SL to negotiate with China-backed AIIB for US $ 115mn loan

Sri Lanka plans to borrow US $ 115 million from the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region backed by China, to implement an accelerated solid waste management project. A cabinet spokesperson yesterday said the proposed solid waste project, to be located in Aruwakkalu in Puttalam, would cost US $ 274 million.

Sarvodaya Finance joins LankaPay Common ATM Network

Sarvodaya Development Finance joined LankaPay Common ATM Network via LankaPay hosted solution recently, which consists of LankaPay Shared ATM Switch (SAS) and LankaPay Card Management System (CMS) with state-of-the-art technology. 

HSBC annual profit disappoints, plans up to US$ 7 bn capital raising

HONG KONG/LONDON (REUTERS): HSBC Holdings reported a jump in annual pre-tax profit that missed expectations and unveiled a plan to raise up to US$7 billion over the next four months to bolster its capital base, as the bank prepares for growth under a 

NTB Amex gives cardmembers chance to win all-expense paid overseas trips

Nations Trust Bank American Express recently conducted a very special programme that would let one platinum cardmember and companion experience the thrills of Dubai, the hospitality of Tokyo, the excitement of London, the wonders of Australia and the hustle and bustle of New York all in one incredible trip all-expense paid. 

Sampath Bank PAT tops Rs.12bn for FY17

Sampath Bank posted a profit after tax (PAT) of Rs 12.1 billion for the year ended 31st December 2017, a 32.7 percent YoY growth compared to Rs 9.1 billion recorded in the previous year. 

Union Manushyathwaya forms endeavours to deliver positive contributions toward community

The CSR initiatives of Union Assurance PLC (UA) are centered on one, strongly championed objective - creating healthy and happy communities around the country.

People’s Bank Sisu Udana awards new Grade 1 entrants

People’s Bank has introduced a special programme to inculcate the habit of saving in children, from the first day of school.

Ceylinco Life donates classrooms to schools in Chilaw and Mutur

Students of two rural schools whose classrooms were in temporary shelters have been provided purpose-built classrooms buildings under Ceylinco Life’s on-going community initiative that supports disadvantaged schools around Sri Lanka.

Amana Bank profits surge over higher margins and new loans

Amana Bank PLC reported an improved financial performance for the fourth quarter ended in December 2017 (4Q17), as Sri Lanka’s first non-interest based Islamic bank stretched its financing margin while modestly expanding its asset base. 

Indian Bank ramping up overseas ops in Sri Lanka, Singapore

BUSINESS STANDARD: Public sector Indian Bank has undertaken initiatives to increase business at its overseas branches in Sri Lanka and Singapore, a top official has said.

DFCC Bank Dec. profits up on modest core banking performance, better margins

Modest performance in core-banking operations, better margin management and fee incomes helped DFCC Bank PLC to beat the odds during the quarter ended December 31, 2017 (4Q17), the interim financial accounts released to the Colombo bourse showed.  

Governor calls for audit regulators’ collaboration

Central Bank Governor Dr. Indrajit Coomaraswamy, who also spoke at the same event, called on audit regulators to collaborate amongst themselves to improve financial sector supervision.

Cabinet approved National Audit Bill will be in Parliament soon: Amunugama

The new National Audit Bill has just been approved by the Cabinet, and would be presented to Parliament soon, according to a senior minister, who stressed on the importance of quality audits in Sri Lanka.

CB says processing investment proposal by ETI directors

Neither confirming nor denying speculations that UK-based Lyca Group is nearing a deal to purchase ETI Group’s assets, the Central Bank Governor Dr.Indrajit Coomraswamy told Mirror Business that the Central Bank is still processing an investment proposal submitted by ETI directors.  

How to be in power and keep Rajapaksas at bay, top economist tells young UNP professionals

The Sri Lankan government is ready to implement a short-term reform process which will generate short-term gains and help the government increase its acceptance among the voters in the run up to the 2020 elections, according to a senior government economic advisor. 

