Connect with us

BIZ

CSE enables issue of Green Bonds by SL companies  

Published

on

The Colombo Stock Exchange (CSE) has announced the introduction of listing and trading of Green Bonds for the first time in the Sri Lankan stock market, with effect from yesterday (25).

Under the Green Bonds concept, proceeds are invested exclusively in green projects that generate climate or other environmental benefits, for example in renewable energy, energy efficiency, sustainable waste management, sustainable land use (forestry and agriculture), biodiversity, clean transportation, and clean water, the CSE notes.

The objective of enabling regulations for the issue of green bonds in the Sri Lankan stock market is to facilitate Sri Lankan corporates to raise capital that will be used for green projects and to foster greater transparency and accountability in the use of proceeds from the Green Bond, and to ensure reporting of the impact of the green projects for which the proceeds of the bond was used.

The use of proceeds from the Green Bond should be aligned with the Green Bond Principles, which are accepted by the CSE. The accepted Green Bond Principles of the CSE are the Green Bond Principles by the International Capital Markets Association (ICMA), the European Green Bond Standards (EUGBS), and the Climate Bonds Initiative Standards (CBI Standards).

BIZ

ASPI hits record high

Published

on

By


The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) has reached an all-time high of 13,511.73 points, marking an increase of 171.69 points.

The S&P SL20 stood at 4,016.60 points.

The CSE reported a trading turnover of Rs. 5.2 billion at the close of the session.

The previous record was achieved on January 19,2022. Amidst multiple off-board transactions, the turnover surged past Rs.5.2Bn, marking a 48.8% increase from the monthly average.

Continue Reading

BIZ

DSI obtains enjoining order against infringement of ‘Fun Souls’ brand

Published

on

By

Action was filed in the Commercial High Court of Colombo by DSI through their Attorneys Sudath Perera Associates against the entity Lakpa Footwear Ltd., with its headquarters based in Horana. The action was filed for the infringement of DSI’s ‘Fun Souls’ trademark and brand and the shoe design on the basis of trademark infringement, unfair competition, and passing-off.

D. Samson & Sons Ltd., widely known as DSI, is a leading homegrown brand and manufacturer of footwear, apparel, and bicycle tyres across the country and has established a strong reputation for quality products in Sri Lanka since its inception. In 2016, DSI introduced and developed the brand ‘Fun Souls’ with a youth identity, to offer a range of unique shoes and bags, including infant shoes, toddler shoes, boys’ and girls’ footwear, and accessories. This ‘Fun Souls’ shoe design was an original concept presented by the DSI brand family.

On 1 November, Commercial High Court Judge Jagath A. Kahandagamage issued an enjoining order against the Defendant for engaging in the sale of kids’ footwear with a brand name/design identical or confusingly similar to the ‘Fun Souls’ trademark and the shoe design.

The Plaintiff, DSI, pleaded that the Defendant has copied the mark ‘Fun Souls’ and the design of the shoe belonging to the Plaintiff in a similar manner with the deliberate intention of passing off its products as those of the Plaintiff.

The Plaintiff further pleaded that the slight, insignificant changes in the impugned mark and the design used by the Defendant are unnoticeable to the average consumer and deliberately adopted with the mala fide intention of the Defendant to usurp the goodwill and reputation of the Plaintiff’s ‘Fun Souls’ trademark and the shoe design.

The Commercial High Court, after hearing the submissions of the Lead Counsel for the Plaintiff, issued an enjoining order as requested by the Plaintiff. The order restrains the Defendant from continuing to use or carrying out business using its infringing shoe design, under the name, sign, or mark ‘Fun Shoe,’ which is misleadingly similar to the Plaintiff’s trademark ‘Fun Souls’ and its associated shoe design.

It also prohibits the Defendant from using any other variation of the name, sign, mark, or shoe design that is confusingly similar to the Plaintiff’s trademark or trade name, and from adopting any trade name or trademark that could cause confusion with the Plaintiff’s trademark or trade name.

(ft.lk)

(This story, originally published by ft.lk1st has not been edited by SLM staff)

Continue Reading

BIZ

W.M. Mendis’ liquor manufacturing license to be suspended

Published

on

By

The liquor manufacturing license issued to W.M. Mendis & Co. Limited will be suspended from tomorrow (December 5) due to their failure to pay Rs. 5.7 billion in excise taxes and surcharges, the Excise department said.

Accordingly, as per the provisions Excise Ordinance Act, the Commissioner General of Excise has ordered to suspend the liquor manufacturing license issued to W.M. Mendis & Co. Limited effective from tomorrow.

The department further stated that measures have been taken to suspend the liquor manufacturing process from tomorrow (December 5) and to not renew the other licenses issued to the company from December 31 onwards if the company continues non-payment of tax arrears and surcharges. 

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved