State & State enterprise loans account for nearly half of all loans at People’s Bank: Fitch

The exposure to State and State-owned enterprises at People’s Bank has risen to nearly 50 percent of its total loans outstanding by the end of the first quarter in 2021 from 38 percent in 2019, but the momentum could slowdown going forward with limited headroom at the bank’s leverage and liquidity, Fitch Rating said.

Ceylon Cold Stores 1Q hurt by virus-induced restrictions

Ceylon Cold Stores PLC (CCS) lost its momentum in its top and bottom lines during the three months ended in June 30 (1Q22) as the virus-induced restrictions buffeted its gains, though the performance was higher compared to the year earlier period, characterised mostly by the widespread lockdowns in 2020.

Govt. revenue up during first four months on spurt in economic activity

Largely debunking the claims that 2019 tax cuts deprived massive revenues to the State coffers, Sri Lanka reported higher tax revenues during the first four months of 2021, as the country was off to a burst in economic activity before the virus controlling task force threw a wrench in mid-April pushing the economy off course and into the current abyss.

Message by H.E. Hussein El Saharty Ambassador of the Arab Republic of Egypt

On 23rd July every year, the Arab Republic of Egypt proudly commemorates its National Day. Sixty-nine years ago, Egypt witnessed a peaceful revolt that raised the slogans of dignity, equality, social justice and national sovereignty, enabling the modern Egyptian nation to assume its righteous role as an active player and advocate of peace, political and economic independence, and international justice across the world.

SLASSCOM Signs MOU with Wijeya Newspapers Limited

SLASSCOM and Wijeya Newspapers Limited signed a Memorandum of Understanding allowing for cooperations between the two institutions to promote and jointly produce articles and video content on SLASSCOM initiatives and events within the Wijeya Group. SLASSCOM recognizes this relationship by naming Wijeya Newspapers Limited

Recovery in private credit expected on improving biz and consumer sentiment

Despite the recent moderation seen in the growth of private credit, ICRA Lanka expressed optimism that it might have gathered pace after the reopening of the economy from the final week of June, rekindling hopes that the overall growth momentum in the economy would pick up from the depths it fell to during the second quarter, due to the virus-related restrictions.

New Lion Brewery chief makes strong case for pragmatic policy framework for alcobev industry

The new CEO at Lion Brewery Ceylon PLC recently urged the need for drastic policy changes over consumption-killing taxes and the other restraints that prevent the legal alcoholic beverage (alcobev) industry from expanding its reach, which effectively push people towards illicit liquor, depriving the government of billions of rupees in tax revenues.

Hambantota Port increases bulk cargo handling productivity by 100%

The Hambantota International Port (HIP) recorded its highest discharge levels of bulk cargo recently, when a shipment of gypsum consigned for Insee Cement was unloaded at a rate of 24,000 metric tonnes per day by port operations.

Digital marketing opportunities in India for Lankan exporters explored

Sri Lanka Export Development Board (EDB) and Sri Lanka High Commission in New Delhi, India, jointly organised an online briefing session with Amazon India recently, to explore the digital marketing opportunities available for the Sri Lankan exporters in the Indian market via the highly reputed e-commerce platform Amazon.in.

SriLankan wins ‘Best in managing health at work’ at Asian Leadership Awards 2021

SriLankan Airlines emerged victorious at the prestigious Asian Leadership Awards (ALA) 2021 by winning the award for ‘Best in managing health at work’ in the Asian HR Leadership Awards category.

Cabinet clears new Petroleum Resources Bill

The freshly drafted Petroleum Resources Bill that would open up new opportunities for Sri Lanka’s energy sector has received clearance from the Attorney General and the Cabinet of Ministers this week gave approval for the bill to be published in the government gazette.

Teejay Lanka explores opportunities to enter Bangladesh and Africa

Knit fabric maker Teejay Lanka PLC is currently exploring opportunities to expand its operations to Bangladesh and Africa, while investing further in its existing plants in Sri Lanka and India to add capacity, as the company aspires to achieve a consolidated revenue of US $ 300 million in the financial year ending 2023.

HNB ranked among Top 1,000 World Banks 2021 once again

Sri Lanka’s largest retail bank HNB PLC achieved another important milestone in its transformation journey, after once again securing its ranking in the prestigious UK-based The Banker Magazine’s Top 1,000 World Banks for the fifth year in a row.

