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

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.

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

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 Exchang

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

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.

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 cha

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 capaci

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.

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.

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 Peopl

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.

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

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 a

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-’.

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 w

The Asian Development Bank (ADB) and the Government of Sri Lanka (GOSL) yesterday signed a US$ 400 million loan agreement to support the country in transforming its secondary education system to align with the demand for highly skilled and agile work

Stock investors snubbed the sovereign downgrade by Fitch Ratings last Friday, as the market continued its bull run in the first session opened on Monday, after the rating action.

The Monetary Board of the Central Bank yesterday withdrew the appointment granted to NatWealth Securities Limited (NWSL) to function as a primary dealer.

The Sri Lanka Bureau of Foreign Employment (SLBFE) said it has resumed sending migrant workers to Saudi Arabia, for employment.

As Sri Lanka is faced with the added challenge of dealing with the social consequences arising from the COVID-19 pandemic, the United Nations Development Programme (UNDP) expressed concerns on the country’s rising levels of poverty and widening ine

Headline inflation, as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index (CCPI), increased marginally to 4.1 percent in November 2020, from 4.0 percent in October 2020.

The much-awaited Sri Lanka Economic Summit will be inaugurated today, with the patronage of chief guest President Gotabaya Rajapaksa.

While cautioning on a recent phenomenon where investment advice is dispensed on social media platforms by individuals and various other outfits, the market regulator, the Securities and Exchange Commission (SEC), urges investors to obtain investment

Kahawatte Plantations PLC board of directors has resolved to capitalise Rs.800 million of related party debt via a private placement, at Rs.41 per share, to controlling shareholders.

The government ramped up its borrowings in October as the virus resurgence necessitated pumping more money into the hands of the public while powering the essential services required to control the spreading of the virus.

Sri Lanka’s vehicle registrations in October crashed to a new record low across the board, including all commercial vehicle categories, due to the economic impact of the second wave of COVID-19 outbreak and import restrictions on personal vehicle i

The director board of Hatton National Bank PLC (HNB) has resolved to raise up to Rs.7 billion via a Basel III-compliant debenture issue.

Two vessels owned by global French transportation and shipping group CMA CGM made their maiden call at HIP last week.

Prime Minister and Minister of Finance Mahinda Rajapaksa is to make a statement in parliament on the restructuring of The Finance Company next week.