President urges WTO to take consent from all members for trade rule changes

President Ranil Wickremesinghe called on the World Trade Organisation (WTO) yesterday to consider the agreement of all its member nations when contemplating modifications to trade regulations. Noting that Sri Lanka, just as the other nations, is concerned on the issues surrounding trade, particularly with regard to talks of decoupling and de-risking, Wickremesinghe asserted it is essential that the global trade system remains uninterrupted and co

India broadens access to ‘vostro’ accounts to facilitate rupee trade

REUTERS: India has allowed banks in 22 partner countries, including Russia and the United Kingdom, to open ‘vostro’ accounts in the country, the government told parliament on Tuesday, to help facilitate trade in rupees. Vostro accounts are accounts a domestic bank typically holds on behalf of a foreign bank, denominated in the currency of the former. India has been encouraging partner countries to promote trade denominated in rupees, keen to cut

MAS Holdings CEO Suren Fernando appointed to JKH board

John Keells Holdings PLC (JKH) yesterday announced the appointment of Suren Fernando to its director board as an Independent Non-Executive Director, with effect from August 9, 2023. Fernando is Group CEO of MAS Holdings (Pvt.) Ltd. Counting over 23 years with MAS, Fernando was previous Chief Transformation Officer of MAS Holdings, overseeing MAS’ 2025 transformation. He was also CEO of MAS Intimates, the largest division of MAS Holdings. Among th

SEC approves Nestlé Lanka delisting

Nestlé Lanka PLC yesterday said it received the approval of the Securities and Exchange Commission (SEC) to delist its shares from the official list of the Colombo Stock Exchange. The SEC has approved an application dated July 10, 2023, to delist the shares of Nestle Lanka, at an exit offer price of Rs.1,500 per share. Nestlé Lanka said it would get in touch with all the shareholders in respect of the offer documents in due course.

Agarapatana Plantations IPO opens today

The much-awaited initial public offering (IPO) of the ordinary voting shares of Agarapatana Plantations Limited will open today, at 9:00 a.m. The issue is expected to see active interest from across a wide spectrum of local and global individual and institutional investors. 83,070,111 or 16.61 percent of the ordinary voting shares of Agarapatana Plantations Limited will be on offer to the public today, at an issue price of Rs.9.00 per share, wi

T-bill yields fall across maturities; PDD raises Rs.180bn

The Treasury bill yields across maturities fell at yesterday’s bill auction, recording a slide in the yields, amid the easing monetary conditions with the back-to-back policy rate cuts by the Central Bank since June. The Monetary Board yesterday slashed the Statutory Reserve Ratio (SRR) by 200 basis points to 2 percent in a surprising move to infuse Rs.200 billion into the banking system and thereby to lower the market lending rates further.

Banks’ reserve requirement slashed by 200bps for further monetary easing

Continuing its efforts to enhance monetary policy accommodation, the Monetary Board of the Central bank yesterday announced plans to cut the banks’ mandatory reserve requirement by 200 basis points. The move, which came as a surprise, is estimated to release around Rs.200 billion in liquidity into the money market and thereby accelerate the reduction in the lending rates in the economy. As of yesterday, the money market was in deficit of Rs.178

Tea industry prospects in 2H depend on LKR stability: Tea broker

Improved prospects for the tea industry in the second half of 2023 (2H23) largely depend on how soon the Sri Lankan rupee would stabilise, Forbes & Walker Tea Brokers said. It noted that unless the remunerative rupee tea prices are achieved, farmer profits would be negated. This in turn would result in a lack of inputs and diminishing crops that certainly would be disastrous for an already ailing industry.

Prima KottuMee elevates its charm

(From L-R) Achala Ramanayeka, International Marketing Manager – Ceylon Agro Industries Ltd., Prima Group Sri Lanka, Donavan Ondaatje, Senior Business Manager - Ceylon Agro Industries Ltd., Prima Group Sri Lanka, Up-and coming young artist Ms. Ashanya Premadasa , global singing sensation Yohani , Sajith Gunaratne – General Manager, Ceylon Agro Industries Ltd., Prima Group Sri Lanka, and Himpa Gunawardana, Marketing Manager – Ceylon Agro Industries

China slips into deflation as post-Covid recovery falters

China slipped into deflation for the first time in more than two years in July, official data showed Wednesday, as slowing domestic spending weighs on the post-Covid economic recovery.

SRR slashed by 2% to boost liquidity, lower lending rates

The Monetary Board of the Central Bank has decided to reduce the Statutory Reserve Ratio (SRR)—the portion of deposit liabilities commercial banks are required to keep as cash deposits with the Central Bank— by 200 basis points, from 4 percent to 2 percent with effect from August 16, 2023.

