Business
Govt has not lost sight of senior citizen FD rates:State Minister
By Sanath Nanayakkare
Minister of State for Finance Shehan Semasinghe said on Monday that the government is aware of the low deposit interest rate senior citizens are earning on their savings as the policy rates are taking a downward trajectory amid declining inflation and expanded economic activity.
He, however, said that interest rate relief cannot be given to senior citizens right now because of the tight fiscal conditions of the government.
“Once the revenue of the government increases and the budget deficit is controlled within our targets, we should be able to look at an alternative option in this regard. But it is still too early to give a timeline for this,” he said.
The state minister made the following comment during a political chat show on Hiru TV responding to a query.
“In 2022, Sri Lanka underwent an economic contraction of almost 10% followed by six persistent quarters of contraction – all four quarters in 2022 and two quarters in 2023. We recorded growth of 1.6% and 4.6% in the third and fourth quarters of 2023 respectively. The benefit of these economic indicators is flowing down to the people. It would be better if people could accrue more benefit from this situation. Anyway, we are doing our best to ensure that happens. This endeavor will take more time. Let’s now look at the interest rate scenario. Just a few months ago, there was a lot of uproar about high lending rates because it went up to 25%- 30%. Taking out startup or business expansion loans were shunned by the people because of that and driving the economy through commercial activity had come to a halt. At that time, depositors received high yields. Now, with the economy reviving and with inflation expectations well-anchored, the interest rates are behaving in a corresponding manner. With the monetary policy decisions and expansion in economic activity, the interest rates are adjusting downwards and the government can’t interfere with it and artificially increase the deposit interest rates. Some politicians take up this issue and shout from the rooftop that senior citizens who depend on their savings can’t live on the current low deposit rates. They do that to gain political mileage. Those who were vociferous about high lending rates in the immediate past have done a complete roundabout and clamour against low yields received by senior citizens on their lifetime savings.”
“As a responsible government, we can’t implement what is said by the Opposition on election platforms and put the country at risk. We need to make sure how our senior citizens can be helped in a sustainable manner. For this, we need our macro economy to be in a robust manner. We are working on it on several fronts while the economy is in recovery mode. Once we can be sure that the State’s financial conditions are in right shape, we will consider an alternative option for this,” he said.
Semasinghe said that the ban imposed on the importation of vehicles for personal use will remain till the end of this year.
According to the minister there are no plans yet to reduce the PAYEE tax.
“If we implement non-pragmatic proposals preached by Opposition politicians from the election platforms, the country will get bogged down in another economic crisis soon,” he said.
Business
Asia-Pacific business leaders to accelerate sustainable business action
More than 200 senior business leaders, policymakers, investors, sustainability practitioners and United Nations representatives convened in Colombo on 11–12 August for Forward Faster Now | APAC 2026: Driving Business Leadership for Sustainable and Inclusive Growth—the United Nations Global Compact’s flagship regional forum in Asia-Pacific.
Hosted by UN Global Compact Network Sri Lanka and organized by the UN Global Compact APAC Hub in collaboration with 14 Global Compact Country Networks, the forum strengthened regional collaboration and demonstrated the growing role of business leadership in advancing sustainable and inclusive growth across Asia-Pacific.
More than 80 high-level speakers from across the region contributed to the two-day programme, bringing together expertise from business, finance, government, the United Nations and civil society. The forum also convened an exceptional audience of CEOs, C-Suite, Board Directors, Heads of UN agencies and senior decision-makers, creating one of the region’s most significant platforms for cross-sector dialogue on sustainable business.
Across plenary dialogues, leadership panels and action-oriented workshops, participants explored the issues shaping the future of business in Asia-Pacific, including climate action, sustainable finance, gender equality, resilient supply chains, water stewardship, governance and integrity, digital innovation, human rights due diligence, circular economy solutions and ESG data for decision-making. Rather than focusing solely on ambition, Forward Faster Now challenged businesses to move from broad sustainability goals to target setting, practical decisions, stronger systems and action that can deliver progress at scale.
A defining milestone of the forum was the visit of Sanda Ojiambo, Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. Her presence in Sri Lanka underscored the country’s growing role within the regional sustainability agenda and reinforced the importance of private sector leadership in delivering the Sustainable Development Goals.
Beyond the public programme, her visit included a series of bilateral engagements and strategic convenings with business and institutional leaders, deepening relationships and opening new avenues for engagement between the UN Global Compact and stakeholders in Sri Lanka.
