Sri Lanka dazzles as Premier Partner at World Travel Market

The world’s leading travel and trade show opened in London, UK, on November 4, 2019, on a grand scale. This year, the Sri Lanka Tourism Promotion Bureau (SLTPB) collaborated with the World Travel Market (WTM) to be the ‘Premier Partner’ of the event.

Maldivian resort chain to run new US $ 35mn 5-star hotel in Tangalle

The Board of Investment of Sri Lanka (BOI) has signed an agreement with LA’MORE Hotel (Private) Limited to set up, conduct and operate a 176-key five-star hotel project in Tangalle. The project represents an investment of US $ 35 million and will employ a staff of 355 members at the property.

Singer Finance to raise Rs.1.5bn via listed debentures

Singer Finance (Lanka) PLC (SFL) is to raise up to Rs.1.5 billion through a listed debenture issue.

Singer, Sony renew BNS brand ambassador status for Sony products

Singer Sri Lanka PLC together with Sony International (Singapore) Ltd - Sri Lanka Representative Office renewed the brand ambassador status of Bathiya and Santhush (BNS) for Sony products in the country.

Daraz 11.11 Sale to set benchmark for online retail industry

Leading e-commerce marketplace, Daraz.lk is geared to bring 11.11 Sale for the second year to Sri Lanka. Termed ‘the largest online sale in the world’, 11.11 Sale offers the best deals and prices that one can get for a wide range of products online. Speaking about introducing this event and the growth of Daraz to be capable of hosting an event of such magnitude is Daraz Lanka Managing Director Rakhil Fernando.

IT Gallery conducts ‘Hikvision Deep Learning Summit 2019’

IT Gallery, the leading distributor of video surveillance products and solutions and the national distributor for Hikvision in Sri Lanka, conducted the ‘Hikvision Deep Learning Summit 2019’ at The Kingsbury recently.

Sri Lankan higher education system needs specific reforms: UGC Chief

Following is the keynote speech delivered by University Grants Commission Chairman Prof. Mohan de Silva at the International Higher Education Conference jointly organised by CMA Sri Lanka, CPM Sri Lanka and Association of Management Development Institutions in South Asia (AMDISA) in Colombo recently.

Election pledges threaten fiscal targets under IMF

Sri Lanka’s two top presidential candidates are offering election giveaways, from free housing to sanitary pads for women as well as big tax cuts that officials and a credit rating agency are warning would push the country deeper into debt.

Korean govt. offers US$ 30mn soft loan to improve SL’s ICT education

The Korean government has agreed to provide a concessional loan of US$ 30 million (approx. Rs.5, 460 million) to establish a National Centre of e-Content Development for Computer Assisted Teaching in Sri Lanka.

Kingsbury Hotel to undergo refurbishment after bomb attacks

The Board of Investment (BOI) has signed a supplementary agreement with The Kingsbury PLC to expand and refurbish the hotel in Colombo, following the Easter Sunday bomb attacks in April.

Jetwing symphony net losses widen in 2Q

Jetwing Symphony PLC saw its net losses getting widened during the September quarter (2Q20) amid the deadly blow delivered by Easter Sunday attacks in April, as tourist arrivals to the island nation plunged.

Shares down on large-cap sale; rupee ends firmer

(Colombo) REUTERS: Sri Lankan shares ended weaker yesterday falling for the second straight session, as investors sold large-cap shares two weeks ahead of presidential polls. Investor concerns were on the rise over the country’s two top presidential candidates’ election giveaway offers, that officials and a credit rating agency are warning would push the country deeper into debt.

SEC files action for market manipulation in Laugfs Gas shares

The Securities and Exchange Commission of Sri Lanka (SEC) yesterday filed action in the Colombo Fort Magistrate’s Court against W.K.H. Wegapitiya, U.K. Thilak N. De Silva and Thakshila I. Hulangamuwa for committing the offence of market manipulation, conspiracy to commit market manipulation and for aiding and abetting to commit such offence with respect to the shares of Laugfs Gas PLC (LGL), a company listed on the Colombo Stock Exchange.

Serendib Hotels makes provisions for possible losses over Thomas Cook collapse

Serendib Hotels PLC, the hospitality arm of diversified Hemas group, has made provisions for possible non-payment of dues stemming from the bankruptcy of the world’s most iconic travel brand Thomas Cook this September.

Can gastrodiplomacy revive tourism in Sri Lanka?

