oleh admin | Agu 20, 2025 | business, finance news, financial services, insurance, investing company news
Sri Lanka, August 19 – HNB Assurance PLC (HNBA) along with its affiliate, HNB General Insurance Ltd (HNBGI), has achieved outstanding financial performance during Q2 2025, highlighting their dominant presence in the industry and demonstrating significant progress in crucial indicators, further securing their stable standing within the sector.
In the initial six months of 2025, the Group’s Gross Written Premium (GWP) went up by 30%, reaching Rs. 14.3 billion compared to Rs. 10.9 billion in 2024. Net profit after tax (PAT) saw an increase of 10% to Rs. 519 million (without considering the Life Insurance Surplus Transfer). Total assets amounted to Rs. 70.2 billion, marking growth from Rs. 62.4 billion during the same period last year. Investment earnings improved by 6% to reach Rs. 4.0 billion. The Group settled Rs. 3.8 billion in net claims and benefits, representing a rise of 15%, showcasing its robust dedication towards policyholders. Assets under management (AUM) expanded to Rs. 61 billion, with basic earnings per share increasing to Rs. 3.46 from Rs. 3.16.
“Our strategy has always been straightforward, expand our footprint while delivering greater value to our customers and strive to be consistent at it,” said Stuart Chapman, Chairman of HNB Assurance and HNB General Insurance.
this emphasis has allowed us to reinforce our standing in the marketplace and maintain the solid progress we’ve achieved over time, ensuring a favorable outlook for the future to create benefits for everyone involved.
HNB Assurance PLC achieved a 35% rise in gross written premium, reaching Rs. 8.6 billion during Q2 2025 compared to Rs. 6.4 billion in Q2 2024. The profit after tax for the life segment increased by 17%, amounting to Rs. 428 million (without considering the Life Insurance Surplus Transfer).
The Life Fund grew to Rs. 44.1 billion from Rs. 35.2 billion, highlighting sustained financial security. Total claims and benefits paid out went up by 33%, reaching Rs. 1.9 billion compared to Rs. 1.4 billion, while investment earnings climbed 8% to Rs. 3.6 billion.
“our emphasis on broadening our range of products and improving client support has produced remarkable outcomes,” stated lasitha wimalaratne, executive director/ceo of hnb assurance plc. “the double-digit expansion in our gwp, pat, and life fund, along with a substantial rise in settlements, reflects our dedication to our clients and our solid economic base.” hnb general insurance ltd (hnbgi) attained rs. 5.6 billion in gwp over six months, marking a 23% upsurge compared to 2024, and processed claim payments totaling rs. 2.1 billion.
The firm experienced a 23% overall increase, surpassing double the industry’s average of 11%. The non-automotive part of its business achieved the top growth rate within the sector at 35%, compared to a 4% rise in the broader market. This performance was largely fueled by the fire and engineering division, which saw remarkable growth of 49%, significantly outpacing the industry’s 4% figure.
“The key factors behind our success in leading the industry are the commitment of our team members and the robustness of our business strategy, focused on maintaining close alignment with new trends and changes happening in the General Insurance sector,” stated Sithumina Jayasundara, Executive Director/CEO of HNB General Insurance.
Our GWP has experienced significant growth, we have effectively handled our contractual obligations, and achieved a positive increase in earnings. Moreover, this quarter had an added highlight with the introduction of HNBGI NEXA, our artificial intelligence-driven chatbot, which clearly demonstrates that as we expand, we continue to improve.
oleh admin | Agu 20, 2025 | business, news, politics, politics and government, politics and law
Posted on, Aug. 19 — August 19, 2025 at 7:24 AM
Federal Minister for Commerce, Jam Kamal Khan on Monday held a meeting with the Ambassador of Sweden to Pakistan, Alexandra Berg von Linde, at his office here on Monday to discuss bilateral trade, investment opportunities, and areas of mutual collaboration.
The Ambassador expressed condolences over the recent loss of lives and property in Pakistan caused by heavy rains and cloudburst incidents.
Minister Jam Kamal Khan expressed his gratitude for the act, referring to it as a natural catastrophe, and emphasized the critical importance of unified actions to tackle the issues posed by climate change, according to a statement released on Monday. In the discussion, both parties examined ways to boost economic collaboration, particularly concentrating on improving trade relations.
The minister highlighted Pakistan’s potential in textiles, ready-made garments, IT and technical education, mining, surgical goods, and sports equipment, noting that Swedish companies could greatly benefit from investing in these sectors. The Ambassador acknowledged Pakistan’s reputation in textile exports, noting that Swedish buyers consider Pakistani products among the best in the world. She added that many Swedish small and medium-sized enterprises are eager to explore opportunities in Pakistan, particularly in the garment sector. A Swedish business delegation is expected to visit Karachi soon to interact with local manufacturers and explore export opportunities.
