Finance company directors get regulator’s nod to serve beyond 70 years

Finance companies can now opt to retain their directors who reach 70 years of age while serving in their respective boards as the Monetary Board has eased rules on the maximum age of a sitting director as companies scramble to fill vacant board seats with fitting candidates.

HNB ranked among top 1, 000 world banks by The Banker again

Cementing an international reputation for excellence, Hatton National Bank PLC was ranked among the Top 1,000 World Banks 2020 for the fourth consecutive year by the UK’s The Banker magazine.

Tea Board pushes industry to adopt best practices to ensure no chemical traces in shipped tea

The global market will soon see zero pesticide residue in premium Ceylon Tea product range as the Sri Lanka Tea Board (SLTB) urges industry players to resort to best agricultural practices that would ensure no trace of chemicals in the final product.

Chiyo Kanda, new World Bank Country Manager for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

Listed firms’ dividend payments to reach shareholders faster with rules change

The recently approved amendments to the listing rules of the Colombo Stock Exchange (CSE) by the Securities and Exchange Commission of Sri Lanka (SEC) will enable shareholders to receive dividends declared by listed companies much faster.

WB announces new Country Manger for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

SEC amends rules to woo SMEs, tech start-ups to stock market

The Securities and Exchange Commission (SEC) has relaxed some Listing Rules and introduced new rules, making the route less daunting for small and medium-sized enterprises (SMEs) and business start-ups to seek a listing on the Colombo Stock Exchange (CSE) to gain access to public capital.

Senkadagala Finance secures US $ 25mn FMO facility

Senkadagala Finance PLC yesterday informed the Colombo Stock Exchange (CSE) that it received a US $ 25 million financing facility from the Netherland-based FMO, on June 29, 2020, to enhance its green vehicle portfolio.

ComBank in US $ 50mn private placement deal with IFC

Commercial Bank (Ceylon) PLC, the country’s largest private lender in terms of assets, on Tuesday said it was going for a US $ 50 million private placement deal with International Finance Corporation (IFC), a member of the World Bank Group.

CMPort ropes in strategic investor for H’tota port development

The Hambantota port operator, China Merchants Port Holdings (CMPort), saw 23.5 percent of its shares acquired by Fujian Transportation Maritime Silk Road Investment and Management, a share transfer that took place via an online signing ceremony earlier this week.

IFC exits Cargills Food investment via ‘put’ option

IFC, a member of the World Bank Group, has decided to pull out from the investment made in Cargills Food Processing Company (Pvt.) Ltd (CFC), a subsidiary of Cargills (Ceylon) PLC (CCP).

Monetary Board to consider 3 shortlisted tech firms to develop PoC of blockchain-based shared KYC facility

The Monetary Board of the Central Bank (CB) will consider three shortlisted software development firms to develop a Proof of Concept (PoC) of a shared KYC (know-your-client) facility, based on blockchain technology, for the country’s banking sector.

First Capital forecasts substantial policy rate cut

First Capital Research sees a higher probability for a substantial policy rate cut by the Central Bank at its upcoming Monetary Policy Review scheduled for July 20 to discourage banks’ utilisation of Standing Deposit Facility Rate (SDFR)‎ to park their excess liquidity in order to accelerate lending to COVID-19 hit businesses and individuals.

K.R. Ravindran to head top int’l charity foundation, Rotary

Sri Lankan business leader K.R. Ravindran will assume the Chairmanship of the Board of Trustees of Chicago-based Rotary Foundation today (July 1st).

Sri Lanka Insurance posts record Rs.8.2bn profit before tax

Sri Lanka Insurance (SLI) at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note recording a phenomenal growth with exceptional service innovations.

Sri Lanka’s computer ownership continues to fall

Households owning a desktop computer or a laptop have continued to decline in Sri Lanka during the three years from 2017 to 2019, but the shifting to home working in the aftermath of the coronavirus pandemic may have reversed the trend with people setting up home offices.

June national inflation declines on base effect

Headline inflation as measured by the year-on-year (yoy) change in the Colombo Consumer Price Index (CCPI) declined to 3.9 percent in June 2020 from 4.0 percent in May 2020.

Corporates brace for up to 20% earnings decline as dismal second quarter comes to an end

Sri Lanka’s listed corporates are expected to report between 15 percent to 20 percent decline in their earnings, as they prepare to close books on one of the worst quarters on record. Analysts are parsing data to understand each company’s operating leverage as most businesses remained either completely or partially shut for nearly two months.

Confectionery industry steps up efforts to use locally-sourced coconut oil substitutes

Sri Lanka’s confectionary industry yesterday said it is actively exploring the avenues to shift towards using locally produced coconut oil substitutes and move away from palm oil fats in their production processes, as directed by the government.

SLT likely to invest US $ 60mn in upcoming SEA-ME-WE 6 submarine cable system

The country’s national telecommunication provider, Sri Lanka Telecom (SLT) PLC, is likely to invest US $ 60 million in the upcoming South East Asia–Middle East–Western Europe 6 (SEA-ME-WE 6) submarine cable system, which is scheduled to be completed by end-2021.

Sri Lanka’s private healthcare sector faces acute shortage of trained medical professionals

The acute shortage of doctors, consultants, trained nurses and other medical staff, has pushed Sri Lanka’s private healthcare sector towards intense competition among the handful of players operating in the sector, leading to poaching and thereby negatively affecting their margins.

HNB witnesses rapid increase in digital remittances

Sri Lanka’s most technologically innovative bank HNB PLC reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.

Six people killed in attack on Pakistan Stock Exchange

At least six people were killed when gunmen attacked the Pakistan Stock Exchange in Karachi yesterday, with a policeman among the dead after the assailants opened fire and hurled a grenade at the trading floor, police said.

Hilton owner to delist shares from CSE

Hotel Developers (Lanka) PLC, the owner of Hilton Colombo, has announced that the State-owned entity will delist its shares from the official list of the Colombo Stock Exchange (CSE) in compliance with applicable regulations and procedures.

Credit guarantee and interest subsidy scheme announced to boost lending

The Central Bank (CB) yesterday announced a credit guarantee and interest subsidy scheme with a view to further accelerate lending by the banking sector to COVID-19 hit businesses in the country.

CB settles over US$ 1 bn debt since April using foreign reserves

Sri Lanka has settled foreign currency loans up to US$ 1,007 million during the three months from April 8 to June 22 using foreign currency reserves as liquidity became challenging due to sour external market conditions and slower foreign earnings resulting from the COVID pandemic.

Dumith Fernando to succeed Ray Abeywardena as CSE Chairman

The Colombo Stock Exchange (CSE) yesterday announced the appointment of Dumith Fernando as the Chairman of CSE Board of Directors with effect from July 1, 2020.

BOC to ink deal with China Development Bank for US$ 140 mn facility

State-owned banking giant, Bank of Ceylon (BOC) and China Development Bank (CDB) are set to enter into a US$ 140 million long-term facility, where drawdown will be under tranches of US$ 70 million each.

Vajira Kulatilaka appointed to Sampath Bank board

Vajira Kulatilaka, who recently retired from the NDB Group, has been appointed as a Non-Executive, Independent Director of Sampath Bank PLC with effect from June 25.

August 1 scheduled airport reopening likely to get delayed

The government is likely to delay the re-opening of the country’s borders as previously planned for August 1, to facilitate the return of Sri Lankan workers stranded abroad due to COVID-19 pandemic.