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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 […]
SOE Losses Costing LKR 141,809 per Sri Lankan Household
The soft pedaling by the government to carry out crucial reforms of State Owned Enterprises is forcing taxpayer’s wallets to take the brunt of the hit, says Colombo based think tank, Advocata Institute. Dhananath Fernando, the Chief Executive Officer of the Advocata Institute said, taking into account the upcoming election cycle, the Advocata Institute, urged […]
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 […]
Indian Political Parties Clash Over Katchatheevu Creating A Political Hot Potato for Elections
Indian prime minister Narendra Modi has accused the Congress party of “callously giving away” the island of Katchatheevu to Sri Lanka. The tiny island was claimed by both countries from 1921 to the 1970s. In 1974, a Congress government under prime minister Indira Gandhi gave up its claim and ceded the island to Sri Lanka. […]
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 […]
Actions be taken to accrue maximum benefit to masses even by selling the public assets: Eran
Eran Wickramaratne MP for SJB commenting on the privatization of state enterprises said that people still presenting obsolete opinion that SoEs belong to the government and cannot be allowed to be sold, which is a completely wrong opinion advocated around fifty years ago. Government wealth and properties are the assets of the people, what are […]
‘s growth forecast to 2.2-pct in 2024
In Sri Lanka, growth is expected to turn positive, to 2.2 percent in 2024, a 0.5 percentage point upgrade from the previous forecast, with modest recoveries in reserves, remittances, and tourism. According to the World Bank’s the Sri Lanka Development Update, Bridge to Recovery, released today, inflation is expected to remain within the central bank’s target range and […]
Despite strong growth, South Asia remains vulnerable to shocks: World Bank update
Growth in South Asia is expected to be strong at 6.0 percent in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka. But persistent structural challenges threaten to undermine sustained growth, hindering the region’s ability to create jobs and respond to climate shocks, says the World Bank in its […]
”’ 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 […]
Increase Service Exports in Education Sector: EDB to work with SLANSHEI & Education Advisory Committee
The Sri Lanka Association of Non-State Higher Education Institutes (SLANSHEI) held its Annual General Meeting on 22nd March 2024 at Waters Edge, Battaramulla. Dr. Dayan Rajapaksha who was re-elected as the President of SLANSHEI for another term welcomed the gathering. The SLANSHEI membership consisted of 14 Higher Education Institutions. The main objectives of SLANSHEI are […]