David Stanford elected as CIMA President

David Stanford (FCMA CGMA) has been elected as 84th President of The Chartered Institute of Management Accountants (CIMA). 

CIMA Global Council’s first Asian lady from Sri Lanka

Melanie Kanaka (FCMA, CGMA; B.Com (Hons.) and MBA (US)), Head of Finance and Administration of the World Bank for Sri Lanka and the Maldives, creates history by being the first Asian lady to be invited to serve on the CIMA Council, the global governing body of the Chartered Institute of Management Accountants, for a second time.    

ComBank hosts seminars for SMEs in Polonnaruwa, Gampaha

An ongoing initiative of Commercial Bank of Ceylon to develop entrepreneurship in the small and medium enterprise (SME) sector benefitted 341 entrepreneurs in the Polonnaruwa and Gampaha areas, the majority of them women.

LSEG LiveOps solution suite receives ISO 20000 certification

LSEG LiveOps, the specialised team within London Stock Exchange Group’s (LSEG) recently established Shared Service Centre (BSL, Sri Lanka), was recently awarded the ISO 20000 Certification in recognition of its IT Service Management Excellence.

HNB completes SME sustainability workshops in Greater Colombo, South Western regions

Continuing its pioneering efforts in the small-medium enterprise (SME) segment, Sri Lanka’s premier private sector commercial bank, HNB PLC, announced the completion of two workshops aimed at improving the financial literacy within  the sector.

Amãna Takaful celebrates 18 years in insurance industry

Takaful is a concept of joint guarantee or mutuality, which simply means that any Takaful (insurance) contract is transparent and participatory. The participant is the Takaful certificate holder and thereby an active party in the deal. Together with the trustee (Takaful provider), the risk is shared as opposed to the conventional practice wherein the risk is passed on.

Delivering steady growth year after year: Sampath Bank CFO elaborates on bank’s performance

Sampath Bank PLC (Sampath Bank) posted a record profit after tax (PAT) of Rs.9.1 billion for the financial year ended December 31, 2016, the highest ever since its inception 30 years ago in 1987. 

Asset quality of Lankan banks worse than reported; but still manageable: Fitch

The reported non-performing loans may not really represent the asset quality of Lankan banks, 

NDB seeks IFC assistance to develop strategic plan

National Development Bank PLC (NDB) recently signed an agreement with International Finance Corporation (IFC), a member of the World Bank Group, to partner in realigning the strategic plan for the group.

Rating agency shrugs off property bubble fears

While dismissing fears of a property bubble, Fitch Ratings Lanka said Colombo’s luxury apartment buildings may end up becoming incomplete ‘ghost projects’ if developers continue without strong pre-sales in a market that is currently in oversupply.

SLPA preparing 3-year plan to address port sector issues

Sri Lanka Ports Authority (SLPA) on the advice of Ports and Shipping Minister Mahinda Samarasinghe, is in the process of preparing a three-year development plan to address the current issues of the port sector in keeping with trends of world shipping industry. 

Asset sale money only to repay foreign debt: CB

The monies that are expected from the sale of national assets belonging to the Sri Lankan people will be collected in a separate account maintained at the Central Bank and the proceeds will only be utilized to repay the mounting foreign debt, the country’s Central Bank said. 

Advantis Projects Bridges the Logistics Gap for Sri Lanka’s Energy Growth

As a nation focused on development and in the midst of transitioning from a lower middle income country to an upper middle income country it is no surprise that Sri Lanka is facing a rise in demand 

Send Quick Flash Messages on Truecaller

Truecaller now introduces flash messaging, where you can avoid calling or writing a full text message. Instead, you just tap the ‘thunder bolt’ symbol next to another Truecaller user’s name in your call log 

Advantis Projects bridges logistics gap for Sri Lanka’s energy growth

As a nation focused on development and in the midst of transitioning from a lower-middle-income country to an upper-middle-income country, it is no surprise that Sri Lanka is facing a rise in demand for electricity.