The Minister, Jam Kamal Khan, told the Ambassador that, for the first time ever in Pakistan’s history, the government—under the guidance of the Prime Minister—is slowly lowering import duties, with plans to reduce them to between 15 and 20 percent over the next five years. He mentioned that this strategy is designed to boost exports and facilitate access to high-quality goods not produced locally, thereby promoting value enhancement prior to resale. Additionally, he pointed out Pakistan’s advancements in regulatory improvements, including setting up the National Compliance Center (NCC), aimed at assisting domestic enterprises comply with both local and global requirements. He suggested holding workshops via the NCC to inform foreign firms and embassies about the procedures related to adherence to regulations in Pakistan.
Both sides identified mining, renewable energy, green technologies, vocational training, and skill development as areas for future collaboration.
Minister Jam Kamal Khan highlighted Pakistan’s significant number of trained young people, particularly in the health sector, where Pakistani experts can assist in addressing gaps in Europe, such as nurse vacancies.
He further underscored that more than 40 Swedish companies, including global brands such as H&M and IKEA, are already sourcing from Pakistan, reflecting the strength of bilateral economic ties. He invited greater Swedish investment in renewable energy, sustainable manufacturing, IT, and infrastructure, while also encouraging Sweden’s participation in upcoming trade events in Pakistan, such as FoodAg 2025.
The Minister appreciated Sweden’s consistent support for Pakistan’s GSP+ status in the European Union and urged continued advocacy during the next review process. He also called for enhanced engagement between Pakistan’s central bank and Swedish financial regulators to address compliance-related banking issues faced by exporters.
Stressing Pakistan’s dedication to strengthening political, economic, and grassroots connections with Sweden, Jam Kamal Khan highlighted that both nations possess significant unexplored opportunities for collaboration.
oleh admin | Agu 19, 2025 | airline industry, aviation, business, civil aviation, economics
The aviation industry was assessed at N258.9 billion in the newly published rebased GDP figures, indicating a sector facing poor performance and difficulties staying viable, according to Daily Trust.
The total represents the value of the sector included under Air Transportation in the GDP figures for 2024.
On Monday, July 21, 2025, the National Bureau of Statistics (NBS) published the updated GDP report, showing that the economy expanded by 3.13% during the first quarter of 2025, compared to 2.27% in the corresponding period of 2024.
The nominal GDP at market prices, after being recalculated, was N205.09 trillion in 2019, increased to N213.64 trillion in 2020, reached N243.30 trillion in 2021, rose to N274.23 trillion in 2022, amounted to N314.02 trillion in 2023, and totaled N372.82 trillion in 2024.
Where air transport stands
The air transport sector operates completely within a dollar-based system. The purchase of airplanes, refueling, aircraft servicing, and almost every activity within the industry are measured in U.S. dollars.
Nevertheless, based on NBS statistics, air transport was worth N258.9 billion in 2024, which equals approximately $169.3 million.
The industry was worth N215.6 billion in 2023; N178.4 billion in 2022; 145.5 billion in 2021, and N101.1 billion in 2020—the pandemic year—while reaching N222.4 billion in 2019.
According to Daily Trust, based on the exchange rate in 2019, approximately N306 per dollar, aviation expenses amounted to roughly $725.4 million.
The aviation industry faced restrictions throughout 2020 as a result of the COVID-19 outbreak, significantly impacting air travel.
As per experts, the resurgence of air travel following the coronavirus outbreak was slowed down due to the depreciation of the naira and increasing price hikes, leading to fewer individuals traveling by plane.
A sector in recession?
As per an assessment conducted by the Centre for the Promotion of Private Enterprise (CPPE), three industries performed below expectations in the updated GDP figures.
Analysts noted that three industries—air transportation, textiles, and coal extraction—are currently experiencing a downturn.
The CPPE stated, “High-achieving industries were financial services [15.3%], oil refinement [11.51%], transport [14.08], ICT [7.4%], and metallic minerals [25%].”
The subsequent industries experienced declines: Livestock (-16.7%), Fishing (-0.21%), Textiles (-1.63), Coal Mining (-22.3%), Quarries and Minerals (-21.55%), Plastics and Rubber (-3.2%), Iron and Steel (-0.35%), Air Transportation (-0.81%).
Recession-affected sectors consist of aviation, textile production, and coal extraction. This comes after they have experienced steady decline during recent periods.
