The Central Bank of Sri Lanka (CBSL) has noticed several media reports that vests the responsibility of failure and subsequent cancellation of licence of several finance companies which were licensed under the Finance Business Act, No. 42 of 2011 (FBA). The CBSL carries out the regulation and supervision of licensed finance companies (LFCs) to ensure…
The government has approved raising Rs.80 billion from State banks to meet outstanding payments of projects carried out by the National Water Supply and Drainage Board (NWSDB) and the Road Development Authority (RDA). The RDA requires Rs. 50 billion to make payments to projects already underway, including commencing work on Phase 1 of the Central Expressway…
Hotel Developers (Lanka) PLC announced that it will delist the Company’s shares from the official list of the Colombo Stock Exchange in compliance with applicable regulations and procedures. Hotel Developers (Lanka) PLC (HDL) is a Government Owned, public listed Company owning Hilton Colombo. In a Stock Exchange filing, the company stated the following: In terms of rule 5 (1)…
Facebook’s data violations and failure to combat violent rhetoric have crossed the line, and Viber is taking relevant measures to cease ad spending, as well as remove product touchpoints, to protect its 1 billion users Rakuten Viber, one of the world’s leading messaging apps for free and secure communication, announces it will cut all business…
Leading private healthcare provider, Hemas Hospitals is expecting the medical industry and wellness tourism industry to be a promising component of Sri Lanka’s healthcare portfolio, going forward and in the post Covid-19 era. “The industry could grow exponentially when packaged together with other wellness offerings of yoga, ayurveda, hela-wedakama, to help patients recover from post…
A simple, transparent and efficient tax system was introduced to all stakeholders in the economy including Small and Medium Entrepreneurs by the Cabinet decision dated 26th of November 2019 on the Note to the Cabinet on ‘Economic Revival Initiatives’ submitted by His Excellency the President. Since the economy is facing a drastic challenge consequent to…
The Cabinet of Ministers at its meeting held on 01st April 2020 granted approval to temporally suspend certain outward remittances for a period of three (03) months, and accordingly, the relevant Order was issued by the Gazette Notification dated 02nd April 2020 as per the provisions of the section 22 of the Foreign Exchange Act….
Gridtential Energy, the inventor and developer of Silicon Joule™ bipolar battery technology and LOLC Advanced Technologies, the research and advanced technology arm of LOLC Group announce that they have entered into a technology evaluation agreement. Under the agreement, over the next few months, LOLC Advanced Technologies and Gridtential Energy will collaborate on prototyping lead batteries with…
Sri Lanka is highlighted in the largest global report about how regions can develop thriving startup ecosystems – ranking as the #2 Global Ecosystem for Affordable Talent in 2020 The 2020 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network was launched today at The Ecosystems Couch Conference. The GSER is…
Hemas Holdings PLC announced the appointment of Kasturi Chellaraja Wilson as Group Chief Executive Officer, effective 1st October 2020, succeeding Steven Enderby. As part of a planned succession, Kasturi will take on the role of Deputy CEO and be appointed to the Board of Hemas Holdings PLC, effective 1st July 2020. Husein Esufally, Chairman, Hemas…
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