In an inspired strategic move to rejuvenate foreign investment in the real estate sector, the Sri Lankan Department of Immigration and Emigration has reintroduced the “Investor Visa” program. This revamped initiative, aimed specifically at non-Sri Lankans interested in purchasing condominium units, is set to go live online on June 1st, 2024. The announcement followed a…
Watawala Plantations PLC announced the appointment of Reyaz Mihular as the Chairman, succeeding Sunil G. Wijesinha, who is stepping down after completing a long tenure of 12 years with the company. Reyaz Mihular is an accomplished professional in the financial and corporate sectors, having held various significant senior management roles throughout his career. He served…
Responding to the increasing demand for digital payment solutions within the small and medium-sized enterprise (SME) sector, Sampath Bank is the first bank in Sri Lanka to launch a MiniPOS device, proudly announcing the innovative bespoke mini-POS solution. These innovative systems, meticulously crafted to address the unique needs of SMEs, empower businesses to streamline transactions…
Highlights the potential of green hydrogen and seeks international expertise and investment to advance Sri Lanka’s green economy. Minister Wijesekara outlines ambitious targets and the need for significant infrastructure investments to integrate renewable energy and ensure energy security. During the “Advancing Energy Transition” roundtable discussion at the Hilton Colombo yesterday (29), President Ranil Wickremesinghe emphasized…
Union Bank today (29) announced that Indrajit Wickramasinghe, Director/Chief Executive Officer, will retire on August 15, 2024, as per the stock exchange release issued by the bank. In line with the succession plan, Mr. Dilshan Rodrigo, the current Deputy CEO, will assume the role of Director/CEO of Union Bank on August 16, 2024, subject to…
FinCSIRT will leverage RiskRecon by Mastercard to boost the cyber posture of financial institutions. Mastercard has partnered with LankaPay, Sri Lanka’s national payment network, to further strengthen the cybersecurity infrastructure of the country’s financial services sector via the Financial Sector Computer Security Incident Response Team (FinCSIRT). LankaPay established FinCSIRT in 2014 to safeguard the financial…
BYD’s Fifth-Generation DM Technology sets records in the automotive industry with 46.06% thermal efficiency, 2.9L/100km low fuel consumption, and a remarkable 2,100 km range. Featuring the 5th-Gen DM Tech, the BYD Qin L DM-i* and the BYD Seal 06 DM-i* launched with prices ranging from 99,800 to 139,800 In early April 2024, the market penetration…
There is a growing discussion in Sri Lanka about people’s desire to leave the country, especially within its current politico-economic context. According to the Sri Lanka Opinion Tracker Survey (SLOTS) conducted in 2021, 01 in 16 Sri Lankans have plans to migrate and most of them are young or educated. Confirming the above statement, the…
The leading blue-chip conglomerate, Aitken Spence PLC achieved robust fourth-quarter results, significantly contributing to an improved financial performance for the 2023/2024 fiscal year. The Group reported a strong PBT of Rs. 4.8 billion with a growth of 412%. During Q4 the Group reported an impressive EBITDA (earnings inclusive of equity accounted investees, before interest expenses,…
The Central Bank of Sri Lanka (CBSL) states that there is a possibility to further reduce the market interest rates. The officials of CBSL also mentioned that it is expected that the relevant reductions will be provided to the customers by the country’s financial institutions soon. Meanwhile, the Governor of the Central Bank of Sri…
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