As ticket costs rise, the number of travelers has decreased considerably, as reported by airline companies.
The Acting Managing Director of Ibom Air, George Uriesi, has recently expressed worry about declining passenger numbers, stating that this issue is a significant source of anxiety.
The head of Ibom Air stated that air travel demand has been decreasing since 2022, noting that the problem is worsening and steps need to be taken to draw more travelers into flying.
Decreasing passenger numbers – Service Providers
“We’ve dropped by 27% compared to 2024. We’re facing difficulties; we must figure out how to encourage more travel,” he stated.
An airline representative stated that airports need to collaborate with airlines to remain viable, noting, “Within the aviation system, the airline serves as the key force. No one would make even a small amount of currency if airlines stop operating. Everyone discusses finances since it is the airlines that keep operations running.”
The Chief Executive Officer of Aero Contractors, Capt. Ado Sanusi, told our reporter during an interview, “Passenger travel numbers have been decreasing in Nigeria. This decrease has continued, and we understand why it’s happening. I’ve discussed this in multiple interviews before. Several elements contribute to the drop in passenger volume. The flow of travelers indicates the level of economic activity within a nation. When the economy slows down, so does the movement of people.”
‘Activities picking up’
Sanusi, nevertheless, thinks the economy is showing signs of improvement slowly and mentioned that the federal government should collaborate with airlines to simplify tax procedures.
The economy is moving in the correct direction. However, the issue or challenge we face is that taxes are somewhat high, as well as ticket prices. This leads to higher costs overall, which means only a small number of people in Nigeria can afford to buy tickets.
Another party involved in aviation attributed the poor performance of the industry to the reduction in Nigerians’ available earnings.
“There’s no extra money anymore. People are definitely cutting back these days. Flying by plane has become something of a luxury,” he stated.
Nevertheless, Yinka Folami, President of the National Association of Nigerian Travel Agencies (NANTA), expressed disagreement with the notion that the aviation industry is experiencing a downturn.
Based on my experience and observations, there isn’t anything indicating such a major decline that would be categorized as a recession. Nothing suggests that to me,” he stated. “IATA data shows recovery, and the load factor remains fairly strong.
The depreciation of the Naira, with slowing inflation and progress in recovering from COVID-19 – according to an expert
An aviation specialist and the General Secretary of the Aviation Roundtable and Safety Initiative, Mr. Olumide Ohunayo, mentioned during an interview with Daily Trust that the industry had been steadily rebounding after the closure caused by the COVID-19 outbreak, but this momentum was hindered by the depreciation of the naira.
Between approximately N300 and one dollar in 2019, the local currency currently trades at N1,534 as of yesterday.
Ohunayo stated, “The aviation industry was the most impacted by the COVID-19 crisis. It was expected that it would require three years for air travel to return to levels seen before the pandemic. In my view, this forecast has only come true in two or three nations that have regained their 2019 standards.”
In our situation, as we begin to recover, there was a shortage of funding, particularly the dollar, which serves as the primary currency used in the industry. This impacted our ability to operate effectively, leading airlines to reduce their services, cancel certain routes, and prompting travelers to explore alternative choices.
The cost of tickets from dollars to naira surged sharply. As a result of this increase, travelers also stopped using air travel. Airlines no longer possess the same level of capacity as before, which has decreased and impacted the frequency and routes offered, as well as availability within the market.
The exchange rate between the dollar and the naira surged alongside the subsequent rise in inflation, making ticket prices more expensive for travelers.
Once more, the disposable income available to Nigerians previously has been significantly reduced due to inflation. As a result, individuals are no longer traveling for matters that are not essential. Therefore, the journey must hold great significance for those who undertake it.
Amidst all these circumstances, air transportation faced the greatest impact since it represents an upscale mode of travel and comes with a high cost.
‘Remember once again that they also imposed restrictions on private jets. Keep in mind that by 2019, the number of private jets exceeded that of scheduled flights. The crackdown on private jet activities and requiring them to formalize their documentation resulted in certain planes being removed from the country, with others being put into storage, which also impacted the aviation sector’s role in the economy.’
Specialist looks for focused assistance for struggling industry
The head of CPPE, Dr. Muda Yusuf, urged focused assistance for struggling industries.
“Particular focus must be placed on industries facing decline and those with sluggish expansion. Overcoming structural issues, enhancing financial accessibility, dealing with instability, and encouraging creativity will be essential for driving revival and development,” he stated.
