Category: Industry
ComBank’s automated machine network dispensed Rs 91.8Bn in Dec & Rs 848.4Bn in 2021
The automated cash dispensing network of the Commercial Bank of Ceylon which comprises of ATMs and Cash Recycler Machines (CRMs) dispensed a mammoth Rs 91.872 billion in December, as Sri Lankans celebrated the festive season and prepared for 2022. On 31st December, the network dispensed Rs 4.234 billion, a single-day figure surpassed only by the […]
Opinion: Government heavy-handedness to blame for our currency woes
By Vinuja Singharachchige: Much is being said nowadays about the pressures the Sri Lankan Rupee is facing, but it is important that we understand the mechanics and greater economic context. Currency crises have been common in our modern history with countries facing sudden devaluations to the point where we can predict the patterns. There was […]
Eco Spindles aims to increase plastic recycling by 10-pct
Eco Spindles, Sri Lanka’s largest plastics recycler equipped with one of only two plants in the world capable of creating polyester yarn directly from recycled PET plastic flakes, has significantly bolstered Sri Lanka’s recycling capabilities by creating an ecosystem for recycling within the country. This year, the company has seen the culmination of its significant […]
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written by Migara Rodrigo Sri Lanka has a whopping 527 state-owned enterprises[1] (SOEs). The 55 SOEs classified as “strategically important” alone employ 10% of the public sector workforce[2], or about 1.9% of all workers. Such a large number of SOEs are not the norm globally[3]; many other countries (such as India) have been reducing their […]
Double digit growth in taxi hailing industry but single digit increase in new driver partners joining
With fuel prices at the pump increasing and commodities set to take another bump, PickMe says it is vital not to take our eyes off the ball. “Despite all shortcomings, the wheels of the economy must not stop turning,” says Zulfer Jiffry, CEO of PickMe. The company has increased incentives to their driver partners in […]
Galle Face Icon partners with Sampath Bank as exclusive project funding partner
Galle Face Properties Ltd, a subsidiary of conglomerate Renuka Holdings, recently partnered with Sampath Bank as the exclusive project funding partner for the development of the Galle Face Icon, a 30-storey building with grade A office space, amenities, serviced suites and recreational areas located between the Beira Lake and Galle Face Green. Commenting on the […]
‘s Central Bank amends annual license fee of banks
The Monetary Board requests every licensed commercial bank and licensed specialised bank to pay the licence fee in respect of the calendar year 2022 to the Central Bank on or before 31 January 2022, based on the total assets of such bank as at the end of 2021, as set out in the table below. […]
” on sovereign downgrade; affirms Local-Currency IDR
Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’. The rating does not carry an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. Fitch has also downgraded BOC’s Viability Rating (VR) to ‘cc’, from ‘ccc’, and has affirmed […]
Central Bank requests banks to suspend parate execution & forced repossession of leased assets
Sri Lanka’s Central Bank with a view to meeting the challenges faced by businesses and individuals due to the ongoing COVID-19 pandemic, requests banks to suspend all types of recovery actions, including parate execution and forced repossession of leased assets. In a circular to all licensed commercial banks and licensed specialised banks, the Central Bank […]
TPS Ceramic Industries breaks ground for Rs. 4Bn plant in Badureliya
TPS Ceramic Industries (Pvt.) Ltd. the recent-most entity to join Sri Lanka’s largest ultra-modern sanitary-ware and ceramic trading company and distributor – Puwakaramba Group of Companies (PGC), will create history with the laying of the foundation stone of a state-of-the-art ceramic manufacturing plant on 16 December 2021 at Baduraliya. Located in the PGC Factory Complex […]
Ecological floating islands to purify Beira Lake
President Gotabaya Rajapaksa today (21) released a thousand ecological floating islands to Beira Lake initiating the purifying process of the lake. Beira Lake has been polluted due to unauthorized urbanization and improper upgrading of sewerage infrastructure in the city of Colombo. The “Ecological floating islands” method was implemented under the guidance of Chairman of the […]
CICT celebrates 10th anniversary, projects record 3.1 million teus in 2021
Colombo International Container Terminals (CICT) is ending 2021 on a high note, celebrating its milestone 10th anniversary in Sri Lanka on 22nd December and reaching the milestone of 3 million teus within a year for the first time. The company said its throughput for the full year is expected to reach approximately 3.1 million teus […]