Examining specific industries such as technology, healthcare, finance, and manufacturing, including trends, challenges, and opportunities within each sector.
Consumer spending via credit cards has shown signs of growth, with the total outstanding credit card debt in licensed commercial banks rising by nearly one billion rupees in August, reflecting a broader surge in private sector credit during the same month. According to the latest data for August 2024, outstanding credit card debt increased by
Fitch Ratings has reaffirmed LB Finance PLC’s National Long-Term Rating at ‘BBB+(lka)’ with a Stable Outlook. The rating reflects LB Finance’s solid financial standing, characterized by superior profitability and asset quality compared to its peers. However, the company’s significant exposure to market risk through its extensive gold-backed lending business offsets these strengths. The rating also
The International Finance Corporation (IFC), the private sector investment arm of the World Bank, has secured a 14.73% stake in Sunshine Healthcare Lanka Ltd. for Rs. 3.27 billion. Originally announced earlier this year, Sunshine Healthcare confirmed on Friday that the transaction was completed with the issuance of 1.9 million shares on October 3, following the
The Sri Lanka Automobile Component Manufacturers Association (SLACMA) has extended its congratulations to Anura Kumara Dissanayake on his election as the new President of Sri Lanka. The association expressed optimism regarding the National Policy on Production (NPP) and its forward-looking industrial policies aimed at enhancing the automobile industry. Dimantha Jayawardena, the President of SLACMA, noted
SLT-Mobitel is revolutionizing the way customers connect to its network with the launch of its state-of-the-art eSIM service. Leveraging SLT-Mobitel’s robust 4G connectivity and extensive coverage across the island, this service allows users to join the network within minutes, no matter where they are located. The eSIM technology eliminates the need for a physical SIM
The Sri Lanka Export Development Board (EDB), in partnership with the Sri Lanka Consulate General in Dubai, UAE, is set to organize the Sri Lanka pavilion at GITEX Expand North Star, taking place from October 13 to 16, 2024. This initiative will encompass various activities, including business meetings, networking sessions, and field visits across Dubai,
The Commercial Bank of Ceylon has achieved the remarkable feat of being ranked second in the ‘LMD 100’ for 2023-24, advancing five positions in this prestigious list, often referred to as ‘Sri Lanka’s Roll of Corporate Honour.’ This recent ranking not only affirms Commercial Bank’s status as the top-ranked bank in the LMD 100 but
The Sri Lanka Gem and Jewellery Association (SLGJA) has issued a renewed call for urgent reforms as the domestic industry grapples with a downturn driven by skyrocketing gold prices and persistent policy challenges hindering growth. Local jewellery sales have experienced a significant decline, while exporters are contending with a complex regulatory framework that has diminished
National Savings Bank (NSB) has appointed Lasith Nanayakkara as its new Chief Information Officer (CIO) and IT Deputy General Manager, effective October 1. He succeeds Dr. Amal Illesinghe, who recently retired after more than 17 years of dedicated service to the bank. With over 35 years of experience in the banking and finance sector, Nanayakkara
Singer Sri Lanka has been awarded the Most Innovative Retail Concept Award for 2023/2024 by the Federation of Asia-Pacific Retailers Association (FAPRA). This recognition highlights the company’s exceptional ability to navigate economic challenges and innovate within a rapidly changing retail environment. The award reflects Singer’s leadership in transforming the retail landscape through a strategic vision