Gearing up SL to become a digital economy in smart and secure way: TRCSL

Fast-tracking development is at the core of all efforts in Sri Lanka’s journey towards progression and with technology evolving at a rapid pace across the world, the island nation has acknowledged and understood the importance of getting onboard the digital bandwagon sooner than later.

Muthurajawela to be declared as Ramsar wetland

The Cabinet of Ministers has approved a proposal to prepare a new master plan for the Muthurajawela wetland area and to consequently declare it as a Ramsar wetland of international importance.

Presidential Task Force to push Sri Lanka towards green socio-economy

Sri Lanka yesterday saw the establishment of a Presidential Task Force to help the country transition to a green socio-economy with sustainable solutions to climate change.

Dialog Axiata profits surge in 1Q as demand for data grows

Dialog Axiata PLC reported a surge in both bottom and top lines during the quarter ended March 31, 2021 (1Q21) as many took to digitally powered devices ranging from smartphones and laptops as the pandemic upended how people work, study, shop, conduct meetings and interact with each other.

Kingsbury hotel deep in red due to virus-inflicted pain on biz

Hayleys Group’s city hotel, The Kingsbury PLC, saw its losses widening during the period ended in March 2021 (4Q21), demonstrating the severe impact of COVID-19 virus on the leisure and hospitality sector.

NDB rights issue fully allocated, private placement for Rs.1.5bn expected

NDB’s recently concluded rights issue to raise Rs.8 billion in Tier I capital saw keen demand from investors with over 61 million rights changing hands prior to the last rights acceptance date.

NDB rights issue fully allocated, private placement for Rs.1.5bn expected

NDB’s recently concluded rights issue to raise Rs.8 billion in Tier I capital saw keen demand from investors with over 61 million rights changing hands prior to the last rights acceptance date.

Muthurajawela to be declared as Ramsar wetland under new masterplan

The Cabinet of Ministers has approved a proposal to prepare a new masterplan for the Muthurajawela wetland area and to consequently declare it as a Ramsar wetland of international importance.

Prime Land Residencies IPO oversubscribed on opening day

Following the debut of Prime Lands Residencies’ Initial Public Offering (IPO) yesterday (11), the company’s oversubscription forecasts proved to be true as the initial 100 million shares were purchased in record time.

SL to borrow US$ 200mn from ADB to improve rural roads

The Cabinet of Ministers granted approval for the Finance Ministry to enter into an agreement with the Asian Development Bank (ADB) to borrow US$200 million under the third tranche of the second consolidated highways investment programme.

EPF’s asset base grows in 2020; but returns to members slip

The Employees’ Provident Fund (EPF), Sri Lanka’s largest retirement savings fund, grew by 11.2 percent or Rs.283.9 billion in assets in 2020, albeit the returns afforded to the member accounts slipped amid the fast descent seen in the country’s interest rates.

Harry J visits Colombo Port City

Business tycoon Harry Jayawardena was recently hosted at the Port City Colombo project development site by Executive Project Management Director Raja Edirisuriya.

Rights issue, private placement to almost double NDB’s loan growth: First Capital

First Capital Research (FCR) said the new capital injections will give National Development Bank PLC (NDB) the much sought-after heft to expand its loan book by as much as 14 percent in the fiscal 2021 and 2022, nearly doubling the rate the bank expanded its loans in the pandemic-stricken year in 2020.

Pushback growing against business and job-killing virus-related restrictions

While the country’s health sector is pushing for more restrictions on the daily lives of people, citing the rising COVID cases, there is a widespread pushback building up from multiple sectors of society as small businesses are being pushed to the verge of collapse while people are losing daily income from their livelihoods.

Prime Lands Residencies opens its IPO today

Prime Lands Residencies, the condominium property arm of Prime Group, opens its initial public offering (IPO) today, May 11, 2021.

Germany’s high potential organic products market yet to be tapped by Lankan exporters

Although trade relations between Sri Lanka and Germany have grown deeper over the years, there still prevail untapped markets, specially in the organic products segment, senior representatives of the Delegation German Industry and Commerce in Sri Lanka (AHK Sri Lanka) said.

Sri Lanka receives US $ 500mn concessional loan from Korea

In order to further strengthen the economic cooperation between the two countries,

1Q tax income narrowly misses target amid spurt in economic activities

Sri Lanka’s tax income during the first fiscal quarter has only narrowly missed the target set for the period, in a clear sign of robust economic recovery staged in the first three months of the year, which came with the return of normalcy.

EPF’s asset base grows in 2020; but returns to members slip

The Employees’ Provident Fund (EPF), Sri Lanka’s largest retirement savings fund, grew by 11.2 percent or Rs.283.9 billion in assets in 2020, albeit the returns afforded to the member accounts slipped amid the fast descent seen in the country’s interest rates.

Prime Lands Residencies IPO opens today

Prime Lands Residencies, the condominium property arm of Prime Group, opens its Initial Public Offering today.

Biz tycoon Harry J visits Colombo Port City

Leading businessman, Harry Jayawardena of Melstacorp, was recently hosted at the Port City Colombo project development site by Executive Project Management Director Raja Edirisuriya.

Education sector reforms aimed at securing opportunities at CPC

The decision to bring about changes in the education sector, specifically trimming of the timeframe to complete A-levels from 45 months to 32 months, is to ensure Sri Lanka has the necessary talent ready to take up opportunities at the upcoming financial center at the Colombo Port City (CPC), Justice Minister Ali Sabry said.

Commercial agriculture sector fears worst from proposed fertilizer ban

While calling for wide stakeholder consultations in implementing the announced ban on chemical fertilizers and agrochemicals in Sri Lanka, the country’s tea, rubber, coconut and fruit & vegetable growers in commercial agriculture warned of far reaching implications from such a ban.

Import of certain agrochemicals allowed under licence

The Finance Ministry has issued a gazette notification allowing the importation of certain agrochemicals including a range of herbicides under special import license regulations after 6th of this month.

Few powerful millers keep rice prices high mocking govt.’s incompetency

The stubbornly high rice prices notwithstanding maximum retail prices set by the government and the record paddy harvest reflect the higher market power exerted by a few rice millers, said the Central Bank.

Virtusa’s Kris Canekeratne to step down after 25-year stint

Global business consulting and IT outsourcing company, Virtusa Corporation, which was founded in Sri Lanka, will see its chief Kris Canekeratne pass on the leadership baton, ending a 25-year run with the company.

SDB bank almost triples 1Q profits

Sanasa Development Bank PLC (SDB bank) nearly tripled its profits in the three months ended in March 2021 (1Q21) on robust growth in loans,

World Bank strengthens engagement in Sri Lanka

The World Bank has launched public consultations to update its Systematic Country Diagnostic (SCD) in Sri Lanka.

March credit card spend increases for fourth straight month

Sri Lanka’s credit card spend continued to advance through March, according to data released by the Central Bank.

Port City success will be determined by how investor-friendly it is: Cabraal

The success of the highly debated Colombo Port City is all about implementation, for which relevant agencies must step up their efforts to ensure the development project does not lose investors to regional competition, a top minister said.