Safe migration project
The Government of Switzerland, through the Swiss Agency for Development and Cooperation (SDC), successfully concluded the Safe Labour Migration Programme (SLMP) in Sri Lanka after 14 years of dedicated support and, this week, handed it over to the Sri Lankan government. Picture shows one of the panel discussions at the event. Pic by Indika Handuwala
Private banks on high alert for “politically exposed person” transactions
The transition in Sri Lanka’s political setting has triggered a high alert in banks and financial institutions cautious about transaction spikes among Politically Exposed Persons (PEP) accounts, officials in the banking sector said. PEPs are described as high-risk customers with more opportunities than ordinary citizens to acquire assets through illegal methods such as taking bribes [...]
Digital Economy Ministry at work on G-cloud, Digital ID and transportation
The Sri Lanka government cloud, the Digital ID and digitising bus and train tickets will be high-priority projects of the Digital Economic Ministry, top officials said. Eranga Weeraratna, Deputy Minister of Digital Economiy, told The Sunday Times Business on Thursday the government has laid out an ambitious agenda focused on digital transformation within the state [...]
Govt. to reopen investigation into MV X-Press Pearl Disaster
The newly elected government is to undertake fresh investigations into the 2021 MV X-Press Pearl cargo ship disaster, according to Foreign Minister Vijitha Herath. The disaster spread heavy environmental damage to the coasts of Sri Lanka and hit local fishermen very badly, but many questions linger about the handling of the aftermath: alleged corruption, various [...]
NLAC likely to meet in December
The next meeting of the National Labour Advisory Council (NLAC) is likely to take place next month, a senior official at the Labour Ministry told The Sunday Times Business. Asked to comment, the newly appointed Labour Minister Prof. Anil Jayantha Fernando said it was too early for him to state the date of this meeting [...]
Fight against money laundering amidst international pressure
Ahead of the 2025 review by the Financial Action Task Force (FATF), Sri Lanka is toughening its anti-money laundering system, spurred by fresh legislation and international pressure. Although money laundering investigations had been going on for some time, with the enactment of the Anti-Corruption Act No. 09 of 2023, this task was formally given to [...]
Two banks eye overseas expansion and local growth next year
At least two local large private banks have set their radar on expansions with a keen interest in growing their local operations on the back of optimism of robust economic growth next year. The Commercial Bank has big plans for next year, in terms of expansion and more products, Commercial Bank Managing Director / CEO [...]
With clockwork precision
At a polling booth, just outside Colombo, during last week’s parliamentary poll, a middle-aged voter remarked, as an official dabbed indelible ink on her finger, that election officials were doing a praiseworthy service to the nation which is often not duly acknowledged. “Thank you Madam, very rarely do we get thanks for working during an [...]
FINAP’s journey: From local innovation to global recognition
Dr. Kutila Pinto, Founder and CEO of FINAP, has been awarded the prestigious ‘Outstanding Tech Organization’ title at the 40th ASOCIO Summit held recently in Japan, a recognition that marks the company’s transformation from a promising Sri Lankan start-up to a rising global leader in financial technology. In an interview, he shared insights about FINAP’s [...]
Fitch on reducing sovereign stresses
Sri Lankan banks’ operating environment (OE) assessment and overall credit profiles will be supported by any improvement in the sovereign’s credit profile following a completed debt restructuring, says Fitch Ratings. This is due to the strong link between sovereign financial health and banks’ operating conditions, it said in a statement adding that it believes this [...]
Hela Apparel Holdings sees improved performance in Q2 FY 2024/25
Hela Apparel Holdings PLC has announced a significant improvement in its financial performance during the quarter ended 30th September, with a return to operating profit for the first time in eight quarters. This positive result highlights the recovery of demand conditions in its key export markets and underscores the successful outcomes of its ongoing restructuring [...]
HNB records group pre-tax profit of Rs.38.7 Bn for 9-mths’24
HNB Group’s post-tax profit (PAT) rose by 26 per cent Y-on-Y to Rs.23.7 billion for the nine months ended September 2024. In a statement issued by the bank, Nihal Jayawardene, Chairman of Hatton National Bank PLC, commenting on the performance, said: “Having experienced five years of extreme volatility and unprecedented challenges, Sri Lanka has witnessed [...]
