Sri Lanka to raise up to US $ 1.5bn in bonds to repay debt

(Colombo) REUTERS: Sri Lanka is planning to raise up to US $1.5 billion via sovereign bonds, tapping global capital markets for the second time within three months as the government seeks new funds to repay loans that are maturing following last month’s deadly bomb attacks.

Stocks gain on hope of rate cut; rupee weaker

REUTERS: Sri Lankan shares rose for the third straight session yesterday on hope of a rate cut by the Central Bank later this week, while the rupee closed weaker on mild importer dollar demand, market sources said.

Smart Axiata partners with Global Wavenet to offer enhanced RBT in Cambodia

Cambodia’s leading mobile telecommunications operator, Smart Axiata, has partnered with Global Wavenet to offer value-added features to its existing Ring Back Tone (RBT) offering.

Mobitel continues to demonstrate 5G

Mobitel (Pvt) Ltd, the National Mobile Service Provider in Sri Lanka, successfully demonstrated mobile 5G technology in Polonnaruwa, under the patronage of President Maithripala Sirisena on May 12th at ‘Deepa Uyana’ Polonnaruwa. This signifies the declaration of Polonnaruwa as a Smart City powered by Mobitel and SLT.

ASUS marks 30 years of innovation at Computex Taipei 2019

Marking its 30th anniversary, ASUS, the Taiwan-based multinational computer hardware and consumer electronics company, unveiled a limited-edition device series, at the ‘Wiser Together’ special press event on Monday, in Taipei, Taiwan, coinciding with the world-leading tech expo, Computex Taipei 2019, which licked off in the

Risky Business: Separating criminals from job creators

Measures to prevent criminals and terrorists from exploiting the global financial system often have unintended consequences in the form of less access to credit for small and medium-sized enterprises (SMEs) in vulnerable regions like the Pacific.

Keeping track of our State enterprises

The Sri Lankan government is currently in the rather confused state of having lost track of the number of State enterprises it runs. While the Ministry of Finance tracks the financials of 55 key SOEs, the government does not have an official number for the enterprises it runs.

ComBank slashes rates for ‘Biz Loans’ to encourage SME sector

Commercial Bank of Ceylon has announced a reduction of interest rates relating toits ‘Biz Loans’ with a view tofurther supporting the small and medium businesses of the country.

DFCC iConnect to facilitate employee EPF payments

The Central Bank of Sri Lanka recently signed an agreement with DFCC Bank to facilitate EPF payments online through DFCC’s iConnect Payments and Cash Management Portal.

HNBA New Business and Claims departments receive ISO certification

The New Business Management Department and Life Claims Department of HNB Assurance PLC (HNBA) were certified with ISO 9001:2015.

Pan Asia Bank’s customer-centric banking ensures higher returns, accessibility and safety

During the past few months, Sri Lanka has witnessed a rocky economic growth, influenced by unfortunate events that took place. These events took the spotlight away from the country’s booming tourism, retail/trade, banking and other sectors alike, hurting expected yields of growth, development and overall progress.

EDB, Plantation Ministry, RDD and RRI to jointly hold workshops for smallholder farmers

The Export Development Board (EDB) together with Plantation Industries Ministry, Rubber Development Department (RDD) and Rubber Research Institute (RRI) will be organizing a series of workshops to give the smallholder farmers the necessary awareness and knowledge on productivity improvement through adaptation of modern technology in the year 2019.

ICC celebrates centenary

The International Chamber of Commerce (ICC) Founded in 1919 following aftermath of the First World War. ICC was built on the conviction that strong commercial ties between nations would ultimately reduce the risk of war and armed conflict. Since that time, ICC has been at the forefront of advancing peace and prosperity globally.

CASA optimistic about new ECT deal

The Ceylon Association of Shipping Agents (CASA) yesterday welcomed the proposed new revival deal for the East Container Terminal as part of Colombo Port expansion.

