Shares end higher for fourth day as financials rally

Sri Lankan shares closed higher for a fourth straight session yesterday, helped by gains in financial stocks and consumer staples.

SL offers quarantine-free entry for fully-vaccinated tourists

Sri Lanka has further eased restrictions for tourists by allowing quarantine-free entry for those fully-vaccinated, a step that would provide the much required impetus for the struggling industry.

Shipping industry divided over maximum caps on local service charges

The shipping industry is divided over the recent guidelines issued by the Director General of Merchant Shipping (DGMS), imposing caps on maximum charges payable by importers to service providers in recovering their import consignments, which was lobbied by some exporters who rely on imported raw materials.

Manohari Abeyesekera elected to CIMA Global Council

Manohari Abeyesekera, Director/Chairperson Audit Committee of National Savings Bank (NSB), has been elected by the CIMA Members to represent South Asia in the Chartered Institute of Management Accountants (CIMA- UK) Global Council for a three-year term with effect from June 2021.

Events management sector tells govt. to stop step motherly treatment

The Event Management Association Sri Lanka (EMASL) this week called on the government to stop giving the industry step motherly treatment since it is on the​​ brink of collapsing with hardly any work since the beginning of the pandemic.

WindForce accredited by IESL to train graduate engineers

WindForce Ltd., has been approved by the Institution of Engineers Sri Lanka (IESL) as a training organisation for graduate engineers for corporate membership in electrical engineering.

CIPM to groom professional Reward Management specialists

CIPM Sri Lanka aims to revamp the current landscape for employee reward management by producing specialized human resource professionals with a strong focus and understanding of its practical aspects through the recently announced Certificate Course in Reward Management (CCRM).

Reopening schools cannot wait for all teachers and students to be vaccinated: UNICEF

Schools should be the last to close and the first to reopen, said the United Nations Children’s Emergency Fund (UNICEF) in its latest statement which highlighted that the continuing of the ongoing scenario would lead to detrimental results for young learners across the world.

Oil spillage cleaning up at H’tota port successfully completed

The cleanup operation of the minor oil that took place at the Hambantota International Port (HIP) earlier this week, has reached completion, port officials said today.

CPC to float int’l tenders for US$ 3bn new refinery in 4Q

The Ceylon Petroleum Corporation (CPC) plans to float international tenders for the construction of the proposed new oil refinery adjoining its existing oil refinery in Sapugaskanda as a public-private partnership (PPP) project either on build–operate-transfer (BOT) or build–own–operate–transfer (BOOT) basis in the fourth quarter of this year.

SLPA begins design work & tender documents for ECT

Sri Lanka Ports Authority (SLPA) has initiated the structural design work and preparation of tender documents for civil engineering work to develop and operate the East Container Terminal (ECT) under State’s full ownership.

Govt. to promote electric vehicles in line with renewable energy policy

The government has taken a decision to popularise electric vehicles in Sri Lanka, although the importation of personal vehicles to the country—electric or gasoline—had been completely barred since April 2020 amid the country’s dwindling foreign reserves.

Basil’s entry as Finance Minister hailed

Tourism sector stakeholders yesterday welcomed the appointment of Basil Rajapaksa as the Finance Minister, and expressed confidence in receiving his support for industry revival.

Tourism bets on digital nomads for recovery

Tourism Ministry this week received the Cabinet nod to promote Sri Lanka as a favourable destination for ‘digital nomads’, an effort that would assist the hard-hit industry to steer though the new normal.

Browns Investments acquires luxury hotel in Mauritius

Browns Investment PLC (BIL), under which LOLC’s non-financial services businesses are structured, yesterday announced its move to acquire a luxury hotel in Mauritius owned by PL Resort Ltd.

Basil executes reshuffle of heads at key State institutions

Former MP Jayantha Ketagoda and National Youth Services Council Chairman Theshara Jayasinghe have been appointed as the new Chairmen of Sri Lanka Insurance Corporation (SLIC) and Litro Gas Lanka Limited.