Sunquick campaign wins top global award
Sunquick, one of Sri Lanka’s leading beverage brands, has been awarded the Dragons of Sri Lanka Gold Award for “Best Digital Campaign” at the recent Dragons of Asia awards ceremony. This recognition was given for the innovative “Virtual Nade Gura” campaign, developed in partnership with Affinity Integrated. Through Virtual Reality (VR) technology, the campaign reimagines [...]
Sri Lanka witnesses 18 % growth in entrepreneurial businesses
As Sri Lanka is witnessing a tremendous growth on start-ups and small and medium scale enterprises, the country’s entrepreneurial businesses have grown by 18 per cent till September 2024, compared to last year. Data shows that during the third quarter of 2024 alone, around 7,100 new businesses were registered representing a 15 per cent year-on-year [...]
ComBank partners AgStar to help farmers adopt smart agriculture practices
The Commercial Bank of Ceylon has announced a partnership with AgStar PLC to promote smart agriculture machinery and equipment via the bank’s Diribala Green Development Loan Scheme. A Memorandum of Understanding signed by the two companies paves the way for farmers who obtain loans from the bank to purchase inter-cultivators and irrigation systems from AgStar [...]
PA urges new Govt. for a balanced long-term policy on plantations
The Planters’ Association of Ceylon (PA), while congratulating President Anura Kumara Dissanayake and the National People’s Power (NPP) on their recent and resounding electoral victory, is urging the new administration to implement a long-term policy on plantations. In a statement welcoming the new administration, PA Secretary General, Lalith Obeyesekere said: “The plantation sector, including Regional [...]
Sri Lanka Banks’ Association supports new government
The Sri Lanka Banks’ Association (SLBA) has congratulated President Anura Kumara Dissanayake on his party’s resounding victory at the Parliamentary election and pledged its support to the new government in the challenging journey ahead. The Association, which represents all licenced banks in Sri Lanka, also noted that its recent interactions with the Presidential Secretariat has [...]
SLT-MOBITEL engagement in sustainable tourism
SLT-MOBITEL has installed updated signage at Horton Plains National Park, a UNESCO World Heritage Site celebrated for its pristine natural environment and unique biodiversity. This initiative underscores SLT-MOBITEL’s commitment to enhancing visitor experiences while promoting eco-tourism and conservation efforts in this vital protected area, it said in a media release. As an ESG (Environmental Social [...]
Foreign investments encouraged in the mineral sector despite ongoing controversies
Sri Lanka is promulgating new laws and initiatives in the hope of securing up to 10 foreign investments in mining with a view to increasing transparency and deriving greater value from the country’s mineral resources. Highly prospective mineral deposits in the country include 7.5 million MT (metric tonnes) of ilmenite, rutile, and zircon in Pulmudai [...]
Fast track ECT at the Colombo Port
Sri Lanka’s shipping industry wants the government to fast track infrastructure development of the East Container Terminal (ECT) and carry out the digitalisation of services at the Colombo Port. The ECT is currently operational with only three cranes of the six cranes that were purchased for the terminal. In addition 20 rail mounted gantries are [...]
Regional connectivity and budget travel growing globally, says Jetstar CEO
Singapore’s first low-cost carrier, Jetstar Asia launched its inaugural direct flight to Colombo from Singapore last Thursday. During a media briefing held at the Kingsbury Hotel in Colombo, Jetstar Asia, CEO, John Simeone highlighted that regional connectivity is growing and more people are opting for budget travel globally. Mr. Simeone said, “For Jetstar Asia, the [...]
First STS Operation for Liquid Cargo at Hambantota International Port
Hambantota International Port (HIP) has completed its first commercial ship-to-ship (STS) transfer operation for liquid cargo, marking another major milestone in the port’s expanding capabilities. The operation, carried out in collaboration with Singapore-based company Shipload Maritime to facilitate Laugfs vessel ‘Gas Challenger,’ highlights HIP’s commitment to becoming a key player in liquid cargo handling within [...]
Can Technology End Corruption?
KUALA LUMPUR – At the end of October, the International Anti-Corruption Academy (IACA) held its annual meeting in Vienna. Representatives from 81 member states assessed progress on the organisation’s mission to fight corruption through education, capacity-building programmes, and research. Corruption disproportionately affects the poorest and most marginalised communities, making it an economic and social tragedy [...]
