First Capital Holdings’ Rs.2bn debenture issue snapped up on opening day

The listed, rated, unsecured, senior, redeemable debenture issue of First Capital Holdings PLC, with a tenure of five years, was successfully oversubscribed on the opening day, February 1, 2021.

Cabinet approval to amend Industrial Disputes Act

The Cabinet of Ministers this week gave its nod to amend the Industrial Disputes Act, to expedite the procedure of disciplinary inquiries or interdictions against the private sector employees.

Govt. suspends move to relax ceramic tile imports

The government has decided to withdraw an order issued by a gazette on February 2, under the Imports and Exports (Control) Act, which allowed the importation of ceramic tiles, certain bath ware and toilet articles on 180-day credit.

Amari Hotel Colombo awards high-rise elevator contract to Schindler

Adding to a growing portfolio of prestigious projects across the island, Schindler was recently awarded the contract to supply six high-speed elevators to Amari Colombo Hotel, currently under construction in the Kollupitiya commercial district of the capital, within close proximity to the official residence of the Prime Minister, US Embassy and Kollupitiya bus and train stations.

An appetite for health: Regulating Sri Lanka’s food environments to fight NCDs

While no one is immune to contracting COVID-19, the World Health Organisation (WHO) has identified specific groups that are at higher risks of becoming seriously ill. One such group is those suffering from non-communicable diseases (NCDs), including lung and heart disease, diabetes and cancer.

Counselling Human Rights Council: A perspective by Pathfinder Foundation

As the 46th session of the UN Human Rights Council (HRC) looms large in about a month’s time, the debate on its controversial Resolution 30/1 of 2015, which the ‘Yahapalana’ government co-owned in an unprecedented and unwise move, has resumed with renewed vigour.

Market tanks as investor sentiment turns sour

The Colombo Stock Exchange (CSE), which was on a extraordinary bull run, largely due to prevailing historically low interest rates in the country, tanked yesterday, with investor sentiment going south amid possible indications that the market regulator is becoming anxious over the credit exposure of some brokers on certain identified stocks. The benchmark All Share Price Index (ASPI) yesterday recorded the highest-ever single day slide in the mar

SDB bank secures US$ 40mn DFC commitment

Sanasa Development Bank PLC (SDB bank) yesterday said they have received a US$ 40 million commitment from U.S. International Development Finance Corporation (DFC), subject to regulatory approval.

CPC to re-enter lucrative bunkering business

The Cabinet of Ministers has endorsed a move by the State-run Ceylon Petroleum Corporation (CPC) to re-enter the bunkering business to supply bunker fuel to ships at competitive prices.

Govt. tells India and Japan to forget East and take West

The Cabinet of Ministers this week approved a proposal to operate the East Container Terminal (ECT) of the Colombo Port as a wholly owned container terminal of State-run Sri Lanka Ports Authority (SLPA), shifting away from an earlier position to operate the terminal with India and Japan with SLPA holding 51 percent stake in the operations.

Sri Lanka to play host to 55th ADB Annual Summit

The Cabinet of Ministers this week approved a resolution to move forward with necessary measures to conduct the Annual Summit of the Asian Development Bank (ADB) in May next year in Colombo.

Government allocates 2,750 acres of Mahaweli land for commercial maize production

In an effort to promote commercial production of maize, the Cabinet of Ministers has granted approval to lease 2,750 acres of underutilised lands identified in the Rambakenoya zone coming under Sri Lanka Mahaweli Authority to recognised local investors for maize cultivation.

Govt. to look for investor to manufacture 100 railway passenger coaches

The Cabinet of Ministers has approved a proposal to select an investor to manufacture 100 railway passenger coaches locally to meet the existing demand.

Govt. borrowings up on liquidity injections and loans from banks

The borrowings by the government from the Central Bank as well as the licensed commercial banks rose again in December, after some slowdown seen in November, following the settling of a US $ 1 billion sovereign bond in October.

OPA objects to East Container Terminal deal

The Organisation of Professional Associations of Sri Lanka (OPA), the apex body of 52 professional associations in the country, covering 32 diverse professions, has requested President Gotabaya Rajapaksa in a letter to utilise local expertise and funds for the development of the East Container Terminal (ECT) of the Colombo Port.

