Budget promotes non-collateralized lending to small and medium enterprises

The government yesterday floated the idea for clean lending in a direct challenge to banks’ centuries-old model of collateral-based lending, which may have turned away thousands of high potential small businesses and business startups.  In his quest to make Sri Lanka a ‘paradise for entrepreneurs’ 

Govt. hints at floating BOC and People’s Bank on stock market 

Presenting the budget for 2018, Finance Minister Mangala Samaraweera said he wants to see the two state lending giants Bank of Ceylon and People’s Bank to raise debt and equity capital to beef up their capital requirements.

Telecom industry continues to be tax magnet 

The telecommunication industry was brought under renewed taxation in the budget, with cellular towers and mass SMS advertising becoming liable to further charges.

Mangala Presents A Futuristic Budget!

Finance and Mass Media Minister Mangala Samaraweera’s self-titled ‘Designer Budget’ fitted slimly around the government’s Vision 2025 plan to harness the potential of a maritime trading economy through talent development, empowerment, entrepreneurship and widespread market liberalization, tempered only by increased environmental protection.

DFCC Bank launches “Premier Go”

DFCC Bank PLC launched “DFCC Premier Go”, the first ever premier banking app in the industry, exclusively for its Premier customers, at a special launch event held

Lose Yourself to the Music of the Whales with F-Air

For thousands of years mankind has wondered about the creatures that roam the seas. As if the seas of our planet are a kind of parallel universe, a place of wonder, where exquisite beings

DFCC September profit hurt by fair value losses on forex, higher credit cost and overheads

DFCC Bank PLC reported strong top line growth supported by robust core banking performance during its September quarter (3Q17) on strong loan growth but the bottom line was hampered due to a multitude of factors. 

AIA employees lend hand to Batticaloa school

AIA Insurance employees gathered to colour-wash a school building in Batticaloa, under a series of CSR efforts called ‘HR Rendezvous - we come to you.’  

Compliance and the rising opportunity of the data economy

Data is the ‘new raw material of the 21st century’ said Tim Berners-Lee back in 2011. Today, his words ring truer than ever. The economics of industry have given way to those of insight and intelligence.

Finishing touches to designer budget at Rainbow’s End

Finance and Mass Media Minister Mangala Samaraweera and Finance and Mass Media Ministry Secretary Dr. R.H. Samaratunga were laying the finishing touches to Samaraweera’s self-titled ‘designer budget’ at the minister’s residence, ‘Rainbow’s End’ near Bolgoda Lake 

Swedish firm Wint partners Creative Software

Wint, a Swedish Digital Accounting Firm that develops artificial intelligence (AI)-powered cloud solutions for smarter and more efficient accounting recently decided to partner with Creative Software and form a dedicated team of software professionals in Sri Lanka.

Concur redefines financial transformation for Sri Lanka’s businesses

Concur, a SAP company and the world’s leading provider of travel, expense and invoice management solutions, this week announced an intention to accelerate financial transformation and automation in spend management for Sri Lanka.

Empowering SL’s youth in digital era with Microsoft

The prevalence of internet connectivity, the ubiquity of mobile computing, and the disruptive change brought by social and multimedia have transformed the way we live, learn, and work.

Rupee edges up on exporter conversions; market awaits budget

REUTERS: The Sri Lankan rupee ended a tad firmer in dull trade yesterday led by exporter conversions, while most market participants awaited cues from the national budget due today.

Govt. should ensure its economic policies are not mere hallucinations: economist

Days ahead of the budget, a corporate leader cum economist called on the government to maintain consistency among its economic policy statements, the budget and post-budget enabling legislation, to ensure that the government policies are not mere hallucinations and the economic actors are not insane to expect different results from poor implementation.

TEA brews toxic blend for its own survival

At its recent 18th Annual General Meeting the Tea Exporters’ Association (TEA), renewed its strident demand for liberalization of the tea industry, ostensibly to ‘modernize and end the downfall of the industry’ and seemingly driven by a laudably altruistic motive. In reality, it was once again a pathetic plea for State patronage for the importation of black tea from other producer countries, in order to 

Sampath Bank unveils drive-through ATM at Colombo Super Branch

In line with its commitment to providing the highest levels of service to its customers, Sampath Bank commissioned a drive-through automated teller machine (ATM) at its Colombo Super Branch premises, located at No: 103, Dharmapala Mawatha, Colombo 7

Virtusa partners SAP to build industry-focused solutions for SAP S/4HANA Cloud

Virtusa Corporation, a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, today announced that it is adding SAP S/4HANA Cloud to its service offerings.

Stocks steady ahead of budget; turnover at 7-week high

REUTERS: Sri Lankan shares ended steady yesterday with turnover hitting a seven-week high on foreign selling in United Motors Lanka, while all eyes are on the 2018 budget presentation scheduled today.

Pre-budget bonanza!

The Finance and Mass Media Ministry yesterday issued another pre-budget bonanza, this time to boost consumption with a cut in indirect taxes on several essential goods, which would cost the government Rs.1.5 billion in monthly expenditure, ahead of the local government elections in January.

Moody’s says outlook for global sovereigns stable

Moody’s Investors Service (Moody’s) said that its outlook for sovereign creditworthiness in 2018 is stable overall, with the healthy growth and synchronized global economic expansion of 2017 likely to continue into 2018.

Insurance regulator renamed as Insurance Regulatory Commission of Sri Lanka

The name of the insurance sector regulator, the Insurance Board of Sri Lanka, has been changed to the Insurance Regulatory Commission of Sri Lanka, with effect from October 19, 2017, consequent to an Amendment to the Regulation of Insurance Industry Act, No. 43 of 2000 by Act No. 23 of 2017. 

Govt. should put aside short-term calculations

On the 8th of January 2015, the shock electoral defeat of Mahinda Rajapaksa by his former ally, Maithripala Sirisena, rescued Sri Lanka from a slide into increasingly nationalist authoritarianism. 

Dipped 2Q boosted by plantation segment performance; gloves still in red

Dipped Products PLC’s (DIPD) September quarter was supported by its plantation sector performance— mainly the higher tea prices— and for a lesser degree by the glove manufacturing business. 

Dialog Axiata 3Q net profit up 31% to Rs.3.21bn

One of the country’s leading telecom operators, Dialog Axiata PLC, experienced a positive third quarter from July-September (3Q17) compared to the same period last year amidst increased revenue and the decline of indirect taxes on data services.

CB downplays domino effect in housing market from any trouble in luxury segment

The Central Bank this week said that even if one company in the luxury property market collapses, it would not have a knock-on, domino effect on the rest of the market and downplayed the possibility of an asset bubble in the property sector emanating from the luxury segment.

Trade First attends Leister World Sales Conference

Global market leader in plastic welding and industrial hot air applications, Leister Technologies AG held its global sales conference recently in Lucerne, Switzerland.

Amãna Bank’s 3Q17 profit before tax triples

Having recently doubled its capital to over Rs.10 billion, Amãna Bank reinforced the confidence of its shareholders by tripling its 3Q17 profit before tax (PBT) to reach Rs.186.1 million as against Rs.62.9 million of 3Q16.

Embark brings ‘passion’ to Kurunegala

Embark,the popular brand with a cause, opened its 11th standalone store in the city of Kurunegala on 29 October. Keeping true to its vision of improving the lives of street dogs in Sri Lanka,

The Galle Face Hotel Promotes Clean Eating with Vegan Week 2017

Over 150 years of history and heritage later, the Galle Face Hotel continues to lead culinary trends in Sri Lanka. With a focus on promoting clean eating, the iconic hotel