Shares end higher as financials gain

Sri Lankan shares closed higher yesterday, boosted by gains in financial and consumer staples stocks. The CSE All-Share index settled up 0.60 percent at 7,913.47.

DFCC Bank uplifts local dairy sector via innovative financing initiatives

DFCC Bank, the premier commercial bank in Sri Lanka, has been at the forefront of enhancing the development of the nation’s dairy sector through innovative microfinancing solutions from specialised value chain financing schemes.

Kotmale Sri Lanka’s largest private sector collector of fresh milk

Kotmale has become one of Sri Lanka’s national dairy brands contributing to the nourishment of the country and strengthening the local dairy farming community. As a fully-owned subsidiary of leading food company Cargills (Ceylon) PLC, Kotmale is a 100 percent Sri Lankan company.

Sumathi Information Technologies advances with industrial drones to uplift local agri sector

Sumathi Information Technologies (SiT), a subsidiary of Sumathi Holdings, has now ventured further paving the way to provide feasible and efficient solutions for agriculture in Sri Lanka.

SL seeks FAO assistance to conduct survey on composition of soil

Sri Lanka has sought the assistance from the Food and Agriculture Organisation (FAO) to conduct a survey on the composition of Sri Lankan soil and grant a soil card to farmers.

BOI successfully administers 1st stage of vaccine for all zonal enterprises

The Board of Investment (BOI) of Sri Lanka yesterday announced that it had successfully administered the first dose of vaccinations against the COVID-19 pandemic to employees of all 14 export processing zones across the country, while carrying out a simultaneous drive to inoculate employees located in manufacturing entities under its purview that fall outside of the zones as well.

CNCI organises seminar on tripartite agreement and payment of salaries during restricted periods

The Ceylon National Chamber of Industries (CNCI), the pioneering chamber for industries in the country, has organised a webinar on tripartite agreement and payment of salaries during the restricted periods.

Sanga and Mahela venture into online grocery retail with Providore

Kumar Sangakkara and Mahela Jayawardena need no introduction when it comes to the world of cricket. What may be less commonly known is that they are also intrepid entrepreneurs, seeking out meaningful, quality investments to positively impact everyday life.

STARZ launches Lionsgate Play direct-to-consumer OTT app in Sri Lanka

Leading global premium streaming platform STARZ has launched its direct-to-consumer Over-The-Top (OTT) app ‘Lionsgate Play’ in Sri Lanka, expanding its presence in Asia, following the successful launch of Lionsgate Play in India, followed by Indonesia.

SL explores digital tourism to lure travellers

Tourism ministry received the Cabinet nod yesterday to promote Sri Lanka as a favourable destination for digital tourists, an effort that would assist the hard hit industry to steer though the new normal.

Full-time Finance Minister a welcome change for public finances: Advocata

Sri Lanka finally having opened up to appoint a full-time finance minister could be the solution to iron out the issues faced in the country’s public finance management, according to Colombo-based think tank Advocata Institute, as the role requires undivided attention for the overall state of the economy to improve.

High and rising food inflation an added blow to poor: Dushni

The high and rising price inflation related to food during the pandemic adds to the list of concerns of the national economy, as the ongoing trend in food prices would have serious implications on poverty, senior economist Dr. Dushni Weerakoon said.

Proposal for SDRs worth US $ 650bn submitted to IMF’s Board of Governors for approval

A press statement by the International Monetary Fund (IMF) Board yesterday said on July 9, IMF Managing Director Kristalina Georgieva submitted her proposal for a general allocation of Special Drawing Rights (SDRs) equivalent to US $ 650 billion to the Board of Governors for its approval.

Govt. infuses fresh capital of Rs.46bn to SriLankan Airlines

The government has infused fresh equity to the tune of Rs.45.7 billion to SriLankan Airlines in two tranches through April 2021, under the capital enhancement and restructure programme announced last year to help the airline stand on its own.