Examining specific industries such as technology, healthcare, finance, and manufacturing, including trends, challenges, and opportunities within each sector.
Sarvodaya Development Finance (SDF) has reported its highest-ever profits for the financial year 2023/24, driven by significant growth in key financial metrics: SDF’s Total Assets grew by 27.7%, surpassing the industry average of 7.7%, while the Lending Portfolio increased by 29.5% against the industry average of 4.5%. Deposits rose by 21%, outpacing the industry’s 8.8%.
The Sri Lanka Chapter of ISACA introduced the ‘Digital Trust Award’ to honor organizations excelling in Information Security, with NDB clinching the top spot in the banking category. This accolade underscores NDB’s commitment to robust security measures and innovation in combating evolving cyber threats. Judged by a panel of industry experts, including ICT legal pioneer
Seylan Bank announced that its recent Rs. 10 billion debenture issue was oversubscribed on its opening day, receiving applications for over 100 million debentures, indicating strong investor confidence. Initially, the bank issued Rs. 5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. Priced at Rs. 100 each, these debentures have maturity
Indices closed in the red due to price drops in stocks like Hayleys, Hatton National Bank, and Melstacorp, with the turnover surpassing Rs. 1.5 billion. Notable crossings occurred in Windforce, Sampath Bank, John Keells Holdings, and Alumex, which together accounted for 52.1% of the turnover. There was mixed interest in Hayleys, LVL Energy Fund, and
The Export Development Board (EDB) has formed a strategic partnership with Switzerland’s State Secretariat for Economic Affairs (SECO) to implement the second phase of the Global Program on Textile and Clothing (GTEX2), aimed at enhancing Sri Lanka’s apparel sector. This five-year program, running from 2024 to 2027, is funded by the Swiss Government and organized
The Commercial Bank of Ceylon’s debenture issue, the largest ever by a private bank in Sri Lanka, closed after being oversubscribed on its opening day (July 2), raising Rs. 20 billion. This milestone underscores investor confidence in the institution. Announcing the oversubscription, the bank revealed it received applications for more than three times the Rs.
The International Monetary Fund (IMF) announced that it welcomes Sri Lanka’s finalization of debt restructuring agreements with major creditor nations, marking a significant step towards restoring debt sustainability. According to IMF’s Senior Mission Chief in Sri Lanka, Peter Breuer, the agreements reached with China and other creditor nations to restructure approximately $10 billion in bilateral
Dialog Axiata PLC, Axiata Group Berhad, and Bharti Airtel Ltd. have finalized a share sale transaction, with Dialog acquiring 100% of the issued shares in Bharti Airtel Lanka Ltd. through a share swap. Following this, Axiata holds 73.75% of Dialog, Bharti Airtel owns 10.355%, and the public holds 15.895% of the shares. Dialog plans to
A report by Verité Research reveals a troubling lack of transparency in Sri Lanka’s budget implementation process. Here’s a breakdown of the key findings: Recommendations: Verité Research suggests improvements like:
WealthOS, a cloud-based wealth management platform founded by Sri Lankan entrepreneurs, has secured £4 million in seed funding. The round was led by Barclays Bank, with participation from Main Set, a division of Capricorn Capital Partners UK Limited. This significant investment will be used to enhance WealthOS’s platform, expand its distribution network, and further scale