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Advocata Institute raises concerns over enforcing minimum room rates for hotels in Colombo
The Advocata Institute raised concerns about the policy by Sri Lankan authorities to enforce minimum room rates for hotels in Colombo starting from October 1st, 2023. The gazetted rates are USD 100 for 5-star hotels, USD 75 for 4-star hotels, USD 50 for 3-star hotels, USD 35 for 2- star hotels, and USD 20 for […]
Commercial Credit enters digital Payment space with Pay&Go
Heralding its entry into the digital payment space, Commercial Credit and Finance PLC (CCF) recently announced its acquisition of a 19.99% stake in Mega Pay (Pvt.) Ltd., which provides payment services under the Pay&Go brand. Pay&Go is the first step in Commercial Credit and Finance entering the digital payment space. The partnership with Mega Pay is […]
‘s Basel III Subordinated Debt BBB+(EXP)(lka)
Fitch Ratings has assigned Bank of Ceylon’s (BOC) (CC/CCC-/A(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to LKR10 billion an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures will mature in five years and be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 […]
HIP briefs newly appointed Sri Lankan Heads of Mission and Ambassadors
Seven Sri Lankan Heads of Mission/Ambassador designates to foreign embassies and high commissions, were given a detailed orientation by Hambantota International Port (HIP) on port operations and activities. Tissa Wickramasinghe, COO of the Hambantota International Port Group (HIPG) briefed the group of diplomats on these aspects, covering the port’s progress over the last 5 years. […]
Sri Lanka – USA Business Council Elects Charithra Hettiarachchi as President for 2023/2024
The Sri Lanka – USA Business Council (SLUSABC) of The Ceylon Chamber of Commerce elected Charithra Hettiarachchi, Chief Operating Officer of WICHY Plantation Company (PVT) LTD, as President of the SLUSABC at its 07th Annual General Meeting held recently. Chief Guest at the event Ambassador of the United States to Sri Lanka Her Excellency Julie […]
Steering senior public sector officials towards innovative thinking
Recognizing the indispensable role of a robust public sector in achieving Sri Lanka’s development objectives, Citra -Sri Lanka’s pioneering Social Innovation Lab established as a joint initiative between Prime Minister’s Office and UNDP Sri Lanka – held the Citra Fellowship on Public Service Excellence, a unique experiential learning programme tailored to fortify and invigorate the nation’s […]
FitsAir announces integration with Mastercard Payment Gateway Services to strengthen its payment infrastructure
FitsAir, Sri Lanka’s first privately owned international airline, today announced its partnership with Mastercard involving integration with the Mastercard Payment Gateway Services (MPGS) platform to strengthen its payment infrastructure. Mastercard Payment Gateway Services platform enables merchants to accept both local and international payments, strengthening their ability to compete in the market.Through this partnership, FitsAir will […]
Rising Gold-Backed Loans Elevate Risks for Sri Lankan Finance Companies, says Fitch Ratings
Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings.Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing business. […]
Distilleries’ Acquisition of Heineken Lanka May Challenge Lion Brewery Share: Fitch Ratings
Lion Brewery (Ceylon) PLC (AAA(lka)/Stable), the leader in Sri Lanka’s beer market, could face more competition in the medium term following Distilleries Company of Sri Lanka PLC’s (DIST; AAA(lka)/Stable) decision to acquire beer producer Heineken Lanka Limited, Fitch Ratings says. The full statement is reproduced below. Heineken is a distant second in Sri Lanka’s beer […]
6,000 Paddy Farmers to be Trained on Sustainable Cultivation with FAO and EU Support
The Food and Agriculture Organization of the United Nations (FAO) together with the Department of Agriculture and the Mahaweli Authority of Sri Lanka with funding from the European Union (EU) recently launched a Farmer Field Schools Programme to train 6,000 smallholder paddy farmers across four key rice-growing districts on sustainable approaches to paddy cultivation. The […]
Breakdown at Lakwijaya Thermal Power Plant: Unit 02 Generator Shut Down for Repairs
The Lakwijaya Thermal Power Plant in Norochchole encountered an emergency breakdown in its High-Pressure Heater System, forcing the halt of the Unit 02 Generator, the Ceylon Electricity Board (CEB) said. However, the plant’s third generator has completed its Level A Major Overhaul and is undergoing testing, positioning it for swift electricity production. Despite these challenges, […]
Ranee Jayamaha & Sanjeeva Jayawardena submitted their resignations well before SC judgement: CBSL
Both Dr. Ranee Jayamaha and Sanjeeva Jayawardena submitted their resignations well before the Supreme Court made its final judgement on 14.11.2023 with regard to the Fundamental Rights Case filed on Economic Crisis, the Central Bank said. Releasing a statement, the Central Bank said Dr. Ranee Jayamaha who was a member of the Monetary Board (MB) […]