LOLC Holdings to raise Rs.10bn via listed debt

LOLC Holdings yesterday announced a plan to raise up to Rs.10 billion via a listed debenture issue.

Government awards US$ 20mn worth fertilizer tenders

Swiss Singapore Overseas Enterprises (Pvt) Ltd, a unit of India’s Aditya Birla Group and Singapore-based Agricultural Resources and Investments (Pvt) Ltd.have secured tenders to supply chemical fertilizer to the Ceylon Fertilizer Company (Lak Pohora) Limited and Colombo Commercial Fertilizer Limited for the up-coming Yala season.

Cabinet nod to review trade pacts under negotiation

The Cabinet nod has been received to review the trade pacts that are under negotiation, and to explore possibility of entering into new bilateral and multilateral trade pacts.

European Union urges Sri Lanka to be more competitive in trading efforts

The European Union (EU), Sri Lanka’s second largest trading partner, yesterday called on local industries to step up efforts in competing with regional peers to retain the market share of the 27 member states, and stressed greater focus is required to improve the quality of goods and services traded.

Sri Lanka’s bonds tumble as default worries mount

REUTERS: Sri Lanka’s government bonds tumbled on Tuesday as warnings that the country was at increasing risk of default continued to mount after a turbulent couple of weeks for Colombo.

Gulf Air resumes direct flights to Colombo

Gulf Air, the national carrier of the Kingdom of Bahrain will resume its direct operations to and from Colombo’s Bandaranaike International Airport (BIA) with two weekly flights starting from 15 February 2021 on its new Airbus A320neo aircraft.

Plantation workers win fight for Rs.1,000 daily wage

Prez inspects model stalls at Galle Face

President Gotabaya Rajapaksa yesterday made an inspection visit of the model stalls that are being built for the vendors at Galle Face Green. Built by the Sri Lanka Navy, these stalls are expected to enhance the beauty of Galle Face Green.

Banks show signs of risk-averse as they become wary of rates

The local banks have begun to show some reluctance towards lending to new borrowers, as they grow wary of the interest rates, which they deem too low for them to make money, while a case is building up for a possible uptick in rates in the near future.

State-run Lanka Sugar Company ventures into ecotourism

State-owned entity Lanka Sugar Company (Pvt.) Ltd (LSCPL) has embarked on an ambitious endeavour this year, with plans being actively rolled out to venture into ecotourism.

CMA webinar on Sri Lankan economy today

The Institute of Certified Management Accountants of Sri Lanka (CMA) will conduct a webinar on ‘The Sri Lankan Economy: Challenges and Prospects’ today, from 11:00 a.m. to 12:00 noon, via Zoom online platform.

Oil prices climb back to pre-pandemic levels

Oil prices rose yesterday to their highest in just over a year, with Brent futures nudging past US $ 60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand.

Senkadagala Finance to raise Rs.362mn via rights issue

Balasuriya family-controlled Senkadagala Finance PLC has announced a rights issue to raise Rs.362.3 million to beef up its capital position in order to comply with the regulatory capital requirements.

Hotel schools will be set covering all districts: Tourism Minister

Steps will be taken to set up tourism training schools at district level, in line with President Gotabhaya Rajapaksa’s policy document ‘Vistas of Prosperity and Splendour’, Tourism Minister Prasanna Ranatunga said.

Germany to part fund Lankan biz with commercial and development goals

The German government recently announced that it is ready to part finance ventures up to 50 percent of the investment in projects, in a number of sectors, which meet both commercial and development goals.

Sri Lanka has to set an urgent glide path to IMF

The Sri Lankan authorities have been able to achieve stable macro-economic indicators despite the severe economic dislocation caused by the pandemic. Inflation has remained well within the 4-6 percent target range and the improvement of the trade deficit has had a positive impact on the current account of the balance of payments.

How Sri Lankan remittances are defying COVID-19

International migrants have historically been a driving force of the Sri Lankan economy and during the COVID-19 pandemic their remittances have helped boost the country’s foreign exchange earnings.

Oxford Economics highlights impacts of illicit trade to Sri Lankan economy

Growth and development come hand-in-hand with better governance and application of law and order. Ill-considered strategies result in leakages that will see us meandering in this constant state of a ‘developing nation’ – a poster-child of disappointment amongst nations with limitless promise.

Prime lending rate hits new low despite rate hike expectations

The prime lending rate or the benchmark rate at which most prime customers of banks get their loan facilities approved— mostly for shorter tenors—touched a fresh low last week despite speculation that the prevailing lower rates environment would end towards the second quarter of this year.

ASPI continues to be best performing primary index globally in 2021

The All Share Price Index (ASPI) has retained its position as the best performing primary stock market index in the world with the index closing trading on February 5, 2021 at 8,275.37 points, marking a 22.16 percent growth year-to-date (YTD).

UDA rejects mandatory offer of Unity Plaza owner

The mandatory offer to purchase the remaining shares of On’ally Holdings PLC by its new controlling shareholder, Lanka Realty Investments PLC, had drawn lackluster interest with the second largest shareholder of the company, Urban Development Authority (UDA), rejecting the offer set at Rs.30.32 per share, which is below current market prices.

Maldives records 92,103 tourist arrivals in January

The Maldives has recorded 92,103 tourist arrivals in January 2021. According to the Maldives’ Ministry of Tourism, the island nation witnessed a daily average tourist arrival of 2,971.

Kazakhstan’s national carrier Air Astana arrives in Mattala

Resuming regular international flights, Mattala Rajapaksa International Airport (MRIA) on Saturday welcomed services of Kazakhstan’s national carrier, Air Astana. The first Air Astana flight, an Airbus 321 arrived at 10.28 a.m. with 160 passengers onboard.

Sri Lanka does well on human and economic development relative to environmental damage

Sri Lanka is ranked top among the countries in Asia, which have achieved human and economic development relative to the damage done to their environment and the climate.

SL-India to enter into bilateral social security agreement

The government has decided to enter into a bilateral social security agreement with the Indian government, allowing Sri Lankan migrant workers employed in India to directly contribute to the Employees’ Provident Fund (EPF), which will exempt the requirement to contribute to the Indian social security system, the Ministry of Labour announced yesterday.

Sri Lanka welcomes over 1,500 tourists in January

Sri Lanka has welcomed a total of 1,682 tourists for the month of January, recording a 99.3 percent decrease in arrivals compared to the corresponding month in 2020.

Aitken Spence Travels facilitates first charter flight from Kazakhstan

Aitken Spence Travels, the leading DMC in Sri Lanka, working in partnership with TUI Kazakhstan, will welcome the country’s first charter from Kazakhstan today (February 6) after the airports reopened for tourist arrivals.

Colombo City Centre announces appointment of new CEO

Colombo City Centre, the premier waterfront mixed development project in Sri Lanka, has appointed Praveen Methil as the new CEO, who holds a wealth of experience spanning 24 years in real estate development, mall management and operations, brand building and new business development and growth strategies, along with a solid track record of success in leading start-ups, turnarounds and rapidly growing companies.

GameStop, ‘Reddit rally’ stocks slide more, Yellen vows scrutiny

Shares of GameStop Corp and others favoured recently by retail investors fell further on Thursday, while U.S. Treasury Secretary Janet Yellen said she needed to “understand deeply” the trading frenzy that has gripped Wall Street.

SriLankan Airlines celebrates unity in diversity this Independence Day

SriLankan Airlines, the national carrier of Sri Lanka and a member of the prestigious oneworld alliance, joins in the celebrations of the country’s 73rd Independence Day, with the release of a video containing a trilingual narration, delivered by a group of airline’s employees belonging to all ethnicities and religions.