SDB bank records yet another oversubscription at SPO

Attracting investor attention since it was first announced, SDB bank concluded its Secondary Public Offering (SPO) with a successful oversubscription of the initial issue of Rs.3.5 billion.

Gampaha Municipal Council goes fully digital in payment acceptance with ComBank

The Gampaha Municipal Council has fully digitised its payments platform in partnership with Commercial Bank of Ceylon.

SLASSCOM signs LOC with AMCHAM

Riding on the previous initiatives of the chamber that have helped local corporates gain footing in several geographies like Australia, Europe and the Middle East, the Sri Lanka Association for Software and Service Companies (SLASSCOM) recently took steps to introduce Sri Lankan companies to the US market by signing a Letter of Collaboration (LOC) with the American Chamber of Commerce in Sri Lanka (AMCHAM).

Samsung introduces first 5G smartphone in Galaxy A Series

Samsung, Sri Lanka’s No.1 smartphone brand, announced the sale of Galaxy A22 5G, a future-ready device offering 11 bands’ support for 5G experience with the promise of two-year OS upgrades.

Electrodeals launches South East Asia’s largest Dell Concept Store in Colombo

Electrodeals (Pvt.) Ltd, one of Sri Lanka’s leading retail solutions providers, recently launched South East Asia’s largest Dell Concept Store in Sri Lanka.

Lenovo announces Lenovo Aware smart learning solution

Lenovo has announced its ‘Lenovo Aware’ smart learning solution for consumers, which will come pre-bundled with the latest generation of IdeaPad Slim 3i and IdeaPad Slim 5i laptops.

government backs away from plan to fully convert State vehicle fleet to electric or hybrid

The government says it is not possible to make a full transition of the State vehicle fleet to either electric or hybrid by 2025 due to the current environment.

PUCSL and CEBEU blame each other over arbitration case that could cost US$ 160mn to SL

The Ceylon Electricity Board Engineers’ Union (CEBEU) and Public Utilities Commission of Sri Lanka (PUCSL) are throwing the blame at each other as a Malaysia-based renewable energy investor has resorted to arbitrary action against the Ceylon Electricity Board (CEB) for the cancellation of 35MW wind and solar power renewable energy project in Kankesanthurai while claiming US$ 160 million in damages from the Sri Lankan government.

Acuity optimistic about banking sector performance on new credit and margin growth

Acuity Stockbrokers, emboldened by the robust financial performance recorded by the banking sector for the second quarter despite pandemic related disruptions to the broader economy, maintained its positive outlook for the sector in the remainder of the year and next year, premised on the pick up in the demand for credit and the improvement in interest margins.

180-day tourist visa for online applications

In a bid to facilitate more tourists entering the country, the Cabinet of Ministers yesterday announced its decision to issue tourist visas valid for 180 days for those arriving via electronic visa approvals.

Emirates to resume Colombo – Male flights from Sept. 1

Emirates has announced the resumption of its Colombo - Male service starting September 1.

Govt. grants monthly allowance to State officials for using pvt. vehicles for official purposes

With 5, 533 State-owned vehicles not in running condition, the government has granted a monthly allowance to 8,500 senior officials in State institutions for using their private vehicles for official purposes.

National inflation soars to 16- month high in July on food & non-food prices

National consumer prices rose to 16-month high in July as food prices soared while non-food prices gained over the previous month with the brief returning of normalcy after month long virus-related restrictions in June, as seen from the subcategories of transport, clothing and restaurant dining.

Local B2C sellers catering to European Union market urged to comply with new VAT rules

Emirates to resume Colombo – Male route from 1 September

The flag carrier of the UAE, Emirates Airlines announced it will resume daily services between Colombo – Male starting 1 September.

CEB instructed to come up with fresh long-term generation plan

The Public Utilities Commission of Sri Lanka (PUCSL) has instructed the Ceylon Electricity Board (CEB) to come up with a fresh Long-Term Power Generation Expansion Plan, complying with the 70 percent renewable energy power generation target set by the government for 2030.

