SEC cautions investors against unsolicited stock tips

In the backdrop of increased stock market activities, the Securities and Exchange Commission (SEC) yesterday cautioned investors and the general public not to rely on unsolicited stock tips/advice circulated through bulk SMS, websites and social media platforms.

Cargills Ceylon nearly doubles profits in 3Q on robust retail and FMCG operations

Cargills Ceylon PLC, which runs the country’s largest privately owned supermarket chain, almost doubled its net profit in the December quarter (3Q21) amid strong sales, as consumer demand improved.

Ishara’s LOLC becomes third one billion dollar company on CSE

Dynamic business leader Ishara Nanayakkara-controlled LOLC Holdings PLC yesterday became the third US$ 1 billion company on the Colombo Stock Exchange (CSE), behind John Keells Holdings PLC and Ceylon Tobacco Company PLC.

Govt. says will never float its ECT share on any stock exchange

Trying to clear the air surrounding the highly contentious East Container Terminal (ECT) matter, the government yesterday said it would never float its share of the terminal on any stock exchange, which could lead to potential dilution of ownership.

Cabinet nod to draft new Fossil Fuel Resource Development Act

The Cabinet nod has been granted to draft a new Fossil Fuel Resource Development Act replacing the Fossil Fuel Resources Act No 26 of 2003, in order to establish a new legal framework for local fossil fuel including the natural gas industry as proposed in the National Policy on Natural Gas (NPNG).

SLT-Mobitel gears for pre-commercial 5G launch by mid-year

State-controlled Sri Lanka Telecom (SLT) group is preparing for pre-commercial launch of 5G services mid-year under SLT-Mobitel brand while awaiting spectrum allocation for the commercial launch next year.

Vacancy rates of Colombo’s office spaces increase

While nominal rental prices are held up, the vacancy rates of Colombo’s office space segment shot up in 3Q20, as small & medium-sized enterprises (SMEs) went into downsizing space to cut costs, and due to weak leasing demand following the lockdown period.

Cabinet nod to setup 100-acre industrial estate in Katunayake

With aim of attracting Rs.30 billion in investments and generating 11,500 employment opportunities, the Cabinet of Ministers has approved a proposal to set up a 100-acre industrial estate in Katunayake.

Ishara’s LOLC becomes third one billion dollar company on CSE

Dynamic business leader Ishara Nanayakkara-controlled LOLC Holdings PLC today became the third US $ 1 billion company on the Colombo Stock Exchange (CSE), behind John Keells Holdings PLC and Ceylon Tobacco Company PLC.

Republic day of India

I extend warm greetings to the friendly people of Sri Lanka and all Indians residing in this beautiful country on the occasion of the 72nd Republic Day of India. It was on 26 January 1950 that the world’s largest written Constitution entered into force into a newly independent India and transformed the young nation into a Republic. As a fellow South Asian democracy and our closest maritime neighbour, Sri Lanka has been a consistent partner of the

BOC, People’s Bank set to secure US $ 180mn AIIB loan

Sri Lanka’s state-run Bank of Ceylon (BOC) and People’s Bank (PB) are likely to secure a US $ 180 million loan from China-led Asian Infrastructure Investment Bank (AIIB), under sovereign guarantees.

SLIC records Rs.55.2bn revenue for 2020

Despite the turbulences and challenges, Sri Lanka Insurance Corporation (SLIC) has closed the year 2020 in a positive note, recording phenomenal revenue growth with exceptional service innovations.

UL resumes direct flights to Frankfurt to boost tourist arrivals

Sri Lanka welcomed the first group of tourists from Germany and Switzerland last week (January 21), flown in by national carrier SriLankan Airlines, which resumed direct flights from Frankfurt, after a lapse of more than four years.

Stock market continues ascent on higher Dec. quarter earnings expectations

The Colombo bourse continued its climb unfettered yesterday too, with the benchmark index reaching a new all-time high and market turnover flirting with Rs.15 billion.

Stockbrokers issued guidelines on best practices and market surveillance

In consultation with the Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) has issued a set of guidelines on best practices for stockbroker firms, which are required to be adopted and implemented with immediate effect.

