Union Bank announced its financial performance for the 9 months ending 30th September 2024, showcasing both resilience and growth in key areas, even as the bank navigates a challenging market environment. Key Financial Highlights Despite facing fluctuations in market interest rates and narrowed margins, Union Bank achieved significant milestones during the period under review. The…
Lack of tax collectability results in dampening of government revenue ambitions While Sri Lanka has made notable progress in tobacco control, with policies reducing cigarette consumption, the unchecked growth of the beedi industry presents a mounting threat to the economy. The informal nature of the beedi trade makes it difficult to regulate, allowing it to…
Hitachi Vantara Hosts Third Asia-Pacific Partner Technical Ambassador Club in Bangkok Over 100 technical experts unite for annual partner engagement forum Hitachi Vantara, the data storage, infrastructure, and hybrid cloud management subsidiary of Hitachi, Ltd. (TSE: 6501), successfully hosted its third annual Partner Technical Ambassador Club (PTAC) Live event in the Asia-Pacific region. Held from November 4 to…
The Colombo Stock Exchange (CSE) has renewed its partnership as the Platinum Partner of CFA Society Sri Lanka for the 8th consecutive year, reinforcing a shared commitment to promoting ethical standards, education, and professional excellence within the Sri Lankan investment industry. This longstanding collaboration reflects CSE’s dedication to advancing the capital market and fostering valuable…
Sri Lanka’s foreign-exchange reserves surged by an impressive 81% year-on-year in October 2024, reaching USD6.5 billion due to the support of its IMF program, according to Fitch Ratings. This boost in reserves is a significant development for the country’s economic stability, providing a stronger buffer against external shocks. However, Fitch notes that Sri Lanka’s improved…
The Colombo Stock Exchange (CSE) and U.S. Agency for International Development (USAID) together with SLASSCOM and FITIS, recently hosted a forum titled ‘Unlocking Value via Capital Markets and Funding Options for the IT Sector’. The forum aimed to empower companies in the ICT sector by exploring alternative funding sources and raising awareness about the process…
By Prof. Samitha Hettige 2024 is special for Sri Lankans as they execute executive powers at two elections. First they elected a ‘Socialist President’. They are to elect a Parliament in few days & it’s the first since the 2021 economic crisis which some believe was worse than the 30 year conflict (valued approx 200…
Government to Compile Report on Loans Taken by Small and Medium Enterprises from Banks A special meeting was held Yesterday (11) at the Presidential Secretariat to address relief measures for Small and Medium Enterprises (SMEs) facing financial challenges. The meeting was led by the Senior Additional Secretary to the President for Finance and Economic Affairs,…
Adding stronger momentum to its growth trajectory, Softlogic Life recorded another superior quarter performance, posting Gross Written Premium (GWP) of Rs. 22 billion during the nine months ending 30th September with an increase in top-line growth of 18% compared to the corresponding period of last year. Growth for the September quarter was up 22% compared…
Classic Travel Pvt Limited has been honored as Sri Lanka’s Leading Travel Agency at the South Asian Travel Awards (SATA) 2024, held in Kathmandu, Nepal. This prestigious recognition reflects the company’s unwavering commitment to delivering exceptional travel experiences and outstanding service to its valued clients. This year’s SATA attracted over 400 nominations across multiple categories, celebrating remarkable…
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