SL’s distillery sector welcomes new entrant

Sri Lanka’s distillery sector is set to witness a notable expansion in local production as the Board of Investment (BOI) recently announced a new US$ 2.5 million investment venture with new industry entrant J.R. Distilleries.

DFCC green bond issue oversubscribed on opening day

The Initial Public Offering (IPO) of the green bonds by DFCC Bank was oversubscribed on the opening day (12). In a filing to the Colombo Stock Exchange (CSE), the bank shared that it received applications for over 25,000,000 bonds (Rs.2,500,000,000) and the issue was oversubscribed.

Expolanka off CSE’s official list

Expolanka Holdings PLC’s ordinary voting shares were delisted from the official list of the Colombo Stock Exchange (CSE) effective September 12, 2024.

People’s Bank denies improper conduct in IT system upgrade

People’s Bank yesterday denied allegations of improper conduct related to its IT system upgrade. “These allegations are completely unfounded, and the bank categorically denies any involvement in improper activity,” the statement said.

ComBank first bank in SL to receive CFA license from SEC

Commercial Bank of Ceylon PLC has become the first Sri Lankan bank to receive license from the Securities and Exchange Commission of Sri Lanka (SEC) to operate as a Corporate Finance Advisor (CFA).

Parliament approves offshore banking rules for Port City Colombo

Port City Colombo announced this week that the parliament passed two key regulations on offshore banking on September 4, 2024, marking a major step in the city’s bid to become a regional financial hub.

Indices close on a mixed note

The ASPI edged down as a result of price losses in counters such as Ceylinco Insurance, Hatton National Bank and John Keells Holdings with the turnover crossing Rs. 1.1 bn.

Auction yields settle below 14.0%

CBSL held its Rs. 290.0bn T-Bond auction yesterday where weighted average yield rates were accepted below the 14.0% mark.

PF presents key policy reports to presidential candidates

The Pathfinder Foundation (PF), an independent research and advocacy organisation, has published two significant policy documents and they were presented to the presidential candidates, including President Ranil Wickremesinghe, SJB Leader Sajith Premadasa, Namal Rajapaksa representing the SLPP, NPP General Secretary Dr. Nihal Abeysinghe and Dilith Jayaweera, ‘Sarvajana Balaya’ Alliance.

Cargills Bank relocates Kaduruwela branch

Cargills Bank announced the relocation of its Kaduruwela branch to a new, more accessible location at 13/2, Hospital Junction, Polonnaruwa, effective from July 29, 2024.

SPARK 2024 crowns best Young Entrepreneurs of Tomorrow

The highly anticipated grand finale of the 2024 edition of the SPARK Skilled Youth Entrepreneurship Competition was celebrated on September 5. This national platform for Sri Lanka’s next generation of entrepreneurs empowered five finalists from both the ‘school’ and ‘open’ categories to showcase their innovative business ideas. The event culminated in the crowning of this year’s winners.

Pan Asia Bank and Odiliya partner to revolutionise real estate financing

Pan Asia Bank has signed a memorandum of understanding (MoU) with Odiliya, a prominent name in real estate and property development.

CEAT Kelani Holdings rated AA+ by Fitch for 4th successive year

Sri Lanka’s leading tyre manufacturer CEAT Kelani Holdings (CKH) has been assigned a National Long-Term rating of ‘AA+(lka)/Outlook Stable’ by Fitch Ratings for a fourth consecutive year, a rating Fitch said is supported by CEAT’s sustained leadership in the domestic pneumatic tyre manufacturing industry and the resilience of its financial profile.

Murali Prakash appointed as Chairman of Federation of Asia Pacific Retailers Associations

At a grand ceremony on September 6, 2024, held at Shangri-La Colombo, veteran business leader Murali Prakash was officially appointed as Chairman of the Federation of Asia Pacific Retailers Associations (FAPRA).

Brandix partners GLO programme for unique learning and development experience

Brandix rounded out its commitment for the Guiding Leadership and Outreach (GLO) programme this year, empowering up to 50 individuals across its value chain.

Star Garments Group steps up efforts in biodiversity restoration

As part of its sustainability strategy, Star Garments Group (Star) has stepped up to restore the biodiversity around its factory operations and offices, by committing to restore half of its physical footprint.

Fifty painters receive NVQ Level 3 certification at 8th Nippon Academy Awards

The Nippon Paint Lanka Painter’s Academy completed its six-month-long, eighth professional training programme successfully.

SLT-MOBITEL enhances connectivity at Kumana National Park

Reaffirming its commitment to embracing greener business practices, SLT-Mobitel has successfully implemented a 100 percent renewable connectivity at the Kumana National Park, a renowned tourist destination known for its natural beauty.

SSG opens 6 new learning centres across Sri Lanka

The Skills for Sustainable Growth (SSG) project has reached another significant milestone, opening six new learning centres in July and August.

Vision Care Academy conducts inaugural graduation ceremony

Vision Care Academy, the educational institute of Sri Lanka’s largest vision, eyewear and hearing solutions provider, Vision Care, recently marked a historic occasion with its inaugural graduation ceremony.

Litro partners with ceramics and glass sector

Litro Gas Lanka Ltd recently showcased its pivotal role in powering the country’s ceramics and glass industries during a technical session at the 18th Annual General Meeting (AGM) of the Sri Lanka Ceramics and Glass Council (SLCGC), held recently at The Kingsbury Colombo. The technical session, sponsored by Litro Gas, focused on pressing topics of energy efficiency, sustainability and innovation within these vital sectors.

CameraLK empowers Sri Lankan talent at Sony’s Kando Trip Southeast Asia

Sony successfully concluded its first-ever Kando Trip Southeast Asia, a landmark event held recently, in the stunning backdrop of Bali, Indonesia.

Great Place To Work announces 2024 Best Workplaces in Asia

Global authority on workplace culture, Great Place To Work, recently announced its Best Workplaces in Asia for 2024.

ADB approves USD 100 million for Sri Lanka’s water sector reforms

The Water Supply and Estate Infrastructure Development Ministry welcomed the approval of a USD 100 million policy-based loan from the Asian Development Bank (ADB) to support transformative reforms in Sri Lanka’s water supply and sanitation sector.

People’s Bank sets record straight on IT system upgrade

The People’s Bank issued a statement to address and clarify a recent allegation insinuating that an improper transaction is taking place pertaining to an IT system upgrade at People’s Bank.

SL’s solar PV sector, driven by rooftop solar sector, on path to meet 2030 climate commitment: Expert

Sri Lanka’s solar PV sector, driven by the rooftop solar sector, is on the path to meet the 2030 climate commitments, where the country aims to meet 75 percent of the energy requirement from the renewable energy sector, according to an expert.

Tour operators face cancellations as visa issues remain unresolved

Sri Lanka’s tour operators are witnessing a spike in cancellations, as the ongoing visa delays frustrate tourists and this is threatening the country’s tourism recovery.

Sri Lanka Tourism opens bidding for destination management partner

The Sri Lanka Tourism Promotion Bureau (SLTPB) has launched a bidding process to select a destination management company (DMC) for 2024/2025, to oversee familiarisation tours aimed at promoting Sri Lanka as a leading tourist destination.

Solar PV consumers have evolved into ‘prosumers’

As solar PV consumers have become prosumers, Prof. Asanka S. Rodrigo, the Sri Lanka Sustainable Energy Authority’s former Director General and Professor of the Electrical Engineering Department of the University of Moratuwa, stressed that the solution providers need to adopt to meet the growing needs of this segment.

Cartoon 12.09.2024