The Commercial Bank of Ceylon has raised Rs 12 billion in capital with its Debenture issue closing after over subscription on its opening day, Tuesday 12th December 2023. The Bank offered an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at…
The Cabinet of Ministers, at its meeting on Monday (Dec.11), has granted approval to reduce the Value-Added Tax (VAT) registration threshold. As such, the VAT registration threshold is expected to be slashed from Rs.80 million per annum to Rs.60 million per annum with effect from January 01, 2024. The Third Reading of the VAT (Amendment)…
Cabinet of Ministers has green-lighted a proposal seeking to enter into a Power Purchase Agreement with the Australia-based company United Solar Group. Taking to X (formerly Twitter), Power & Energy Minister Kanchana Wijesekera said through this deal, an investment would be made in a 700MW Solar Power Project with a 1,500MW of Battery Energy Storage…
The Executive Board of the International Monetary Fund (IMF) is set to take up for consideration the first review of the 48-month Extended Fund Facility (EFF) Arrangement for Sri Lanka on today (Dec12). This was previously mentioned in the global lender’s Executive Board’s calendar, which mentioned that the first review of Sri Lanka’s extended arrangement…
Fitch Ratings : Home prices will continue to grow in 2024 in most countries profiled in the latest Global Housing and Mortgage Outlook, albeit at a slower pace than in 2023, Fitch Ratings says. Mexico, Colombia, Brazil, Australia, Canada and the Netherlands are likely to see the strongest growth, while prices will be mostly flat…
The Chief Executive Officer of National Development Bank PLC (NDB), Dimantha Seneviratne, is due to retire from NDB by the end of January 2024 following an illustrious career of 34 years, of which 10 years was at CEO level. He had also previously served as CEO at the Pan Asia Banking Corporation PLC (PABC) for…
The Value Added Tax (Amendment) Bill was passed in Parliament today (11) by a majority vote. Following the Committee Stage on the Appropriation Bill 2024, the Second Reading of the Value Added Tax (Amendment) Bill was passed in parliament. Accordingly, in the voting for the Second Reading of the Bill held at around 4.35 pm,…
Aitken Spence Travels, Sri Lanka’s premier destination management company, welcomes simultaneous arrivals of three cruise ships—Vasco Da Gama, Mein Schiff 5, and MS Seven Seas Navigator on the 10th of December 2023, at the port of Colombo. Vasco Da Gama and Mein Schiff 5 will dock at the Colombo port by 7.00am and MS Seven…
Port City Colombo (PCC) showcased its commitment to sustainable development and global economic cooperation at the third Commonwealth Trade and Investment Summit (CTIS) held in London recently. CTIS, known for bringing together senior business leaders and ministers from across the Commonwealth’s five regions, provided an ideal platform for PCC to engage in critical discussions on…
In Sri Lanka’s textile sector, a deep-rooted tradition in natural dyeing spans centuries and is intertwined with the nation’s rich textile heritage. The country’s abundant biodiversity has yielded a diverse range of botanical resources, providing a wealth of natural pigments essential to the garment industry. From vivid shades sourced from turmeric, indigo, and madder root…
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