NDB rights create much investor interest

The rights issue shares of National Development Bank PLC appear to have created much investor interest, with over 22 million rights being traded on the market since the date of commencement of trading (April 27).

Shares close higher as financials, industrials gain

Sri Lankan shares ended higher yesterday, helped by gains in financial and industrial stocks The CSE All-Share Index rose 2.45 percent to close at 7,239.94 points. The index is up about 6.9 percent for the year.

Tourism sector requires fresh investments for successful revival: Asian Development Bank

Sri Lanka’s hard-hit tourism sector will require a fresh flow of investments, the Asian Development Bank (ADB) said yesterday, as steering the industry through the pandemic requires renewed efforts in ICT and human resource management.

SL’s GDP projected to rebound amid vaccination: ADB

The Asian Development Bank’s (ADB) flagship annual economic publication, Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy, as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad.

UNP challenges Cabraal’s statement on money laundering

The United National Party (UNP) has challenged the statement by Money and Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal that Sri Lanka was not listed by the Financial Action Task Force (FATF) for money laundering by end-2014.

People’s Bank’s digital banking supremacy highlighted with record transaction volume during Avurudu

People’s Bank showcased its digital baking prowess yet again by completing a mammoth 5,822,504 transactions and dispensing Rs.65.3 billion from April 1 to April 15, 2021.

Cabinet approves credit guarantee institution for MSMEs

The Cabinet of Ministers this week approved the proposal to set up a credit guarantee institution to underwrite the loans obtained by micro, small and medium enterprises (MSMEs) when they are unable to provide a security to a bank or a finance company regulated by the Central Bank.

Students in South Asia most impacted from pandemic: ADB

Students in South Asia are most impacted due to closures stemming from the global pandemic and have lost 55 percent of a year in learning since COVID-19 struck.

SL’s GDP projected to rebound amid vaccination: ADB

The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad.

Over 30,000 Lankans acquire digital skills during COVID-19: Microsoft

US-based technology behemoth Microsoft said it helped over 30 million people in 249 countries and territories gain access to digital skills during the COVID-19 pandemic, of which over 30,000 of them are from Sri Lanka.

Financials, industrials drag shares lower as virus worries weigh

Sri Lankan shares ended lower yesterday, dragged by financial and industrial stocks, as a spike in domestic COVID-19 cases dented investor sentiment.

Firms raise record debt making the most of low rates

A record amount of money has been raised by Sri Lankan companies as historically low interest rates have drawn them to the debt capital market, looking for the best deal in town with the aim of locking in low cost funds at least for the next five to seven years.

Prime Residencies announces virtual investor forum for upcoming IPO

Prime Lands Residencies, the condominium property arm of Prime Group, has announced a first ever-virtual investor forum for its upcoming Initial Public Offering (IPO).

Small business lending rate continues to decline along with prime lending rate

As the prime lending rate touched fresh lows a few times this year, the small business lending rate has also followed suit hitting fresh lows every month in a sign that businesses are now getting the best deal ever from banks when they need more funding.

CB stipulates when banks can enter into forward forex agreements

As the three-month suspension on entering into forward rate agreements on foreign currency expired, the Central Bank has issued fresh guidelines to licensed commercial banks specifying the instances they could enter into such agreements, until otherwise further instructions are issued.

Unit trust industry AUM slips in March

Assets under management (AUM) of the unit trusts industry slipped in March although the cumulative gain during the first three months of the year stood above Rs.11 billion.

 Number Portability will break customer ‘lock-in’ practice of telcos: TRCSL

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) says the proposed implementation of mobile number portability (MNP) by the end of the year is essential as it will help break the ongoing consumer ‘lock-in’ practice adopted by telcos.

Litro assures availability of 12.5 Kg has cylinder

Sri Lanka’s largest LP gas importer and supplier, Litro Gas Lanka announced a short while ago that a decision has been reached to ensure 12.5 Kg gas cylinders will be made available without a shortage.

Historic agreement signed to implement Sri Lanka Transit Card

In a groundbreaking move towards revolutionizing the transport sector, the Ministry of Transport and the Central Bank played lead roles to get the key stakeholders to sign a four-party agreement to introduce Sri Lanka Transit Card (SLTC) recently.

Creating a culture of creativity: The importance of Intellectual Property Rights

On the 26th of April each year, Intellectual Property (IP) Day is celebrated to draw public attention to the importance of IP rights in fostering creativity and innovation.

Our aim is to take Chrissworld to a billion rupee top line as the first step: Chairman

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, and Initial Public Offering (IPO) is due to be opened on April 27th. This is a distinct IPO as it is the first company to be listed on the Empower Board of the CSE. Following is a brief interview with Chrissworld Chairman Christo Perera.

CB issues priority sector lending targets to banks

The Monetary Board of the Central Bank has issued priority sector lending targets to banks as part of its wide-ranging efforts to direct funding to the sectors identified as priority and deemed as high potential in generating jobs, export earnings and overall economic growth.

World Bank reassures support for Sri Lanka to build back better from COVID-19

World Bank Country Director for the Maldives, Nepal and Sri Lanka Faris Hadad-Zervos concluded a successful visit to Sri Lanka yesterday, where he reiterated the World Bank’s commitment to support Sri Lanka’s efforts towards recovery and to build back better from the COVID-19 shock.

Hayleys Fabric acquires South Asia Textiles from Ambeon Holdings

Making further inroads into the highly lucrative fabric manufacturing, Hayleys Fabric PLC last week acquired South Asia Textiles Limited from Ambeon Holdings PLC, for a consideration of Rs.3.95 billion.

Cabinet approval sought for amending anti-money laundering laws

The Cabinet of Ministers’ approval has been sought for introducing amendments to the anti-money laundering and countering the financing of terrorism (AML/CFT) laws in the country, to rectify their deficiencies and also to enhance compliance.

Cabraal responds to RW’s claims about black money

Meanwhile, fresh concerns of money laundering resurfaced when former Prime Minister Ranil Wickramasinghe said amendments should be made to the Colombo Port City Economic Zones Special Commission Bill, to prove that the centre created by the bill is not a centre for black money.

ICCSL puts its weight behind proposed Port City law

The International Chamber of Commerce Sri Lanka (ICCSL) in a statement issued yesterday said, “The Port City project will have a significant impact on the economy, in terms of much-needed FDIs to the country, together with the potential new employment and trade opportunities that the project will generate over time.”

Govt. announces 600-acre addition to H’tota pharma zone

The government has announced a 600-acre addition to the dedicated Pharmaceutical Manufacturing Zone located in the Arabokka estate in Hambantota, under phase two of the project, while the investors are set to secure the land plots under the 400-acre first phase of the project in June.

CSE plans to implement Delivery Versus Payment mechanism in May

The Colombo Stock Exchange (CSE) plans to implement a Delivery Versus Payment (DVP) mechanism for equity securities clearing and settlement, in May.

CDS enables digital applications for Chrissworld IPO

Central Depository Systems (Pvt.) Ltd (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE), has enabled e-IPO applications for the initial public offering (IPO) of Chrissworld Ltd, via the CSE mobile application.