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Bank of Ceylon to Issue Rs. 15 Billion in Debentures Soon Initial issue valued at Rs. 10 billion, with option to extend amid high demand
The Bank of Ceylon (BoC) has announced plans to issue 100 million debentures valued at Rs. 100 each, totaling Rs. 10 billion. The bank also intends to issue an additional 50 million debentures worth Rs. 5 billion if there is high investor demand, bringing the potential total to Rs. 15 billion. Fitch Ratings has assigned…
Electricity Tariffs Set to Increase by 10% Due to CEB Losses Emergency tariff hike proposed ahead of July revision under 2024 regulatory guidelines
In a letter dated March 24, the Chairman of the Ceylon Electricity Board (CEB), Dr. Tilak Siyambalapitiya, informed Deputy Minister of Economic Development Prof. Anil Jayantha Fernando of an urgent electricity tariff hike in accordance with the guidelines issued by the Public Utilities Commission of Sri Lanka (PUCSL) in 2024, Anidda newspaper reported. Copies of…
Parate Law Reinstated in Sri Lanka: A Looming Threat to Small and Medium Enterprises
The reimplementation of the controversial Parate Execution Law in Sri Lanka has sparked renewed debate across the business and legal sectors. The law, under the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990, allows licensed commercial banks to auction properties mortgaged against loans without judicial proceedings if borrowers fail to settle…
India and China Battle for Dominance in Sri Lanka’s Vehicle Market Tata, Maruti Suzuki, Mahendra, BAIC Micro, BYD etc.
Sri Lanka’s automobile market has become a focal point for competition between Indian and Chinese automobile manufacturers, each striving to establish a strong presence in this strategically located island nation. Indian Automotive Influence Indian automobile manufacturers have a longstanding relationship with Sri Lanka, historically dominating sectors such as motorcycles and three-wheelers (tuk-tuks). Prior to 2020,…
A woman to lead the Tax Department Rukdevi Fernando
A woman has been appointed as the 39th Commissioner General of the Inland Revenue Department, with the responsibility of increasing Sri Lanka’s tax revenue to 15% of the Gross Domestic Product (GDP). The new Commissioner General is Rukdevi Fernando, also known as I.R.D. Fernando. Fernando emphasized that her focus will be on expanding the tax…
Half of Sri Lanka’s Population Brushes Their Teeth Only Once a Day
Specialist Dr. Nilantha Ratnayake of the Sri Lanka Dental Association revealed that 50% of Sri Lanka’s population brushes their teeth only once a day. He expressed this observation during a press conference held to mark World Oral Health Day which falls on March 20. According to Dr. Ratnayake, oral diseases are among the most common…