Elanka Finance

Hayleys Fabric cuts carbon footprint by 15% with Sri Lanka’s largest solar roof Source:-island.lk Contributes 6,241,500kWh of power per annum to the National gridLargest single rooftop solar installation in Sri Lanka 9,000 solar panels installed across 18,000 square metre rooftop Carbon footprint reduced by 4,065.45 tCO2. Leading textile manufacturer, Hayleys Fabric further reduced its carbon footprint by 15% with the installation of the largest private sector rooftop solar power system in Sri Lanka, contributing 6,241,500kWh of power per annum to the National Grid. Installed by sister company Hayleys Fentons, the rooftop solar project was set up at Hayleys Fabric’s primary manufacturing facility in Horana and is part of a broader campaign to reduce carbon emissions and align with the UN Sustainable Development Goals. “Environmental sustainability is a core consideration for Hayleys Fabric. This is demonstrated in our multi-pronged approach to the environment, from supporting biodiversity conservation and reforestation initiatives to ...

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Softlogic Life lauded among Top 100 Best Global MDRT companies in the world Softlogic Life Managing Director Iftikar Ahamed Source:-www.ft.lk Sri Lanka’s fastest-growing life insurance company Softlogic Life, was recently honoured among the Top 100 Best Global MDRT companies in the world by the premier global association for finance professionals, Million Dollar Round Table (MDRT). Softlogic Life produced 170 MDRT members, strictly taking into consideration only 2020 performance, which is a clear testament to the young company’s unwavering commitment to produce high calibre advisors capable of providing holistic, customised life insurance solutions to their customers. MDRT is internationally recognised as the highest standard of excellence in the life insurance and financial services businesses, where all members are required to demonstrate up-to-date professional knowledge, strict ethical conduct and outstanding client service. “As one of the youngest and fully-homegrown life insurance brands in Sri Lanka, being celebrated among the top 100 MDRT ...

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Seylan Bank partners with PayHere to empower Sri Lankan businesses with online payments Source:-www.ft.lk Seylan Bank Head of Digital Banking Channels Chaminda Senewiratne (left) and PayHere CEO Dhanika Perera  Seylan Bank has joined hands with PayHere, Sri Lanka’s preferred payment gateway service, to empower small businesses with online payments. This strategic partnership allows the new merchants to join PayHere with any local bank account. Seylan Bank has long been a pioneer of digital banking in Sri Lanka, providing a wide array of products and services for individuals and enterprises. PayHere is a Fintech solutions provider that enables businesses and organisations to accept online payments from customers through multiple payment methods. The strategic partnership with Seylan Bank removes the bottleneck PayHere merchants had of needing to have a specific bank’s account by enabling the use of their preferred business bank account to start accepting online payments via PayHere.  Seylan Bank contributed ...

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Xiaomi beats Apple to become world’s No. 2 smartphone maker Source:–www.ft.lk WASHINGTON (AFP): Chinese electronics firm Xiaomi has overtaken Apple as the number two global smartphone maker in a sizzling market with consumers emerging from lockdowns, a new survey showed. The Canalys survey of second-quarter sales released showed worldwide smartphone sales up 12%, with South Korea’s Samsung holding its top position with a 19% market share. Xiaomi meanwhile surged to the number two position for the first time ever with a 17% share as sales jumped 83%, according to Canalys. Apple dropped to the number three position with iPhone sales up just one%, after getting a lift from last year’s new models. “Xiaomi is growing its overseas business rapidly,” said Canalys research manager Ben Stanton, citing gains of 300% in Latin America, 150% in Africa and 50% in Western Europe. “And as it grows, it evolves. It is now transforming ...

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Colombo stock market returns to past glory as investors get bullish Source:–www.ft.lk ASPI crosses 8,000 points and turnover tops Rs. 6 b as bourse gains to 5-month high  Active investor play on Expolanka sees stock generating Rs. 40% of turnover or Rs. 2.5 b; share price gains Rs. 8.30 (15.23%) to close at Rs. 62.80 The Colombo stock market yesterday lived up to its true expectations or relived past glory generating over Rs. 6 billion turnover with strong investor play pushing indices up. The All Share Price Index gained by 0.7% or over 55 points to finally settle comfortable above 8,000 points at 8,022.55 points. The S&P SL20 gained higher by 1.7% or over 51 points. Turnover was a five-month high at Rs. 6.22 billion with 439 million shares traded. The Colombo bourse however continued to suffer from aggravated net foreign selling with Rs. 1 billion for the second consecutive ...

