Brussels-based BIO pre-books 20% of SDB bank’s SPO with Rs.925mn investment

Brussels-based Belgian Investment Company for Developing Countries (BIO) has entered into an agreement with Sanasa Development Bank (SDB bank) to subscribe to 20 percent of the bank’s upcoming secondary public offering (SPO) by investing Rs.924.82 million, for a 10 percent stake of the bank.

Banking sector asset quality and other performance metrics improve notably in 1Q

Sri Lanka’s banking sector performance indicators, including the mostly watched asset quality, capital adequacy, liquidity and shareholder returns, improved substantially in the first quarter of this year.

Industrial companies lift shares

Sri Lankan shares closed higher yesterday, boosted by gains in industrial and consumer discretionary stocks.

CICRA Solutions wins top global partner award from Microsoft

For the first time in Sri Lanka’s history, Microsoft Corporation has recognised a Sri Lankan company with a main partner award during Microsoft’s Partner of the Year Awards for 2021.

JAT Holdings records best 1Q in company’s history

Amidst adverse economic conditions, compounded by a month-long island-wide lockdown, JAT Holdings reported outstanding performance in 1Q of FY22, with a record revenue of Rs. 1.4 billion during the period.

CEAT inflates radial tyre production to 600,000 units a year

CEAT Kelani Holdings has announced a production increase of 84,000 radial tyres per year for passenger cars and vans, in its second expansion in this segment within the past four months.

CA Sri Lanka builds capacity, technical knowledge of Maldivian accountants and auditors

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), which has played a leadership role across the South Asian region over many decades to develop the accounting profession, conducted a programme aimed at facilitating technical support and capacity building for accountants and auditors in Maldives.

Sampath Bank marks 8th consecutive win at World Finance Banking Awards

Sampath Bank PLC has been recognized as Sri Lanka’s ‘Best Retail Bank’ and ‘Best Commercial Bank’ for the 8thconsecutive year at the World Finance Banking Awards organized by the World Finance magazine based in the UK.

HNB digital merchant acquisition surges as customers adjust to cashless payments

Resistance to cashless transactions has rapidly given way to enthusiastic usage, as an unprecedented number of Sri Lankans are switching to digital banking channels, according to HNB Head of Cards, Gauthami Niranjan.

Epic Lanka and Credence Analytics develop next-gen wealth and custodian mgt. solution for BoC

Sri Lanka’s premier Fintech conglomerate Epic Lanka has partnered with Credence Analytics (Pvt) Limited to deploy a fully-fledged wealth and custodian management solution for Bank of Ceylon.

Fintrex Finance assists people and businesses impacted by Covid-19

In the backdrop of the global pandemic COVID-19 that impacted people and businesses, Fintrex Finance Limited strategically adopted a mutually beneficial methodology to assist and better manage its customers who faced difficulties in repayingtheir financial obligations in the form of loans and advances.

New office bearers appointed for Leasing Council of Bankers of Sri Lanka

The 5th AGM of LCBSL (Leasing Council of Bankers of Sri Lanka) was held recently where Kanchana Karunagama was appointed the new President taking over from outgoing President Gillian Edwards.

NTB Amex partners with Paycorp to offer innovative online payment capabilities

Expanding digital accessibility at a time of increasing demand for online transactions, Nations Trust Bank has entered into a strategic partnership agreement with Paycorp International to launch innovative and safer payment capabilities, benefiting both Nations Trust Bank American Expressmerchant business partners as well as cardmembers.

Emirates extends suspension of flights from SL to July 21

Dubai-based carrier, Emirates has extended suspension of flights from four countries in South Asia, including Sri Lanka, from 14 Jul to 21 of July.

Oil spill at H’tota Port

An oil spill incident was reported at the Hambantota International Port yesterday evening around 6 PM.

Over 1K tourism sector employees receive Covid-19 jab in H’tota

Vaccination drive for the tourism industry kicked off over the weekend and over 1000 employees attached to the sector in the Hambantota District received their first jab.