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oleh admin | Agu 17, 2025 | business, cambodia, international relations, politics, tourists
Although a truce has been signed between Thailand and Cambodia, tour companies and hotel owners on Koh Chang still have doubts regarding the current circumstances’ reliability. Several businesses faced a significant drop in visitors as well as a lack of staff.
Saksit Mungkarn, ex-chairman of the Trat Tourism Industry Council and owner of a hotel on Koh Chang, stated that the peace accord has failed to restore trust within the business community because of ongoing political unrest and unpredictability on either side of the border.
Border disputes between Thailand and Cambodia have led to an unexpected labor deficit. Cambodian employees, who played a crucial role in the hospitality and building industries, started going back to their country at the end of last month. Currently, only those individuals with family members living permanently on Koh Chang remain, according to Mr. Saksit.
Without Cambodian laborers, local business owners have started relying on Thai employees and student trainees to take up roles in hotels and restaurants, he mentioned. Nevertheless, the construction industry suffered the most, as only a small amount of workers from the northeastern region were available, he added. Similarly affected, Ms. Pornthip Sunthornkit, manager of Chai Chet Resort, stated that the tourist environment on Ko Chang had become very subdued since the border conflicts commenced.
Many visitors have delayed or canceled their reservations, particularly seminar groups, who are our primary clients at this time,” stated Mrs. Pornthip. “Travelers view Trat Province as dangerous, despite our efforts to inform them that visiting Ko Chang is still feasible and the island continues to be safe.
She mentioned that reservations at her resort have dropped by nearly 90%, noting that other businesses on the island were probably experiencing comparable challenges.
Apart from the drop in tourism, certain Cambodian employees asked for short-term time off to go back to their homeland because of worries and anxieties about their own security and belongings, even though bosses tried to offer assistance and comfort, according to Ms. Pornthip.
She urged the government to broaden aid programs for individuals impacted by the border clash, regardless of whether they were situated near the frontlines.
“A lot of us have outstanding loan balances with banks. We wish the government would take into account support measures like lowering interest rates, granting temporary pauses on debts, or extending payment periods, akin to previous actions taken,” she mentioned.
“Even though we aren’t at the front lines, we are experiencing secondary effects. If the circumstances continue through the end-of-year peak season, the financial impact will become much worse,” stated the resort manager.
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oleh admin | Agu 15, 2025 | business, community, culture, lifestyle, local news
Having managed a rural guesthouse for six years, Tay ethnic woman Thong unexpectedly gained popularity on social media, bringing recognition to her secluded village in northern Vietnam.
“Never before have I had my homestay completely reserved for three consecutive months since I began this six years ago,” said the proprietor of Ban Lien Pine Homestay, located 20 kilometers away from Bac Ha Town in Lao Cai Province, which lies 300 kilometers north-west of Hanoi.
we were unable to handle the influx of reservation inquiries.
In April, her host family home was selected as the shooting site for a Vietnamese reality television program.
In July, when the program was broadcast, the 36-year-old gained widespread attention; her videos documenting everyday activities received millions of hits.
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A front-row view with Thong leads artists through rural daily activities as part of a television series. Image provided by Gia Dinh Ha Ha
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She states: “I wasn’t particularly impressed with it during production. I had no idea how famous the visitors were.”
The unexpected attention brought happiness along with an influx of reservations. Her guesthouse was fully reserved from July through September, including weekday dates. However, Thong’s family maintains a slow and eco-friendly schedule: three days of welcoming guests, followed by two days of break.
Pham Hoang Long, a tourist from Hanoi, spent his stay at the homestay during June.
Following the performance, he was pleased the venue received acknowledgment, describing it as a restorative refuge offering clean air, beautiful scenery, and tea.
What set it apart was the host; she is skilled at cooking, proficient in playing the leaf flute, and organizes distinctive excursions including hat making, fishing, and tea preparation.
He mentioned that he would come back provided he could secure a room.
In 2019, Thong and her spouse initiated the homestay project as part of an eco-friendly countryside tourism initiative involving four additional households.
It offered instruction in hospitality, secure food preparation, and home stay administration, along with providing loans worth 50 million VND ($1,911) to attendees.
Within a 100-square-meter elevated home, Thong allocated seven dormitory-style rooms and one individual room to host 20 visitors.
Her charges begin at VND150,000 ($5.70) per individual each night.
Although tourism provides a more convenient lifestyle compared to agriculture, Thong’s family continues to manage their rice paddies and incorporates agricultural tasks into the visitor activities, allowing guests to gain deeper insight into local customs.
She mentioned that hospitality can be demanding, yet interacting with individuals from various places makes it rewarding.
