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.

State borrowings from CB, banks down hinting improving govt. revenue

Borrowings by the State from the Central Bank and licensed commercial banks plunged in February, which could be a sign of improving government revenues by way of taxes as economic activities are increasingly becoming normalised as virus scare recedes.

Banking sector RoE makes about turn giving fresh hopes for investors

Banking sector return on equity (RoE), a key ratio that is used to gauge the attractiveness of the sector by investors, made an about turn in 2020 as the sector delivered robust earnings defying the pandemic-induced challenges.

Sri Lanka welcomes 4, 582 tourists in March

Sri Lanka received 4, 582 tourists in March, up from 3,366 in February and 1, 682 in January, the tourist arrivals data released by Sri Lanka Tourism Development Authority (SLTDA) showed.

Local ‘Ambul’ bananas to be exported for first time

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

Winner of 2020 MENA Search Awards, HOP expands their Colombo footprint

Home of Performance (HOP) is a full-scale boutique digital marketing agency headquartered in Dubai, UAE. HOP is one of Dubai’s most innovative digital performance marketing companies, offering integrated 360-degree digital marketing services and was the winner of the prestigious 2020 MENA Search Award for Best Use of Search B2C.

CEB to raise up to Rs.20bn on CSE via listed debt

State-owned power utility Ceylon Electricity Board (CEB), which is the country’s monopoly electricity transmitter and distributor, is gearing to raise up to Rs.20 billion through a listed debenture issue on the Colombo Stock Exchange (CSE).

Prime Residencies completes 35th property project; says IPO in near future  

Prime Land Residencies Ltd, the condominium property arm of Prime Group, recently celebrated a milestone achievement upon the completion of its 35th property project.

SL at inflection point in embracing digital economy, says Microsoft India Chief

Microsoft India Chief Lathika Pai this week expressed confidence in Sri Lanka embracing a digital economy with the right policy set in place as the island nation is currently at an inflection point.

Govt. on course to legislate Special Goods and Services Tax

Making good on the proposal made in the Budget 2021, the government is gearing to introduce the ‘Special Goods and Services Tax,’ which will rationalise various taxes into one, while easing tax administration as well as collection.

Sri Lanka Tourism ‘Bio Bubble’ recognised at ITB Berlin

Sri Lanka Tourism has been recognised for its innovative ‘Bio Bubble’ concept by the International Trade Tourismus-Börse Berlin (ITB), which is one of the largest trade shows in the world.