Market turnover tops Rs.10bn amid retailer interest in dollar earning stocks

The turnover on the Colombo Stock Exchange (CSE) yesterday topped Rs.10 billion with both indices significantly improving, as retail investors continued to dominate the trading heavily focusing on foreign exchange earning firms, with Expolanka Holding being the favourite.

CEB back in black in 2Q on higher revenues and eased generation cost

The Ceylon Electricity Board (CEB) returned to profit during the three months ended in June (2Q21), as revenues rose, generation costs eased while the finance cost fell, improving the financial prospects of the key power utility in the country for the second quarter in a row.

IMF’s largest SDR allocation in history comes to effect

The largest allocation of Special Drawing Rights (SDR) in the history of the International Monetary Fund (IMF) to the tune of US $ 650 billion came into effect yesterday.

CASA elects Shehara De Silva as its first female Chairperson

Creating history in the country’s shipping industry, the Ceylon Association of Shipping Agents (CASA) has elected McLarens Shipping Group Managing Director Shehara De Silva as the association’s first female Chairperson.

Credit disbursements to key economic segments reach double-digit growth

The authorities appear to have largely contented with the pace of credit growth into the key sectors of the economy through the first half of this year, since they set forth an ultra-accommodative monetary policy stance along with targeted measures to direct lending into these segments.

Tea export volumes down by 9% in July

Sri Lanka’s tea export volumes in July declined by 8.9 percent year-on-year (YoY) to 25.54 million kilos, driven by the restricted shipping logistics combined with the possible disruptions caused by the latest COVID-19 wave, according to Forbes and Walker Tea Brokers.

Payment card crisis looms with global shortage of microchips

Some local banks have temporarily suspended issuing payment cards or commonly known as ATM cards to their customers, due to a supply hiccup caused by the shortage of microchips embedded in such cards globally.

Samsung launches UV sterilizer with wireless charging in Sri Lanka

Samsung, Sri Lanka’s number 01 consumer electronics and smartphone brand, has introduced a new UV sterilizer with wireless charging that can be used to quickly disinfect any smartphone, buds, spectacles, and smartwatches in just 10 minutes, wherever you are.

Twenty fourth Presidential Export Awards to be held in December

Sri Lanka Export Development Board (EDB) is planning to hold the 24rh Presidential Export Awards ceremony for the financial years 2019/20 and 2020/21 on December 3rd at the Bandaranaike Memorial International Conference Hall (BMICH) under the patronage of President Gotabaya Rajapaksa.

CCC and Australia’s MDF kick-off climate change adaptation events for agri biz

The Ceylon Chamber of Commerce in collaboration with the Australian Government-funded Market Development Facility (MDF) will host a series of events titled, ‘The Business Case for Climate Change Adaptation for Agribusinesses,’ to increase awareness of local agribusinesses on the risks posed by climate change to their business models.

First Capital implements digital onboarding for unit trusts and government securities

Breaking barriers in the non-bank financial services space, First Capital introduces ’digital onboarding’ to facilitate non-face-to-face account opening for unit trusts and government securities clients for the first time in Sri Lanka.

Ninth Capital Market Conference to be held on a virtual platform today

The 9th Capital Market Conference (CAPM) is scheduled to be held today (August 24).

ComBank partners DirectPay to support digital payment solutions for businesses

Commercial Bank of Ceylon has announced a partnership with DirectPay, one of the fastest-growing fintech start-ups in Sri Lanka, to provide Internet Payment Gateway (IPG) support and operate as the acquiring bank for the cashless payment solutions the latter develops for clients.

CLC Islamic Finance introduces Wadi’ah

CLC Islamic Finance, the Islamic banking division (IBD) of Commercial Leasing & Finance PLC, (CLC), introduced its latest service offering: Wadi’ah (Safe Keeping), an alternative for conventional gold loans.