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Sri Lanka-Oman National Chambers of Commerce sign MoU to boost trade and investment Source:Ft Ambassador Ameer Ajwad presents the logo pin issued by the Embassy of Sri Lanka in Oman to mark the 40th anniversary of diplomatic relations between Sri Lanka and the Sultanate of Oman, to OCCI Chairman Eng. Redha Al Saleh. Embassy of Sri Lanka First Secretary Dilini Abeysekara accompanied the Ambassador  National Chamber of Commerce of Sri Lanka (NCCSL) and the Oman Chamber of Commerce and Industry (OCCI) signed a Memorandum of Understanding (MoU) on 7 July to enhance trade and investment between Sri Lanka and the Sultanate of Oman. President of the NCCSL Nandika Bhuddipala and the Chairman of the OCCI Eng. Redha Jumah Al Saleh, virtually signed the MoU. The signed copy of the MoU was ceremonially handed over to the Ambassador of Sri Lanka to the Sultanate of Oman Ameer Ajwad who witnessed the ...

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Sri Lanka first in South Asia with Submarine Cable Protection and Resilience Framework   Source:Ft Sri Lanka last week launched the Submarine Cable Protection and Resilience Framework at a stakeholder meeting chaired by Secretary to the President Dr. P.B. Jayasundera. Sri Lanka is the first country in Asia to come up with such a framework, and this was possible with the generous support of the Japanese Government through the United Nations Office on Drugs and Crime (UNODC) Global Maritime Crimes Program (GMCP). In this new age of lockdowns, remote working and virtual conferences, our reliance on global digital communications has grown dramatically, yet most people incorrectly assume that satellites are responsible for sending data. In reality, more than 99% of all international digital data and communications are transferred via a network of more than 400 cables, which span a distance of more than 1.8 million km across the world’s oceans. ...

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Opinion: Positive happenings in Sri Lanka in 2021-By Asela Atukorala Source:LBO Sri Lanka is unfortunately in a sad state right now with its biggest problem being the third wave of the COVID-19 pandemic. There is also the X-Press Pearl ship tragedy which is causing a serious marine environmental disaster as well as the floods and landslides. As a comfort to these difficult times, I decided to provide a list of positive incidents that occurred in Sri Lanka during the first half of this year. As I heard many of these stories from the companies responsible, I would like to say that I have no affiliation with any of these companies. I’m not trying to downplay or deny the problems facing Sri Lanka. I’m showcasing a side of Sri Lanka which gets less attention. I feature stories relating to exports, agriculture, sustainable business, the environment and more. Tea Export Increases The ...

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Hambantota International Port’s cargo handling volume increases amidst pandemic   Source:LBO   As 2021 hits its halfway mark, the Hambantota International Port (HIP) records an overall growth in its volumes and diversification of services. The port’s overall cargo handling volume has increased from 420,421 MT by the end of June 2020, to a significant 1,206,425 MT, during the corresponding period this year. HIP continued its operations without interruption throughout the pandemic and is now seeing the results of experienced port management combined with the dedicated services provided to its customers. RORO volumes as at the end of June 2021 were 413,005 MT as opposed to the 239,827 MT in June 2020. The increase in bulk volumes during the corresponding period was considerable i.e. 578,327 MT in comparison with the 1443 MTs in 2020. Liquid Bulk volumes of LPG, VLSO, and MGO increased from 179,151 MT last year to 215,094 MT. ...

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Notable economic recovery by last quarter 2021 – CBSL-by Indunil Hewage Source:Dailynews Sri Lanka’s first quarter growth would be better than expected, Central Bank Governor Prof. W D Lakshman said. Despite the fact that GDP estimates for the first quarter of 2021 have not been released, Governor Prof. Lakshman said Sri Lankan economy is likely to have recorded a higher than expected growth rate in the first quarter of 2021 based on several information such as Index of Industrial Production, Agricultural sector performance and private credit, etc. “We’re pleased to observe positive developments on many fronts particularly during the first quarter. As COVID related lock downs are gradually removed and then with the vaccination drive which is in full force, we expect a notable recovery by the last quarter of the year.” In terms of foreign debt service obligations, the Government and the Central Bank have taken several steps to ...

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