Dr.Harsha Cabral appointed HNB Acting Chairman

Following the resignation of top professional Dinesh Weerakkody as the Chairman of Hatton National Bank PLC (HNB) with effect from today due to personal reasons, Dr.Harsha Cabral has been appointed as the Acting Chairman of the bank during an emergency meeting held before the bank’s Annual General Meeting this morning, Mirror Business learns.

56% of Piramal Glass Ceylon traded; mandatory offer expected

The Colombo Stock Exchange today saw the sale of 56 percent of Piramal Glass Ceylon PLC.

Govt. grants sweeping powers to Port City Economic Commission

With the establishment of the Special Economic Zone in Colombo Port City (CPC), the government has granted sweeping powers to the proposed Economic Commission, for the promotion and regulation of CPC as a leading international business hub in the region, according to the Colombo Port City Commission Bill gazetted last week.

National Savings Bank posts steady results for 2020 amid virus woes

State-owned National Savings Bank (NSB) yesterday announced its financial performance for the year 2020, which was characterised by strength and resilience, despite the heightened uncertainty due to the impact of the COVID-19 pandemic.

Oil market rebounds on Suez ship warning

World oil prices rebounded yesterday, reversing earlier losses after a warning that the Suez Canal container ship blockage remains a challenging situation.

Regulatory framework to develop boatbuilding industry presented to implementing agencies

The regulatory framework to develop Sri Lanka’s boatbuilding industry was officially handed over to the implementing agencies under the patronage of Trade Minister Dr. Bandula Gunawardena yesterday, at the Trade Ministry.

WHO warns against widening gap in vaccine distribution

The World Health Organisation (WHO) warned yesterday against a widening gap between the number of coronavirus vaccines in wealthy countries and those distributed to poorer nations through the global Covax initiative.

Shares end higher on industrial, financial boost

Sri Lankan shares ended higher yesterday, helped by gains in industrial and financial stocks.

Reining in bond yields crucial to keep lending rates in check: ICRA Lanka

As the Central Bank brushed aside the recent uptick seen in the yields of the government securities as an indicator of the overall lending rates in the market, ICRA Lanka Limited said the authorities would however have to rein in the bond yields to ensure the lending rates remain lower.

SL keen to work with China to boost cooperation in infrastructure and tourism

The government yesterday expressed its willingness to work with the world’s largest economy, China, to expand cooperation in fields such as infrastructure and tourism.

Discounted Tuk rides from Uber to vaccination centers

Taxi hailing app, Uber announced today it will provide discounted three-wheel rides for its customers travelling to 13 vaccination centers located across Colombo.

Port City employees to earn tax-free foreign currency salaries

According to the draft law on Colombo Port City Economic Commission, those employed at the special economic zone will only be remunerated in a designated foreign currency, other than in Sri Lankan rupee (LKR).

Ever Given turned 80% in ’right direction’

AFP: Egypt’s Suez Canal Authority said Monday the Ever Given container ship, which has been blocking the crucial waterway for nearly a week, has been turned in the ’’right direction’’

Government pushes panic button on FDI?

Recently, the government announced a plan to obtain the services of a foreign constancy firm to promote foreign direct investment (FDI).

February private credit growth accelerates

Private sector credit growth, which reflects the speed of economic recovery, accelerated in February from a month with private individuals and businesses borrowing for consumption and investment.

IT/BPO sector defies pandemic to deliver best earnings on record in 2020

The broader Information Technology services exports sector emerged better than ever in 2020 as it recorded its highest-ever earnings reflecting that the sector stood remarkably shock-proof when almost everything else had to take a break due to COVID-19 pandemic.

State Minister Cabraal chairs EDAC meeting

A meeting of the newly set up Enterprise Development Advisory Council (EDAC) was held on March 26 at the Shangri-La Hotel under the patronage of State Minister for Finance and Capital Markets and Public Enterprise Reforms, Ajith Nivard Cabraal.

WindForce IPO oversubscribed by 7-8 times : stock market sources

WindForce Limited, the largest Initial Public Offering (IPO) to hit the Colombo Stock Exchange since 2011, which closed on the opening day, was oversubscribed at least by seven to eight times, according to stock market sources.

HCL Technologies marks 500-workforce milestone

HCL Technologies (HCL), a US$ 10 billion global technology company, which inaugurated its Global Development Center in Sri Lanka last September, had announced its aim to create 3,000 jobs in three to five years.

Ban on saree imports lifted sans batik and handloom garments

The government last week lifted the lid on a yearlong import restriction on sarees as the New Year season approaches and the economy is getting a reboot from resumption of gatherings, which involve in-person contact such as weddings, parties and family reunions.

Vietnam sees foreign investment rise to US$ 4.1bn in first quarter

Vietnam received US$ 4.1 billion in foreign direct investment (FDI) in the first three months of 2021, up 6.5 percent from a year earlier, government data showed.

CB upgrades worker remittance target as going gets good

Sri Lanka has upgraded its targeted earnings from worker remittances for this year, as the numbers continue to appear better than last year’s levels making possible for the authorities to comfortably reach what once appeared an elusive goal.

Diggers and dredgers struggle to free ship blocking Suez Canal

REUTERS: Suez Canal salvage teams intensified excavation and dredging on Sunday around a massive container ship blocking the busy waterway ahead of attempts to refloat it, with two sources saying work had been complicated by rock under the ship’s bow.

WindForce IPO oversubscribed by 7-8 times - sources

WindForce Limited, the largest Initial Public Offering (IPO) to hit the Colombo Stock Exchange since 2011, which closed on the opening day, was at least oversubscribed by seven to eight times, according to stock market sources.

Tikiri Toys – World’s First organic rubber toy firm awarded with GOLS accreditation

In a world first, Tikiri Toys – the acclaimed Sri Lankan brand of natural play products for children – is the first-ever natural rubber toy manufacturing company to be awarded the Global Organic Latex Standard (GOLS) accreditation.

Vehicle registrations record marginal recovery in Feb.

Sri Lanka’s vehicle registrations saw a marginal recovery in February, compared to the previous month, mainly driven by the high volumes of hand tractors in the commercial segment and an uptick in locally assembled vehicles.

Oil prices rise 2% on fears Suez blockage may last weeks

Oil prices reversed a sharp sell-off a day earlier to rise about 2 percent yesterday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.

Tile industry could grow by 12.5% this year, but supply chain bottlenecks remain

Sri Lanka’s tile and the broader ceramic industry is bracing for a growth of 12.5 percent in 2021, as the economy set off to a robust start this year and the consensus is building up for the country’s economic output to grow around 5 percent or more this year, on the back of the investor-friendly policies and low tax and record low interest rate regime.

Fitch assigns Sampath Bank’s Basel III sub debt final rating of ‘A(lka)’

Fitch Ratings Lanka has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures a National Long-Term Rating of ‘A(lka)’.

Fake romance, influencer scams thriving on Instagram

Facebook-owned Instagram has seen a surge in frauds on its platform that were up by 50 percent since the pandemic began and scams related to romance, phishing and influencer sponsors top the chart, a new report by Sophos said recently.