The Cabinet of Ministers has given its nod to State-run Litro Gas Lanka Limited to purchase US$ 3.76 million worth of new empty metal cylinder containers for liquid petroleum gas (LPG) from two Thailand-based companies for the year 2020.

Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which fund

Amidst ongoing negotiations between key Japanese and Malaysian investors of Asia Capital PLC (ACAP), the company has recently stepped into appoint a legal and financial consultant to restore confidence among the investors to undergo a restructuring p

Scotland yesterday launched a smartphone app for tracking coronavirus cases using technology developed by Apple and Google, while neighbouring England is still struggling to roll out its own troubled version.

Sri Lanka’s government renewed calls for suspension of debt service payments from multilateral lending agencies until at least 2021, as such could lift some burden off from its budget and ease pressure on the balance of payment to better respond to

Indocean Developers has informed the buyers of Altair apartments that a recent Supreme Court decision, relating to a management rights dispute involving two groups of shareholders, was only a denial of a plea by one party to the dispute to dismiss a

Lebanon’s President Michel Aoun has come under fire after it emerged that tea donated by Sri Lanka for victims of the Beirut blast was distributed instead to families of his presidential guards.

American multinational technology company IBM this week announced its ‘hybrid cloud’-driven strategy for Sri Lanka—an artificial intelligence (AI) solution that serves as a platform for businesses to reset their operations, following the impact

Sri Lanka’s rubber sector requires more investments and collaboration among industry players to capitalise on the high demand in the world market for the country’s high-quality natural rubber, a leading rubber product manufacturer in the country

Sierra Cables PLC, with strong credentials in the manufacturing and supply of wire and cable in Sri Lanka and overseas, recently recorded the highest ever group turnover, registering a strong post-COVID-19 growth streak that speaks well for the count

As the changing consumer habits in the backdrop of the global pandemic could lead to an increase in the number of ‘false positives’ in the area of money laundering, multinational professional service network Deloitte advised the local financial s

As the coronavirus pandemic has upended how people work to a greater extent among other things, RIL Property PLC, a leading ‘Grade A’ office space provider in the country, has set its eyes on venturing into co-working space business.

The massive relief afforded to a large number of its borrowers affected by the coronavirus-induced economic hardships and the provisions made for possible loan defaults had a notable bearing on the financial performance of People’s Bank during the

The licensed commercial banks can now invite multilateral financial organisations to purchase up to 20 percent of shares, as the Monetary Board has decided to relax certain rules pertaining to the maximum share ownership—a move that could enhance t

Colombo-based Fly Lankan Asia (Pvt.) Ltd has requested permission from authorities to operate domestic and international flights carrying passengers as well as cargo and mail services.

The decline in private sector credit narrowed in July, signalling that the new loans by the banking sector to private individuals and businesses were just about to surpass the loan settlements by the borrowers, which could set stage for a net growth

Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday that the government would introduce new instruments to attract foreign investments to re-energise the country’s economy.

National Development Bank PLC (NDB) yesterday revealed the plans to raise up to Rs.6.5 billion via a Basel III-compliant debenture issue.

Sri Lanka’s international sovereign bonds (ISBs) are gaining after they lost value during April and May, as the yields have declined sharply from their highs reached during the worst of the pandemic, in a sign that the investor confidence is rebuil

The government is planning to hand over the lands belonging to the loss-making plantation companies to tea smallholders, as a pilot project, a statement by the President’s Media Division (PMD) said.

Sri Lanka experienced the highest cryptocurrency mining encounters across the region last year, according to the Asia Pacific finding from the latest edition of Microsoft’s Security Endpoint Threat Report 2019.

Sri Lanka’s gem and jewellery industry yesterday welcomed President Gotabaya Rajapaksa’s decision to remove 15 percent import duty on gold and 14 percent income tax on the profits of gem and jewellery manufacturers, enabling the industry to becom

Instead of passively waiting for foreign investors to come, the stockbrokers at the Colombo bourse have been asked to proactively engage local investors, as there is a huge potential for share valuations to increase in the near future.

India’s Ajay Piramal Group has begun making offers to sell its glass business, which will include the Sri Lankan operations under Piramal Glass Ceylon PLC, according to multiple Indian news reports.

HCL Technologies (HCL), a leading global technology company, yesterday announced the official opening of its Global Development Centre in Colombo.

Lanka Ashok Leyland PLC said it has adequate vehicle stocks to continue to serve the market and also to meet any sudden uptick in demand in the near term, as the government keeps a lid on vehicle imports to preserve foreign exchange and also to buy s

Cumulative earnings of Sri Lanka’s non-bank finance sector have turned sour during the second quarter of this year, plunging sector earnings into negative territory, and the data available since 2013 does not indicate such trying conditions ever fa

The Central Bank is looking at employing new methodologies or updating the existing ones, which will contain the ability to capture economic activities that shifted online including working-from-home, as concerns were raised over how the economy reco

Sri Lanka’s Human Resource (HR) fraternity saw the addition of a localised publication with eminent lawyer and author Franklyn Amerasinghe having launched last week his latest book, ‘Business Oriented People Management’.

BPPL Holdings PLC, Sri Lanka’s largest brush-ware maker and exporter, has decided to pull out from the highly competitive Indonesian market after about four years since it entered the burgeoning Southeast Asian country with its own brand as the com