Progress seen at AASL, BIA renovation
Airport and Aviation Services (Sri Lanka) Ltd (AASL) is pushing forward with critical development projects and digital innovations to strengthen Sri Lanka’s aviation infrastructure, despite facing a slight dip in profits. AASL has devised a comprehensive plan to finalise the substructure works left incomplete by a Japanese contractor at the Bandaranaike International Airport (BIA), latest [...]
Sampath Bank MD Ayodhya Iddawela Perera wins top award
Sampath Bank Managing Director, Ayodhya Iddawela Perera has been awarded the Gold Award at the recent 14th Top50 Professional & Career Women Global Awards 2024, recognising her outstanding contributions to Sri Lanka’s finance and banking sector. Presented recently during the awards ceremony at the Sheraton Imperial Hotel in Kuala Lumpur, Malaysia, this accolade celebrates Mrs. [...]
Barista set to ‘Share a Meal’ for the 5th year
For the fifth consecutive year, Sri Lanka’s largest café chain Barista will collaborate with the SOS Children’s Villages Sri Lanka to spread the true meaning of joy during the holiday season to children from underprivileged backgrounds. For a nominal fee of Rs.300, visitors to any of Barista’s 45 outlets across Sri Lanka can purchase a [...]
CEAT develops radial tyre for DIMO’s Tata Xenon Yodha
Tata Xenon Yodha single cab pick-up trucks assembled by DIMO will ride on purpose-developed CEAT light truck radial tyres manufactured in Sri Lanka, in a coming together of two performance-driven automotive brands via a significant original equipment (OE) partnership, CEAT said in a media release. With this synergy, CEAT Kelani Holdings has manufactured a new [...]
Sri Lanka’s Economic Centres fail to benefit farmers, consumers
Sri Lanka’s dedicated economic centres (DECs) are currently controlled by a few entrepreneurs providing an opportunity to middlemen to earn profits leading the prices of locally produced vegetables and fruits sky rocketing as the mechanism has not been established properly, country-wide farmer’s organisations complained. These organisations along with consumer protection societies are urging the new [...]
Coconut imports imperative for export revenue surge
Local authorities are still awaiting approval to lift the ban on the import of coconut kernels, for which a Cabinet paper was submitted, for the export market as prices and demand have reached a high in the global market. Despite the cabinet paper being submitted authorities are also looking at prospects to ensure that they [...]
Tukki App launches in Sri Lanka
SWIC Digital Gateway AG, a Swiss blockchain-based start-up founded by serial entrepreneur Stefan Bucher, has announced the launch of its innovative financial app, Tukki, in Sri Lanka. As the first B2C product from SWIC Digital, Tukki is a user-friendly mobile app designed to provide long-term investment and savings opportunities to retail investors in emerging markets. [...]
People’s Bank achieves multiple feats in digital marketing sphere
People’s Bank has demonstrated its leadership in digital banking and marketing, becoming the first Sri Lankan bank to exceed 100,000 subscribers in both Youtube and Tiktok platforms. Accordingly, the bank received the prestigious YouTube Silver Button recently. Recognised for its impactful digital content, People’s Bank has used platforms like YouTube, Facebook, Instagram and TikTok to [...]
SLIC unveils ‘Medi Champ’ Health Insurance Cover
Sri Lanka Insurance (SLIC) Life has introduced its latest health insurance cover, ‘Sri Lanka Insurance Life Medi Champ’ in response to the growing financial challenges faced by individuals and families amidst rising healthcare costs. Designed to provide a comprehensive health cover at an accessible premium, ‘Medi Champ’ addresses the pressing need for affordable healthcare solutions, [...]
NDB Bank wins YouTube Silver Creator Award
National Development Bank PLC (NDB) has been recognised with the YouTube Silver Creator Award, the first Sri Lankan bank to reach this milestone. This highlights NDB’s dedication to leveraging digital platforms to connect with its audience and also demonstrating the bank’s effort in fostering a digitally engaged community. The YouTube Silver Creator Award is a [...]
SLID’s first-ever International Director Conference held successfully
The Sri Lanka Institute of Directors (SLID) recently held Sri Lanka’s first ever International Director Conference under the theme ‘The Courage To be Bold’ It was designed to inspire leaders to take on challenges in the ever-evolving corporate landscape and provide them with essential tools to charge their growth trajectories upward, SLID said in a [...]