Dialog Axiata Establishes 5G Innovation Centres at Leading Universities

In collaboration with the University Grants Commission (UGC), Dialog Axiata PLC recently established ‘5G Innovation Centres’ at the Engineering Faculties of leading universities to create and incubate interest-driven learning, innovation and entrepreneurship for future leaders.

CB manages to purchase US$ 34mn in June despite foreign liquidity crunch

The Central Bank was able to maintain net absorptions of foreign exchange amid the most difficult circumstances created in the domestic foreign exchange market with slowdown in inflows, and heightened outflows with regard to imports and other foreign commitments.

CPC records whopping Rs.45bn loss for January-April period

The Ceylon Petroleum Corporation (CPC) reported a net loss of Rs.45 billion during the first four months through April 2021, and the subject Minister had said the losses mounted to Rs.57 billion by May as oil prices in the global markets climbed, while CPC incurred foreign exchange losses on the foreign borrowings it had made.

CSE to review index calculation methodology for ASPI

The Colombo Stock Exchange (CSE) has decided to revisit the methodology of ASPI computation to determine the possibility of index movements being linked to the public float (as opposed to the total market capitalization which is the current practice) of listed company constituents of the index.

Government mulls higher mandatory exporter proceeds conversion rule

The Cabinet of Ministers, concerned by the current pressure on foreign liquidity, which has been fast drying up, has decided to authorize a study to explore the possibility of further raising the amount of mandatory conversions out of export proceeds from the current level of 25 percent.

No intention to seek IMF support via any programme: CB Governor

Setting the record straight, the Central Bank Governor Professor W.D. Lakshman last week reiterated that there is neither a serious discussion nor intention to seek the support of the International Monetary Fund (IMF) to overcome the current economic crisis experienced by Sri Lanka, exacerbated by the pandemic.

Colombo stock market embraces second phase of digitalization

The Securities and Exchange Commission of Sri Lanka (SEC) along with the Colombo Stock Exchange (CSE) continue to drive digital advancement in Sri Lanka’s capital market with the launch of the second phase of the digitalization of the Stock market on July 7, 2021 under the patronage of President Gotabaya Rajapaksa at the Presidential Secretariat.

June food prices surge 14.3%, indicates Advocata’s ‘Bath Curry Index’

Pressures on Sri Lanka’s economy have sent food prices soaring in recent months, and June witnessed the highest increase according to Advocata’s Bath Curry Indicator (BCI), which showed changes in food prices recording a jump to 14.3 percent.

Sri Lanka needs over 5% growth, primary surplus of 2% of GDP to stabilise debt: StanChart

While Sri Lanka will get over the near term foreign currency debt challenges with recent measures taken,

Hambantota Port records growth in volumes and services in first half

As 2021 hits its halfway mark, the Hambantota International Port (HIP) has recorded an overall growth in their volumes and diversification of services.

SL-B’desh discuss regional shipping and Port development

A friendly meeting between the High Commissioner of Bangladesh to Sri Lanka Tareq Md Ariful Islam and the Chairman of the Sri Lanka Ports Authority (SLPA) Capt. Nihal Keppetipola was held recently.

MAGA to construct new Railway Operation HQ and TCC in Maradana

Maga Engineering has been awarded the contract for the design and construction of new Railway Operation Headquarters (OHQ) and Train Control Centre (TCC) in Maradana.

Emerald Sri Lanka Fund divests from Panasian Power

Emerald Sri Lanka Fund, a pioneering private equity fund that supports small and mid-sized businesses in Sri Lanka, has announced its divestment in Panasian Power PLC (PAP), one of Sri Lanka’s leading renewable energy solution providers and suppliers of clean energy to the national grid.

Forest bathing: A new niche market for Sri Lanka Tourism?

Sri Lanka Tourism is currently going through the worst crisis it has ever faced, with hoteliers and travel agents having virtually no business at all. Many smaller establishments face the real threat of bankruptcy or foreclosure.