Business
Hong Kong-based World Elite Ltd acquires 50.01 per cent ordinary shares in Gestetner of Ceylon; market overall positive
A Hong Kong based entity, World Elite Limited, has acquired 50.01 percent of the issued ordinary shares of Gestetner of Ceylon Plc.
According to the CSE, 1,329,115 ordinary shares were bought at Rs 239.75 per share for Rs 318 million (Rs 318,655,321.25).
Therefore, 1,263,195 shares were bought from Gestetner (Eastern) Limited.
The balance 65,920 shares were purchased from the CSE on October 13.
Under this transaction the company owns more than 50 percent of shares in Gestetner.
Amid those developments, the market performance was overall positive, owing to halt in increasing electricity tariffs for next two months by the Public Utilities Commission.
This had given an impetus to the market. The All Share Price Index went up by 70.85, while the S and P SL20 rose by 22.07 points.
Turnover stood at Rs 5.74 billion with 13 crossings. Top seven crossings were reported in Hemas Holdings; 4.8 million shares crossed to the tune of Rs 159 million; its shares traded at Rs 32.50, Ceylon Land Equity 8.7 million shares crossed to the tune of 114 million; its shares traded at Rs 13, Cargills Ceylon 110,000 shares crossed for Rs 86 million; its shares sold at Rs 786, CT Holdings 88000 shares crossed to the tune of Rs 58 million; its shares sold at Rs 657, Royal Ceramics one million shares crossed for Rs 46.5 million; its shares sold at Rs 46.50, JKH 1.1 million shares crossed for Rs 46 million; its shares sold at Rs 21.60 and Haylays 150,000 shares crossed for Rs 28.50 million; its shares sold at Rs 190.
In the retail market top seven companies that mainly contributed to the turnover were; WindForce Rs 309 million (7.3 millionshares traded), Ambeon Capital Rs 234 million (5.8 million shares traded), Pan Asia Power Rs 213 million (6.9 million shares traded), People’s Leasing Rs 183 million (6.3 million shares traded, Associated Motor Finance Rs 145 million (107 million shares traded) , Raigama Wayamba Salterns Rs 111 million (3.86 million shares traded) and Brown’s Investments Rs 104 million (13.7 million shares traded). During the day, 391 million shares volumes changed hands in 44000 transactions.
The energy sector was a bit active at the floor, especially WindForce, while the manufacturing sector, especially Hemas Holdings and JKH, were active in the market as well.
Yesterday, the rupee opened at Rs 302.60/70 to the US dollar, weaker from 302.59/62 the previous day, while bond yields were broadly steady, dealers said.
A bond maturing on 15.02.2028 was quoted at 9.05/15 percent.
A bond maturing on 15.06.2029 was quoted at 9.60/65 percent.
A bond maturing on 15.09.2029 was quoted at 9.68/73 percent.
A bond maturing on 01.07.2030 was quoted at 9.78/83 percent, from 9.78/82 percent.
A bond maturing on 15.12.2032 was quoted at 10.50/65 percent, from 10.53/62 percent.
The telegraphic transfer rates for the American dollar were 299.1000 buying, 306.1000 selling; the British pound were 398.0741 buying, and 409.4359 selling, and the euro were 343.8411 buying, 355.2043 selling.
Business
Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation
Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.
Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.
As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.
The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:
Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.
Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.
Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.
Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.
A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.
They will be joined by senior delegations and policy experts from major global institutions, including:
= The Asian Development Bank (ADB)
= The International Finance Corporation (IFC)
= Standard Chartered Bank
= Zydus Lifesciences
The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.
Business
White House blocks Microsoft from foreign worker hiring programme
Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.
US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.
Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”
Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.
“No company in the US has abused this system more than Microsoft,” Vance said.
He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.
Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.
The BBC has contacted all of the companies for comment.
The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.
A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.
Business
ComBank unites stakeholders to prepare agri sector for El Niño
In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.
Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.
The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.
To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.
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