Business
Positive turn at CSE following ‘IMF-Govt. staff level agreement’
By Hiran H.Senewiratne
CSE trading became positive yesterday following the IMF staff and the Sri Lankan authorities reaching a staff-level agreement on the first review under an economic reform program supported by the 48-month US$ 3 billion Extended Fund Facility (EFF) arrangement.
Accordingly, Sri Lanka will have access to about US$330 million in financing once the review is approved by the IMF management and IMF Executive Board, the IMF said in a release yesterday.
The IMF said macroeconomic policy reforms are starting to bear fruit and the economy is showing tentative signs of stabilization. “Sustaining the reform momentum and addressing governance weaknesses and corruption vulnerabilities are critical to put the economy on a path towards lasting recovery and stable and inclusive growth, it said.
Amid those developments both indices moved up. The All- Share Price Index went up by 280 points and S and P SL20 rose by 106.9 points. Turnover stood at Rs 909 million with one crossing. The crossing was reported in LB Finance, which crossed 500,000 shares to the tune of Rs 30.7 million; its shares traded at Rs 1.50.
In the retail market, top seven companies that mainly contributed to the turnover were; JKH Rs 97.1 million (508,000 shares traded), First Capital Treasuries Rs 71.7 million (2.2 million shares traded), First Capital Holdings Rs 62 million (1.19 million shares traded), Sampath Bank Rs 43.7 million (680,000 shares traded), Browns Investments Rs 34.9 million (6.4 million shares traded), Capital Alliance Rs 32.9 million (549,000 shares traded and SLT Rs 23.5 million (247,000 shares traded). During the day 36.6 million share volumes changed hands in 13800 transactions.
It is said that high net worth and institutional investor participation was noted in R I L Property and Nations Trust Bank. Mixed interest was observed in JKH, Lanka IOC and LB Finance, while retail interest was noted in Browns Investments, First Capital Holdings and First Capital Treasuries.
The Diversified Financials sector was the top contributor to the market turnover (due to First Capital Holdings and First Capital Treasuries), while the sector index gained 0.76%. The share price of First Capital Holdings decreased by 80 cents to settle at Rs 50.90. The share price of First Capital Treasuries moved up by 40 cents to reach Rs 41.10.
The Retailing sector was the second highest contributor to the market turnover, while the sector index decreased by 0.24 percent.
JKH, First Capital Treasuries and First Capital Holdings were also included among the top turnover contributors. The share price of R I L Property gained 10 cents to reach Rs 5.80. The share price of John Keells Holdings recorded a gain of 75 cents to reach Rs 191. The share price of Lanka IOC edged down Rs 10 cents to settle at Rs 99.Yesterday the US dollar buying rate was Rs 319.64 and the selling rate Rs 330.41.
In a landmark move towards digital transformation within Sri Lanka’s legal system, the Supreme Court officially launched online payment acceptance via GovPay, at a ceremony held on 15th May 2025 at the Supreme Court Complex in Hulftsdorp, Colombo 12, under the patronage of Chief Justice Murdu Fernando, PC.
This digital initiative enables both legal professionals and general public to make real-time, secure online payments via any GovPay-enabled internet banking, mobile banking platforms and FinTech applications for a wide range of services offered by the Supreme Court including Brief Fees, Certified Copying Fees, Commercial High Court Appeal Filing Fees, Compensation, Cost, Enrollment Fees (Attorney-at-Law), Good Standing Certificate Fees, New Plaint Filing Fees, and Online Payments for Affidavits.
At the initial phase GovPay payments to Supreme Court has been enabled via several online banking platforms and FinTech apps including BOC Smart Pay Mobile App, Peoples Pay Mobile App, NSB Online Banking, Pan Asia Online Banking, Sampath Vishwa Online Banking, HNB PayFast, Seylan Bank Online Banking, DFCC Online Banking, NationsDirect Online Banking / NationsDirect Mobile App, ComBank Digital Online Banking and ComBank Digital Mobile App, NDB Neos Online Banking, Helakuru Mobile App, iPay Mobile App, FriMi Mobile App, Genie Mobile App. The integration with GovPay ensures secure, seamless, and transparent transactions, accessible from anywhere anytime, bringing a new level of convenience and efficiency to the legal community and the general public using courts. Moreover, the entire GovPay digital process, including the receipt which generated via the system are legally valid under the Electronic Transactions Act No. 19 of 2006 (as amended).
