Union Assurance Premier Club launches best-in-class rewards for insurance advisors

Union Assurance PLC set a benchmark with the launch of an industry first rewards and recognition programme - Union Assurance Premier Club. The platform is designed to recognise the company’s insurance advisors, who have portrayed world-class salesmanship and customer service.

NTB launches unique FD product with floating interest rate

Nations Trust Bank PLC (NTB) launched ‘Nations RI$E’, a unique US dollar fixed deposit product, the bank announced recently.

Cement industry likely to be next victim of price controls

Sri Lanka’s cement industry could become the latest victim of controlled prices as manufacturers are contending with input and other costs, which are rising at a level that no longer enables them to stay solvent at the current retail price for cement.

Fully or partially State-affiliated ventures to get working capital facilities

The Cabinet nod was given to extend working capital facilities for 282 fully or partially State–owned ventures under ‘Saubhagya COVID-19 Rehabilitation Facility’ concessionary loan scheme to float up these entities out from the pandemic infused crisis.

SLITHM to be elevated to degree-awarding tertiary education institute

The Cabinet of Ministers this week granted approval to a proposal to elevate Sri Lanka Institute of Tourism and Hotel Management (SLITHM) to degree-awarding status, and to promote it as a tertiary level higher education institution in the tourism and hospitality sector.

Lanka Sathosa to open Sri Lanka’s first organic supermarket

State-owned retail network, Lanka Sathosa is stepping up efforts to diversify its product offering and is gearing up to open the first organic supermarket network in Sri Lanka.

UK’s CDC Group commits US$ 50mn to ComBank to bolster SME lending and climate projects

The Commercial Bank of Ceylon has secured US$ 50 million (about Rs. 10 billion at current exchange rates) loan from the CDC Group, the UK’s development finance institution and impact investor, to facilitate lending to small and medium-sized enterprises (SMEs) and support climate projects in Sri Lanka.

Credit card spend declines as virus restrictions hamper consumption drive

Outstanding balance of credit cards has continued its descent through June in a reflection of the extent to which consumer spending on general shopping to durable goods to broader services activities have shrunk after the fresh restrictions on travel and other activities were imposed since mid-April to stem the virus resurgence.

Govt. removes tax on milk powder imports

The Cabinet of Ministers this week reached a decision to remove all import taxes on milk powder to resume milk power imports to the country while maintaining the controlled prices unchanged in the local market.

Maldivian yacht builders establish facility at Hambantota Port

Sea Horse Yachts (Pvt.) Ltd (SHY) recently entered into an agreement with Hambantota International Port Group (HIPG) to set up a state-of-the-art yacht building facility at the port.

DIMO secures contract for major mobility-related project at Male’s Velana Int’l Airport

DIMO, one of Sri Lanka’s leading conglomerates, has achieved another significant milestone on the international stage by securing a project for the supply, installation and maintenance of elevators, escalators and moving walks at Velana International Airport of Male.

Military to Corporate Conversion Model batch 2 graduates take salute

Military to Corporate (M2C) Entrepreneurship Capsule, the second batch of 24 serving officers, comprising 12 Major Generals, three Brigadiers, four Rear Admirals and five Commodores/Air Commodores, took the salute in a fitting finale before sunset at Water’s Edge, with Defence Secretary Gen Kamal Gunaratne as the chief guest.

'Buy a Meal’ launched to support tourism & hospitality industry

Sri Lanka’s struggling tourism industry will receive some support with the launch of the ‘Buy a Meal’ initiative that will take place this month.

CB introduces single point to handle complaints against financial services providers

The Central Bank said it has introduced a single point of contact to handle complaints against financial service providers (FSPs).

The X-Press Pearl disaster and need for regional maritime cooperation

On 20 May 2021, Sri Lanka’s worst-ever marine disaster occurred when a fire erupted on the Singapore-registered MV X-Press Pearl container ship just 18 km Northwest of Colombo.

