Category: Industry
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Fitch Ratings has assigned Hatton National Bank PLC’s (HNB, A(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR12 billion a final National Long-Term Rating of ‘BBB+(lka)’. The final rating is the same as the expected rating assigned on 4 April 2024 and follows the receipt of documents conforming to information already […]
Sunshine Holdings sustains growth momentum in 1QFY25
Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) continued demonstrating resilience amidst prevailing macroeconomic conditions, reporting a topline growth of 6.5% YoY. The Group recorded a consolidated revenue of Rs.14.2 billion during the first quarter of the current financial year (1QFY25), with Profit after tax (PAT) contracting by 3.6% YoY to Rs.1.4 billion. The revenue increase […]
CameraLK Unveils New Sony Service Center with Specialized Repair Solutions
CameraLK, Sri Lanka’s leading camera retail giant, recently unveiled its brand-new CameraLK Service Center at 244 High Level Rd, Colombo 05. This state-of-the-art facility is dedicated to servicing and repairing Sony cameras, lenses, drones, and accessories, further solidifying CameraLK’s position as the premier destination for photography enthusiasts in the country. The grand opening was made […]
Sri Lanka CCPI based headline inflation up by 2.4-pct in July 2024
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) was recorded at 2.4 percent in July 2024. Inflation continued to remain below the targeted level of 5 percent even after this acceleration. Food inflation (Y-o-Y) accelerated marginally to 1.5% in July 2024 from 1.4% in June 2024. […]
Central Bank of Sri Lanka publishes its inaugural market operations report
The Central Bank of Sri Lanka (the Central Bank) released its inaugural Market Operations Report (MOR) with the aim of enhancing awareness and knowledge among the stakeholders on monetary operations carried out by the Central Bank in line with the prevailing monetary policy stance. The MOR would be a catalyst to improve transparency and accountability […]
Offshore banking regulations gazetted for banks set to operate at Port City Colombo
Port City Colombo announced that two regulations, Offshore Banking, and Offshore Banking — Prudent Management and Confidence, have been gazetted for commercial operations within the area of authority of the Colombo Port City Special Economic Zone. This was made official through the Gazette Notification <2394/66 and 2394/67> dated 26th July 2024. Being yet another key […]
Signing of MoU between ACCA and the CSE to increase financial literacy in Sri Lanka
The Association of Chartered Certified Accountants (ACCA) and the Colombo Stock Exchange (CSE) signed a Memorandum of Understanding (MoU) recently to establish a partnership aimed at enhancing financial literacy and professional development in Sri Lanka. This collaboration intends to offer ACCA educational courses via CSE branches, which will entail a Capital Market Module; co-brand the […]
Port City Economic Commission Act to be amended to enhance global competitiveness
The Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Investment Promotion to instruct the Legal Draftsman to prepare a bill for amendment of Port City Economic Commission Act No 11 of 2021 inclusion of relevant amendments. The necessity has been identified to amend the Port […]
Thilak Piyadigama takes the helm at WEBXPAY
In a strategic move towards advancing digital payment solutions in Sri Lanka, WEBXPAY welcomes Thilak Piyadigama, a veteran with over three decades of experience in banking and technology, as its new Executive Chairman. Piyadigama is set to lead WEBXPAY into a new era of digital payment innovation, with a focus on enhancing financial inclusion and […]
‘s empower board
Maharaja Foods Limited, marked a significant milestone on 26th July 2024, becoming the first woman-owned enterprise in the agribusiness sector with roots in the northern province, to list its shares on the Empower Board of the Colombo Stock Exchange (CSE). The Board is dedicated to facilitating efficient global capital raising for small and medium-sized companies […]
Time is running out: JAAF calls on GoSL to urgently reconsider SVAT abolition
With the countdown to the forthcoming abolition of the Simplified Value-Added Tax (SVAT) system ticking down to an end date of 1 st April 2025, the apex body of the Sri Lankan apparel industry, the Joint Apparel Association Forum (JAAF) urged the Government to urgently reconsider its decision in light of growing stresses on the […]
‘s Plantation sector
By Dr. Dan Seevaratnam Sri Lanka continues to grapple with severe economic challenges that affect all its citizens, including those in the plantation sector. At a time when nearly one in four Sri Lankans has fallen below the poverty line as a result of the Sri Lankan economy’s historic downturn over the past 4 years, […]