Moody’s downgrades Sri Lanka over COVID impact

Moody’s Investors Service today downgraded the Government of Sri Lanka’s long-term foreign currency issuer and senior unsecured ratings to Caa1 from B2 and changed the outlook to stable.

CSE’s All Share Price Index crosses 6, 000 point mark

The main All Share Price Index (ASPI) of Colombo Stock Exchange (CSE) today crossed the 6, 000 point psychological mark amid aggressive play on a few illiquid stocks, which have limited public free float.

Pirate Life and Dilmah partners to produce alcoholic beverages

SL’s first ever homegrown electric bicycle ‘Rhoda’ hits local streets

Sri Lanka’s first ever homegrown electric bicycle made its debut last evening with local startup ‘Rhoda’ unveiling the first of the 50 ‘founder’s edition’ in Colombo.

Sri Lanka Tourism offers virtual safaris

Sri Lanka Tourism Promotion Bureau (SLTPB) has embarked on a fresh initiative to promote the island nation’s wildlife on a virtual platform.

Sumal Perera’s son appointed to Access Engineering board

Access Engineering PLC today announced the appointment of Shamal Joseph Shavindra Perera to its board as a Non-Executive Director with immediate effect.

BOI agreement signed for US 30mn Cinnamon Red Kandy

Indra Traders (Pvt) Ltd. has partnered John Keells Hotels PLC to build a 160-room, 3-star, lean luxury hotel in Kandy with an investment of US $ 29.32 million.

SEC and CSE partner with DRP to boost identity verification process

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) announced this morning that a “progressive national digital initiative” has been embarked upon by entering into a Memorandum of Understanding (MoU) with the Department for Registration of Persons (DRP).

Govt. to support local auto assembly with 30% locally made components

The Sri Lanka Automotive Component Manufacturers’ Association (SLACMA) says the government is actively seeking to promote automotive assembly with locally secured components, in order to boost the industry and create better job opportunities.

E-commerce in Sri Lanka remains ‘basic,’ says report

An e-commerce readiness report on Sri Lanka has revealed that despite the general optimism among Sri Lankan businesses with regards to the use of e-commerce, the present state of e-commerce development in the country remains “basic”.

Colombo bourse goes fully digital!

Capital market operator, the Colombo Stock Exchange (CSE) this morning kicked off its initiative to offer a fully digital on-boarding experience that would allow smoother and efficient operation of the bourse.

SL ranks in 83 Economic Freedom of the World index

Sri Lanka ranks 83 among 162 jurisdictions on the Economic Freedom of the World index, a position it has secured by gaining 15 places over the last year.

Jaffna to get US $1.2 mn sea cucumber processing plant

Sri Lanka will see the setting up of a sea cucumber processing plant in Jaffna with the Board of Investment (BOI) having inked an agreement with a local entity.

‘The Street Food Festival’ to hit Colombo come October

Local foodies will be able to taste Sri Lanka’s food heritage come October with Lanka Exhibition & Conference Service (LECS) organising ‘The Street Food Festival’ to promote the nation’s cuisine.

Developing Asia to witness negative growth in 2020

Developing Asia will witness dampened economic growth this year, a contraction that will take place for the first time in six decades, the Asian Development Bank (ADB) said.

Govt. plans to meet domestic liquid milk demand

President Gotabaya Rajapaksa has instructed officials to implement a short-term and long-term plan in collaboration with the public, private sectors and small-scale farmers to meet the local demand for liquid milk.

SPC to open 100 drug stores at Sathosa & Co-op Super outlets

State Pharmaceutical Corporation of Sri Lanka (SPC), the State-owned manufacturer and distributor of medicinal drugs is considering expanding its reach significantly by establishing 100 new drug stores within retail outlets of Sathosa and Co-op Supermarkets spread across the island.

BPEA affiliated funds to acquire Virtusa in US $ 2bn deal

Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for US $ 51.35 per share in an all-cash transaction valued at approximately US $2.0 billion.

Asia Capital to undergo restructuring to bring value to Malaysian, Japanese investors

Govt. bodies told to advertise in State media to cover losses

The government has decided to make it mandatory for government and semi government institutions to allocate 25 percent of their advertising budgets to State-run media institutions so that that government doesn’t have to allocate moneys from the national budget to support these media establishments.

Cabinet nod to purchase US $ 3.8mn worth new cylinders for Litro

Cabinet of Ministers has given its nod to State-run Litro Gas Lanka Limited to purchase US $ 3.76 million worth of new empty metal cylinder containers for liquid petroleum gas (LPG) from two companies for the year 2020.

PM tells banks to go easy on borrowers

Prime Minister Mahinda Rajapaksa, who is also the Finance Minister, has told Sri Lanka’s bank chiefs to follow a lenient policy when giving out loans.

Altair clarifies court order to buyers

Indocean Developers has informed buyers of Altair apartments that a recent Supreme Court decision relating to a management rights dispute involving two groups of shareholders was only a denial of a plea by one party to the dispute to dismiss a case filed by two purported directors on the grounds that the said directors had been fraudulently appointed.

Lankagama connected with high-speed internet and voice services

Sri Lanka Telecom (SLT) and Mobitel have connected Lankagama, a village bordering the Sinharaja Forest Reserve, with high-speed 4G/LTE broadband and voices services.

New company applies for licence to operate domestic and int’l flights

Colombo-based Fly Lankan Asia (Pvt.) Ltd has requested permission from authorities to operate domestic and international flights carrying passengers as well as cargo and mail services.

Govt. to hand over lands of loss-making tea plantation companies to smallholders

The government is planning to hand over the lands belonging to loss-making plantation companies to tea smallholders as a pilot project, a statement by the President’s Media Division said.

Stockbrokers told to proactively engage local investors before going after foreigners

Instead of passively waiting for foreign investors to come, the stockbrokers at the Colombo bourse have been asked to proactively engage local investors as there is huge potential for share valuations to increase in the near future.

44% of UL customers believe it will be safe to fly in 3 months

A survey carried out by SriLankan Airlines among its loyal customers has revealed that 44 percent of the respondents believe that it would be safe to fly within three months in the current context, despite COVID-19 pandemic has not shown any signs of slowing down.

Softlogic Life secures US $ 30mn investment from FinnFund, Norfund and MunichRe

Softlogic Life Insurance PLC, a unit of Softlogic Holdings PLC and the country’s third largest life insurer said, it finalised two landmark deals to the tune of US $ 30 million (Rs.5.6bn) .

EDB -Foreign Min join hands to boost exports

Sri Lanka’s export promotion agency, the Export Development Board (EDB) announced it has joined hands with the Foreign Ministry to boost the nation’s export revenue and mitigate the negative impact of the COVID-19 pandemic on the industry.