Business

Korea’s Saemaul New Village Movement inspires Sri Lankan women

Published

4 years ago

2022/03/18

State Minister of Women and Child Development Piyal Nishantha de Silva and Korean ambassador Santhush Woonjin JEONG visited together the stall for Saemaul Co-operative Members at the Exhibition and Fair for Women Entrepreneurs in BMICH on the occasion of International Women’s Day. This stall exemplified Sri Lankan women’s empowerment and dedication to uplift rural economic development. Saemaul products including Kegalle Saemaul Mushroom, Shoe products and a variety of delicacies were displayed and sold at the stall.

During the visit to the stall, State Minister of Women and Child Development Piyal Nishantha de Silva commended the efforts of inspiring women entrepreneurs who have taken opportunities provided by Korea’s Saemaul New Village Movement to increase their incomes and introduce poison-free indigenous food to the market. Applauding Korea’s initiatives to improve rural development, he further stated that this stall demonstrates the successful results of Saemaul New Village Movement in Sri Lanka over the years.

Ambassador Santhush impressed by the hard work of the co-operative members, noted his satisfaction on the expansion of the Saemaul Undong movement in Sri Lanka and the benefits reaped by Sri Lankan women through such initiatives. He encouraged Saemaul co-operative women-forces to continue to improve their lives through this successful concept.

The ‘Saemaul Undong’ movement is a visionary economic model, adopted in 1970s to develop and advance Korea’s rural sector. This model was crucial to revitalise the rural areas, contribute to poverty alleviation and transform the Korean economy as the ‘Miracle of Han River.’ Korea, one of the world’s poorest countries in the 1960s, is now among the world’s most industrialised and prosperous economies ranked as the 9th largest GDP in a short span on four decades. Today, it is universally acclaimed and credited as a successful model for rural economic development. Sri Lanka has achieved reasonable success in developing rural livelihood through the Saemaul Globalization initiatives implemented in Sri Lanka. Saemaul Hewadiwela, Pahalagama, Pitiyegama Mushroom Co-operative Societies and Kegalle Mushroom Projects yielded significant results and assisted Sri Lankan women to transform their communities through their own efforts, diligence and cooperation.

The Country Director of Saemaul Globalization Foundation, Mr. CHOI Sung Woo and First Secretary of the Korean Embassy, Ms. LIM Miyeon were also present at the stall to motivate women entrepreneurs.

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Business

Sri Lanka secures IMF staff-level deal for USD 700 million tranche

Published

2 hours ago

2026/04/10

Thilina Walpola

Sri Lanka has reached a staff-level agreement with the International Monetary Fund to secure the next tranche of funding under its ongoing bailout programme, marking a key step in the country’s fragile economic recovery.

The agreement, announced this week, will enable Sri Lanka to access approximately USD 700 million, subject to approval by the IMF Executive Board. The funds form part of the USD 2.9 billion Extended Fund Facility (EFF) programme agreed following the 2022 economic crisis.

The latest development covers the combined fifth and sixth reviews of Sri Lanka’s reform programme, indicating that the country has made sufficient progress to move forward, while highlighting the need to sustain reform efforts.

Sri Lanka’s economy has shown signs of stabilisation in recent months, supported by improved revenue collection, easing inflation, and a gradual buildup of foreign reserves. However, the recovery remains vulnerable to both domestic and external pressures.

By Ifham Nizam

Business

Israeli attack on Lebanon triggers local stock market volatility

Published

2 hours ago

2026/04/10

Thilina Walpola

Initially CSE trading was somewhat volatile despite the ceasefire in West Asia but it experienced further volatility after Israel attacked Lebanon yesterday.

However, the IMF delegation which is now in Sri Lanka to release two tranches of its relief package created some positive sentiments for the market, analysts said.

The All Share Price Index went down by 73.06 points, while the S and P SL20 rose by 10.57 points.

Turnover stood at Rs 2.96 billion with six crossings. Those crossings were: JKH 5.5 million shares crossed to the tune of Rs 807.6 million and its shares traded at Rs 19.70, CIC Holdings two million shares crossed for Rs 54 million; its shares traded at Rs 32, Access Engineering 600,000 shares crossed for Rs 44.4 million; its shares traded at Rs 74, Central Finance 116,000 shares crossed to the tune of Rs 27.5 million ; its shares sold at Rs 237, LMF 250,000 shares crossed for Rs 22.8 million; its shares fetched Rs 91.10 and Kelani Cables 200,000 shares crossed for Rs 21 million and its shares traded at Rs 105.

In the retail market seven companies that mainly contributed to the turnover were; Dialog Rs237 million (7.5 million shares traded), LMF Rs 203 million (22 million shares traded), Colombo Dockyard Rs 199.7 million (1.1 million shares traded), HBA Foods Rs 163 million (18.5 million shares traded), JKH Rs 156 million (7.8 million shares traded), JKH Rs 156 million (7.8 million shares traded), Softlogic Holdings Rs 117 million (9.6 million shares traded) and Acme Printers Rs 107 million (15.6 million shares traded). During the day 133.3 million share volumes changed hands in 23666 transactions.

It is said that manufacturing sector counters, like JKH, performed well, while food sector counters, especially LMF and HBA Foods, performed well. Other sectors too performed somewhat well during the day.

Yesterday the rupee was quoted a Rs 315.42/48 to the US dollar in the spot market from 315.30/40 the previous day, dealers said, while bond yields were quoted higher.

By Hiran H. Senewiratne

Business

HNB Assurance marks 25 years with strategic transformation to ‘HNB Life’

Published

2 hours ago

2026/04/10

Thilina Walpola

Highlights from the new brand reveal as HNB Assurance transforms into HNB Life

Marking 25 years of trust, growth, and service excellence, HNB Assurance PLC has unveiled its new corporate identity, transitioning to HNB Life PLC a strategic evolution that reflects the company’s forward-looking vision and commitment to empowering lives with protection and the freedom to thrive, no matter where life takes them.

This milestone signifies more than a change in name or visual identity. It represents a deliberate transformation shaped by strong performance over the past few years, during which the company has achieved remarkable growth, strengthened its market position and enhanced its customer-centric capabilities.

The newly introduced logo, inspired by the form of a wing, symbolises HNB Life’s role as a proactive enabler. It reflects the organisation’s commitment to supporting individuals in navigating life’s journey with confidence, empowering them to pursue their aspirations and live life on their own terms.

The official unveiling took place at a launch event attended by key stakeholders, strategic business partners, well-wishers and employees.

Addressing the gathering, Chairman, Stuart Chapman highlighted the significance of this transformation, stating, “As we mark 25 years of progress, the transition to HNB Life reflects our strategic intent to evolve with the changing needs of our customers and the broader market. This new identity embodies our purpose, to enable and empower individuals to achieve what they truly aspire to in life, with confidence and security. As a company we are extremely excited on what the future holds for as, as we build on an incredible foundation laid over the past two and a half decades.”

The new Vision of the Company is “To be the leader in empowering lives with protection and freedom to thrive, no matter where life takes them”.