Speaking at the launch, Chief Justice Murdu Fernando PC emphasized the significance of this initiative in modernizing the judicial system, stating that “This marks an important milestone in our journey towards a more accessible and technology-enabled judiciary. By embracing digital platforms such as GovPay, we are not only improving efficiency and transparency, but also enhancing public trust and ease of access to all stakeholders of the judicial system” , the Chief Justice stated.
Integration with GovPay aims to reduce the reliance on physical cash transactions, long queues, and administrative difficulties that have historically burdened court users as well as legal professionals. It also aligns with the national agenda of leveraging digital infrastructure to improve public service delivery.
The Supreme Court’s adoption of technology-based payments is expected to serve as a model for similar implementations across other courts of law throughout Sri Lanka. Several high-ranking legal professionals, officials from LankaPay, ICTA and representatives of the legal and banking sectors were present to witness this historic occasion.
This transformation is the result of collaboration between the Supreme Court Registrar, the Registry Staff, the Ministry of Justice, Ministry of Digital Economy and key financial and technological institutions committed to enhancing digital inclusion within public institutions with the support of the Central Bank of Sri Lanka.
As the legal landscape evolves, digital platforms, such as GovPay, will play a critical role in ensuring the justice system remains adaptive, inclusive, and future-ready. The Supreme Court’s forward-thinking initiative is expected to pave the way for comprehensive judicial digitalization nationwide.
Fortude has announced a strategic partnership with Ettos, a leading supply chain traceability platform aimed at enabling fashion businesses to maintain more transparent processes and allowing customers to understand how their products are made. This collaboration will integrate traceability, compliance, and Digital Product Passports (DPPs) into a unified solution, helping fashion brands streamline their supply chains and enhance transparency.
Ettos’ platform simplifies the tracking of raw materials and the verification of sustainability claims. It offers a B2B web platform for managing traceability and compliance, along with a B2C web app that delivers DPPs to consumers via QR codes. Through this partnership, Fortude and Ettos will jointly expand their capabilities in the fashion sector, supporting clients from raw material sourcing to final product delivery.
Adriana Batty, Co-founder of Ettos, said, “We are happy to partner with Fortude, whose expertise in digital solutions and deep roots in the fashion industry align with our vision of creating a transparent global supply chain. Together, we will empower brands and consumers with verifiable sustainability insights.”
With over a decade of experience delivering digital solutions to global fashion brands, Fortude shares Ettos’ commitment to transforming supply chain transparency. Daniel Rodrigo, Senior Vice President Global Technical Consulting at Fortude added, “Our partnership with Ettos reinforces our mission to provide digital solutions that matter. For over a decade, we have been an Infor partner, delivering ERP solutions to numerous global fashion brands. As we broaden our vision to drive digital transformation, this partnership is a significant step toward driving meaningful change for fashion brands seeking enhanced transparency and compliance.”
This partnership marks a significant step forward in meeting the fashion industry’s growing demand for sustainability and transparency. Fortude and Ettos are dedicated to helping brands navigate complex supply chains with confidence, fostering a more sustainable future for fashion.
Turyaa Chennai, a premier five-star deluxe classified hotel under the Aitken Spence Hotels portfolio, celebrates a decade of redefining hospitality in one of South India’s most dynamic urban corridors.
Conceived by the visionary entrepreneur and Late Chairman of Aitken Spence PLC, Deshamanya D.H.S. Jayawardena, Turyaa Chennai was built on the belief that Aitken Spence warmth and world-class hospitality could find a meaningful home in India. Ten years on, his legacy continues—alive in every guest experience, every team member’s dedication, and every milestone the hotel celebrates.
Since its opening in 2015, Turyaa Chennai has become a trusted name in Chennai—offering warm service and contemporary comfort. Strategically located along Chennai’s IT expressway, the hotel has grown into a hospitality landmark for business travellers, international travellers, and local tastemakers. Its vibrant dining concepts, spacious rooms and suites, rooftop leisure areas, and exceptional service standards have made it a preferred address in the city.
To mark its 10th anniversary on 15th of May 2025, Turyaa Chennai is hosting a month-long series of celebrations in honour of its legacy and the people who helped shape it. These include religious blessings, a celebratory dinner for loyal guests and partners, an awards ceremony for team members, and culinary showcases that nod to the hotel’s South Indian and Sri Lankan heritage.
Turyaa Chennai (Aitken Spence Hotels) donates wheelchairs to Tamil Nadu Railways in collaboration with Geo India Foundation.
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