Business
‘Campus One’ opens at One Galle Face Business Tower
The official opening ceremony of the world-class flagship facility of ‘Campus One’ was held recently. Celebrated with a touch of opulence, the event was held at the premises of Campus One at One Galle Face (OGF) Business Tower and was attended by Colombo’s notable personalities.
The management of ‘Campus One’ said that they were happy to introduce the newest campus in town, strategically located at the OGF Business Tower and the first of this calibre in Sri Lanka.
“The redefined learning experience at Campus One is unmatched with a range of programmes from international foundations to British PhDs. A guaranteed pathway to several universities including MIT Australia is now possible via an 8-months foundation course at ‘Campus One’. Students can also transfer to MIT’s Melbourne or Sydney campuses and continue their degrees in IT, Business and Engineering streams. With a pioneering vision to elevate learning and offer a prestigious and internationally recognised qualification with a whole new luxury learning experience,” they said.
Business
Surplus of market liquidity surged by Rs. 43 billion within a week
But interest rates charged by commercial banks show marginal increase
By Sanath Nanayakkare
The total outstanding market liquidity was a surplus of Rs. 123.370 bn by 08th November 2024, compared to a surplus of Rs. 80.050 bn by the end of last week, states the weekly economic Indicators report of the Central Bank of Sri Lanka.
“The reserve money increased compared to the previous week mainly due to increase in the currency in circulation and deposits held by the commercial banks with the Central Bank,” it states.
“Meanwhile, weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 08th November 2024 increased by 11 bps to 9.16 per cent compared to the previous week,” it indicates.
The following are some facts and figures mentioned in the report.
During the period from 02nd November to 08th November 2024, crude oil prices followed a general upward trend mainly owing to the OPEC+ decision to extend the output cuts to another month in December and concerns over supply risks stemming from Trump’s presidency.
Overall, Brent and WTI prices rose by US dollars 1.35 and US dollars 1.56 per barrel, respectively, over the period.
Broad money (M2b) expanded by 8.9 per cent, on a year-on-year basis, in September 2024. Net Credit to the Government from the banking system decreased by Rs. 42.5 bn in September 2024. Outstanding credit to public corporations increased by Rs. 5.8 bn in September 2024. Outstanding credit extended to the private sector increased by Rs. 88.9 bn in September 2024 recording a year-on-year growth of 8.9 per cent
During the week, yield rates for both T-Bills and T-Bonds remained broadly stable. The rupee value of T-Bills and T-Bonds held by foreign investors increased by 4 per cent during the reporting week
In the reporting week, the auction for T-Bills experienced oversubscription rate of approximately 1.7 times. An increase of 16.7 per cent was observed in the total volume of secondary market transactions in T-Bills and T-Bonds in the reporting week compared to the week before.
During the year up to 08th November 2024, the Sri Lanka rupee appreciated against the US dollar by 10.7 per cent. Workers’ remittances amounted to US dollars 587.7 mn in October 2024, compared to US dollars 555.6 mn in September 2024 and US dollars 517.4 mn in October 2023. Earnings from tourism amounted to US dollars 185.6 mn in October 2024, compared to US dollars 181.0 mn in September 2024 and US dollars 136.7 mn in October 2023.
The net purchases by CBSL from the domestic foreign exchange market amounted to US dollars 189.5 mn in October 2024.
The gross official reserves were provisionally estimated at US dollars 6,467 mn as at end October 2024. This includes proceeds from the People’s Bank of China (PBOC) swap arrangement, which is subject to conditionalities on usability.
Business
NDB leads digital future with multiple wins at SLIM DIGIS 2.4
NDB Bank has announced its achievements at the SLIM DIGIS 2.4 Awards, where the bank’s dedication to digital marketing excellence was recognised with three prestigious awards. These accolades are a testament to the Bank’s commitment to not only pushing boundaries in digital marketing but also its ongoing efforts to lead innovation within Sri Lanka’s banking sector.
At this year’s SLIM DIGIS 2.4, NDB Bank was awarded Silver for the Best Digital Marketing Campaign in Banking/Finance for the impactful NDB Leasing: Number One Leasing Solution campaign. This campaign showcased NDB Leasing’s position as the premier leasing solution provider, capturing customer interest while ensuring optimised marketing spend for a strong return on investment, while simultaneously underscoring the Bank’s commitment to driving measurable results within the competitive digital landscape.
The bank also took home Bronze in the Best Use of Experiential Digital Marketing category for its creative NDB Talking Calendar. This innovative campaign provided an interactive and engaging experience, highlighting NDB’s focus on customer-centric digital initiatives that go beyond conventional approaches.
Business
DIMO enhances Rank Container Terminals efficiency with Kalmar Reach Stacker
DIMO recently supplied a Kalmar Reach Stacker to Rank Container Terminals (RCT), a prominent player in the country’s logistics industry. The delivery took place at RCT’s Orugodawaththa facility with the participation of RCT officials, customs officers, and DIMO representatives.
The Kalmar Reach Stacker is a versatile and efficient solution designed to handle, transport, and stack shipping containers. It is known for its flexibility and ability to efficiently stack containers and move them across short distances. The DRU450 is crucial for streamlining logistics operations and optimizing port and terminal efficiency. This is an ideal solution for ports, terminals, and intermodal yards to handle and transport shipping containers.
Ravi Wijeratne, Chairman of RCT said, “We are confident that the state-of-the-art Kalmar Reach Stacker will significantly enhance our operations with its superior handling, streamlined container stacking, and quick maneuverability. Built around Kalmer’s best-in-class series of equipment, this truck boasts superior operator ergonomics and easy serviceability with its efficient performance parameters and extended product life cycle, the DRU450 is the best reach stacker offering maximum value for money. We selected Kalmar from DIMO for its proven track record of reliability, advanced technology, and top-tier performance in container handling equipment. DIMO, as Kalmar’s local agent, provides expert support, timely service, and a commitment to maintaining high operational standards, making it the ideal choice for optimizing our logistics efficiency.”
Chaminda Ranawana, Executive Director at DIMO, said, “With Sri Lanka’s strategic location and the growing demand for efficient cargo handling, DIMO, together with Kalmar, is poised to play a crucial role in shaping the country’s logistics landscape. Kalmar’s advanced equipment, coupled with DIMO’s unparalleled aftersales service, offers a winning combination for enhancing port productivity and sustainability. As Sri Lanka aims to become a regional logistics hub, we are committed to providing the innovative solutions needed to drive its success.”
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