Recognising sustainable ventures
The Sustainability Awards Ceremony 2024, organised by the Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and funded by the Friedrich Naumann Foundation for Freedom (FNF Sri Lanka) was held this week in Colombo. Here a winner receives his award. Pic by Akila Jayawardena.
Govt. aims to cut costs in Parliament by introducing MP Benefit Reforms
The Government of Sri Lanka is to reduce the heavy cost of maintaining Parliament by curtailing the benefits given to newly elected Members of Parliament. In this respect, a committee has been appointed headed by a retired officer of the Sri Lanka Administrative Service to spearhead these reforms with the goal of slashing the currently [...]
SLBFE probing possible data compromise
Mired with controversies, Sri Lanka’s foreign employment facilitation agency, the Sri Lanka Bureau of Foreign Employment (SLBFE) has received complaints that certain crucial data has been deemed irretrievable, prompting an internal inquiry to identify the root cause of this. Unable to retrieve data from its website, several foreign employment agencies have complained and pointed out [...]
Sans tagline Sri Lanka Tourism campaign to kick off in January
The tourism industry is bracing ahead to launch its long overdue marketing campaign in the five key markets sans a tagline but simply the Sri Lanka Tourism name. Currently the Sri Lanka Tourism Development Authority (SLTDA) will be going ahead with the creative agency selected by the previous administration and in this respect one creative [...]
MTD digitisation faces challenges amid corruption
Sri Lanka’s Motor Traffic Department (MTD) is pushing forward with a major digital transformation to enhance public service efficiency, curb corruption and improve convenience for citizens. This move is part of the broader government initiative to modernise public services through digitalisation. However, the project faces significant hurdles, including outdated systems, slow progress, and resistance from [...]
Rubber market prices surges on high demand
Sri Lanka’s rubber market has been experiencing a sudden surge in prices as a result of the drop in production that has led to severe competition for the product in the global market. There has been a drop in production due to the rainy weather in the rubber growing areas and exporters of Crepe rubber [...]
Tourism service providers register with SLTDA mobile service
Launch of the mobile registration service for service providers across the country, starting with Hikkaduwa and Koggala by the Sri Lanka Tourism Development Authority (SLTDA) and the Sri Lanka Institute of Hotel Management (SLITHM) garnered about 600 such registrations, top officials said. Buddhika Hewawasam, Chairman SLTDA told The Sunday Times Business that the weeklong programme [...]
Bullion price, again on the rise!
Gold prices in the world have been skyrocketing. By the end of last month – October, average gold price reached US$2,800 per ounce (equivalent to 4.25 sovereign coins) – a 40 per cent increase in just eight months from $2,000 in last February. In fact, on October 30 world gold price reached a historic ‘all-time [...]
ComBank accelerates lending in Q3 2024
The Commercial Bank of Ceylon Group has seen strong growth at the end of the third quarter of 2024 by banking on efficient portfolio management and continued improvement of its CASA ratio to counteract the impacts of reduced interest income in prevailing market conditions. In media release it said, the Commercial Bank Group reported net [...]
NDB delivers strong performance in 9-mth review
As Sri Lanka’s political landscape stabilises and the national economic agenda prioritises growth and enhanced living conditions, confidence in the country’s investment potential is rising, NDB Bank said in its 9-month performance review ending September 20, 2024. “These developments signal positive momentum for the economy, and NDB stands ready to support this journey. Guided by [...]
DMS Software and Oracle engage industry
DMS Software Technologies (DMS Software Ltd) recently brought together business leaders, financial experts, and IT professionals at Colombo’s Shangri-La Hotel for a forward-looking event, “Future Proof Data-Driven Business with Oracle ERP.” The event’s theme, “Unlock the full potential of your business by harnessing Oracle Fusion ERP,” underscored the importance of data analytics, integration, and automation [...]
BOC pre-tax profit up by 66% in 3Q-2024
In the first nine months of 2024, Bank of Ceylon achieved a Profit Before Tax (PBT) of Rs.37.6 billion, a substantial 66 per cent increase over the same period in the previous year. General Manager / CEO Russel Fonseka was quoted in a bank press release saying, “Our robust financial results are a testament to [...]
Sampath Bank. reports profit after tax (PAT) of Rs.17.8 bn
Sampath Bank has reported a profit before tax (PBT) of Rs.29.9 billion and a profit after tax (PAT) of Rs.17.8 billion for the nine months ending September 2024, despite an exchange loss of Rs.3.6 billion due to the rupee’s appreciation. This reflects a year-on-year growth of 36 per cent in PBT and 44 per cent [...]
CEB to cut tariffs, off relief to low income groups
The Ceylon Electricity Board (CEB) is set to lower electricity tariffs as it continues to operate profitably under the direction of the president. This marks the first tariff revision by the new administration, which will be finalised within the next few weeks. The revision aims to provide substantial relief to low and middle-income households, addressing [...]
Prudent Balance Sheet Management at DFCC Bank
DFCC Bank, during the period under review, continued to record a strong financial performance, reflecting the entity’s growth and stability amid the ongoing economic recovery. Market lending interest rates continued to decline in line with the current accommodative monetary policy stance, with the expectation that credit expansion to the private sector is expected to continue, [...]
Shangri-La Colombo: The Great Italian Feast with Michelin-Starred Chef Alfonso Caputo
Shangri-La Colombo is set to host an extraordinary gastronomic event, The Great Italian Feast, from November 21 to 23 between 7 pm to 9 pm where guests will have the opportunity to indulge in a specially curated 6-course Italian dining experience at Capital Bar & Grill, featuring renowned Michelin-starred Chef Alfonso Caputo. Chef Caputo, one [...]
NTB records strong 3Q 2024 performance
Nations Trust Bank PLC has reported a strong performance for the nine months ending September 2024, achieving a Profit after Tax (PAT) of Rs.12 billion, up 29 per cent YoY, the bank said in a media release. Hemantha Gunetilleke, Director/CEO of Nations Trust Bank, said, “The bank’s results for the nine months ending September 30, [...]
SLT-MOBITEL see through financial recovery in Q3’24
SLT-MOBITEL Group has reported a Profit After Tax (PAT) of Rs. 1,093 million for Q3 2024, compared to a loss of Rs. 1,543 million for the same period last year. At company level, Sri Lanka Telecom PLC (SLT) also recorded a positive PAT of Rs. 932 million for Q3 2024 compared to a Rs. 651 [...]
Union Bank: Strong growth in loans and advances in 3Q 2024
Union Bank announced its financial performance for the 9 months ending 30th September 2024, showcasing both resilience and growth in key areas, even as the bank navigates a challenging market environment. Despite facing fluctuations in market interest rates and narrowed margins, Union Bank achieved significant milestones during the period under review. The bank secured a [...]