Offering barely maintained and totalled 5 MnKgs at tea auction this week

The total offerings were barely maintained and totalled 5.0 million kilogrammes at the Colombo Tea Auction this week. Notwithstanding the price fluctuations, based on the qualitative factors and availability, the Large Leaf/Low Growns met with fair demand. The High and Mid Grown Small Leaf teas in the higher price bracket were irregularly easier, whilst the prices at the lower end were firm to marginally easier, Forbes and Walker Tea Brokers sai

Market takes a breath post-bullish surge

At the end of the week, the secondary market yield curve remained broadly stable while the market activities were at a complete standstill. The investor sentiment paused momentarily after the substantial buying momentum witnessed in previous sessions, following the negotiations regarding the external debt restructuring agreement with the international sovereign bondholders. As a result, the investors opted for a cautious approach, allowing for

Market closes in green

The ASPI closed in green as a result of price gains in counters such as C T Holdings, Citizens Development Business Finance and Royal Ceramics with the turnover crossing Rs. 472 Mn. Meanwhile, the S&P SL20 edged up. High net worth and institutional investor participation was noted in John Keells Holdings. Mixed interest was observed in Vallibel One, Access Engineering and Hatton National Bank nonvoting whilst retail interest was noted in UB Finan

Lanka IOC upgrades country with launch of premium Octane Petrol ‘XP 100’

Lanka IOC achieved a significant milestone in the petroleum fuel retail marketing in Sri Lanka, by launching country’s first premium-grade 100 Octane Petrol ‘XP100’ in Colombo. With this launch, Sri Lanka becomes the 8th country in the world where 100 Octane petrol is available along with countries like US, Germany, India etc. This revolutionary premium fuel was launched by High Commissioner of India to Sri Lanka Santosh Jha in the presence o

Abans honours student for bravery during floods

Abans recently recognized the extraordinary bravery of Charithma Jinendri, a student from the Arts section at Padukka Piyarathana Vidyalaya, for her heroic act during the recent floods caused by the overflowing of the Wak Oya. Jinendri had displayed immense courage and quick thinking, rescuing a couple trapped inside a house during the deluge. To support Jinendri in her educational pursuits and future endeavours, Abans, at the behest of Educatio

LOLC ‘Divi Saviya’ reaching 3,500 schools across the country

The LOLC Divi Saviya humanitarian effort has reached a significant landmark by supporting 3,500 schools, surpassing 35 percent of the total number of schools in the island. Launched in February 2023, this initiative has steadily and consistently reached and enriched the nation’s young minds. As Phase 03 of the project progresses, LOLC Divi Saviya is focused on schools accommodating 101-150 students. This strategic move aims to ensure that even

Union Bank Poson Bathi Gee Saraniya

Union Bank Poson Bathi Gee Saraniya was held recently at the bank’s head office in the presence of

CDB provides Smart Computer Labs to Eastern Province schools

CDB presented three Smart Computer Labs to schools in the Eastern Province recently. These were Mihindupura Vidyalaya in Trincomalee, Rethithenna Iqrah Vidyalaya in Batticoloa and Veppayadi Kalaimagal Vidyalayam in Ampara. These three labs now move towards the target of a total of twenty pledged for CDB’s Silver Jubilee. The Smart Computer Lab project was initiated fourteen years ago and has in those years, seen a total of 6,000 students primar

DFCC Aloka appreciates Female Police Officers of Child and Women Bureau

DFCC Aloka, the women-centric banking proposition from DFCC Bank, recently held a special event to show appreciation for women police officers. The event, held at the Child and Women Bureau at Kandy Police Headquarters, recognised the role of female police officers and their commitment to safeguarding our communities.  Shera Hassan, Vice President and Head of Pinnacle Planning and Implementation, highlighted DFCC Aloka’s capacity to organise ski

Ceylinco Life concludes ‘Family Savari 17’

Ten policyholders of Ceylinco Life and their family members spent four days in Malaysia recently, bringing the curtain down on the 17th edition of the life insurance leader’s ‘Family Savari’ programme. The itinerary of the group included a visit to the Petronas Twin Towers, viewing the Lake Symphony Light and Water Show near Petronas Towers, a visit to KLCC Aquarium, a tour of the Genting Highlands with cable car rides, exploring the Batucaves, a

PB commemorates Poson Poya in Anuradhapura

People’s Bank organized a series of meritorious deeds in Anuradhapura to mark Poson Poya. As a part of this programme, for the 41st time in its history, People’s Bank offered alms (Heel Daana) to over 30,000 devotees who observed Sil at the sacred Jaya Sri Maha Bodhi premises.Additionally, for the 18th time, People’s Bank conducted a glorious performance of the ‘Poson Bodhu Gee Saraniya’ at the Ruwanweli Maha Seya. This programme of meritorious

Bank of Ceylon celebrates World Environment Day

In celebration of World Environment Day, Bank of Ceylon partnered with the Department of Wildlife Conservation and the Divisional Secretariat Colombo to launch a significant environmental initiative. The event featured an awareness programme focusing on environmental conservation and the critical importance of preserving our natural resources for a better future. Following the awareness session, participants engaged in a hands-on beach clean-up

Pvt. sector slams authorities for poor handling of Customs disruption

Sri Lanka’s private sector delivered a scathing critique yesterday, slamming authorities for their sluggish response in shielding industries from disruptions caused by key institutions such as Sri Lanka Customs.

