LOLC Holdings to raise Rs.2bn via unlisted debt

LOLC Holdings PLC yesterday revealed plans to raise up to Rs.2 billion via an unlisted debenture issue.

Kelsey Homes strengthens board of directors with new additions

Kelsey Developments PLC, a member of the Janashakthi Group and the pioneering real estate developer in Sri Lanka, announced the appointments of two new board members, Air Chief Marshall (ACM) Gagan Bulathsinghala and Arul Sivagananathan, with effect from July 16, 2021.

IFC to focus on COVID and climate finance to help SA’s post-COVID economic recovery efforts

The International Finance Corporation (IFC) has appointed Hector Gomez Ang as Regional Director for South Asia.

Liyonta achieves four top prices at e-Auction in Sri Lanka

Four tea grades manufactured by Liyonta Tea Factory recorded four top prices in one e-Auction held on July 13 and 14, 2021.

Local fintech PayMedia secures Rs.85mn funding from NDB

Recently, the ICTA unveiled a credit scoring framework as part of its efforts to support start-ups. Developed in partnership with PwC, the framework helps banks identify the creditworthiness of start-ups that apply for loans.

Enjoining order issued against Santhush Weeraman and three others

The Colombo Commercial High Court has issued an enjoining order against four defendants, including popular music artist Santhush Weeraman and Saregama Music (Pvt.) Limited, for allegedly violating the copyrights of the song ‘Me Bajar Ekata Malli’, owned by renowned award-winning musician, composer and singer Dr. Rohana Weerasinghe.

Moody’s places SL’s Caa1 rating under review for downgrade

Moody’s Investors Service (Moody’s) yesterday placed the Government of Sri Lanka’s Caa1 foreign currency long-term issuer and senior unsecured debt ratings under review for downgrade.

SLTDA requests CB to provide new relief for tourism

The battered tourism industry renewed its call for assistance yesterday with the Sri Lanka Tourism Development Authority (SLTDA) urging the Central Bank of Sri Lanka (CBSL) to offer further relief until some form of revival can be witnessed.

Monetary Board suspends banks from paying cash dividends and profit repatriation from July

Sri Lanka’s banks have been suspended from declaring cash dividends until the financial statements for the year ended December 2021 are finalised and audited.

Oil producing nations agree deal to control prices

Oil producing nations have agreed to increase their output, with the aim of reducing prices and easing pressure on the world economy.

Grand Hyatt Colombo gets Rs.2bn fresh capital infusion from SLIC

Canwill Holdings (Private) Limited, a joint venture company established to develop Grand Hyatt Colombo project has received fresh capital infusion to the tune of Rs.2.0 billion from Sri Lanka Insurance Corporation (SLIC), its largest shareholder.

Life insurance industry likely to seek deferment on transition to IFRS 17

Citing several challenges that has arisen due to the pandemic, Sri Lanka’s insurance industry players are preparing to seek a deferment on the transition to the new IFRS standard for insurance contracts—IFRS 17— which is scheduled to come into effect on January 1, 2023.

Merchandise export earnings top US$ 5.5bn in first half of the year

Sri Lanka’s merchandise exports topped US$ 5.5 billion in the first half of the year with June earnings reaching a three-month high, flirting with the US$ 1 billion mark, according to Sri Lanka Customs data compiled by the Export Development Board (EDB).Export earnings rose by 9.41 percent year-on-year (YoY) to US$ 978.2 million in June despite the impacts of third COVID-19 wave in the country recording the second highest earnings for the year.

Astrue Alpha leads sri Lankan mutual fund industry with highest rate of return

The active trading strategy and the short-term outlook adopted as a result of high volatility in the equity market have made Asset Trust Management (Pvt) Ltd.’s flagship unit trust fund Astrue Alpha a clear winner in terms of returns to investors.

ComBank re-launches website with tri-lingual content and other enhancements

The Commercial Bank of Ceylon has announced that itswebsite, now an indispensable tool for millions of customers and information seekers, has been re-launched as a trilingual resource, with a series of cutting-edge enhancements.