NEC chaired by President to present new economic plan

The National Economic Council (NEC), chaired by President Maithripla Sirisena, will present a new economic plan next week to address the key economic issues of the country, the President’s Media Division said in a brief statement yesterday. It said the NEC met for the 8th time yesterday at the Presidential Secretariat and discussed short, medium and long-term programmes required to bring about the urgent changes to the 

CSSL to support tech startups to empower local ICT Industry

Computer Society of Sri Lanka (CSSL) has announced that they are offering support and resources for Tech Startups as a new initiative. The Resource Center which is within their existing office in Colombo 7 will help to uplift Sri Lanka’s IT Tech Startup arena to greater heights and offer talented and interested individuals the resources they need in order to pursue their new business ideas.

Digital transformation will boost innovation and economic growth: Expert

The digital transformation underway in Sri Lanka’s economy was the theme of discussion at an event hosted by the Australian High Commission and Australia Sri Lanka Alumni (ASLA) on February 15th at The Kingsbury, Colombo.

Sri Lanka Telecom opens new contact center in Bandarawela

As a means of strengthening its services and broadening the organisation’s reach across the island, Sri Lanka Telecom (SLT) has recently announced the opening of a new ‘Contact Centre’ in Bandarawela.

How technology dominates customer experience and changes industries

In a meeting with the American Chamber of Commerce in Sri Lanka recently, Sysco Labs Founder Mani Kulasooriya and Sysco eSolutions Vice President Ron May addressed the audience with a presentation on the way that ‘Technology is eating the World’.

Virtusa says will continue to skill up Lankan IT graduates

Global business consulting and IT outsourcing firm Virtusa, which has Sri Lankan roots, said it will continue to work with Sri Lankan universities to equip the country’s future IT engineers with the right skills.

SLIA’s Architect 2018 kicks off tomorrow

The Sri Lanka Institute of Architects (SLIA) holds ‘A18 (Architect 2018)’, the pre-eminent and most popular trade exhibition in the country for the 36th consecutive time, at the Bandaranaike Memorial International Conference Hall (BMICH), from February 

Innosolve Lanka and 3M provide design solutions for any surface

3M DI-NOC is a designer’s and architect’s dream, enabling them to create and renovate with the minimum disruption to workflow together with cost and time efficiencies. Creative minds now have access to a wide range of surface finishes that faithfully replicate the appearance of natural materials

Fairway Holdings presents Elements, setting another benchmark in luxury living

Elements, the fourth vertical luxury high rise apartment building by Fairway Properties, presents a chic new direction for living and lifestyle in Sri Lanka, following the pioneering concepts of its soaring residential tower siblings within the Fairway 

JLanka Technologies creates space for engineers and architects to come together

Sri Lanka’s pioneer and leader in solar PV (photovoltaic) systems and next generation energy technologies – JLanka Technologies is committed to lighting up the country’s trail towards a greener future with its technological expertise and 

Alumex to showcase cutting-edge product range at Architect 2018

Alumex PLC, Sri Lanka’s premier integrated manufacturer of aluminium extrusions, is gearing up to showcase its vast catalogue of products, including the very latest Alumex proprietary doors, windows and facades, at the upcoming Architect 2018 Member’s Work and Trade Exhibition, taking place at the BMICH from February 22-25. 

Advisors galore to assist govt. in selling Hilton, Hyatt

Fifteen local and foreign property and financial consultancy firms and investment bankers have forwarded proposals for the role of transaction advisor to the government on the sale of Hilton Colombo and the Grand Hyatt Colombo hotels.

Eyes wide shut - US$1.8bn Indian bank fraud that went unnoticed

The Punjab National Bank branch in south Mumbai sits just down the road from both the Bombay Stock Exchange and the Reserve Bank of India, at a physical centre of one of the world’s fastest growing major economies.

Are Sri Lanka and the SAARC region capable of tackling any cyber threat?

Sophos Technologies was established in 1985 in the UK. For the last 32 years, the company has been built on pure technical sol

Asset sale by associate boosts Cargills December earnings

Diversified conglomerate Cargills (Ceylon) PLC (CARG) posted a Rs.827 million net profit for the quarter ended December 31, 2017 (3Q18), recording a growth of 30 percent from the corresponding quarter last year, due to the gains from its associate, Cargills Bank, made on the sale of one of its subsidiaries.