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Thong (R) demonstrates to a guest how to transport a conventional basket. Image provided by Ban Lien Pine Homestay
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The trips are adaptable and designed according to the family’s everyday routine. Guests are encouraged to participate if they choose to drink tea in the morning or help with rice planting in the fields during the afternoon.
In addition to other activities such as touring waterfalls, Thong and her spouse alternate in handling household responsibilities while providing guided tours for payment.
Thong states: “80% of our visitors like to stick to our daily schedule. They consume what we eat, and participate in whatever activities we undertake.”
Certain visitors consider the agricultural tasks demanding and leave before completing their stay; therefore, the family hires additional assistance as required.
More dangerous activities are avoided, and every guest receives information and is required to sign a release form prior.
Tasks such as harvesting vegetables or moving rice seedlings often require half a day or longer.
The price ranges from 400,000 to 500,000 Vietnamese dong per group for four to five distinct activities ($15 – $19).
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People attempt to catch fish. Image provided by Ban Lien Pine Homestay
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Although tourism brings additional duties to their agricultural lifestyle, Thong views it as a means to maintain cultural customs and generate consistent earnings.
She begins her day at 4 or 5 in the morning and finishes long after midnight.
She leaves for the field before dawn, as her visitors remain asleep.
By 7 a.m., she returns to the kitchen to prepare morning meals. Her spouse assumes responsibility for cooking, their daughter lends a hand whenever possible, and during large gatherings, neighbors contribute, although Thong prefers to personally escort the visitors.
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A collection of international tourists enjoy a meal alongside Thong’s family. Image provided by Ban Lien Pine Homestay
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Despite her increasing fame, she continues to focus on eco-friendly travel practices.
She prevents overcrowding, keeping a schedule that her family can handle. If the number of visitors goes beyond what she can accommodate, she directs them to other local families, making sure the advantages of tourism are distributed throughout the neighborhood.
At age 39, Thong remains involved in agriculture, hosts visitors, and acquires new abilities to enhance her tourist experiences. She is committed to developing a tourism approach that preserves her mountainous cultural heritage.
“If the entire village benefits from tourism, it can continue, and remains authentic to our identity,” said the local leader.
oleh admin | Apr 21, 2025 | business, energy sector, investing technology, technology, technology trends
The engineers in Nigeria, through the support of the Nigerian Society of Engineers (NSE), have stated that the nation’s current food security issues might be addressed by utilizing digital technologies.
During her address at the third annual Engineer Lanre Sagaya Distinguished Lecture held by the NSE, Ilorin chapter, on Tuesday, with the theme “Addressing Food Security in Nigeria Through Digital Infrastructure: Prospects, Challenges and Way Forward,” Engineer Margaret Aina Oguntala, who serves as the President and Chairman-in-Council of the organization, highlighted how embracing digital technology could open up fresh avenues for expanding agriculture, optimizing distribution networks, and guaranteeing that food supplies reach all parts of the country.
The president of NSE mentioned that the topic of the lecture could not be timelier or more important, emphasizing that the matter of food security has become even more urgent amidst the worldwide economic downturn.
We can’t overlook the reality that food security stands as an essential cornerstone of national progress, and as engineers, it falls upon us to offer cutting-edge solutions to address this issue. The digital framework holds the power to revolutionize how we handle food production, distribution, and usage within Nigeria.
Through the use of digital technologies, we can uncover fresh chances for expanding agriculture, simplify logistics processes, and guarantee that sustenance arrives at all parts of our country.
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The guest lecturer, Engineer Dr. Umar Bindir—a previous advisor to President Muhammadu Buhari—stated that achieving food security involves leveraging technology, skill, and information to produce sufficient quantities of high-quality food items for the public at reasonable costs.
Bindir further stated that the country needs to enhance its dedication to ensuring food security, emphasizing that this objective will be met when scientists, experts, agricultural entrepreneurs, and various professionals collaborate to generate sufficient quantities of both plant-based and livestock-derived food for the population.
Additionally, the Chairman of the NSE, Ilorin chapter, Engineer Dr. Olusola Ogunjirin, stated that the yearly event known as the Distinguished Lecture Series functions as an essential forum for intellectual discussions, exchange of knowledge, and strengthening collaborations between engineers, policy makers, and sector heads.
“Every year, this lecture offers us crucial perspectives on current engineering difficulties and advancements that propel our nation’s progress,” he stated.
Dr. Ogunjirin said that the event was not just a lecture but a celebration of excellence, professionalism, and the remarkable contributions of Engineer Sagaya to the field of engineering and national development.
FURTHER READING ON THE LATEST HEADLINES IN NIGERIA’S TRIBUNE
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