LOLC Investments exits BPPL Holdings

LOLC Investments Ltd. today sold its entire stake in the brush maker BPPL Holdings in Rs.1.28 billion deal.

Central Bank hopeful of PayPal’s arrival in Sri Lanka

The Central Bank remains hopeful of the prospects of PayPal Holdings Inc., the US-based international payment gateway company, to open access to Sri Lanka to facilitate Internet-based payments.

Pasan Wanigasekara to assume duties as BOI Director General

Multi-disciplined corporate leader Pasan Wanigasekara has been appointed as the new Director General of the country’s State-run apex investment promotion body, Board of Investment (BOI)

ASPI crosses 7, 000-point mark after six years

The benchmark All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) surpassed the 7, 000-point mark a while ago with increased market activity in certain counters such as Browns Investments PLC and Expolanka Holdings PLC.

Sri Lanka to issue new Rs.2, 000 currency note

The Central Bank is to introduce a new Rs.2, 000 currency note this year as a part of the existing 11th note series.

CB to revise EPF’s investment guidelines

The Central Bank today announced plans to revise the investment guidelines related to the Employees’ Provident Fund (EPF) to diversify the investment portfolio of Sri Lanka’s largest superannuation fund under the current low interest rate environment.

SL gearing up to open airports by end January

Sri Lanka will open its airports for both local and foreign air travelers from by end January after over 10 months of closure, the Ministry of Aviation announced today.

SL’s ChargeNET to power India with smart EV charging solutions

Sri Lanka’s largest Electronic Vehicle (EV) charging network, ChargeNET, has partnered with India’s EV COSMOS to extend smart electric charging solutions across the neighbouring giant.

Leopard Trails bags Gold at SATA Awards 2020

Sri Lanka’s luxury tented camping specialist Leopard Trails bagged the Gold award for Leading Wildlife Tented Camp in South Asia at the South Asian Travel Awards (SATA) 2020.

Commercial Bank announces new Chairman and Deputy Chairman

The Commercial Bank of Ceylon PLC has announced the appointment of former Chief Justice Kanagasabapathy Sripavan as Chairman and senior academic Prof. A. K. W. Jayawardane as Deputy Chairman with effect from 21st and 29th December 2020 respectively.

Browns Investments announces US $1bn mixed development project in Port City

Browns Investments PLC, the strategic investment arm of LOLC Group, has entered into a deal with China Harbour Engineering Company (CHEC) for a mixed development project to be set up at the Colombo International Finance Centre (CIFC) envisaged in the Colombo Port City.

Economic growth hits all-time low in 2Q

Sri Lanka’s economic growth contracted by whopping 16.3 percent in the second quarter of this year, recording the largest ever drop recorded in the country’s history, the Department of Census and Statistics (DCS) today said.

LOLC Group acquires Hemas Group’s Serendib Hotels

LOLC Group today acquired the hospitality arm of Hemas Holdings PLC in a deal worth over Rs.600 million.

Dhammika Perera launches DP Digital University free online learning platform

Extending higher education facilities designed to enhance employability and opportunity for Sri Lankan youth, philanthropists Dhammika Perera and Priscilla Perera launched DP Digital University, a free online education portal that offers an extensive portfolio of courses from reputed universities and institutions across the world.

Banks barred from buying Lankan sovereign bonds

The Central Bank has barred licensed commercial banks and National Savings Bank (NSB) from purchasing Sri Lanka international sovereign bonds (ISBs) for a period of six months unless such purchases are funded with new dollars sourced abroad.

UL ups flight frequency to Singapore

SriLankan Airlines announced today its decision to increase the frequency of passenger flights on Colombo-Singapore route.

Sanjaya Mohottala assumes duties as BOI Chairman

Current Director General Sanjaya Mohottala has assumed duties as the Chairman of Board of Investment (BOI) of Sri Lanka.

Unity Plaza owner acquired by Lanka Realty Investments

Lanka Realty Investments PLC, formerly known as Ascot Holdings PLC, today said it purchased 47.2 million shares of On’ally Holdings PLC, which constitutes to 50.8 percent for Rs.1.4 billion, paying Rs.30.20 a share.

EDB Chairman Prabhash Subasinghe steps down

Export Development Board (EDB) Chairman Prabhash Subasinghe has stepped down after heading the country’s apex export promotion agency for one year.

Govt. mulls over BOI leadership structure

Following the resignation of Susantha Ratnayake as the Chairman of Board of Investment (BOI), the government is currently considering whether to combine the Chairman and Director General positions into one role or continue with the current structure.

Japan to invest in Eastern Container Terminal, not give a loan

NewsIn.Asia: Now that the Gotabaya Rajapaksa government has finally decided to get India, Japan and the Sri Lanka Ports Authority (SLPA) to jointly develop the Eastern Container Terminal (ECT) in Colombo port, the details are being worked out with the three stakeholders, diplomatic sources said.

Fitch downgrades SriLankan’s US $ 175mn govt. guaranteed bonds

Fitch downgrades Sri Lanka to ’CCC’

Fitch Ratings today downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ’CCC’ from ‘B-‘ with ‘Negative’ outlook.

European ride-hail Bolt enters Sri Lanka

Bolt, the leading European transportation platform committed to make urban travel easier, quicker and more reliable yesterday announced its entry to the Sri Lankan market.

NSB raises Rs.5bn via perpetual capital bond

State-owned savings giant, National Savings Bank (NSB) recently raised yet another debt capital bond to raise Rs.5 billion, furthering its dominance.

Tokyo Cement says US $ 12 m investment expansion a direct nod to govt. policy

Tokyo Cement Company (Lanka) PLC recently entered into an investment expansion agreement with the BOI, reflecting its appreciation towards the government’s farsighted decision to encourage the local manufacturing sector.

Central Bank employee tests positive for COVID-19

The Central Bank yesterday said one of its employees tested positive for COVID-19 on November 19.

Travellers from SL not required to self-isolate on arrival in UK

The British High Commission in Colombo announced today that from 21 November, travellers from Sri Lanka would not be required to self-isolate on arrival in England, Wales and Northern Ireland.

Hambantota gets US $ 300mn tyre manufacturing plant

Shandong Haohua Tire Co. Ltd, a leading Chinese tyre manufacturer, is slated to invest US $ 300 million to set up a tyre manufacturing plant in Hambantota to cater to the export market,

SL import ban irks EU

The European Union (EU) today expressed its displeasure in Sri Lanka continuing to impose restrictions on imports stating that trade is “not a one-way street”.