The event also marked the launch of three significant initiatives by UN Global Compact Network Sri Lanka that will extend the impact of the convening well beyond the event itself. The Responsible Business Coalition was introduced as a new partnership to embed sustainability, and strengthen governance by bringing together Sri Lanka’s leading professional and industry associations to embed the Ten Principles of the UN Global Compact into their existing convening, training and thought-leadership channels, moving responsible business from a standalone function to a shared C-Suite and Board responsibility.
Business
Sri Lanka Insurance Corporation General celebrates ‘One Team, One Vision’ sales excellence at Annual Awards 2025
The Sri Lanka Insurance Corporation General Ltd. (SLICGL) team gathered to honour its top-performing sales professionals at the Annual Sales Awards 2025, held under the theme ‘One Team, One Vision’ on 20th August at the Monarch Imperial.
The evening convened sales leaders and high achievers throughout the island to celebrate a year of sustained performance, customer trust, and commitment which has kept SLICGL at the forefront of Sri Lanka’s general insurance sector.
Affirming SLICGL’s appreciation for the people driving success on the ground, the Sales Awards 2025 recognised those who went beyond targets, deepened client relationships, and contributed directly to the company’s continued expansion.
The event drew an unprecedented audience of over 700 participants. This year’s celebrations recognised a record number of winners, more than double the achievements honoured last year covering a diverse range of award categories reflecting excellence at every level of the business.
Nusith Kumaratunga, Chairman, Sri Lanka Insurance Corporation graced the event as the Chief Guest together with the Board of Directors and senior management of SLICGL also present as invited guests, encouraging and commending the winners for their outstanding achievements.
The award winners at this year’s ceremony included Insurance Advisors, Marketing Executives, Branch Managers, Regional Managers, and members of the Head Office Sales Channels, who were recognised and celebrated for their outstanding achievements in multiple categories.
Business
Sri Lanka to host SEARIC Summit 2026 for the first time, welcoming over 500 youth leaders from across South East Asia
Sri Lanka is set to host the SEARIC Summit 2026 from 11 to 13 September 2026 at the Pegasus Reef Hotel, marking the first time the country will host the flagship regional gathering of the South East Asia Rotaract Information Centre (SEARIC).
Hosted by Rotaract in Rotary International District 3220 (RID 3220) – Sri Lanka & Maldives, the three-day summit is expected to bring together more than 500 delegates from six countries, creating a regional platform for leadership development, knowledge exchange, cultural understanding and collaboration among young leaders. The South-East Asia Rotaract Information Centre (SEARIC) serves as a regional platform connecting Rotaract districts across South East Asia. It facilitates collaboration, information exchange, cultural understanding and joint initiatives among Rotaractors across the region. The annual SEARIC Summit serves as the network’s flagship gathering, bringing together Rotaractors and Rotarians from participating countries for shared learning, fellowship, cultural exchange and collective growth.
Under the theme “The Role of Technology in the Future of Careers and Services,” SEARIC Summit Sri Lanka 2026 will explore the rapidly changing relationship between technology, careers, leadership and community service. As emerging technologies continue to transform industries and the way people work, the summit will provide a platform for young leaders to examine how technology can be used not only to prepare for the future of work, but also to strengthen the way communities are served. Across three days, delegates will participate in leadership and professional development sessions, discussions, cultural experiences, networking opportunities and community-focused programming, with the central theme reflected throughout the summit programme.
Beyond the Rotaract movement, the event also contributes to Sri Lanka’s broader positioning as a destination for international conferences, youth leadership programmes and regional collaboration. With hundreds of international delegates travelling to the country, the summit provides an opportunity to showcase Sri Lanka’s hospitality, culture and potential as a host destination for future international gatherings. The event further creates a platform for young leaders from across South East Asia to connect with Sri Lankan counterparts, exchange ideas and explore opportunities for cross-border collaboration.
-
News6 days agoCountry’s first woman Surveyor General appointed
-
Business5 days agoSriLankan Airlines makes ShakthiSAT Mission possible for talented Sri Lankan student
-
Features6 days agoMedical education in Sri Lanka: Then and now
-
Latest News6 days agoImran Khan moved to private hospital amid deteriorating health
-
Latest News6 days agoGovernment has declared 21, 22 and 23 August 2026 as national days of mourning
-
Features4 days agoMy secondary schooling after Royal Primary
-
Latest News5 days agoTharanga edges out Chopra in 88m javelin battle
-
News6 days ago22A: Opp. demands all available SC judges hear petitions
