The Ceylon Motor Traders’ Association (CMTA), the senior-most automotive association in South Asia affiliated with the Ceylon Chamber of Commerce, has called on the government of Sri Lanka to abolish the 15% depreciation that is currently granted on used vehicle imports.

The CMTA emphasizes that this policy not only lacks any plausible justification but also results in significant revenue losses to the government. While no official announcement has been made in regard to the removal of the 15% depreciation, the CMTA has consistently raised this issue through multiple budget proposals, submitted by the Ceylon Chamber of Commerce.

The Association maintains that the depreciation should not be applied to used vehicle imports. The reason being that most of the used vehicles imported, have virtually zero milage and are priced almost on par with brand-new vehicles, when considering Cost, Insurance and Freight (CIF) value.

Women in Tech Sri Lanka, in collaboration with Teens in AI, brings the fourth annual International Women’s Day Global Techathon to the Sri Lankan community. This initiative, led locally by Women in Tech Sri Lanka, aims to inspire teens to explore future pathways in technology and Artificial Intelligence through collaborative, hands-on learning experiences.

Running from February to April 2024, the campaign aligns with a shared mission alongside valued partners to leverage technology in building a more equitable world – one where every young person has the opportunity to unlock their full potential, drive innovation, and create positive societal impact.

In celebration of International Women’s Day, Women in Tech Sri Lanka leads the local execution of the annual, globally distributed Teens in AI Global Techathon, empowering Sri Lankan teens aged 12 to 18 to collaboratively address real-world challenges using AI and Data Science for social good. This hackathon-style programme is delivered as a virtual hybrid experience, with challenges aligned to the United Nations Sustainable Development Goals (SDGs), encouraging purpose-driven innovation among the next generation of tech leaders.

HNB General Insurance Limited (HNBGI) has entered into a landmark strategic partnership with HNB Stockbrokers (Pvt) Ltd, marking a significant milestone in the HNB Group’s mission to provide seamless, comprehensive financial services via enhanced group synergy.

The collaboration is designed to offer specialized general insurance solutions directly to the customers of HNB Stockbrokers, ensuring that investors can protect their assets and lifestyles with the same expertise used to grow their wealth. This integration reflects “Group Synergy in Action,” aligning the collective strengths of the HNB ecosystem to deliver superior value and convenience to its diverse clientele.

The official agreement was signed at a ceremony attended by Sithumina Jayasundara, Director/CEO of HNB General Insurance; Ray Abeywardena, MD/Group CEO of HNB Investment Bank; and Prashan Fernando, Director/CEO of HNB Stockbrokers.

By combining HNB General Insurance’ robust insurance portfolio with HNB Stockbrokers’ deep-rooted relationship with the investor community, the partnership creates a one-stop financial ecosystem. This move simplifies access to protection products – ranging from motor and home insurance to specialized corporate covers – tailored to the needs of sophisticated investors.

Sithumina Jayasundara, Director/CEO of HNB General Insurance, commented on the partnership, “At HNB General Insurance, we believe that true financial security is two-fold, growing your assets and protecting them. This partnership with HNB Stockbrokers is a perfect example of HNB Group’s synergy in action. By integrating our insurance expertise into the stockbroking journey, we are making it easier than ever for our clients to access client-focused protection that secures their future and their families.”

Prashan Fernando, Director/CEO of HNB Stockbrokers, added “Our commitment has always been to provide our clients with more than just a trading platform; we aim to be their total financial partner. Collaborating with HNBGI allows us to enhance our value proposition significantly. We are now able to offer our clients a more holistic service, ensuring that while they focus on building their portfolios, their broader insurance needs are being met by one of the most trusted names in the industry.”

This partnership serves as a blueprint for how the HNB Group continues to evolve. By breaking down silos between banking, investments, and insurance, the Group is creating a more resilient and integrated service model. This strategic alignment not only strengthens the Group’s internal cohesion but, more importantly, ensures that the end customer benefits from a more efficient, sophisticated, and comprehensive financial journey.