Business Today Sri Lanka - June 2023

In this issue

The Collapse of Credit Suisse and Silicon Valley Bank: A Reckoning Moment for the Banking Sector?

In a significant move to address Sri Lanka’s fuel supply challenges, an agreement was signed with Sinopec, a leading
international petroleum company.

President Ranil Wickremesinghe highlights Asia’s Significance at the Nikkei Forum on the Future of Asia in Japan

The Prime Minister, Shri Narendra Modi dedicated the new Parliament House to the nation. The Prime Minister installed the Sengol with Nandi at the top facing East-West direction in the new Parliament House.

The Collapse of Credit Suisse and Silicon Valley Bank: A Reckoning Moment for the Banking Sector?

The phrase \"The writing is on the wall\" means a looming disaster. It has an interesting genesis from the Babylonian kingdom of yore. It was a story of leadership missteps, immorality, and breakdown of rules.

10+ mins

President Ranil Wickremesinghe highlights Asia's Significance at the Nikkei Forum on the Future of Asia in Japan

President Ranil Wickremesinghe took the stage at the ‘Nikkei Forum: Future of Asia’ held in Tokyo, Japan. During his address, the President emphasized the Government’s approach to the Indian Ocean and Asia-Pacific regions.

10 mins

Sri Lanka signs Contract Agreement with Sinopec to Secure Fuel Supply

In a significant move to address Sri Lanka's fuel supply challenges, an agreement was signed with Sinopec, a leading international petroleum company.

2 mins

Bank of Ceylon Ends the First Quarter of 2023 with Positive Notes

Bank of Ceylon has reported 3.3 billion rupees of Profit Before Tax for the three months ended March 31, 2023.

2 mins

Prime Minister Narendra Modi Dedicates New Parliament House to the Nation

The Prime Minister, Shri Narendra Modi dedicated the new Parliament House to the nation. The Prime Minister installed the Sengol with Nandi at the top facing East-West direction in the new Parliament House. He also lit up the Diya and offered flowers to the Sengol.

7 mins

DFCC Bank Reports Strong Performance Amidst Heightened Economic Challenges

DFCC Bank reported a Profit Before Tax of 2,684 million and a Profit After Tax of 1,749 million for the March 31, 2023 quarter.

4 mins

Bitcoin Records Impressive 72.4% QoQ Gains, Emerges as Top-Performing Asset in Q1 2023

Over the past few months, Bitcoin (BTC) has experienced a surge in value that has left all other major asset classes trailing. Per a BitcoinCasinos.com report, the premier cryptocurrency had an impressive 72.4% quarter-over quarter gain in Q1 2023.

2 mins

President Meets Japanese Prime Minister

President Ranil Wickremesinghe expressed his regret to the Japanese Government for the suspension of the Colombo Light Rail Transit (LRT) project, which was being implemented with Japanese support.

1 min

HNB Records 6.9 billion PAT in First Quarter of 2023

Following a turbulent year marred by the country facing its most profound economic crisis post-independence, Hatton National Bank made a resilient start to 2023, posting a PBT of 10.7 billion rupees, up 80 percent YoY, while PAT stood at 6.9 billion rupees in the first quarter, growing 42 percent YoY. The Group made a consolidated PBT and PAT of 11.3 billion rupees and 7.3 billion rupees, respectively.

3 mins

NSB Integrated Annual Report 2022 Presented to the President Ranil Wickremesinghe

National Savings Bank, the largest Licenced Specialised Bank in Sri Lanka is pleased to present its Integrated Annual Report themed \"Strengthening our Mettle\" reflecting its performance within the framework of the economy and its relationship to the social and environmental facets.

1 min

US Content Creator Companies Raised $4B in Total Funding, 60% more than Asian and European Companies Combined

With more and more investors willing to cash in on companies working in the creator industry and helping content creators to grow and monetize their audience, the total funding amount in this market more than tripled in five years, rising from around $2bn to nearly $7bn. The US companies raised almost 60% of that value.

2 mins

Walt Disney Spent $7.2bn on Advertising in 2022, $24.5bn in last 5 years

In the ever-evolving entertainment industry landscape, the Walt Disney Company (NYSE: DIS) has long been a powerhouse, characterized by a complex web of strategies and investments that fuel the company’s success. One aspect that has recently garnered attention is the company’s advertising expense, which has witnessed a notable increase over recent years.

2 mins

People's Bank reports consolidated profit after tax of 4.6 billion

People’s Bank announced the results for its March 31, 2023 quarter reporting total consolidated operating income and pre-tax profit amounting to 24.0 billion rupees and 7.2 billion rupees, respectively.

3 mins

Pan Asia Bank Records Steady Performance of Profit After Tax soars by 50 percent

Pan Asia Banking Corporation reflected a positive performance amidst a multitude of adversities emerging from challenging macro-economic conditions as the Bank reported its financial performance for 1Q2023, which showed judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality from a sharp increase in interest rates.

2 mins

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Business Today Sri Lanka Magazine Description:

The magazine of the corporate world, Business Today features an interesting line-up of interviews with eminent personalities who impact the corporate, commercial and economic sectors. The monthly magazine also includes exclusive articles syndicated from the Harvard Business Review and Financial Times. It has also featured the monthly columns by Richard Branson and Howard Schultz. International interviews featured include Sir Richard Branson, Paul Allen, Howard Schultz, Omar Bin Laden and Sir Jonathan Ive. Articles penned by President Barack Obama and Vice President Joe Biden Jr. have also been featured in the magazine.