pandemic performance but the company said price pressures blunted profit growth.

CB could pause turning hawkish as virus remains hangover on economy

Although most central banks around the world are ending their virus era policy support measures and turning hawkish, Sri Lanka might not go along with them in lockstep as the pandemic continues to batter the country’s economic recovery, making a case for a further policy support, according to First Capital Research (FCR).

Union Bank likely to divest or infuse fresh capital to finance subsidiary

Union Bank of Colombo PLC (UBC) could either divest its finance company subsidiary, UB Finance Company Limited (UBF) or infuse further capital to meet the minimum regulatory capital, which is coming due by the end of this year as attempts to find suitors to infuse capital failed to materialise.

SL enters into a Rs. 61bn term facility agreement with China

Sri Lanka entered into an agreement today with China Development Bank for an Rs. 61 billion term facility

Message of H.E. I Gusti Ngurah Ardiyasa Ambassador of the Republic of Indonesia

Today 17 August 2021 is a special day for Indonesian citizens all over the world for celebrating the 76th Anniversary of Indonesian Independence Day. On the same day in 1945, the first President of Indonesia Ir. Soekarno declared the proclamation of independence of Indonesia and with more than 300 ethnic groups formed the formation of a new independent country name the Republic of Indonesia as a unitary state.

Subdued economy to stay through Sept. as Delta wreaks havoc

The lingering virus could dampen the economic activities through the end of September, further delaying any hopes for a tangible recovery in the economy, which was continuously battered by half a decade of subdued growth before contracting last year.

Sri Lanka’s trade deficit with China crosses US $ 2bn in first half

Sri Lanka’s trade deficit with China continued to widen in the first half of the year, crossing the US $ 2 billion mark, representing half of the country’s deficit in the trade account in the period.

Dhammika Perera enters Commercial Bank’s top 20 shareholder list

Billionaire businessman Dhammika Perera has entered the top 20 shareholder list of Sri Lanka’s top private sector bank, Commercial Bank of Ceylon PLC, for the first time becoming its 14th largest ordinary voting shareholder in the quarter ended on June 30, this year.

Laugfs Gas 1Q loss wipes out equity as company denied of price increase

Laugfs Gas PLC plunged into a near billion rupee loss in the three months to June (1Q22), the second such quarter in a row, as the company was continuously denied of a price hike to reflect the rise in global LP gas prices, forcing it to absorb losses until its equity got wiped off.

Core construction and property sectors boost Access Engineering 1Q

Access Engineering PLC, the country’s premier civil engineering company, has recorded an impressive after-tax profit of Rs.550 million at company level for the quarter ended on June 30, 2021 (1Q22), up 162 percent year-on-year (YoY), despite the challenges posed by the current pandemic.

Ban on Pan Asia Bank’s primary dealership extended

Pan Asia Banking Corporation PLC yesterday informed the Colombo Stock Exchange that the Central Bank has extended the suspension on its primary dealer licence has been further extended by six months, from August 15, 2021.

Lion Brewery 1Q sales below potential but higher than last year’s

Lion Brewery (Ceylon) PLC managed to sustain its revenue in the three months to June (1Q22), despite recording “zero sales” for 30 days, due to a month-long lockdown. The largest brewer in the country generated sales of Rs.10.6 billion in the April-June quarter, up 63 percent from the same period, last year.

June industrial production edges up but nowhere near March highs

The industrial production in June edged up from the levels seen in May but it was nowhere near the highs it reached in March, prior to the virus resurgence prompted the authorities to reimpose restrictions on the economic activities from around mid-April onwards.