Seylan Bank partners with PayHere to empower biz with online payments

Seylan Bank has joined hands with PayHere to empower Sri Lankan small businesses with online payments. This strategic partnership allows the new merchants to join PayHere with any local bank account.

M Power Capital celebrates 7 years of resounding success and growth

Established in February 2014 with a vision to provide clients with innovative and customized solutions in corporate finance, M Power Capital (MPC) is celebrating seven years of hard won success and growth.

NDB Bank recognized as one of SL’s Best workplaces by Great Place to Work

National Development Bank PLC (NDB Bank), Sri Lanka’s 4th largest listed bank was recently recognized as one of the 40 Best workplaces in Sri Lanka by the independent analysts at Great Place to Work in Sri Lanka.

In Sri Lanka cash transfers give essential support to people hit hardest by COVID-19 pandemic

Governments need to focus on long-term policy responses to address inequality and vulnerability in face of shocks like the COVID-19

IFC and FCCISL promote work-life balance

To help close the gender gap and promote greater work-life balance, particularly at a time of COVID-19 impacts, IFC and the Federation of Chambers of Commerce and Industry Sri Lanka (FCCISL) have launched a new online learning series to strengthen business commitment towards flexible workand family-friendly practices to help employees.

Sri Lanka Customs launches LankaSign digital signatures for online document submission

Sri Lanka Customs in yet another landmark initiative towards making the import and export process seamless has partnered with LankaClear to introduce LankaSign digital signatures for online document submission.

Hayleys Fabric cuts carbon footprint by 15% with country’s largest solar roof

Hayleys Fabric further reduced its carbon footprint by 15 percent with the installation of the largest private sector rooftop solar power system in Sri Lanka, contributing 6,241,500kWh of power per annum to the National Grid.

SDB Bank joins hands with Pick a Book Corporates

“Reading is the gateway that opens up one’s mind to a wealth of knowledge leading to a never-ending journey of learning. It not only relaxes the mind and gives pleasure but also opens up multiple views on a particular situation, developing the analytical nature of the mind and creating highly effective and efficient human beings in all aspects of life,” says Thilak Piyadigama, the CEO of SDB.

Moody’s places SL’s Caa1 rating for downgrade

Moody’s Investors Service (Moody’s) has today placed the Government of Sri Lanka’s Caa1 foreign currency long-term issuer and senior unsecured debt ratings under review for downgrade.

John Keells Properties reports steady construction progress on TRI-ZEN

Construction is progressing steadily on TRI-ZEN, John Keells Properties’ highly anticipated residential development in Colombo 2.

S&T Interiors completes World Trade Centre refurbishment

S&T Interiors, a joint venture of the Hayleys Group and S&T Oman announced the completion of the Rs.868 million refurbishment of the iconic commercial towers (public areas) at the World Trade Centre (WTC).

Kelsey Homes records steady growth in spite of COVID-19-related challenges

Kelsey Homes, the pioneering real estate developer in Sri Lanka, recorded a revenue of Rs.320.51 million for the quarter ended on March 31, 2021, compared to Rs.32.50 million in the corresponding period of the previous year.

SL’s January-May BoP surpasses billion dollars

Sri Lanka’s deficit in the Balance of Payment (BoP) surpassed the billion dollar mark during the five months through May 2021 from US$ 797 million in the corresponding period in the previous year and US$ 929 million in April 2021, as the trade deficit expanded for the third month in a row amid slow recovery in exports and higher oil prices.

Rapid infrastructure development in Rajagiriya positions Iconic Galaxy as an ideal location for homeowners

Leading infrastructure developer Iconic Developments announced that the rapid infrastructure drive persisting in Rajagiriya, despite the obstacles brought on by the pandemic, positioned its highly coveted self-contained luxury apartment complex, Iconic Galaxy, as the prime location for incoming investors and homeowners.

JAAF hopeful of GSP Plus extension following latest discussions with govt.

The Joint Apparel Association Forum (JAAF), the apex body for the Sri Lankan apparel industry expressed optimism over the possibility of securing an industry-critical extension of EU GSP Plus programme after its most recent round of discussions with the State Ministry of Regional Cooperation.