Fitch Ratings: Sri Lankan DFCC Bank PLC’s (DFCC, A(lka)/Stable) divestment of its 50% stake in Acuity Partners (Pvt) Limited (APL) is unlikely to result in a material improvement in its regulatory capital ratios or have any impact on its national rating, says Fitch Ratings. We expect the transaction, valued at LKR6.5 billion, to improve DFCC’s…
Prominent Sri Lankan industrialist and businessman Deshamanya Harry Jayawardena has passed away at the age of 82. Don Harold Stassen Jayawardena popularly known as Harry Jayawardena was the chairman of Melstacorp PLC and served as the Honorary Consul General for Denmark in Sri Lanka. Forbes had listed Jayawardena as one of the richest people in…
Ensuring access to digital solutions for everyone, SLT-MOBITEL, together with Sri Lanka Railways and Department of Pensions enabled pensioners to enjoy a seamless railway transport experience by integrating the pension warrant process to SLT-MOBITEL’s state of the art mTicketing platform. Launching the digitalization of the pension warrant took place recently at the Colombo Divisional Secretariat…
Lord John Hannett of Everton OBE has been appointed as the new United Kingdom’s Trade Envoy for Sri Lanka. Lord Hannett will support the UK’s trade and investment promotion objectives by engaging with senior Sri Lankan and UK stakeholders to promote market access and create opportunities for UK businesses to deliver mutual economic growth for…
The overall rate of inflation, as measured by the Colombo Consumer Price Index (CCPI) on Year-on-Year basis, has decreased to -4% in January 2025, compared to -1.7% in December 2024, according to the latest data released by the Department of Census and Statistics. Year-on-Year food inflation has decreased to -2.6% in January 2025, compared to…
Sampath Bank has yet again reinforced its position as a premier financial services institution by entering a strategic partnership with Union Assurance, Sri Lanka’s number one Bancassurance service provider, to deliver one-stop-shop financial and protection solutions to its customers. Through this partnership, a comprehensive range of exclusive life insurance solutions of Union Assurance will complement…
Empowering the Public Sector with AI-Driven Administrative Support In a groundbreaking initiative to drive digital transformation in the public sector, Headstart, a leading EduTech solutions provider, in collaboration with the International Labour Organisation (ILO), has introduced an innovative, trilingual Conversational AI Assistant to streamline public service operations. This pioneering service is tailored for employees of…
Teejay Group, Sri Lanka’s first multinational textile manufacturer, announced a Year-to-Date (YTD) Profit after Tax of LKR 1.9 billion for Q3 (third quarter) of FY2024/25, marking a remarkable 234% increase compared to the same period last year. Group revenue reached an impressive LKR 49.8 billion for the period ending 31st December 2024, reflecting a 10%…
In light of the ongoing challenges faced at the Colombo port, the below listed Joint Chambers, along with key trade, maritime and logistics associations, wish to propose solutions to mitigate the impact of port congestion on the nation’s economy. Further, exporters are facing potential delays with imported inputs, missed shipping opportunities, and increased processing costs,…
The US Department of Justice’s (DoJ) indictment of Indian billionaire Gautam Adani is a strategic blunder with severe geopolitical consequences, leading American publication Forbes has said. In an article titled ‘The US Harms The West’s Alliances With A Far-Flung Indictment In India,’ the author, Melik Kaylan, argued that the indictment, which alleges bribery and financial…
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