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IFC endorses move to support Nepal’s startup ecosystem PickMe has crossed digital borders and will take the ride hailing market by storm with the launch of their latest technology partnership, JumJum (Let’s Go) in Nepal, a country where 78% of 3.22 million vehicles registered are motorcycles. Named as the Motorcycle city, Kathmandu Valley claims to…
Featured
CFA Society Sri Lanka (CFASSL) is pleased to acknowledge and celebrate excellence in the field of Financial Management at the University of Jaffna. In alignment with our dedication to fostering talent and recognizing exceptional academic performance, we are delighted to announce the recipients of our esteemed awards for the examination in 2021, presented at the…
Nawaloka Hospitals PLC, a distinguished leader in healthcare solutions, is proud to introduce its revolutionary Elite Corporate Services, a groundbreaking suite of preventive healthcare offerings tailored to meet the evolving needs of corporate organizations. Designed to empower employees and clients with proactive, personalized healthcare strategies, Elite Corporate Services goes beyond traditional medical assessments, combining state-of-the-art…
TikTok is proud to announce significant advancements in AI transparency and media literacy, reinforcing its commitment to safe and responsible content creation. In collaboration with the Coalition for Content Provenance and Authenticity (C2PA), TikTok is set to become the first video sharing platform to utilize Content Credentials technology to automatically label AI-generated content (AIGC) when…
The British Council in Sri Lanka is proud to announce the release of a groundbreaking publication titled “Being a Teacher with Disabilities: Perspectives, Practices, and Opportunities.” This comprehensive report delves into the challenges, opportunities, policies, and support networks encountered by teachers with disabilities within education systems in Sri Lanka and four other countries where the…
DFCC Bank recently unveiled its Annual Report 2023, spotlighting the Bank’s remarkable achievements against a backdrop of formidable challenges and exciting opportunities. Overcoming a challenging and dynamic economic environment, DFCC Bank emerged, posting a record-breaking financial year. These achievements were complemented and supported by the Bank’s many sustainable initiatives in its drive to achieve carbon…
In the ever-evolving landscape of technology, there exists a silent force, often overlooked yet undeniably influential: the modern mom. In Sri Lanka, as elsewhere around the globe, mothers are not just consumers but also advocates and influencers shaping the trajectory of innovation in companies like Samsung. As Mother’s Day dawns, it’s time to shine a…
Sri Lanka’s leading private sector bank, HNB PLC, has entered into a fresh agreement with 3DH Building Solutions to promote and offer financing solutions for FMT Generators and GLARIE elevators. Representatives from both organisations graced the occasion to formalize the partnership, with HNB Head of Retail, Kanchana Karunagama and Managing Director – 3DH Building Solutions,…
SLT-MOBITEL, the national ICT solutions provider, has announced a strategic partnership with Connex 360, renowned for delivering cutting-edge, innovative IT services and solutions for B2B sectors, to facilitate complete smart building solutions, including telecom infrastructure for condominium developers and luxury residencies. The agreement was signed by Janka Abeysinghe, Chief Executive Officer SLT-MOBITEL Group, and Patrick…
Rate of Ransomware Attacks Falls Slightly, But Recovery Costs Hit $2.73 million Sophos, a global leader of innovative security solutions that defeat cyberattacks, today released its annual “State of Ransomware 2024” survey report, which found that the average ransom payment has increased 500% in the last year. Organizations that paid the ransom reported an average…
Linear Accelerator now equipped to provide VMAT in addition to IMRT and IGRT The Ceylinco Cancer Centre has announced the launch of RapidArc™ radiation treatment for cancer, following a significant upgrade to the Varian Clinac iX Linear Accelerator (Linac) in use at the Centre. Offering enhanced accuracy and reduced treatment times, RapidArc™ delivers highly conformal…
Top News
Financial Performance Sampath Bank posted a profit before tax (PBT) of Rs 6.2 billion and a profit after tax (PAT) of Rs 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD by Rs 23.70. These figures…
Net stage III ratio at 4%; one of the best in the industry Over Rs 6.5 Bn in taxes Tier I and total capital ratios improve further to 14.45% and 18.05% respectively Liquidity position remains strong with LAR and LCR well above regulatory minimum Hatton National Bank PLC (HNB) recorded a Profit Before Tax (PBT)…
A prominent delegation of 30 members of China National Garment Association (CNGA), led by Executive Vice President of XIE QING and Ningbo Garment Association Vice president and Secretary General MAO YIHUA met the Chairman/ CEO, EDB, Executive Director, BOI, and members of JAAF on the 9th of May 2024. The CNGA is a leading industry…
Acquisition by Lavendish Leisure marks group’s second hotel purchase in the UK The Grade-II listed Cathedral Quarter Hotel in Derby has been sold to new owners by The Finesse Collection who transformed the property into a hotel in 2008. The hotel has been acquired by Rashmi Dedigama and Peter Karan of Lavendish Leisure, a subsidiary…
Breaking Barriers: A Fresh Legislative Initiative Fosters Collaboration Among Agricultural Agencies. Streamlining Plantation Practices: Introduction of Innovative Technical Management. Cabinet Endorses Draft Laws Paving the Way for Agricultural Export Economy- Says President. President Ranil Wickremesinghe outlined his commitment to propel the nation’s economic progress by spearheading a shift from the traditional plantation Industries to a…
Operating Income of LKR 11.9Bn up 3% YoY Stage 3 loan ratio reduced to 2.1% Profit After Tax of LKR 3.7Bn, up 35% YoY Total Capital Adequacy Ratio of 18.7% Liquidity Ratio of 45% Nations Trust Bank PLC reported a strong performance in the first 3 months of 2024, posting a Profit Before Tax (PBT)…
Loan book grows by Rs 20 bn. in 3 months, amidst FX impacts CASA ratio improves to 40.51%, positively supporting NII Net interest income up 45.97% to Rs 27.7 bn. Total taxes increase by over 150% to Rs 8.6 bn. The Commercial Bank of Ceylon Group has ended the first quarter of 2024 with a…
National Development Bank PLC, Sri Lanka’s fourth largest listed bank commenced the financial year on a positive note, with resilient performance for the first quarter of the year ended 31 March 2024. NDB’s Director/ Chief Executive Officer Mr. Kelum Edirisinghe commented that the Bank continued to face challenges on relatively low credit demand due to…
Analysis
Fitch Ratings: Fitch Ratings believes that policies designed to support exchange rates are unlikely to pose significant near-term risks to the credit profiles of APAC investment-grade sovereigns, but any deterioration of official reserve buffers could pose greater risks to vulnerable ‘frontier markets’ in the region. A number of APAC governments have recently demonstrated concern about…
Chinese leader Xi Jinping returned home after visiting Serbia, Hungary & France last week. France colonized southern parts of Great China (French Indochina) decades ago & therefore, Sino-French socio economic connectivity is centuries old but not as old as Sino-Lanka relations. China & France are permanent members of the UN Security Council. France is China’s…
Pakistan’s total external debt stocks owed to China has surged from $7.6 billion in 2016 to $26.5 billion in 2022 Debt owed by various countries, especially in South Asia and Africa, to China has multiplied in recent years. China is either the sole or the major lender for the majority of these countries. In other…
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