SLTDA urges action against over-tourism threat to country’s biodiversity

Sri Lanka is experiencing a steady increase in international visitors, but the industry authority emphasises the need for urgent action to protect the country’s biodiversity and environment.

Uncertainty over SVAT refunds worry exporters

Exporters yesterday confirmed that they have not received any solid information regarding a proper refund system as the withdrawal of Simplified Value Added Tax (SVAT) is set to take effect on 1 April 2025.

Maharaja Foods IPO snapped up on opening day

The Initial Public Offering (IPO) of Maharaja Foods Limited, a manufacturer, exporter, and distributor of authentic Sri Lankan foods and other groceries, was oversubscribed on the official opening day yesterday, leading to its closure.

More to be done to lure ESG conscious foreign investors: SEC Chief

Sri Lanka has the necessary regulatory framework for green finance instruments since October 2023, but new issues are yet to be seen in the local capital market, Security and Exchange Commission (SEC) said.

EY welcomes Harsha Basnayake to Global Executive Board

Harsha Basnayake, an expert in deals, capital advisory, and transactions in Asia, will join the EY Global Executive Board as Global Managing Partner – Business Administration & Risk – the first from the Asia-Pacific Region and a first for a Sri Lankan.

Crossings account for 45.0% of turnover

Indices closed in red as a result of price losses in counters such as LOLC Holdings, Melstacorp and Sampath Bank with the turnover crossing Rs. 1.9 bn.

Market yearns further clarity despite ISB rework

The secondary market pivoted from its selling sentiment displayed during the previous sessions, and witnessed a considerable amount of bids recorded during the day as Sri Lanka reached a provisional deal on USD 12.5bn worth of ISBs’ with the respective bond holders.

SLASSCOM and IIT Madras to boost start-up ecosystem

SLASSCOM and IIT Madras Pravartak have inked a landmark memorandum of understanding (MoU) aimed at enhancing collaboration and fostering innovation in Sri Lanka’s start-up ecosystem.

AIA bags multiple wins at 4A’s Advertising Awards

AIA Insurance shone at the recently held 4A’s Advertising with remarkable five awards recognising the company’s creative and engaging campaigns.

JAT launches painter training programme with international trainers

Sri Lanka’s market leader in wood coatings, brushes and rollers, JAT Holdings PLC, has launched Harris International Painter Training Programme 2024, under its long-standing JAT Pintharoo Abhiman CSR initiative. The objective of this programme is to elevate industry standards through comprehensive technical training for professional painters, guided by international experts from Orkla House Care UK – the market leader in brushes rollers and acce

Energynet holds Uninterrupted Power and Efficiency Summit

Energynet (Pvt.) Limited, a subsidiary of Hayleys Fentons and Riello Power Solutions (Italy), two well-known UPS giants locally and globally, successfully hosted The Uninterrupted Power and Efficiency Summit 2024.

CICRA Campus launches new Business Faculty degrees

CICRA Campus launches four new programmes under its newly established Business Faculty: Bachelor of Accounting (Hons), Bachelor of Education (Early Childhood) Hons, Bachelor of Business Administration and International Foundation Programme in partnership with Asia e University, Malaysia.

CEAT tyres roll into Brazil

Brazil has become the latest export market for CEAT tyres manufactured in Sri Lanka.

Ceylon Chamber-MDF empower women business development coaches

Aiming to advance gender inclusivity and promote women’s economic empowerment, the Ceylon Chamber of Commerce in collaboration with MDF Training & Consultancy successfully concluded a training of trainers programme designed to enhance the capabilities of women business development coaches in Sri Lanka.

Exploring tax impact of IMF’s second review under Extended Fund Facility

The International Monetary Fund (IMF) Executive Board recently concluded the 2024 Article IV Consultation with Sri Lanka and completed the second review under the Extended Fund Facility (EFF) programme. Under Article IV of its Articles of Agreement, the IMF holds bilateral discussions with the members, usually every year.

Great Place To Work introduces Four Equities framework

Great Place To Work has introduced the Four Equities framework to guide and support organisations in fostering diversity, equity, inclusion and belonging (DEIB).

Moratuwa University team 2nd at Huawei ICT Competition

The Sri Lankan team from the Moratuwa University has made history by securing the second prize in the Practice Competition – Cloud Track 1, at the Huawei ICT Competition 2023–2024 Global Finals.