Tourism trade fair
Sri Lanka’s biggest tourism trade fair – Sancharaka Udawa – will be held in May this year. Seen in the picture are industry officials at this week’s launch of the event. Pic by M.A. Pushpa Kumara.
Lanka to restructure bilateral loans amounting to $10.81 bn
Sri Lanka is confident of gaining assurances from bilateral creditors for their debt restructuring to obtain International Monetary Fund (IMF) board approval towards unlocking the US$ 2.9 billion bailout package ahead of the IMF/World Bank spring meetings in Washington in mid-April, Finance Ministry sources said. The debt restructuring covers only bilateral loans and not long [...]
Foreign investors sell stocks with improving dollar liquidity
The Colombo Stock Exchange (CSE) settlements are now happening on time for foreign funds which faced long delays last year in being settled and getting foreign exchange for sell trades on CSE. Bankers confirmed this, saying that now the system has enough dollars to meet these demands. Stockbrokers said that now trading under plus three [...]
March worker struggle to hit tourism
The tourism industry will be participating at the ITB travel fair in Germany next week after a lapse of two years but remain concerned about the demonstrations in Sri Lanka and the call for complete work stoppage that could turn ugly. The Sri Lankan tourism industry is currently trying to bring about a renewed call [...]
Apparel industry eyes free access to key markets
A once-thriving apparel industry in Sri Lanka is today hoping the government can enter into agreements with India, Japan, China and Australia to generate business as the country’s risk indicators are pushing buyers to other neighbouring states. Omega Line CEO Felix Fernando said that Sri Lanka has not attracted any new investors and unlike Bangladesh [...]
Hackers target local corporates for ‘Phishing’
Companies have stepped up their security systems after phishing, an attempt by hackers to steal money or identity by getting owners to reveal personal information to steal user data including login credentials and credit card numbers, is happening in Sri Lanka at a large scale over the past few months. Some large entities which were [...]
Electricity shocker
Aldoris came down the lane in his music-blaring tuk-tuk and stopped at the gate where the trio had gathered. “Miss, unu-unu maalu paan thiyenawa mang langa (Miss I have hot-hot maalu paan),” he said, getting off the tuk-tuk. “Ah, eka shok. Oya langa kimbula banis thiyenawada (Oh, that’s nice. Do you also have kimbula banis),” [...]
From thousands to millions
I was impressed by an old newspaper advertisement that I received a few days ago. The advertisement had been published in order to announce a 10 per cent reduction in sales prices of motorbikes in Sri Lanka, which was then called, Ceylon. Whatever the exact date of the newspaper issue, the advertisement says that it [...]
State-owned banks operate resiliently amidst economic crisis
State-owned banks are operating resiliently amidst economic crisis and the banking system is stable despite the increase in non-performing loans owing to financial sector vulnerabilities, Finance Ministry data shows. Two state banks are now taking measures to recover bad loans amounting to over Rs.500 billion accumulated during the past few years. According to the Ministry’s [...]
SLT Group annual revenue surpasses Rs. 100 bn
Sri Lanka Telecom Group (SLT Group) has posted impressive overall growth with annual revenue surpassing Rs. 100 billion once again, recording Rs. 108 billion for the financial year 2022. This resulted in the group recording a revenue increase of 5.2 per cent for the financial year 2022, strengthened by a healthy bottom line of Rs [...]
Fitch affirms Sri Lanka’s Dialog Axiata at ‘AAA(lka)’
Fitch Ratings has affirmed the National Long-Term Rating of Sri Lanka-based telecom company Dialog Axiata PLC at ‘AAA(lka)’ with the “Outlook as Stable”. The affirmation and Stable Outlook reflect Fitch’s view that Dialog will be able to maintain a credit profile commensurate with a ‘AAA(lka)’ rating in the next 12-18 months, despite lower demand for [...]
Australian firms keen to invest in Sri Lanka
With Australian companies increasingly eager to explore investment opportunities in Sri Lanka, trade and investment promotion and facilitation activities can play a vital role in fast-tracking foreign direct investment, High Commissioner for Australia in Sri Lanka Paul Stephens stated at a recent meeting at the Ceylon Chamber of Commerce. Noting that Australian companies are keen [...]
Thanzyl Thajudeen elected to PRCA Council
The Public Relations and Communications Association (PRCA), the world’s largest professional PR body, has elected Thanzyl Thajudeen to its PR and Communications Council 2023. Claire Williamson, Managing Director of Resonance is the new Chair with Jonny Curtis, Managing Director of Grayling UK, as Vice Chair. Mr. Thajudeen also serves in the PRCA Asia Pacific Regional [...]
HNB continues to deliver sustainable results
Hatton National Bank PLC (HNB) has demonstrated resilience and focus on sustainable business performance as it posted Rs. 15.7 billion in Group Profit After Tax during 2022, a year marked by extraordinary circumstances and challenges. Chairperson of HNB PLC, Aruni Goonetilleke said: “The year under review was unprecedented, with a combination of economic stress, social [...]
Pan Asia Bank’s compelling performance in 2022
Pan Asia Banking Corporation PLC’s profit in 2022 was weighed down by higher credit loss expenses and exchange losses on loans and advances and foreign currency denominated financial instruments of the government. The bank increased its provision buffers for loan losses during the year under review sensibly, through introducing changes to its impairment models taking [...]
Sri Lanka Tourism launches Sancharaka Udawa
Sri Lanka’s tourism industry is launching its key travel mart in Colombo the Sancharaka Udawa considered timely as the country hopes to pull itself out of the economic abyss through the travellers visiting the island. It is timely to do this even now, Sri Lanka Association of Inbound Tour Operators (SLAITO) President Nishard Wijetunge said [...]
New Financial Management Act to control public finance soon
The Finance Ministry is now strictly managing the Treasury cash flow to meet the recurrent expenditure amidst signs of some stability not by improving the economy, but with several tax increases and subsidy cuts that have further curtailed demand. On account of these new revenue generation measures and 6 per cent expenditure cuts of ministry [...]
Faizal Salieh – new SEC Chairman
Veteran banker Faizal Salieh has been appointed and assumed duties as the new Chairman of the Securities and Exchange Commission of Sri Lanka (SEC) on February 20. Mr. Salieh is currently the Chairman of the Sri Lanka Institute of Directors, which is committed to empowering directors from both the private and public sectors with insights [...]
Calcey Springboard partners with edX.org
Calcey Springboard has announced that it will be offering select participants access to courses on edX, a global online learning platform. Through edX, Calcey Springboard will be able to deliver high quality tech education to participants of its scholarship programme. Launched and run by Calcey, a US, Singapore, and Sri Lanka-based technology consulting and software [...]