Category: Industry
CFA Society Sri Lanka hosts CEO forum ‘Rebooting Sri Lanka Economy”
A CEO Forum organised by the CFA Society Sri Lanka (CFASSL) was held in Colombo recently with a focus on ‘Rebooting the Sri Lankan Economy – Post-Domestic Debt Optimisation’. The event was attended by regulators, senior government officials, business leaders, and CFA Charterholders. The forum was aimed at fostering a constructive dialogue among regulators and […]
‘s first fuel shipment to arrive in Aug
The first fuel shipment of China’s Sinopec, which signed a contract to enter the Sri Lankan fuel market, will arrive in the country early next month, State Minister of Power and Energy D. V. Chanaka stated. Meanwhile, steps will be taken to replace the fuel price formula with a maximum retail price, thereby creating a […]
Nimi launches NimiKash, revolutionizing payroll management for IT workers
Nimi, a leading information technology firm specializing in Staff Augmentation and Development, Product Advisory, and Payments Advisory, is proud to announce the launch of its groundbreaking product, NimiKash. Designed specifically for IT workers, NimiKash is set to revolutionize payroll management by empowering employees to effectively manage their cash flow and achieve financial growth. NimiKash is […]
Ceylon Chamber Concerned About Developments in Healthcare Sector
The Ceylon Chamber of Commerce is concerned about recent developments in the healthcare sector, particularly regarding the quality of pharmaceutical products procured for the public healthcare system. While the shortage of essential medicines has stemmed from the economic crisis, it persists due to the lack of a robust and transparent procurement system. We recommend that […]
Cinnamon Air to Launch Scheduled Flights to Jaffna from Colombo
Cinnamon Air, Sri Lanka’s premier domestic airline, recently announced the launch of scheduled flights to Jaffna, which will provide travellers with easy access transport to the most popular city in the northern region of the island along with an exceptional travel experience. Scheduled flights to Jaffna will commence from 16th June 2023, with weekly departures […]
Import Controls in Sri Lanka: Political Preference and Incentive Distortions
Battling an unprecedented economic crisis that overlapped the COVID-19 pandemic, Sri Lanka resorted to strict import controls since early 2020. These measures gradually encompassed 31% of total imports by September 2022, with the intention of reducing foreign exchange leakages on “non-essential” imports. However, the effectiveness and implications of these stringent regulations have raised questions. A […]
Silk Route Ventures initiates Sri Lanka’s first fully equipped food factory for culinary entrepreneurs
Understanding that setting up a food factory takes a colossal amount of investment and effort in this highly competitive environment and even more so amidst economic challenges, Silk Route Ventures, a leader in the nation’s agriculture, food and beverage and nutraceuticals segments, now allows culinary entrepreneurs and enthusiasts a launchpad to turn their creative ideas […]
Ceylinco Life marks milestone May with assets topping Rs 200bn & equity crossing Rs 50bn
Sri Lanka’s life insurance market leader Ceylinco Life achieved several noteworthy milestones in financial performance in May this year, emphatically demonstrating the Company’s financial strength. Total assets surpassed the Rs 200 billion mark, growing by 17.9 billion or 9.4 per cent in the five months since 31st December 2022 to reach Rs 209.4 billion as […]
Sri Lanka’s Government Debt Plan Tempers Funding Risk for NBFIs: Fitch Ratings
Sri Lanka’s proposed government debt restructuring plan should reduce funding and liquidity risk for non-bank financial institutions (NBFIs), says Fitch Ratings. According to Fitch Ratings, the plan avoids direct impact on the local-currency government debt holdings of NBFIs and commercial banks, easing uncertainty over the entities’ capital, funding and liquidity profiles. Nonetheless, the proposal is […]
Real Estate Agents are Advised to Ramp up Anti-Money Laundering Measures
The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka organized an awareness program for the real estate sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” on June 26, 2023. Full Statement
Colombo Port City updates development control regulations through extraordinary gazette
The Development Control Regulations (DCR), which regulate all construction activities within the area of authority of Colombo Port City, was published in the extraordinary gazette No 2334/47 on June 02nd, 2023. This updated version represents an enhanced version of the initial publication in April 2022. As a result, the Colombo Port City Economic Commission is […]
Sri Lanka’s Domestic Debt Plan a Significant Step for Resolving Bank Uncertainty: Fitch Ratings
The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact of the sovereign’s debt restructuring on the local banking sector, says Fitch Ratings. Full statement The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact […]