IMF approves long-awaited US$ 3bn Pakistan bailout

BBC: The International Monetary Fund’s (IMF) board has given its approval for a US$ 3 billion bailout for Pakistan.

Occidental Eden Beruwala reopens doors after Rs.1.5bn extensive renovation

Occidental Eden Beruwala reopened its doors in May 2023, following the conclusion of an extensive renovation involving a total revamp of all 158 guest rooms, common spaces and guest amenities, at a cost of Rs.1.5 billion.

SVAT scheme termination contingent on effective refunding mechanism

The tax policy advisory of the Finance Ministry has given assurance to the business community that if there is no proper refunding mechanism in place, the removal of the Simplified Value-Added Tax (SVAT) scheme may not take place in January 2024, the National Chamber of Exporters (NCE) said. The assurance was given by Finance Ministry Tax Policy Advisor W. Thanuja A. Perera, the NCE said in a press relea

China back among top 3 tourist source markets of Sri Lanka

The most recent information released by the Sri Lanka Tourism Development Authority (SLTDA) showed a substantial increase in the number of Chinese tourists visiting Sri Lanka. Between the first 11 days of July, Sri Lanka witnessed a total of 46,635 arrivals, out of which 2,893 were Chinese tourists.

Shemara Wikramanayake in WB’s CEO list to help bring private funds to climate, development finance

Macquarie CEO Shemara Wikramanayake, who is of Sri Lankan heritage, has been named by the World Bank (WB) as one of the 15 Chief Executive Officers (CEOs) to help bring private funds to combat climate change and boost investment in developing countries.

Zambia, bondholders advance US $ 3bn debt restructuring talks

IPS study highlights urgent need to revisit import controls on food products

The study titled ‘Import Controls in Sri Lanka: Political Preference and Incentive Distortions’ recommends a gradual phase-out of import controls, starting with intermediate and essential nutritious food items.

Import restrictions on further 300 essential items to be lifted

T-bill yields see spike; 3-month rise most

Despite the 2 percent policy rate cut last Thursday, the Treasury bill yields experienced a rebound at yesterday’s auction, after a significant drop in response to the parliamentary approval for the Domestic Debt Optimisation (DDO) programme the previous week.

US inflation rises at slowest pace in two years

BBC: The rate of price growth in the US dropped to its slowest pace in more than two years last month, helped by cheaper used cars. Inflation rose 3 percent in the year to June, according to data, from 4 percent in May.

Unimo Enterprises unveils locally assembled JMC N720 truck

Unimo Enterprises Limited, a fully owned subsidiary of United Motors Lanka PLC, recently introduced its locally assembled commercial truck JMC N720.

Civil Aviation Authority to host Sri Lanka Aviation Day in collaboration with IATA

The Civil Aviation Authority of Sri Lanka (CAASL) is all set to conduct a knowledge sharing event for the aviation industry of Sri Lanka titled ‘Sri Lanka Aviation Day’ in collaboration with the International Air Transport Association (IATA) on 14th July 2023 at the Auditorium of the Civil Aviation Authority of Sri Lanka.

Emirates launches regional charter service offering flexibility and comfort for short trips

Emirates has launched an on-demand regional charter service, offering flexibility, convenience, privacy and comfort for customers who want to make short trips in the GCC from Dubai’s Al Maktoum International Airport (DWC).

Bajaj selected Sri Lanka’s most-loved bike brand for 5th year

Once again, Bajaj was selected as Sri Lanka’s most-loved motorcycle brand for the 5th consecutive year. Bajaj has been recognised by Brand Finance Lanka in their annual reviews since 2011 and with the introduction of the ‘Most Loved Motorcycle Brand’ category in 2019, has won this title in every subsequent year.

Sri Lanka’s dream: Give us a Mandela

With Sri Lanka still in turmoil, President Ranil Wickremesinghe and the Sri Lanka Podujana Peramuna (SLPP) governing party are trying to restore some stability. Sri Lanka needs a personality who is selfless and sincere, while giving priority to the common people’s needs instead of seeking personal gain or glory.

ANTI CORRUPTION Act

According to reports, several amendments are to be suggested and made at the Committee stage in Parliament on the 19th July, 2023. We, the public are unaware of these amendments.

Real estate agents advised to ramp up anti money laundering measures

The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka organized an awareness programme for the real estate sector on ‘Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments’ on June 26.

INSEE Sanstha cements reputation as Most Loved Brand again

Sri Lanka’s first-ever superior blended cement product and the country’s oldest existing cement brand, INSEE Sanstha has been ranked amongst Sri Lanka’s 100 Most Loved Brands by LMD’s Brands Annual ranking for the third consecutive time.

Chamber of Construction Industry holds 19th AGM

The Chamber of Construction Industry of Sri Lanka (CCISL) held its 19th Annual General Meeting on July 7th at the Galadari Hotel.

Home Lands Constructions receives top most CIDA grading

Home Lands Constructions, the construction arm of Home Lands Group of Companies was recently upgraded from CS1 to CS2, by CIDA (Construction Industry Development Authority), (successor to ICTAD), the crest accreditation body for construction and engineering in Sri Lanka.

John Keells Properties reintroduces ‘Freedom Mortgage’ with HNB

John Keells Properties, revolutionizing urban living experiences, reintroduces ‘Freedom Mortgage’ for TRI-ZEN Apartments. As part of this initiative, customers can pay 20 percent now and nothing more for the next 6 months. This will provide homebuyers with a unique opportunity to enjoy enhanced financial flexibility.

Uber One to elevate value proposition to loyal customers with exclusive perks and offers

Uber One was successfully launched in Sri Lanka recently, making it the first South Asian market to roll out Uber’s exclusive global membership programme. Uber One enhances Uber’s value proposition for loyal customers by offering various discounts and exclusive experiences across the platform. It also demonstrates Uber’s commitment to providing convenient and efficient services to Sri Lankans and replicating Uber One’s global success in this mark

CEAT Kelani Holdings reaffirmed AA+ by Fitch for 3rd consecutive year

CEAT Kelani Holdings (CKH) has been assigned a National Long-Term rating of ‘AA+(lka)/Stable’ by Fitch Ratings for a third consecutive year, a rating the Agency says reflects the Company’s position as a leading domestic manufacturer of vehicle tyres and its strong financial profile.

China overtakes Japan as world’s top car exporter

BBC: China says it has become the world’s biggest exporter of cars after overtaking Japan in the first three months of the year.Official figures released in the last week show China exported 1.07 million vehicles in the period, up 58 percent compared to the first quarter of 2022.At the same time Japan’s vehicle exports stood at 954,185, after edging up 6 percent from a year earlier.China’s exports were boosted by demand for electric cars and sale

Fitch revises Outlook on CEB to Positive; affirms at ’B(lka)’

Fitch Ratings has revised the Outlook on Ceylon Electricity Board (CEB) to Positive from Stable while affirming its rating at (B)lka.

Sri Lanka to commence negotiations with Indonesia for preferential trade deal

Cabinet nod was granted this week to initiate negotiations with Indonesia to enter into a preferential trade agreement (PTA), which will ultimately....

Government finalises transaction advisors for divestment of 7 SOEs

The government has finalised transaction advisors to assist in the proposed divestiture of seven state-owned enterprises (SOEs) as part of its SOE...

Cabinet nod to restructure Lanka Sathosa

The Cabinet nod has been granted to restructure the country’s largest State-owned retail network Cooperative Wholesale Establishment....

Foxconn drops out of US$ 20bn India factory plan

Apple supplier Foxconn has pulled out of a US$ 19.5 billion (£15.2bn) deal with Indian mining giant Vedanta to build a chip making plant....

Agarapatana Plantations announces IPO to raise Rs.748mn

The Colombo Stock Exchange (CSE) has approved in-principle Agarapatana Plantations Pvt Ltd ‘s application for listing its ordinary voting....