Do hotels take carbon mitigation seriously?

It is not frequently that one hears of carbon emissions and related mitigation initiatives by hotels, both locally and even abroad.

SDAs with higher rate identified as catalyst for increased remittances

The Special Deposit Accounts (SDAs) introduced last year at the onset of the pandemic, offering a higher rate of interest for foreign currency deposits, are also playing a role in drawing more foreign earnings from the Sri Lankan expatriates working particularly in the developed countries, ICRA Lanka has observed.

NDB eyes trillion-rupee asset base in 2025 as bank ramps up lending

National Development Bank PLC (NDB) aims at joining the trillion-rupee asset club in the next five years, with the lender turning more aggressive in loan disbursements on the back of strong capital buffers and liquidity after nearly Rs.10 billion in fresh capital was infused few months ago.

Saudi oil giant Aramco sees profits soar by almost 300 percent

Saudi Arabian energy giant Aramco has seen its profits jump almost four times boosted by a rise in oil prices as demand recovers.

Dialog’s 2Q performance boosted by pandemic-related restrictions

Dialog Axiata PLC reported some robust financial performance for the three months ended in June (2Q21), as the virus-related restrictions forced people and businesses to rely heavily on data, voice and other digital services offered by the company to ensure they remain connected with their workplaces, customers, schools and others, with minimum interruptions to their routines.

British Sri Lankan to steer Associated Press

British national of Sri Lankan descent, Daisy Veerasingham has been named by The Associated Press (AP) as its new President and CEO, who will take on the role from January 1, 2022.

Pandemic offers springboard for insurance industry to emerge stronger in 2020

Sri Lanka’s insurance industry emerged stronger in 2020, receiving a tailwind from the pandemic-induced conditions, as life insurance premiums rose the most in recent years while the general insurers ended up recording higher profits supported by the lower claims from motor insurance.

Tourism sector attracts over US $ 950mn investments in last 15 months: SLTDA

Sri Lanka’s tourism sector that is harshly hit due to the outbreak of the COVID-19 pandemic has attracted over US $ 950 million worth of investments in the last 15 months, the Sri Lanka Tourism Development Authority (SLTDA) said.

Increase in demand for boats opens up fresh opportunities for Sri Lanka: EDB Chief

New opportunities are opening up for Sri Lanka’s boat building industry, as the demand for boats for fishing, industrial, commercial and leisure purposes worldwide, regionally and locally are on the rise, EDB Chairman Suresh de Mel said.

Helpline launched for microcredit victims to lodge complaints

As a proactive measure to address any issues or grievances faced by any of the microfinance clients, the Lanka Microfinance Practitioners’ Association (LMFPA), in consultation with the State Ministry of Samurdhi, Household Economy,

Government and WFP provide food rations to children missing out school meals

The United Nations World Food Programme (WFP) is supporting the Government of Sri Lanka with food items and funding to provide school children with take-home rations in lieu of in-school meals.

EDB’s Boat Show Sri Lanka 2021 to go virtual

Sri Lanka will host its first ever virtual boat show come October with the aim of providing a single platform for all related business sectors involved directly and indirectly in the boat and ship building industry to showcase their products and services.

Airport and Aviation Services Sri Lanka ramps up digital transformation with IFS

IFS, the global enterprise applications company, announces that Airport and Aviation Services Sri Lanka has successfully implemented IFS Enterprise Resource Planning (ERP) solutions to boost efficiency and transparency across its operations.

Hutch inaugurates Gamata Sannivedanaya WeniwelAra tower

Hutch, Sri Lanka’s fast growing choice for mobile broadband services, joined forces with the Gamata Sannivedanaya project initiated by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), with the intention of providing broadband coverage to the entire country, overcoming geographical challenges.

Abans introduces new iPad Pro M1 2021 in Sri Lanka

Apple recently introduced the most powerful and advanced iPad Pro ever, pushing the limits of what’s possible on iPad.