Category: Industry
WSO2 Expands Presence in India to Strengthen Service & Support for Customers Worldwide
WSO2 Inc., a leading independent software vendor specializing in open-source API management, integration, and identity and access management (IAM) products and internal developer platform technologies, is expanding its presence in India and has opened a new office in Bengaluru. Operating in India as ‘WSO2 India (Private) Ltd.’, the expansion is part of the company’s strategic […]
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Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 62.5 in March 2024, indicating an expansion in manufacturing activities. This marks the highest PMI-Manufacturing that was recorded in three years. All the sub-indices expanded on a month-on-month basis contributing to this increase, mainly driven by the seasonal demand. The […]
ComBank appoints new Chairman and Deputy Chairman
Commercial Bank of Ceylon PLC has announced the appointment of top international investment banker Mr Sharhan Muhseen as Chairman, and financial services professional Mr Raja Senanayake as Deputy Chairman, effective Monday, 22ndApril 2024. Mr Muhseen, previously Deputy Chairman of the Bank, succeeds Prof. Ananda Jayawardane as Chairman upon the latter’s retirement, and Mr Senanayake, a […]
CEAT Kelani launches 3 new radial tyre variants
Sri Lanka’s leading pneumatic tyre manufacturer CEAT-Kelani has introduced three new variants of high-performance radial tyres into the market, widening choice for a significant segment of vehicle owners. Joining CEAT’s ‘Orion Brawo’ range, the new radials are in the sizes 155/65 R14, 165/70 R14 and 165 R13, with the first two sizes designated for popular […]
ComBank breaks new ground in Sri Lanka enabling Alipay QR payments for merchants
The Commercial Bank of Ceylon has opened up a world of new opportunities for Sri Lankan businesses, by becoming the first bank in Sri Lanka to enable Alipay QR Code payments under unified Lanka QR. Alipay e-wallet holders, currently numbering over 1 billion, can now scan the Commercial Bank LankaPay unified QR code issued to […]
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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 an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures, which will have maturities of five, seven and 10 years, will be listed on the Colombo Stock Exchange. The bank plans to […]
ADB partnership strategy 2024-28 for SL to foster sustainable recovery, build resilience, and revive growth
The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Sri Lanka covering the period 2024–2028. The strategy will focus on restoring the country’s macroeconomic stability, reviving growth, and establishing the foundation for sustainable recovery and resilience. “This new partnership strategy will build on ADB’s ongoing assistance to support the country’s efforts to […]
Visa sees 35%+ surge in debit card spends; trend expected to continue in upcoming Avurudu season
Visa (NYSE: V), the global leader in digital payments, today announced that Visa debit card spends saw a significant increase of over 35% in the past year, indicating healthy growth of digital payments in Sri Lanka. This increase is buoyed by a 30%+ increase in face-to-face spends and over 40% increase in ecommerce spends. As […]
CBSL strengthens Business Revival Units in Banks to Support Revival of Businesses
The Central Bank of Sri Lanka issued broad guidelines to licensed banks on 28 March 2024, to further strengthen the functions of already established Post COVID-19 Revival Units and reformulate such units as Business Revival Units (BRUs). The enhanced scope of proposed BRUs will facilitate sustainable revival of viable businesses affected by the extraordinary macroeconomic […]
”’ magazine takes flight in the Middle East to help build economic bridges
Embarking on a journey of connectivity, the Kuwait Chapter of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) ventured into uncharted territories by marking a significant milestone in the landscape of communication with the launch of “The Hub” magazine. The magazine was officially launched at the Crowne Plaza Hotel in Kuwait, with […]
ComBank partners with IFC to develop Supply Chain Financing strategy
The Commercial Bank of Ceylon has announced a collaboration with the International Finance Corporation (IFC) to build a Supply Chain Financing (SCF) strategy that will enable the Bank to lend more to Small and Medium Enterprises (SMEs) and establish itself as a leading SCF bank in Sri Lanka. IFC has identified Commercial Bank as a […]
Thai PM’s Office on fact finding mission at Hambantota International Port
A delegation from the Thai Prime Minister’s office visited the Hambantota International Port (HIP) to explore opportunities and understand how the port operates under the public private partnership between the government of Sri Lanka and CM Port. The 8 member delegation included Ms Wannaporn Niyomthong, Deputy Director from Directorate 8 of Thailand; Surapat Phosaen, Minister […]