The Easter Sunday terror attacks dealt a blow to the Sri Lankan tourism industry, the third largest source of foreign exchange in Sri Lanka. Thousands of tourists visiting Sri Lanka cut their holiday plans short and returned home, while many advance bookings were cancelled.

Nations Trust Bank – Leading digital banking in Sri Lanka

Nations Trust Bank (NTB) has been a pioneer in digital banking innovation in Sri Lanka since its inception. As a new entrant into an industry already dominated by giants in 1999, the bank used innovation, digital enablement and unparalleled customer experiences to stand out. Over the last 20 years, the bank has transformed itself into Sri Lanka’s most progressive and digitally savvy bank. We sat down with Nations Trust Bank Chief Digital Officer

BOC inaugurates ‘InnovBank’ int’l symposium to revolutionise future banking landscape

Bank of Ceylon (BOC) recently inaugurated an international symposium on innovative banking titled ‘InnovBank’, commemorating the bank’s 80th anniversary, under the theme ‘Innovative Banking in a Smart World’.

Cargills Bank fosters senior citizens’ FDs with Cargills Food City

Cargills Bank has introduced attractive interest rates for senior citizens’ fixed deposits mingled with dscounts on pharmaceutical purchases at Cargills Food City by partnering with Sri Lanka’s leading modern retailer, Cargills Foods Company (Pvt.) Ltd.

National Chamber inks MoU with Polish Chamber to develop economic relations

The National Chamber of Commerce of Sri Lanka (NCCSL) yesterday signed a Memorandum of Understanding (MoU) with the Polish Chamber of Commerce (PCC), to strengthen ties, establish trade and develop economic relations between the two countries.

Yunnan Green Food Promo and Conference to begin next week

Yunnan Green Food Promotion and Conference, jointly organized by Department of Commerce of Yunnan Province, Yunnan Commercial Representative Office in Colombo, Yunnan International Trade and Investment Service Center, Ceylon Chamber of Commerce, Federation of Chambers of Commerce and Industry of Sri Lanka and Sri Lanka China Business Council will be held on November 12 and 13.

Fireside Chat with Presidential candidates tomorrow

The third in the series of the popular Fireside Chat series will be hosted by the International Chamber of Commerce Sri Lanka (ICC Sri Lanka) together with Daily FT.

CCC to hold workshop on food risk communication

The Ceylon Chamber of Commerce will be organising a workshop on Food Risk Communication, in collaboration with the Food Industry Asia (FIA).

Fifth edition of Intex South Asia to open on November 13

The 5th edition of Intex South Asia in Sri Lanka will take place at BMICH, Colombo, from 13-15 November 2019.

NDF Candidate Premadasa signs Sri Lanka’s first environmental charter

New Democratic Front (NDF) Presidential Candidate Sajith Premadasa signed the country’s first environmental charter recently, at an event held at the Taj Samudra, Colombo. An initiative undertaken by Minister Premadasa, the charter aims to undertake reversing the trend of biodiversity loss, tackling climate Change, wildlife conservation and mitigating human-elephant conflict as national priorities, if the candidate is elected to the highest offic

Crucial policy decisions vital to harness power of Colombo Port City

Healthy IMF relationship urged to avert Greek-style collapse

Although Sri Lanka’s ongoing programme with the International Monetary Fund (IMF) is reaching its final stages, the country’s next government will have to maintain a healthy relationship with the multilateral lender to avert risking a Greek-style austerity scenario, according to the Central Bank Governor Dr. Indrajit Coomaraswamy.

Weak leisure sector hinders JKH 2Q earnings; consumer, retail segments gain momentum

The performance of Sri Lanka’s largest listed company, John Keells Holdings PLC (JKH) was hampered by its weak leisure sector operations hit by Easter Sunday attacks which dealt a crippling blow to the country’s booming tourism and hospitality industries.

Union Bank September earnings up on portfolio realignment

Union Bank of Colombo PLC reported higher earnings for the period ended September 30, 2019 (3Q19), but the core-banking operations remained muted due to slower growth in new loans as the country’s depressed economy looks for a catalyst beyond low interest rates to do the ticking.

SL completes 6th review; set to receive US$ 164mn from IMF

Sri Lanka will receive US$ 164 million from the International Monetary Fund (IMF), as the island nation successfully completed the sixth review of its economic performance under the programme supported by an extended arrangement under the Extended Fund Facility (EFF).

Union Assurance appoints new Chief Executive Officer

Union Assurance PLC, one of the largest life insurance companies in Sri Lanka, has appointed Jude Gomes as the new Chief Executive Officer.