Covid-19 Intermediate Care Center inaugurated at Katunayaka FTZ

The Covid-19 Intermediate Care Center at the Katunayaka Free Trade Zone was inaugurated yesterday by the Board of Investment (BOI) Chairman Sanjaya Mohottala.

Dialog Axiata Inaugurates “First Tower of the Gamata Sanniwedanaya” Initiative in Kachchigala

Remaining committed to further expanding coverage to deep rural communities across the nation, Dialog Axiata PLC, the widest network in Sri Lanka, inaugurated the Gamata Sanniwedanaya initiative by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) in Kachchigala, Ratnapura.

Govt. expects US $ 2.5bn new inflows in next few months

The government expects the current abnormalities in the local foreign exchange market to ease off within the next few months, amid the new inflows expected to the tune of US $ 2.5 billion into the country’s foreign exchange reserves.

Nilantha De Silva appointed as new HNB Chairman

Banking veteran Nilantha De Silva, who is already on the board of Hatton National Bank PLC (HNB), has been appointed as the new Chairman of Sri Lanka’s second largest private bank, with effect from July 5, 2021.

Limited capacity operation for tourism makes little sense, says THASL

Sri Lanka’s largest tourism trading association yesterday warned the government that the continuation of maintaining tight regulations is detrimental to the hard-hit industry and said that the limited easing makes little to no sense.

Mahela appointed to Janashakthi Insurance board

Janashakthi Insurance PLC has appointed ace cricketer Mahela Jayawardene to its board of directors as a Non-Executive/Independent Director, with effect from July 5, 2021.

Rupee could come crashing down if Central Bank and govt. continue to hold on to current policies

If the government and Central Bank (CB) continue to hold onto the current short-term policy measures, without honestly addressing the worsening crisis in the country’s external account, the Sri Lankan rupee is likely to come crashing down even beyond the current exchange rates prevailing in the black market, according to a leading economist and top commentator of economic issues in the country.

SL’s foreign debt burden set to ease after July bond settlement

Sri Lanka’s foreign currency debt repayment schedule for 2021 showed that the country will have a less daunting task of meeting its foreign currency obligations in the remainder of the year,

Mahela appointed to Janashakthi Insurance board

Janashakthi Insurance PLC has appointed ace cricketer Mahela Jayawardene to its board of directors as a Non-Executive/Independent Director with effect from July 5, 2021.

First batch of WB-funded Pfizer vaccines received by SL

Sri Lanka’s inoculation drive for COVID-19 will pick up pace as the first batch of the 800,000 Pfizer vaccine doses, financed by the World Bank (WB) arrived in the country earlier today.

Dialog Enterprise Partners Gateway College as its Digital Education Partner

With the vision of becoming the preferred Digital Education partner for the academic institutions in Sri Lanka, Dialog Enterprise the corporate solutions arm of Dialog Axiata PLC, recently partnered with Gateway College to further facilitate the school’s digital transformation journey.

JAT Holdings announces upcoming IPO and virtual investor forum

JAT Holdings recently announced the firm’s intention to enter an Initial Public Offering (IPO) on 20th of July 2021.

Dialog launches milestone 4,000th network tower in Thihawa

Reiterating its commitment to expanding connectivity to every corner of the nation, Dialog Axiata PLC, the widest network in Sri Lanka, launched its 4,000th network tower in Thihawa village, Kurunegala, to further expand coverage to rural communities in the area.

First Capital positive of SL achieving private credit target this year despite virus setback

First Capital Research (FCR) expressed optimism that Sri Lanka would hit its year-end target set for private sector credit in 2021, despite the temporary setback during the second quarter, which stemmed from the myopic restrictions imposed by the government to control the spreading of COVID-19.

Laugfs Gas deep in red amid higher global LPG prices

Laugfs Gas PLC reported nearly a billion-rupee loss for the three months ended March 2021 (4Q21) as the company was repeatedly prevented from raising gas prices in tandem with the rising world market prices of LP gas, forcing the company to absorb losses and accumulate more debt.