SPC saves over Rs.1bn by snubbing emergency drug purchases

State Pharmaceutical Corporation (SPC) has saved at least Rs.1.1 billion during 2020, due to the avoidance of emergency drug purchases, a common practice widely used by the state-owned manufacturer and distributor of medicinal drugs.

CB suspends banks from entering into forward forex contracts

Adding another one to the recent measures implemented to contain the excess volatility in the foreign exchange market, the Central Bank yesterday suspended the licensed commercial banks from entering into forward rate agreements for foreign exchange for three months, with immediate effect.

CB suspends banks from entering into forward forex contracts

Adding another one to the recent measures implemented to contain the excess volatility in the foreign exchange market, the Central Bank today suspended the licensed commercial banks from entering into forward rate agreements for foreign exchange for three months, with immediate effect.

Budget deficit hits Rs.1.3tn as revenues languish

Sri Lanka’s fiscal deficit for the first 10 months of 2020 expanded by nearly Rs.488 billion from the same period in 2019 as revenues, mainly coming from taxes declined. According to the latest fiscal data available from January through October, the government recorded a budget deficit of Rs.1, 317.2 billion compared to Rs.829.3 billion in the same period in 2019.

Stock market players await strong December quarter results for further boost

With a record-breaking week behind, investors at the Colombo Stock Exchange (CSE) are poised for another week of buoyancy beginning from today, with strong December quarter results expected to hit the market.

Ceylon Cold Stores 3Q revenue intact despite virus disruptions

Ceylon Cold Stores PLC (CCS) reported robust top and bottom line performances for the three months ended December 2020 (3Q21), as the company managed to maintain its revenues intact despite the sporadic COVID-19 related lockdowns, which impacted consumer spending.

5G-ready Samsung Galaxy S21 now available for pre-order at Dialog  

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider and the first and only network to offer Voice over WiFi (VoWiFi or WiFi Calling), VoLTE (Voice over LTE) and eSIM capabilities for the newest Samsung Galaxy range, recently announced pre-order availability for the all-new 5G ready Samsung Galaxy S21 line-up which includes the Samsung S21, S21 Plus and S21 Ultra.

Silicon Valley investor Insaaf Mohideen in town

Sri Lankan-born serial entrepreneur and Silicon Valley investor Insaaf Mohideen is in Sri Lanka for a brief visit under the ‘investor bubble’ scheme, sources at the State Ministry of Money & Capital Markets and State Enterprise Reforms said.

Sri Lanka in talks with PayPal for 9 years without breakthrough

The Central Bank last week said they have been talking with the US internet-based payment gateway provider, PayPal Holdings Inc. for the launching of their services in Sri Lanka for almost 9 years without a breakthrough.

November industrial production slips as apparel sector slows

Sri Lanka’s industrial firepower measured by the Index of Industrial Production (IPP) slipped in November 2020 despite the resilience shown by the country’s manufacturing sector in facing the COVID-19 pandemic.

Post lockdown condominium sales rebound amid low interest rates

Backed by the low interest rates regime and increased mobility following virus-related lockdowns, Sri Lanka’s condominium sector made a marked recovery in the third of quarter of last year (3Q20) with the sale of condominium units reaching highest levels seen since first quarter of 2018, according to Central Bank’s (CB) latest Condominium Property Volume Index (CPVI) released this month.

Market bull run continues; ASPI sets new all-time high

Turnover tops Rs.12.8bn amid highest number of trades carried out in a single day The Colombo Stock Exchange’s (CSE) phenomenal ascent continued yesterday also, renewing records set just the previous day and market turnover hitting double-digits.

Central Bank warns of online financial frauds and scams

The Central Bank this week said it has received information regarding several types of financial frauds and scams being operated through social media, Internet-based applications and mobile payment applications.

Huawei founder praises U.S. tech in first word from company since Biden inauguration

The United States remains a “beacon of technology” to be emulated and China’s Huawei Technology should consider cutting products in the wake of U.S. actions against it, the Chinese firm’s founder Ren Zhengfei said in remarks made public yesterday.

Alphabet shutting Loon, which used balloon alternative to cell towers

Alphabet Inc is shutting down Loon after concluding the business, which offers balloons as an alternative to cell towers, is not commercially viable, Google’s parent company said on Thursday.