Category: Industry
Opinion: Reforming tax incentive structure in Sri Lanka
The second tranche of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) was delayed as the country failed to meet some of the program targets including the government revenue target. This prompted the IMF in their latest review to reiterate the need to “strengthen tax administration, remove tax exemptions, and actively eliminate tax evasion” […]
Microsoft Sri Lanka Leads the Way in Harnessing AI for Business Transformation
Microsoft Sri Lanka recently hosted ‘Leading the Era of AI’, an event that presented a unique opportunity for partners and customers – from a cross section of industries including banking and finance services, manufacturing and general industries – to propel their businesses into the AI era. The event aimed to equip business leaders with an […]
Moody’s & Google Cloud Partner on Generative AI Applications Tailored for Financial Services Professionals
Moody’s Corporation (NYSE:MCO) and Google Cloud today announced a new strategic partnership to explore bringing together Moody’s expertise in financial analysis and Google Cloud’s advanced generative AI (gen AI) technologies to help Moody’s customers and employees leverage new large language models (LLMs) to glean new financial insights and summarize financial data faster. The partnership is […]
PUCSL approves Electricity Tariff Revision effective from today
The Public Utilities Commission Of Sri Lanka (PUCSL) has approved the electricity tariff revision effective from Oct 20, 2023, to June 30, 2024. Tariff Structure
University Business Link. Connecting Academic Inspirations to Commercial Markets
By Jekhan Aruliah Entrepreneurs turn ideas into business and money. Rubbish rescued from tips make valuable construction materials and fuels. Microwave ovens and matchsticks, accidental discoveries, became huge industries. An annoyingly sticky substance sold as Superglue. Another pathetically weak glue led to Post-It Notes. Antibiotics and Insulin, discovered by chance observation, are multibillion dollar businesses. […]
Re-designing Sri Lanka’s foreign policy, “need of the hour”: Eran
Sri Lankan’s economy is not standalone, but is interlinked with foreign policy, says SJB parliamentarian Eran Wickramaratne. “Whilst our internal decision making is decisive, international decision making and events play a key role in our economy, lifestyle and security, more so, because we are a small island nation,” he says. Wickramaratne is of the view […]
”’, Removes RWN
Fitch Ratings has downgraded Sri Lanka-based Senkadagala Finance PLC’s (Senka) National Long-Term Rating to ‘BBB(lka)’ from ‘BBB+(lka)’. The Outlook is Stable. Fitch has also downgraded Senka’s subordinated debt rating to ‘BB+(lka)’ from ‘BBB-(lka)’, and removed the Rating Watch Negative (RWN) from all of Senka’s ratings. KEY RATING DRIVERS Weakened Asset Quality Drives Downgrade: Senka’s exposure […]
Japan-Sri Lanka Free Trade Zone to be established in Bingiriya and Iranavila areas
Minister of State for Investment Promotion Dilum Amunugama, announced plans to establish a Japan-Sri Lanka Free Trade Zone in the country. He mentioned that the areas of Bingiriya and Iranavila have been selected for this purpose. The minister made this announcement during a news conference at the Presidential Media Centre, held under the theme ‘ […]
CSE creates awareness on Regulated Short Selling (RSS) through Stock Borrowing and Lending (SBL)
The Colombo Stock Exchange (CSE) conducted a series of virtual workshops and intends to continue more workshops on Regulated Short Selling (RSS) through Stock Borrowing and Lending (SBL), creating awareness on the two features to diverse groups of individuals. The virtual workshops are being conducted in Sinhala, English and Tamil with the intention of reaching […]
HIP breaks record in RORO Transshipment: Half a Million units handled
The Hambantota International Port (HIP) clocked half a million transshipment units for this year in September 2023, surpassing the port’s previous year’s RORO numbers. “As the global economy recovers gradually, we continue to aggressively market our location and services. As a result, RORO transshipment is steadily increasing at HIP and we have been able to […]
Australia and Sri Lanka renew Trade and Investment Framework Arrangement (TIFA)
A renewed Trade and Investment Framework Arrangement (TIFA) was signed yesterday between Australia and Sri Lanka. Paul Stephens, Australian High Commissioner to Sri Lanka, and AMPMB Atapattu, Secretary of the Ministry of Trade, Commerce and Food Security, signed the renewed arrangement yesterday in Colombo. Australia’s Assistant Minister of Foreign Affairs, Tim Watts MP, and Sri […]
‘ ratings; off RWN; Outlooks stable
Fitch Ratings has affirmed the support-driven National Long-Term Ratings of four Sri Lankan bank subsidiary finance and leasing companies (FLCs). The Outlooks are Stable. The four FLCs are: CBC Finance LTD (CBCF) at ‘BBB+(lka)’; HNB Finance PLC (HNBF) at ‘BBB+(lka)’; Siyapatha Finance PLC at ‘BBB+(lka)’; and UB Finance PLC (UBF) at ‘BB(lka)’. At the same […]