CB says reserves could tumble to US$6.3 bn

Sri Lanka’s foreign reverses could tumble to US$6.3 billion at the end of this year, almost US$2 billion down from the earlier projected US$8.2 billion in the aftermath of Easter Sunday bombings, which has adversely impacted the country’s tourism industry while denting the investor sentiment.

Tourism to bounce back in one year if authorities can get recovery plan mix right

Top representatives of the country’s tourism industry yesterday said the sector is likely to bounce back in one year if the authorities can get the recovery plan mix right in the aftermath of the Easter Sunday attacks that killed over 250 people and injured over 500 more.

AIA Insurance Lanka appoints new CEO

AIA Insurance Lanka yesterday announced the appointment of Nikhil Advani as its new Chief Executive Officer.

Economy to suffer further if communalism creeps into corporate sector: Amunugama

Sri Lanka’s economy will suffer further if communalism is allowed to creep into the country’s corporate sector, United People’s Freedom Alliance (UPFA) MP Dr. Sarath Amunugama told Parliament recently.

CB seen cutting rates to boost growth after Easter attacks

Sri Lanka’s Central Bank is widely expected to cut its key interest rates at a meeting on Friday, a Reuters poll showed, to support the economy after tourism and investment plummeted in the wake of Easter Sunday bombings.

FinMin launches e-government procurement system

The Public Finance Department of the Finance Ministry yesterday announced the launch of electronic government procurement (e-GP) system, which is expected to save Rs.30 billion to the Treasury per annum while significantly improving the public financial management.

Stocks gain, rupee steady on hope of rate cut

(Colombo) REUTERS: Sri Lankan shares rose on Wednesday while the rupee closed steady on hope of a rate cut by the Central Bank later this week, market sources said. The Central Bank is widely expected to cut its key interest rates at a meeting on Friday, a Reuters poll showed, to support the economy after tourism and investment plummeted in the wake of Easter

Lessons from Cu Chi tunnels for a contemporary CEO/Leader

It has been 17 years since I last visited Vietnam. I had planned my revisit to this easternmost country on the Indochina Peninsula long before the Easter bombing disasters, so it was a trip I had to take.

HNB partners Brown & Co. to offer agri equipment

Sri Lanka’s premier financial solutions provider HNB PLC, announced a partnership with Brown and Company PLC to offer exclusive leasing packages on agricultural vehicles especially for customers in the SME and MSME sectors.

NTB Amex announces winner of ‘Pump Fuel and Win’ campaign

Nations Trust Bank (NTB) American Express (Amex) recently concluded its ‘Pump Fuel and Win a Trip to see Northern Lights in Iceland’ campaign with the presenting of the award to the winner Lahiru Pathmalal.

RDB appoints Development Assistants

The Regional Development Bank (RDB) appointed 304 employees to fulfill the Development Assistant position at a ceremony held at the auditorium of the Ministry of Finance with the presence of Finance Minister Mangala Samaraweera as chief guest, on May 22, 2019.

Maga completes Rs.6 bn water works in 2018

Maga Engineering, Sri Lanka’s leading construction company, completed Rs. 6 billion worth of work in the water sector in the year 2018, delivering few projects of national importance in the process.

Sri Lanka to host 2021 ADB annual meeting

The 54th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) is to be held in Colombo, in May 2021.

Imports fall in March; CB readies to cut rates

Imports to Sri Lanka fell sharply while exports recorded the highest ever monthly figure in March, as the effects of tight monetary and exchange policies bode well to temporarily contain the trade gap from expanding.

Govt. inks deal with Japan and India to develop East Container Terminal

Sri Lanka yesterday inked a memorandum of cooperation (MOC) with the government of Japan and India to develop the East Container Terminal (ECT) of the Port of Colombo.

Lotus Renewable Energy acquires Hatton Plantations

Lotus Renewable Energy (Private) Limited (LREL) yesterday bought the controlling stake of Hatton Plantations PLC (HPL) for a consideration of Rs.1 billion.