Dr. Coomaraswamy appointed to Dialog Axiata board

Dr. Indrajit Coomaraswamy has been appointed as an Independent Non-Executive Director on the board of Dialog Axiata PLC, with effect from February 1, 2021.

Brush maker BPPL to make inroads into overseas markets defying pandemic

BPPL Holdings PLC, Sri Lanka’s largest brush ware maker and an exporter, ploughed ahead during the three months to December 2020 (3Q21), after experiencing some setbacks from the new restrictions stemming from the second wave of COVID-19, in early October.

Credit card spend down four months in a row

The decline observed in the credit card spend, as measured through the outstanding credit card balance, continued through November 2020, as spending options exhausted with the returning of restrictions on mobility and other leisure and entertainment activities.

Women entrepreneurs say improved regional integration essential to boost business

Women entrepreneurs in South Asia stressed the need for improved regional integration to support their businesses, so that the existing potential for cross-border trade can be realised in a more effective manner.

Stock market turnover hits highest since 2008; indices down

The Colombo Stock Exchange (CSE) recorded the second highest turnover yesterday in its history amid increased local investor activity, though both indices ended in red, due to price declines in several key counters.

Corporate Culture Evolves in the New Normal

The global pandemic has created havoc with businesses globally, with lockdowns and social distancing measures making it difficult for employees and employers to operate in a ‘business as usual’ manner. But herein lies the opportunity to reset the world of work now that many companies have mastered the art of having their employees work from home. Going ahead, organizations have a rare chance to recalibrate their culture to adopt more flexible wor

BOI, CSE and Ceylon Chamber in major foreign investment push

To feature eminent line-up of speakers, presenters and panellists including policy makers and business leaders The Board of Investment of Sri Lanka (BOI), Colombo Stock Exchange (CSE) and Ceylon Chamber of Commerce (CCC) are set to organise a first-of-its-kind virtual investment forum to collectively promote direct and equity investment opportunities in Sri Lanka on 6th 7th and 8th April 2021.

SL and China enter into MoU to deepen apparel trade ties

Apparel trade between Sri Lanka and China is slated to receive fresh boost with the two nations having entered into a Memorandum of Understanding (MoU) to uplift the sector that was severely impacted by the COVID-19 pandemic.

Cinnamon Life receives COC; on track for March handover

Sri Lanka’s largest mixed development, Cinnamon Life, announced another major milestone in its journey to completion with the securing of a Certificate of Conformity (COC) for the project’s office and ‘The Suites’ residential towers.

Increased air freight rates, biz recovery boost Expolanka 3Q

Elevated air freight rates and the gradual returning of regular trade volumes towards the end of 2020 lifted financial performance of Expolanka Holdings PLC during the three months to December 31, 2020 (3Q21), which helped the logistics behemoth to deliver stellar revenues and profits for the period.

People’s Insurance appointed sole insurance provider for inbound tourists

As Sri Lanka opens its doors to the world once again, People’s Insurance, a part of Sri Lanka’s largest financial services groups has entered into an agreement with Sri Lanka Tourism to be the exclusive insurance provider for all inbound tourists.

Lanka IOC 3Q earnings up; sales languish amid mobility restrictions

Lanka IOC PLC’s top line languished during the three months ended December 31, 2020 (3Q21) amid new restrictions on mobility with the outbreak of COVID-19 second wave in the country in early October and other economic activities, in comparison to the strong gains made in the earlier quarter.

Private sector credit accelerates in December after brief slowdown

The private sector credit gained pace during December after a brief deceleration in October and November, indicating that private individuals and companies have resumed taking up loans for consumption, production and investment activities.

Consumer prices ease to two-year low in January amid pandemic

Consumer prices measured by the Colombo Consumer Price Index (CCPI) fell sharply in January as food and non-food prices eased with little pressure coming from supply side amid dampening impact on demand in certain sectors due to the pandemic.

Australia’s commitment to climate action, adaptation and resilience

2020 was a year that tested the strength of our communities and the resilience of our countries.