Sri Lanka to amend EPF Act to ensure 9% annual return to members following DDO

Cabinet green-light has been granted to amend Employees’ Provident Fund (EPF) Act to ensure a minimum of 9 percent annual interest rate to members during the four-year period from 2023 to 2026 period following Domestic Debt Optimisation (DDO).

President unveils Revenue Authority plan to strengthen tax collection process

The government is planning to establish a Revenue Authority to plug tax loopholes and to strengthen the entire tax collection process to meet the envisaged fiscal targets.

Tension flares as borrowers attempt CB entry in parate protest

A tense situation erupted at the Central Bank yesterday, with some members of Joint Association of Leasing and Debt Installment Payers trying to forcibly enter the Central Bank to air their grievances ....

Moody’s warns it could cut credit ratings of 6 big US banks

Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade. The credit ratings agency...

Over 30, 000 tourist arrivals in first six days of August

During the first six days of August, Sri Lanka welcomed 30, 303 tourists, almost certainly boosting the cumulative arrivals over the 800, 000 milestone so far this year with the arrivals in August 7 and 8.

China reports biggest drop in exports since 2020

China last month suffered its biggest fall in exports for more than three years, official data showed yesterday, as the world’s second-largest economy is battered by sluggish global demand and a domestic....

Sri Lanka enters into cooperation agreement in arbitration with Hong Kong

Local entities will have improved access to alternate dispute resolution with the Ceylon Chamber of Commerce (CCC) ICLP International ADR Centre (IADRC) entering into a cooperation agreement with the Hong Kong...

‘Invest Sri Lanka’ goes to India

The Colombo Stock Exchange (CSE) yesterday announced the revival of the ‘Invest Sri Lanka’ series, which is indicative of Sri Lanka’s gradual recovery from the deepest economic downturn it faced....

SL to amend EPF Act to ensure 9% annual return to members following DDO

Cabinet green-light has been granted to amend Employees’ Provident Fund (EPF) Act to ensure a minimum of 9 percent annual interest rate to members during the four-year period from 2023 to 2026 period....

Indices continue to close on positive note

The ASPI closed in green as a result of price gains in counters such as John Keells Holdings, Commercial Bank and Lanka IOC with the turnover crossing Rs. 2.7 bn. Similar....

Why SL needs to undertake proper diagnostic study to achieve GDP growth

Despite imposing heavy taxes and increased tax collection, the government budget deficit for the period end-May 2023 has increased to Rs.1,015 billion, which is a 59 percent increase against the 2022....

Disinflation path and implications for Sri Lanka

Inflation is one of the important macroeconomic variables that has received significant attention considering the unprecedented economic crisis that began in 2021. The rate of price growth over a specific....

SLASSCOM appoints new board for year 2023/2024

SLASSCOM recently announced the appointment of its new board of directors for the year 2023/24, comprising of accomplished industry leaders and experts. Jehan Perinpanayagam...

DIMO with Israel’s HomeBiogas to turn organic waste into clean renewable energy

DIMO, a leading diversified conglomerate in Sri Lanka, has partnered with HomeBiogas, a global leader in developing off-grid biogas systems based in Israel, to introduce a host of HomeBiogas products....

CBL Munchee becomes first South Asian biscuit maker to attain BRC AA+ certification

Leading the way in South Asia’s manufacturing sector, CBL Munchee has set a new milestone by achieving the coveted recognition as the only biscuits manufacturing entity receiving Brand Reputation through....

Sri Lanka advances AML-CFT policy as Asia Pacific review looms

The Cabinet nod has been granted to implement the Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) National Policy ahead of the third mutual evaluation conducted by Asia Pacific....

Pakistan to privatise loss-making national airline

Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines, the government said this week, as the country also seeks to outsource its airport operations in line with an IMF deal.

HNB’s vision for true economic revival

In the wake of exponentially more severe disruptions - from extreme weather events, to the tragedy of the Easter attacks, to the COVID pandemic, and of the upheavals caused by last year’s economic crisis - Sri Lanka is a nation in desperate need of economic revival. For the first time in our history, the majority of Sri Lankans are united in their shared hardship arising from the total depletion of the nation’s foreign currency reserves. Even th

Biodiversity forest oasis surrounding Heritance Kandalama expands

In line with its long-standing commitment to environmental sustainability, Aitken Spence Hotels announced the expansion of Heritance Kandalama’s biodiversity forest oasis. This significant enhancement which comes as a result of a Rs. 48 million investment sees an additional 13 acres of land added to the conservation forest area, which now spans 211 acres creating a secure forest bridge within the existing Forest Department nature reserves.