Ceylinco Life opens latest Green branch on company land in Piliyandala

Ceylinco Life has placed another Green pin on its branch map with the opening of its latest eco-friendly branch in Piliyandala in a purpose-designed building constructed to the environment-friendly specifications adopted for all new branches on company-owned land.

ComBank powers Durdans Hospital with POS devices for contactless payments

Commercial Bank of Ceylon has deployed all-in-one, Android-powered point-of-sale terminals to Durdans Hospital in Colombo to enable customers to make convenient and secure tap-and-go and scan-and-pay payments.

CDB supports agricultural sector from frontline

Citizens Development Business Finance PLC (CDB), lauded as one of the Top Ten Corporate Citizens for Sustainability in Sri Lanka, has come forward to support and enhance the agriculture sector in Sri Lanka.

Sri Lanka Insurance holds Annual General Meeting via Zoom online

Sri Lanka Insurance held its Annual General Meeting via Zoom online platform on July 7, 2021.

Everything non inorganic is not organic

The government has made a decision to convert the entire agriculture production from non-organic to organic in Sri Lanka. The President declared that Sri Lanka is the first country to achieve 100 percent organic in farming. This is not the first time Sri Lanka is claiming to be the ‘the first’.

Sri Lanka can benefit from pandemic experience to craft a comprehensive social protection strategy

The COVID-19 pandemic provides an opportunity for Sri Lanka to review and strengthen its social protection programmes to help citizens recover more quickly from future shocks.

Latest research confirms Praana as top herbal immune booster

A latest research conducted by the University of Peradeniya has confirmed locally produced herbal immune booster ‘Praana’ as an ideal immune booster against a broad range of new respiratory viruses and bacteria, including the emerging variants of the COVID-19 virus.

oDoc telemedicine solution provides access to healthcare to JKH employees and their families

oDoc, Sri Lanka’s largest digital health company, has partnered with John Keells Holdings, the nation’s leading conglomerate, to provide access to healthcare services to over 3,000 John Keells Holdings employees.

Spexbay opens latest branch in Kiribathgoda

Spexbay, Sri Lanka’s first-ever online optical store, has expanded its islandwide network once again by opening a branch in Kiribathgoda.

Ruhunu Hospital collaborates two resorts to launch COVID-19 intermediate care centres

Ruhunu Hospital, a leading healthcare provider based in the Southern province, has collaborated with Citrus Hikkaduwa, which is part of Hikkaduwa Beach Resorts PLC and Hotel J Unawatuna, which is part of the Jetwing Hotels, to open intermediate care centres (ICC) for COVID-19 positive patients.

Hemas Hospitals chain’s response to coronavirus

Dr. Lakith Peiris Ph.D. is Managing Director of Hemas Hospitals and is also President of the Association of Private Hospitals and Nursing Homes (APHNH) in Sri Lanka. Dr. Peiris sat down with us to discuss COVID-19, the response to it by the hospital chain he heads and why it is vital that routine healthcare and treatment for NCDs be carried out without interruption.

Govt. mulls regulating and taxing online trading platforms

The government is contemplating on introducing a system to regulate the online trading platforms and bring some of them under its tax regime, Trade Minister Bandula Gunawardena told Parliament yesterday.

Fresh challenges predicted for SL’s external sector

The decline seen in the prices of key export commodities and the increase in the prices of imported industrial inputs could add significant pressure on Sri Lanka’s merchandise trade deficit and thereby the overall external sector, which is already under stress from the rising oil prices, according to ICRA Lanka.

JAT Holdings IPO oversubscribed on opening day

JAT Holdings Limited’s Initial Public Offering (IPO) of 82,904,846 ordinary voting shares by way of a combination of an offer for subscription and an offer for sale at the Colombo Stock Exchange (CSE), which opened yesterday, was oversubscribed on the opening day.

Development of luxury water villas gets Cabinet nod

A proposal to develop luxury water villas that would boost Sri Lanka’s tourism offering received the Cabinet nod this week.

Two banks fined under anti-money laundering laws

The Financial Intelligence Unit (FIU) of the Central Bank yesterday said it imposed penalties on two banks, amounting to Rs.3.0 million, during the second quarter, for not complying with the anti-money laundering laws.

Private healthcare sector suffers from shortage of trained manpower

The dearth of trained medical practitioners and skilled nurses have hamstrung Sri Lanka’s private healthcare sector, which otherwise has a huge upside for faster takeoff with the rising middle-income class and corporate medical insurance schemes.