Category: Industry
Cabinet approval mandatory in appointing Interim Committees for Sri Lanka Cricket
President Ranil Wickremesinghe has instructed the Chairman of the Ministerial Sub-Committee for Cricket to spearhead efforts aimed at lifting the ban imposed by the International Cricket Council (ICC) on Sri Lanka Cricket. Further, it has been decided that, moving forward, the approval of the cabinet will be mandatory for the appointment of any interim committees.
Comm Bank Group’s 9-month gross income up 30.88-pct to Rs 256 Bn
A heightened emphasis on lending has seen the Commercial Bank Group increase gross loans and advances by Rs 51.404 billion in the third quarter of 2023 at a monthly average of Rs 17.135 billion, growing its loan book by 4.33% over three months to Rs 1.239 trillion and reversing the trend of the first half […]
CEB e-Billing System extended for more areas
The Ceylon Electricity Board (CEB) has announced the implementation of the CEB e-Billing system for more areas. Accordingly, customers residing in the Dehiwala, Kelaniya, Sri Jayewardenepura, Matara & Ambalangoda areas will exclusively receive their electricity bills in a digital format, either through SMS or email. This marks the discontinuation of the conventional practice of issuing […]
Launch of the Artificial Intelligence Readiness Assessment for Sri Lanka
The advent of Artificial Intelligence (AI) is ushering in rapid transformation across various economic sectors, promising to revolutionise industries such as agriculture, transportation, education, and healthcare. Against this backdrop, the concept of “AI readiness” has taken centre stage, with many recognizing AI’s potential to elevate public services, and work towards increasing efficiencies across multiple sectors. […]
Epic Lanka unveils digitalization strategy beyond 25 years with 20 innovative products
Epic Lanka, a wholly Sri Lankan-owned fintech and digital transformation solutions provider with a quarter-century of experience in the IT industry, recently marked the momentous occasion of their 25th anniversary. This milestone underscores their enduring commitment to excellence and their significant contributions to the field of financial technology. Evolving from its roots as a project-driven […]
World Bank Approves USD150 Million to Strengthen Sri Lanka’s Financial Sector Safety Net
The World Bank Executive Board approved US$ 150 Million under the Sri Lanka Financial Sector Safety Net Strengthening Project to strengthen the financial and institutional capacity of Sri Lanka’s financial sector safety net, with the focus on the Sri Lanka Deposit Insurance Scheme. “Sri Lanka’s economic crisis highlights the need for strong safety nets to […]
Government pledges support for spice industry revival
President Ranil Wickremesinghe, called for a comprehensive program to revive the country’s spice industry, which was once a major source of income. Speaking at the 19th Annual General Meeting of the Spice Council, he urged them to prepare a proper plan for the revival of the industry and said that the government is ready to […]
”; Outlook Negative
Fitch Ratings has downgraded Sri-Lanka based Hela Apparel Holdings PLC’s National Long-Term Rating to ‘BB+(lka)’, from ‘AA- (lka)’. The Outlook is Negative. The downgrade follows the sharp deterioration in Hela’s financial profile following the apparel manufacturer’s significant adjustment of financial accounts from the interim accounts during its annual audit for the financial year ended March […]
John Keells Holdings PLC interim financial results for 2Q 2023/24
Summarised below are the key operational and financial highlights of our performance during the quarter under review: • During the quarter under review, the Group’s businesses, except for Transportation and Property, recorded growth in profitability. • Group EBITDA at Rs.8.06 billion in the second quarter of 2023/24 is a decrease of 13% against Group EBITDA […]
DFC Commits Half Billion Dollars to Port Infrastructure in Colombo, Sri Lanka
The U.S. International Development Finance Corporation (DFC) today announced it has committed more than half a billion dollars to support the development of a deepwater shipping container terminal in the Port of Colombo, Sri Lanka, that will provide critical infrastructure for the South Asian region. The new terminal reflects DFC’s commitment to financing high-quality infrastructure […]
‘s newest feature in trading, Stock Borrowing and Lending (SBL) and Regulated Short Selling (RSS)
What is Stock Borrowing and Lending (SBL)? Stock Borrowing & Lending (SBL) is a mechanism that is introduced by the Colombo Stock Exchange (CSE) through the Central Depository System (CDS) to facilitate the lending and borrowing of shares among investors. SBL involves connecting lenders of shares with borrowers for a pre-determined period and interest rate. […]
Ceylon Chamber leads private sector engagement at India – SriLanka biz summit
The Ceylon Chamber of Commerce called for a new economic model focused on export-led investment and tourism, and facilitating the private sector as the engine of growth to build a sustainable business environment, at the recent India-Sri Lanka Business Summit in Colombo. The event brought together key figures, including Dinesh Gunawardena, Prime Minister of the […]