Recovery in credit card spend moves forward at snail pace

Credit card spending which turned a corner in December after four months of slippage in outstanding balances, continued to recover, though at snail pace, indicating that people have begun to swipe their cards, which was not allowed last year due to pandemic related lockdowns and social distancing orders.

CEB to raise up to Rs.20bn via Colombo Stock Exchange

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).

SL Tourism’s ‘Bio Bubble’ receives global recognition

The ‘Bio Bubble’ concept of Sri Lanka Tourism has come under fresh spotlight on the global stage with the International Trade Tourismus-Börse Berlin (ITB) recognising the initiative as an innovative implementation

Colombo Tea Auction prices undergo correction

Prices at the Colombo Tea Auction saw a correction this week after being buoyant over a period of over ten months, with the prices declining by Rs.20-30 per kg.

SriLankan launches ‘Neighbour Free Seats’

In an effort to facilitate a safe and secure in-flight experience, national carrier SriLankan Airlines today announced the launch of ‘Neighbour Free Seats’.

South Asian economies bounce back but face fragile recovery: World Bank

Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery.

A healthy Indian Ocean feeds, protects, and connects all South Asians

It is the oceans that engendered life. The lives of humans remain connected to the seas, making the good health of the seas and the efficient management of sea-based activity essential elements for the wellbeing of people and nations.

Litro Gas remains firmly committed to global standards and safety procedures: Director

Jayantha Basnayake, Director –Health, Safety & Environment- Litro Gas Lanka Ltd. in this interview speaks about key HSE functions at Litro Gas, its impact on the company, community, customers and all stakeholders, global parameters on safety in the LPG industry, meeting the challenges posed by COVID-19 etc.

BOC first Lankan bank to achieve Rs.3tn asset base

State-owned banking giant Bank of Ceylon (BOC) has crossed the Rs.3 trillion milestone in total assets, becoming the first Sri Lankan bank to achieve such a feat and cementing its undisputed leadership position in Sri Lanka’s financial sector.

Local trade unions urge IFC to delay vote on US $ 50mn Brandix loan

Six Sri Lankan trade unions and workers’ organisations have filed a complaint with the International Finance Corporation (IFC) of the World Bank Group, raising the issues in the due diligence and labour rights components of the Environment and Social Action Plan for the proposed US $ 50 million loan facility to Brandix Lanka Ltd, according to a media release issued by the Washington-based Global Labour Justice – International Labour Rights Forum

Colombo inflation picks up to 4.1%

Inflation in Colombo rose sharply in March compared to February, as the food prices continued their climb while the government scrambles to keep the prices of essential food items in check.

Prime Lands Residencies to raise Rs.1.95bn via IPO

Prime Lands Group’s 100 percent-owned subsidiary Prime Lands Residencies Ltd (PLR) is gearing to raise up to Rs.1.95 billion via an initial public offering (IPO) on the Colombo Stock Exchange (CSE).

WindForce IPO draws Rs.25.7bn worth of applications

The WindForce Limited initial public offering (IPO) of Rs.3.2 billion, the largest IPO announced at the Colombo Stock Exchange (CSE) since 2011, has attracted applications amounting to a value of Rs.25.7 billion, the Colombo Stock Exchange (CSE) said in a brief statement yesterday.

SEC in fresh move to segregate roles of CEO and chairman

The Securities and Exchange Commission (SEC) of Sri Lanka appears determined to move ahead with segregating the roles of the chief executive officer (CEO) and chairperson being performed by the same person in the listed entities on the Colombo Stock Exchange (CSE).

Return of normalcy expected to unleash burst of economic activity this year

Sri Lanka is expected to unleash a burst of economic activity this year, as the pandemic fades and the people and businesses are resuming activities that were put off last year, possibly elevating the country again into the upper-middle-income level, a status which was lost two years ago in 2019.

CB continues to buy dollars despite pressure on rupee

The Central Bank has continued to purchase dollars from the domestic foreign exchange market for the second consecutive month in March, despite the recent pressure on the currency, as the Central Bank collects non-borrowed assets to shore up its foreign exchange reserves.

Global trade braced for speedy recovery, but uneven growth: WTO

Global trade has prospects for speedy recovery this year with the expansion of merchandise trade, however the recovery process will be uneven after the COVID-19 pandemic shock, the World Trade Organisation (WTO) said last evening.

UL flies in Sinopharm consignment from China

National carrier SriLankan Airlines today flew in a consignment of Sinopharm (BBIBP-CorV) vaccines manufactured in China.

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