JAAF continues to guide apparel sector in trying times

Consequent to the second wave of COVID-19 infections, apparel companies have been working to the guidelines issued by the Environment, Occupational Health and Food Safety Directorate under the Health Ministry, which set out in detail the steps to be taken to ensure that factories are made as safe as possible.

SL’s alternative policy path not understood: CB chief

Central Bank Governor Professor W.D. Lakshman this week called out to the doomsayers, who fail to understand the alternative policy platform unleashed by the government and Central Bank, which is already showing some encouraging results.

MB imposes time-bound maximum shareholder limits in finance companies

The Monetary Board (MB) of the Central Bank this week issued fresh guidelines to licensed finance companies (LFCs), capping the maximum number of shares held by a single shareholder or a group of shareholders acting in concert, effective from 2022 and vowed punitive actions for those who don’t fall in line.

Lanka Realty Investments acquires Unity Plaza owner

Lanka Realty Investments PLC, formerly known as Ascot Holdings PLC, yesterday said it purchased 47.2 million shares of On’ally Holdings PLC, which constitutes to 50.8 percent for Rs.1.4 billion, paying Rs.30.20 a share.

THASL calls for greater clarity on burning issues faced by industry

The Hotel Association of Sri Lanka (THASL) applauded President Goabaya Rajapaksa’s recent call to gradually restart the country’s tourism industry but expressed the need for greater clarity on the “burning issues” faced by the tourism sector going forward.

Ceylon Graphite Corp.’s US trading status upgraded to OTCQB

Ceylon Graphite Corp yesterday said its common shares have been approved for trading on the OTCQB Venture Market, effective December 3, 2020.

Colombo Stock Exchange completes its 35th year

The licensed operator of the Sri Lankan stock market, the Colombo Stock Exchange (CSE), marked a historic milestone yesterday, as it completed its 35th year.

EDB Chairman Prabhash Subasinghe steps down

Export Development Board (EDB) Chairman Prabhash Subasinghe has stepped down after heading the country’s apex export promotion agency for one year.

Unity Plaza owner acquired by Lanka Realty Investments

Lanka Realty Investments PLC, formerly known as Ascot Holdings PLC, today said it purchased 47.2 million shares of On’ally Holdings PLC, which constitutes to 50.8 percent for Rs.1.4 billion, paying Rs.30.20 a share.

EDB Chairman Prabhash Subasinghe steps down

Export Development Board (EDB) Chairman Prabhash Subasinghe has stepped down after heading the country’s apex export promotion agency for one year.

SL Tourism has lot to get right, says expert

The local tourism sector yesterday was presented with the harsh reality that it simply isn’t doing enough to reach its aspirations as planned and to make any real progress it is essential for the authorities to smartly relook at the industry’s marketing mix.

government orders closure of PUCSL

In an unexpected move, the government has decided to shut down the Public Utilities Commission of Sri Lanka (PUCSL) based on a budget proposal to reform the laws governing the country’s power sector regulator and the utility, the Ceylon Electricity Board (CEB), according to

George Steuart to acquire HVA Foods

George Steuart & Company Limited (GS&Co) yesterday announced a voluntary offer to acquire all the issued shares of HVA Foods PLC, with the latter’s majority shareholder agreeing to sell the controlling shareholding of the company.

NBFI sector asset quality further improves despite pandemic stress

The asset quality of the non-bank finance institution (NBFI) sector further improved in September, continuing the momentum gained in August.

Tweak in listing rules required to attract SOEs to bourse

As state-owned enterprises (SOEs) continue to make losses and depend on the Treasury for bailouts, a tweak in rules required for listing would need to be accommodated to encourage such entities to enter the Colombo bourse, a top Colombo Stock Exchange (CSE) official said.

CSE plans to open up Multi-Currency Board for local firms from next year

The Colombo Stock Exchange (CSE) from next year plans to open up its Multi-Currency Board to local companies, for both equity listings and debenture issuances, to raise funds in foreign currencies to facilitate their expansion plans outside Sri Lanka.

