LKR hits record low of Rs. 202.04 against US dollar

The Sri Lankan Rupee (LKR) hit a record low of Rs 202.04 per US dollar today, data from the Central Bank (CBSL) revealed.

SLT-MOBITEL sets record straight on spyware allegations

SLT-MOBITEL today issued a statement categorically denying that the malicious messages circulating on social media regarding the installation and propagation of a spyware, claiming the telecom service provider, are complicit in an alleged unlawful activity meant to compromise the information of its customers.

Blackstone enters SL acquiring Piramal Glass for Rs.6.2bn

PGP Glass Private Limited, previously known as Pristine Glass, and a part of US-based private equity giant Blackstone Group, yesterday bought the controlling stake of Sri Lanka-based Piramal Glass Ceylon PLC in a Rs.6.2 billion deal.

Shares end lower as industrials weigh

Sri Lankan shares closed lower yesterday, weighed down by losses in industrial stocks and heavyweight conglomerate Expolanka Holdings.

Dr.Harsha Cabral appointed HNB Acting Chairman

Top lawyer Dr. Harsha Cabral has been appointed as the Acting Chairman of Hatton National Bank PLC (HNB), following the resignation of top professional Dinesh Weerakkody as the bank’s Chairman with effect from March 30, 2021.

Thushara Wijewardena appointed to ComBank board

Sri Lanka’s largest private lender Commercial Bank of Ceylon PLC yesterday announced the appointment of Thushara Wijewardena to its board of directors as a Non-Executive Independent Director with effect from March 31, 2021.

DMT to implement new pre-booking system with SLT

Cabinet nod has been granted for Department of Motor Traffic (DMT) to obtain service facilities from State-owned Sri Lanka Telecom (SLT) to implement a pre-booking system with SME alerts for the public at the Head Office and all other district offices in order to reduce congestion.

Flood minimising projects worth Rs.2.8bn to be implemented this year

The Cabinet of Ministers has granted approval for Sri Lanka Land Development Corporation (SLLDC) to implement identified flood minimising projects worth of Rs 2.8 billion in risk-prone Colombo and its suburbs as well as in other areas in the country during the year.

Cabinet nod to produce cancer diagnosis drug locally

The Cabinet of Ministers has granted the approval to setup a cyclotron-based radiopharmaceuticals production center to manufacture radioactive dye Fluorodeoxyglucose (18F-FDG) that is used in positron emission tomography (PET) and computerised tomography (CT) scans conduced to diagnose cancers patients.

Transparent mechanism to regulate petroleum industry gets Cabinet nod

The Cabinet nod has been received to establish an independent and transparent mechanism to regulate the country’s petroleum industry under the Ministry of Energy and Sri Lanka Public Utilities Commission (PUCSL).

IATA pushes for antigen testing to re-start air travel

International Air Transport Association (IATA) is urging governments to accept best-in-class rapid antigen tests in fulfillment of COVID -19 testing requirements following a research report by OXERA confirming accuracy of results.

Unemployment rate reaches an all-time high of 5.8%

Sri Lanka’s unemployment rate reached 5.8 percent in the third quarter of 2020 (3Q20), the highest-ever recorded in recent years

Dr.Harsha Cabral appointed HNB Acting Chairman

Following the resignation of top professional Dinesh Weerakkody as the Chairman of Hatton National Bank PLC (HNB) with effect from today due to personal reasons, Dr.Harsha Cabral has been appointed as the Acting Chairman of the bank during an emergency meeting held before the bank’s Annual General Meeting this morning, Mirror Business learns.

56% of Piramal Glass Ceylon traded; mandatory offer expected

The Colombo Stock Exchange today saw the sale of 56 percent of Piramal Glass Ceylon PLC.

Govt. grants sweeping powers to Port City Economic Commission

With the establishment of the Special Economic Zone in Colombo Port City (CPC), the government has granted sweeping powers to the proposed Economic Commission, for the promotion and regulation of CPC as a leading international business hub in the region, according to the Colombo Port City Commission Bill gazetted last week.

National Savings Bank posts steady results for 2020 amid virus woes

State-owned National Savings Bank (NSB) yesterday announced its financial performance for the year 2020, which was characterised by strength and resilience, despite the heightened uncertainty due to the impact of the COVID-19 pandemic.

Oil market rebounds on Suez ship warning

World oil prices rebounded yesterday, reversing earlier losses after a warning that the Suez Canal container ship blockage remains a challenging situation.

Regulatory framework to develop boatbuilding industry presented to implementing agencies

The regulatory framework to develop Sri Lanka’s boatbuilding industry was officially handed over to the implementing agencies under the patronage of Trade Minister Dr. Bandula Gunawardena yesterday, at the Trade Ministry.

WHO warns against widening gap in vaccine distribution

The World Health Organisation (WHO) warned yesterday against a widening gap between the number of coronavirus vaccines in wealthy countries and those distributed to poorer nations through the global Covax initiative.

Shares end higher on industrial, financial boost

Sri Lankan shares ended higher yesterday, helped by gains in industrial and financial stocks.

Reining in bond yields crucial to keep lending rates in check: ICRA Lanka

As the Central Bank brushed aside the recent uptick seen in the yields of the government securities as an indicator of the overall lending rates in the market, ICRA Lanka Limited said the authorities would however have to rein in the bond yields to ensure the lending rates remain lower.

SL keen to work with China to boost cooperation in infrastructure and tourism

The government yesterday expressed its willingness to work with the world’s largest economy, China, to expand cooperation in fields such as infrastructure and tourism.

Discounted Tuk rides from Uber to vaccination centers

Taxi hailing app, Uber announced today it will provide discounted three-wheel rides for its customers travelling to 13 vaccination centers located across Colombo.

Port City employees to earn tax-free foreign currency salaries

According to the draft law on Colombo Port City Economic Commission, those employed at the special economic zone will only be remunerated in a designated foreign currency, other than in Sri Lankan rupee (LKR).

Ever Given turned 80% in ’right direction’

AFP: Egypt’s Suez Canal Authority said Monday the Ever Given container ship, which has been blocking the crucial waterway for nearly a week, has been turned in the ’’right direction’’

Government pushes panic button on FDI?

Recently, the government announced a plan to obtain the services of a foreign constancy firm to promote foreign direct investment (FDI).

February private credit growth accelerates

Private sector credit growth, which reflects the speed of economic recovery, accelerated in February from a month with private individuals and businesses borrowing for consumption and investment.

IT/BPO sector defies pandemic to deliver best earnings on record in 2020

The broader Information Technology services exports sector emerged better than ever in 2020 as it recorded its highest-ever earnings reflecting that the sector stood remarkably shock-proof when almost everything else had to take a break due to COVID-19 pandemic.

State Minister Cabraal chairs EDAC meeting

A meeting of the newly set up Enterprise Development Advisory Council (EDAC) was held on March 26 at the Shangri-La Hotel under the patronage of State Minister for Finance and Capital Markets and Public Enterprise Reforms, Ajith Nivard Cabraal.

WindForce IPO oversubscribed by 7-8 times : stock market sources

WindForce Limited, the largest Initial Public Offering (IPO) to hit the Colombo Stock Exchange since 2011, which closed on the opening day, was oversubscribed at least by seven to eight times, according to stock market sources.