Category: Economy and Markets
Arrangements to provide EPF services remotely due to travel restrictions
Arrangements have been made to provide the services of Employees’ Provident Fund Department (EPF) by post, e-mail, internet or through the branches of commercial banks due to the travel restrictions imposed in the country without requiring the member to visit the head office in Colombo and regional offices of the Central Bank to obtain the […]
Teejay reports its highest quarterly revenue since inception
Strong revenue and profit growth in the fourth quarter at both Group and Company level have enabled Teejay Lanka PLC to significantly minimise the impact of the pandemic-affected first quarter on the Group’s full-year results and end 2020-21 on a resilient footing. Sri Lanka’s top textile manufacturer has reported profit before tax of Rs 902.8 […]
We will refer offers to the principal company for approval: Hemas Pharmaceuticals
Sole local representative for AstraZeneca and Pfizer in Sri Lanka, Hemas Pharmaceutical (Pvt) Ltd says that they will refer all offers other than directly from the manufacturer to the principal company for approval to ensure the importation of quality products. Releasing a statement, the company, however, added that they welcome the request by the Ministry […]
Sri Lanka records USD 798.9 Mn exports in April
Sri Lanka’s export performance continued its upward momentum in the first three months of 2021. Due to the Covid-19 pandemic-induced lockdown last year, exports were contracted by a record 64.63 percent in April 2020. However in April this year, exports grew up by 183 percent to US$ 798.9 Mn in comparison to the previous year. […]
CEAT ranked Sri Lanka’s Most Valuable Brand in ‘Motor’ segment
CEAT, the tyre brand manufactured in Sri Lanka by CEAT Kelani Holdings, has been ranked the most valuable consumer brand in the country’s ‘Motor’ segment in the 2021 Brand Finance rankings, and has moved up five places in the overall list. The world’s leading brand valuation consultancy assigned CEAT a Brand Value of Rs 2,024 […]
Third wave of pandemic highlights need for continued fiscal & monetary support: CBSL
The Sri Lankan economy, which rebounded notably during the second half of 2020 and early 2021 as per available indicators, is experiencing renewed disruptions due to the emergence of the third wave of the COVID-19 pandemic and related preventive measures, including isolations. “While its adverse effects on economic activity are expected to be lesser than […]
CBSL continues accommodative monetary policy to support sustained recovery of economy
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 19 May 2021, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 percent and 5.50 percent, respectively. The Board said they arrived at […]
President to Inaugurate Sri Lanka Investment Forum 2021
The President, in inviting global investors to participate in “Sri Lanka’s Growth Decade”, stated that “Sri Lanka is looking to unleash a decade of growth to rapidly increase its GDP, taking advantage of its inherent strengths and global supply chain shifts. Our strategic location combined with our business-friendly policies will be an accelerator for this […]
Dutch partner CSI joins hands with Tropical Green Exports in an investment partnership
Ceasar Sustainable Invest BV, recently announced its partnership with Tropical Green Exports recognizing the potential of the coconut substrate sector as a key economic driver in the North of Sri Lanka. Tropical Green Exports (Private) Limited specializes in manufacturing, supply and distribution of export quality coco peat used in the hydroponics industry and as an […]
Sampath Bank Digitalizes KYC Process in Partnership with Dept for Registration of Persons
Sampath Bank entered into a Memorandum of Understanding (MOU) with the Department for Registration of Persons (DRP) to facilitate customer identification and verification through the DRP interface. This will enable Sampath Bank to onboard customers digitally, without them having to physically visit the Bank, by verifying and confirming their identity via the DRP database. Digitalizing […]
Interview: Union Assurance will continue to grow through distribution channel expansions
Union Assurance was awarded Life Insurance Company of the Year at Business Leader Awards ceremony held in India recently affirming its leadership in the country’s fast-growing insurance industry. Speaking to Lanka Business Online exclusively regarding the company’s recent win Senath Jayatilake, chief distribution officer says UA’s vision is to transform the life insurance industry in […]
Are we getting the Colombo Port City Financial Centre right?
By H. Dabarera and KD Vimanga. Background The Colombo Port City commission bill is to be debated in parliament this week. Over the last few weeks, Sri Lankans have contemplated if the proposed Colombo Port City is the messiah that will rescue the country’s economy or whether it is another Trojan Horse that will throw […]