EFL strengthens international management team

Leading logistics provider EFL announced the appointment of three new independent directors to its international board as part of its ongoing efforts to add international expertise to its management team. Ram Menen, Stephen Dearnley and Mike Sherman joined as Independent Directors to the board led by Founder and President  Hanif Yusoof. 

Interpharm ventures into pharmaceutical export

Interpharm (Private) Limited and Gamma Pharmaceuticals (Pvt.) Ltd, leading pharmaceutical manufacturing companies in Sri Lanka, opened a new chapter in their operations by venturing into export of their locally manufactured pharmaceuticals.  

Dialog TV brings advertising-free live broadcast of ICC Champions Trophy

To facilitate an unmatched, uninterrupted and superior viewing experience of the ICC Champions Trophy, Sri Lanka’s premier digital pay television network, Dialog Television, brings its viewers live telecasts of all matches from London without advertising for the first time in Sri Lanka. 

ADB approves US$2 mn grant for flood and landslide relief

The Asian Development Bank (ADB) approved a US$2 million grant to finance relief efforts in the country following the recent floods and landslides that claimed the lives of over 200 people and damaged the homes and livelihoods of hundreds of thousands more.

Airbus says passenger plane market to double within 20 years

AFP: Airbus yesterday said it expects the market for large passenger planes to more than double in the next 20 years driven by growth from Asian markets.

Thai army officers charged over online arms trading

AFP:  Several Thai army officers were charged yesterday over an online weapons market that saw soldiers sell grenades and bullets over social media, in a country where military weapons routinely turn up on the streets.

Merkel in Argentina hopes for S. America trade deal

AFP: Germany and Argentina voiced hopes Thursday for a free trade agreement between the European Union and South America as German Chancellor Angela Merkel visited Buenos Aires. In talks with Argentine President Mauricio Macri, Merkel discussed bilateral commerce and efforts to strike a deal with the Mercosur grouping of South American countries.

Chinese exports, imports smash forecasts in May

AFP:  China posted a forecast-busting surge in exports and imports in May, official data showed on Thursday, signalling improvement in the world’s number two economy.

Tokyo’s Nikkei up, pound down with eyes on British election

AFP: Tokyo’s benchmark stock index opened higher yesterday after ousted FBI chief James Comey’s explosive testimony, while the pound took a hit as British election exit polls pointed to a hung parliament.

Rupee steady on inward remittances; stocks down

REUTERS: The Sri Lankan rupee traded steady yesterday in tepid trade as mild inward remittances offset dollar demand from importers, dealers said.

Samsung Sri Lanka reaches out to flood-affected communities

In a gesture that will enable flood-affected communities to overcome difficulties with regard to their damaged equipment, Samsung Sri Lanka plans to host a free service camp in Galle and Matara for all Samsung devices and products.

Boston Lanka presents first-ever US Lanka Fashion Week in New York

Boston Lanka presents the first-ever US Lanka Fashion Week in Staten Island, New York.  The Sri Lankan fashion week in New York will be the first-ever event to promote Sri Lankan fashion exclusively in New York City for a duration of one week. 

CA Sri Lanka awards scholarships to 140 outstanding students

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently awarded scholarships to 140 outstanding students, including the top achievers at the 2016 GCE Advanced Level Examination, to help them realise their dreams of becoming globally sought-after chartered accountants. 

Currency plunge

People queue in front of the money changer at the financial district in Singapore. The pound plunged almost two percent yesterday as Prime Minister Theresa May looked set to lose her majority in Britain’s general election, fuelling political uncertainty just days before the start of Brexit talks. (AFP)

‘PickMe Waasi’ to reward one lucky winner with Rs.1mn this week

The grand draw of ‘PickMe Waasi’, the three-month loyalty programme introduced for the patrons of the tech-based taxi-hailing company, draws closer and closer as PickMe will be choosing one lucky winner on June 10, who will walk away with a grand prize of Rs.1 million.