CB observes tendency for currency stockpiling

It has been turned out that people are stockpiling notes and coins at a faster pace than before, indicating that they have become cautious in coming into contact with physical currency, due COVID-19 fears.

SDB Bank rights issue oversubscribed

Sanasa Development Bank PLC (SDB Bank) raised Rs.1.53 billion via a rights issue concluded in November, becoming the first such fundraising carried out online, signalling that stocks and bond issuances could be successfully carried out via online channels when in-person interactions are interrupted.

StanChart provides financing to Lankan PPE manufacturers to enhance capacity

Standard Chartered Sri Lanka yesterday announced the facilitation of financing for Industrial Clothing Limited (Midas Safety Sri Lanka) as well as Hayleys PLC’s subsidiaries Dipped Products PLC and Haycarb PLC, to enhance their manufacturing capacity of essential personal protective equipment (PPE) for the global fight against COVID-19.

Central Bank’s easy money policy less helpful for economic revival

The Central Bank, at its recent monthly monetary review meeting, decided to continue its accommodative monetary policy stance to boost economic growth while recognising the absence of demand-driven inflationary pressures. Accordingly, the Central Bank will maintain its Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) at their current levels of 4.50 percent and 5.50 percent, respectively.

COVID-19 crisis and innovation: Why intellectual property rights matter

Way back in 1945, renowned author Kumarathunga Munidasa wrote in ‘Virith Vekiya’: “A nation that does not invent and produce new things will not thrive.” The visionary Munidasa clearly understood the importance of innovation for economic and social progress.

President calls for bold investments from pvt. sector

As Sri Lanka explores avenues for greater economic prosperity amid pressing challenges that stem from the global front, in addition to those locally inherited, President Gotabaya Rajapaksa called for an enabling private sector, one that is bold and has high-risk tolerance to take the country to the next level.

India pledges to deepen economic ties with SL

Sri Lanka yesterday received a strong pledge of commitment from its neighbouring giant, India, with its Finance Minister affirming improved assistance to help the government strengthen the national economy.

Delay in Grand Hyatt project costs Rs.31.8bn to taxpayer

The delay in completing the construction of Grand Hyatt Hotel project during 2015-2019 period has cost the Sri Lankan taxpayer a whopping Rs.31.8 billion— Rs.1.8 billion in damages and Rs.30 billion in cost overruns.

CMO Asia honours PB’s CEO for digital transformation success

People’s Bank CEO/GM Ranjith Kodituwakku was bestowed with the ‘CEO of the Year’ award at the CMO Asia Sri Lanka Innovation Leadership Awards on November 24, in recognition of his dynamic contribution towards the digital transformation of People’s Bank, which is delivering multiple benefits to the organisation while offering an unparalleled customer experience.

Exchange controls extended by further six months

The Cabinet of Ministers this week gave its nod to extend foreign exchange controls on outward remittances up to June next year, to preserve the country’s foreign currency reserves and minimise pressure on exchange rate.

Validity period to open SDAs extended

The Central Bank yesterday extended the validity period to open Special Deposit Accounts (SDAs) introduced this April to bring in foreign currency into the country at higher interest rates than what is offered under normal circumstances to lure more of such funds to strengthen the country’s external reserve buffer.

Govt. to change course to further minimise reliance on foreign borrowings

The government has decided to further mitigate its reliance on foreign borrowings as the Cabinet of Ministers agreed to convert all foreign-funded projects planned for next year into various other arrangements, which would not swell the country’s already high foreign liabilities.

Fitch downgrades SriLankan Airlines’ US$ 175mn govt. guaranteed bonds

Fitch Ratings has downgraded the rating on SriLankan Airlines Limited’s US$175 million government-guaranteed 7 percent unsecured bonds due 25 June 2024 to ‘CCC’, from ‘B-’.

Bank of Ceylon successfully raises Rs.10bn via equity-like bond

State banking giant Bank of Ceylon (BOC) successfully raised Rs.10 billion through the issuance of Basel III compliant, unlisted, rated, unsecured, subordinated, perpetual, additional tier 1 (AT1) capital bonds with non-viability full and permanent write down at an issue price of Rs.100 each on December 1, 2020.