Category: Economy and Markets
Building Sri Lankan food security and self sufficiency in Jaffna
By Jekhan Aruliah K.Suganthon was only 21 when he setup his first business back in 2003. With the Sri Lanka Civil War simmering in an uneasy ultimately unsuccessful ceasefire (2002-2006), he opened an outlet in Colombo’s Pettah market. From Pettah, famous for its streets densely packed with shops and market stalls, Suganthon started trading edible […]
UNDP provides recommendations on realigning & leveraging taxes to achieve SDGs in Sri Lanka
Taxation is intricately linked to gender equality and is a fundamental foundation to address intersectional inequality challenges. Accordingly, the United Nations Development Programme (UNDP) is supporting governments to establish gender-responsive tax systems, which involves carrying out national level diagnostic assessment on tax and gender; through research and capacity building; adapting the Gender Equality Seal for […]
CBSL imposes caps on interest rates on pawning facilities, pre-arranged temporary overdrafts & credit cards
The Monetary Board has decided to impose caps on interest rates on pawning facilities at 18 percent, per annum; on pre-arranged temporary overdrafts at 23 percent, per annum; and on credit cards at 28 percent, per annum, for all licensed banks. Further, the Board was of the view that penal interest rates need to be […]
Central Bank maintains policy interest rates at their current levels
The Monetary Board of the Central Bank, at its meeting held on 23 August 2023, 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 11.00 percent and 12.00 percent, respectively. The Board had arrived at this decision following a […]
WindForce, Lakdhanavi & Singapore firm join forces on 100 MW renewable energy project with USD152Mn investment
WindForce PLC – Sri Lanka’s leader in renewable energy, in partnership with Lakdhanavi – the leading Independent Power Producer (IPP) in Sri Lanka, and The Blue Circle – a Singapore-based investment firm focused on renewable energy, has formed a consortium set to embark on a transformative power generation project that will reshape Sri Lanka’s renewable […]
HNB partners with JICA for sustainable socio-economic development in Sri Lanka
Working towards a shared objective of sustainable socio-economic development in Sri Lanka, Sri Lanka’s leading private sector bank HNB PLC has partnered with the Japan International Cooperation Agency (JICA). Through the partnership, JICA – Japan’s Official Development Assistance (ODA) executing agency – will leverage its experience as a long-standing development partner to the island nation, […]
SriLankan Airlines relaunches flights to Jeddah
SriLankan Airlines has relaunched direct flights from Colombo to Jeddah with a thrice weekly service every Tuesday, Wednesday and Sunday. SriLankan Airlines is currently the only carrier to offer a non-stop flight schedule between the two cities, opening a convenient gateway to the holy cities of Makkah and Madinah for Umrah pilgrims in Sri Lanka […]
Dipped Products sets standard for sustainable growth: Launches ESG roadmap ‘DPL Pulse’
Export manufacturer of hand protection solutions and member of the Hayleys Group, Dipped Products PLC (DPL), announced the launch of its new ESG roadmap ‘DPL Pulse’. ‘DPL Pulse’ builds on the environmental and social consciousness already rooted within the organisation and aligns with the Hayleys Group’s long-term sustainability aspirations as outlined in the Hayleys Lifecode. […]
Sampath Bank reports profit before tax of Rs 13.2 Bn
Financial Highlights During the first half of 2023, Sampath Bank reported robust financial performance, with a profit before tax (PBT) of Rs 13.2 Bn and a profit after tax (PAT) of Rs 7.7 Bn, representing growth of 46.6% and 8.1% respectively compared to 1H 2022. Key financial highlights for 1H 2023 compared to the same […]
First Capital reports profits of Rs. 2.8Bn
First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year. Among the key divisions, the Primary Dealer segment demonstrated […]
Outstanding eligible SLDBs converted into five new LKR Treasury Bonds: CBSL
Outstanding eligible SLDBs (the Eligible Bonds) have been converted into five (5) new variable coupon (SLFR* + 1.00%) New Treasury bonds denominated in LKR and settled on 15.08.2023, the Central Bank said.
CCC promotes responsible investment practices with webinar on sustainability standards for ESG financing
Aiming to create awareness about the growing significance of sustainable development and Environmental, Social, and Governance (ESG) financing, The Ceylon Chamber of Commerce recently conducted a webinar on ESG Financing and the impact of sustainability standards in the financial sector on access to finance for businesses. The session aimed to enhance the knowledge and understanding […]