Controlling shareholder, the Malaysia based investor Vijayeswaran S. Vijayaratnam, yesterday bought out the Japanese investors in Asia Capital PLC for Rs. 160 million.

The Commercial Bank of Ceylon will be ending its cemetery year 2020 by providing new concessionary lending of nearly Rs. 30 billion, to assist Sri Lankans weather the impacts of the COVID-19 pandemic.

The Financial Intelligence Unit (FIU) has imposed penalties of Rs. 2.3 million on three financial institutions for failing to meet regulations in 2020, the Central Bank said in a statement yesterday.

ECONOMYNEXT – Interventions in Sri Lanka’s foreign exchange market by the central bank to maintain a soft-pegged exchange rate regime turns slightly negative in December after months of net purchases when private credit was negative, official data shows.

The Colombo Port Eastern Container Terminal (ECT) built by Sri Lanka Port Authority by spending US$100 million with a local bank facility of $80 million and the balance from its own funds by the end of 2015 is still facing attempts of leasing it to foreign companies by successive governments.

Cinnamon Life, Colombo’s most iconic upcoming mixed development project, marked the dawn of the New Year with a message of optimism, lighting up its residential tower (The Suites at Cinnamon Life) with ‘Hope 2021’. This is the first development in Sri Lanka to light up a building in a unique way to dawn the New Year, and it was visible from most parts of the city.

The Government is working to revamp the Industrial Dispute Act to allow future Employees Provident Fund (EPF) non-payment cases to be heard by Labour Tribunals, which authorities hope will reduce the burden of over 15,000 outstanding cases worth an estimated Rs. 12 billion.

Sri Lanka Development Lottery has created two new multi-millionaires in super lottery draws at the dawn of the New Year 2021.

The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd, the bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.