Sampath Bank Rs.6bn debenture snapped up

Sampath Bank’s Basel III compliant listed debenture issue to raise up to Rs.6 billion, which opened yesterday, was oversubscribed.

Mobility improves as virus fears ease

Mobility, which took an immense and a prolonged toll from the pandemic, appears to be re-emerging as people are seen venturing out for shopping and other recreational activities after more than a year of shelter-in-place.

Unlimited internet packages to be launched next week: TRCSL

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) yesterday revealed that service providers are gearing up to unveil their unlimited internet packages by next week.

Construction material sector poised for strong growth: Softlogic Research

Softlogic Research, in its most recent publication took a very strong stance on the material sector, predicting a strong growth backed by an economic recovery and the renewable energy drive.

Submissions made on petition against proposed Inland Revenue Bill

The lawyers appearing for senior tax professional Raja Nihal Hettiarachchi who petitioned the proposed Inland Revenue Bill on Monday made submission in court proposing amendments to the bill, so that the clauses concerned would no longer be inconsistent with the Articles of the Constitution.

Malaysia irked by Sri Lanka’s palm oil import ban

Malaysia, one of the two key sources from where Sri Lanka imports palm oil, appears to have been visibly irked by President Gotabaya Rajapaksa’s move to ban palm oil imports.

Import restrictions on ceramic imports to be relaxed soon

The government intends remove the current import restrictions on tile and sanitary ware soon and Sri Lanka will locally produce 80 percent of its tile requirement by 2022, State Minister of Finance, Money, Capital Markets and State Enterprise reforms Ajith Nivard Cabraal told Parliament this week.

Rupee hits fresh low; selling rate at Rs.202.70 per dollar

Sri Lanka rupee hit a new low today against the US dollar as the selling rate plunged to Rs.202.70 per dollar. The previous lowest was Rs.202.10, which was recorded on April 1.

Customs, banks instructed not to facilitate palm oil imports

The Imports and Exports Control Department has issued a directive to all commercial banks and Sri Lanka Customs to not to facilitate the processes of palm oil importation with immediate effect.

Unlimited internet facility to be launched next week: TRCSL

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) today announced that service providers are gearing up to unveil their unlimited internet packages by next week.

Bridging the gap: Unlocking untapped potential in SL’s agricultural exports

Before the 1970s, agriculture exports accounted for more than 75 percent of Sri Lanka’s total exports while industrial exports were around 15 percent.

Strengthening domestic coconut industry to regain its humble reputation

COVID’s full impact on the Sri Lankan economy is yet to be felt. However, it is clear that the impact of the outbreak may already being felt. For instance, the export sector, critical to the economy, is now bracing for impact.

UDA calls RFPs for Rs.15bn mixed development project in Dematagoda

The Urban Development Authority (UDA) has called request for proposals (RFPs) for a high-rise mixed-development project on the 1.47-hectare Dematagoda junction land (537 Watta), with an expected investment of Rs.15 billion.

Sri Lanka welcomes over 9,500 tourists in 1Q

Sri Lanka is witnessing a slow yet steady increase in the number of international visitors entering the country, as the month of March welcomed 4,581 tourists, bringing the total number of arrivals for the first quarter to 9,629.

Seylan Bank’s Rs.6bn listed debt issue snapped up on opening day

SDB bank to issue up to 88mn new shares via secondary public offering

SANASA Development Bank PLC (SDB bank) plans to issue up to 88,000,000 new ordinary voting shares to the public, via a secondary public offering (SPO), with a view to further improve the bank’s capital adequacy ratios and to partly finance the envisaged growth in the loan portfolio in the near term.

CSE approves first Empower Board listing

The Colombo Stock Exchange (CSE) yesterday said it had approved an application submitted by Chrissworld Limited for the listing of its ordinary voting shares by way of an offer for subscription on the Empower Board of the CSE.

South Korea’s LG becomes first major smartphone brand to withdraw from market

South Korea’s LG Electronics Inc will wind down its loss-making mobile division after failing to find a buyer, a move that is set to make it the first major smartphone brand to completely withdraw from the market.

‘Identified investors’ secure over 20% shares of WindForce’s IPO

The board of directors of WindForce Limited has decided to allot a minimum of 42,028,125 ordinary voting shares, amounting to 20.7 percent of its Rs.3.2 billion IPO issuance, to ‘identified investors’.

Shares end higher as material, industrial sectors gain

Sri Lankan shares closed slightly higher yesterday, helped by gains in material and industrial stocks. The CSE All-Share Index ended up 0.34 percent at 7,217.83. The index last week posted a second straight weekly gain, rising 1.35 percent.

Banks’ impairment provisioning to decline amid improved biz climate

The hefty provisions made for possible loan defaults in 2020 are expected to decline this year amid strengthening of small businesses and higher loan growth.

Discussions ongoing with investors to set up vehicle assembly plants

Several investments to set up vehicle assembling plants in Sri Lanka are in the pipeline, while the government will promote vehicle value addition in the country, State Minister of Finance, Money Capital Markets and State Enterprise Reforms, Ajith Niward Cabral told Parliament this week.

CSE approves the first Empower Board listing

The Colombo Stock Exchange (CSE) has approved, an application submitted by Chrissworld Limited, for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.

Sri Lanka to host BIMSTEC this August

Sri Lanka has been selected to chair the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) this year, an event if held physically as planned would help increase tourism traffic to the country.

Unemployment falls after hitting multi-year high in 3Q

Sri Lanka’s unemployment rate declined after reaching a multi-year high in the third quarter of last year, as companies started re-hiring people who were furloughed or had lost their jobs due to the pandemic as the economy gathers steam with virus fears and the resultant disruptions receding.

SEC says segregation of CEO and Chairman roles only after stakeholder consensus

Stock market regulator, the Securities and Exchange Commission (SEC) maintains that any measures towards segregating Chairman and CEO roles will only be taken after detailed discussions and broad consensus among relevant stakeholders.

Local ‘Ambul’ bananas to be exported for first time

Agriculture Minister Mahindananda Aluthgamage on Saturday inspected the Ambul banana cultivation produced for the export market in Anuradhapura Rajanganaya from Yaya 1 to Yaya 5 in the Anuradhapura District.

Lebanon to swap medical expertise for Iraqi oil

Officials from Beirut and Baghdad signed a preliminary agreement Friday that would see Lebanon trade its medical expertise for Iraqi fuel supplies, Lebanese state media reported.

THASL’s Easter message says strength of any nation comes from togetherness of its people

The Hotels Association of Sri Lanka (THASL) yesterday issued the following message to all Sri Lankans celebrating Easter.

Proposed Inland Revenue Bill taken to Court

The proposed Inland Revenue Amendment Bill, for which the gazette was issued in mid-March to amend the Inland Revenue Act No. 24 has been challenged by a senior tax professional, and the petition is listed to be taken up for hearing at the Supreme Court today.