Some banks have limited appetite for ISBs despite revocation of suspension: Fitch

Although the Central Bank lifted its six-month long restriction on purchasing Sri Lanka issued International Sovereign Bonds (ISBs) in mid June, some banks will have only limited appetite to invest their dollar denominated funds in them, according to Fitch Ratings.

Central Bank tightens exchange controls amid foreign liquidity crunch

The Central Bank last Friday tightened exchange controls on foreign exchange outflows on myriad transactions, including the ones made by companies for cross border investments,

Industry welcomes govt. move to relax rules to resume biz

Tourism industry stakeholders yesterday welcomed the decision made by the government to permit the industry to resume operations, a move that would allow the industry to stay afloat.

Glimmer of hope for tourism industry!

The tourism sector received the nod from President Gotabaya Rajapaksa over the weekend to resume operations starting today (July 5) with limited capacity.

Labour Ministry in new initiative to eliminate child labour

The Labour Ministry seeks proposals to amend key laws and regulations on child labour, with a view to eliminate child labour from Sri Lanka.

Trade unions meet Foreign Minister to discuss concerns on GSP Plus

Concerns by Sri Lankan trade unions regarding the resolutions passed by the European Parliament and the possible risk of GSP Plus withdrawal were discussed yesterday, at the Foreign Ministry.

Access Engineering begins work as sub-contractor for Gatembe flyover

Access Engineering PLC, the pioneers in flyover construction in Sri Lanka, was recently awarded the sub-contract to construct a flyover at the Gatambe junction, a permanent solution to lessen the heavy traffic congestion at the Gatambe junction in Peradeniya.

Global tax overhaul backed by 130 countries

Officials from 130 countries have agreed to overhaul the global tax system to ensure big companies “pay a fair share” wherever they operate.

Ceylon Tea cuppa needs to maintain ‘naturalness’ to remain relevant: SL Tea Board

The industry stakeholders must step up the efforts in maintaining the fresh aroma of the Ceylon Tea cuppa, as the gradual drop in the quality of the end product going unaddressed would result in the sector learning an expensive lesson, one that would take years to reverse, expressed the Sri Lanka Tea Board (SLTB) yesterday.

Indian crypto exchanges flounder as banks cut ties after RBI frown

Indian cryptocurrency exchanges are scrambling to secure viable, permanent payment solutions to ensure seamless transactions after banks and payment gateways started cutting ties with them, six industry insiders said.

Dialog empowers enterprises with unparalleled ‘Dialog Direct Cloud Connect’ service

For the first time in Sri Lanka, Dialog Direct Cloud Connect (DDCC), powered by Dialog Enterprise, the corporate solutions arm of Dialog Axiata PLC, has pioneered the means for Sri Lankan businesses to have a truly local cloud experience built to global standards, with the establishment of a direct and dedicated connection from an enterprise’s premises to their chosen global, public cloud data centres.

COVID-19 and burden of child undernutrition in Sri Lanka

The nutritional status of children under five in Sri Lanka has not shown a significant improvement for the last 20 years, according to the Demographic and Health Surveys (DHSs) of the Census and Statistics Department.

Large banks most exposed to sovereign risk, says Fitch

Sri Lanka’s large banks, which hold the highest amount of foreign currency denominated government securities, have the most exposure to the sovereign credit risk and thereby the risk of deterioration in their credit profiles, according to Fitch Ratings.

COVID-19 becomes blessing in disguise for life insurance sector

The pandemic turned out to be a blessing in disguise for life insurers in Sri Lanka who have been grappling for years with low penetration levels compared to the regional peers as people became more conscious of their health amid the increased risk to their lives brought about by the fast-spreading virus.

LOLC wants unusual NIFL share price movements probed

Following Securities and Exchange Commission (SEC) going on record saying that they had begun looking into the unusual share price fluctuation of LOLC Development Finance PLC (NIFL), the company’s Chairman Kapila Jayawardena, yesterday had written to the CSE requesting to probe the matter to address any regulatory concerns.