Cabraal to soon unveil new economic stability road map

The newly-appointed Central Bank (CB) Governor Ajith Nivard Cabraal this week announced plans to unveil a fresh economic stability road map shortly, prioritising stability, including plans to pull back on money printing, with a view to rebuild confidence on the economy among the key stakeholders and market participants.

SDB bank receives US $ 40mn DFC loan to nurture SMEs and female entrepreneurship

Extending a helping hand during one of the most crucial times for the local economy, the United States International Development Finance Corporation (DFC) recently finalised the official handing over of a US $ 40 million (Rs.7.5 billion) term loan facility to SDB bank to support small and medium enterprises (SMEs), particularly female-owned ventures.

China applies to join key Asia-Pacific trade pact

China has applied to join a key Asia-Pacific trade pact as it attempts to strengthen its position in the region. The move comes the day after a historic security deal between the US, UK and Australia was unveiled.

Sri Lanka all set for Expo 2020 Dubai

Expo 2020 Dubai is the latest edition of world expos held around the world since 1851 and will be the first-ever to be held in the Middle East, Africa and South Asia. Sri Lanka will participate in the mega event, which commences in October (October 1, 2021- March 31, 2022) and is expected to attract over 25 million visitors to Dubai during its six-month run.

Industrial production recovers in July

Sri Lanka’s industrial production recovered during July, when the country returned to a brief economic normalcy with the ending of the lockdowns on June 20, broadly reflecting the sensitivity of the country’s industrial activities to the travel and other restrictions forced to be imposed time to time in response to the resurgence in the virus.

S&T Interiors awarded Rs.1.94bn Hilton Colombo refurbishment

S&T Interiors, a joint venture of the Hayleys group and S&T Oman, announced the commencement of the Rs.1.94 billion 253 guest room refurbishment project for the Hilton Colombo.

HCL Technologies celebrates one year in Sri Lanka

HCL Technologies, a leading global technology company, has completed one year of operations in Sri Lanka and recently surpassed a milestone of recruiting more than 1,000 local employees, including recent graduates as well as seasoned industry professionals.

Nokia C01 Plus- one of lowest priced 4G smart phones in market

HMD Global, the home of Nokia phones, introduces its latest Android 11 (Go edition) smart phone joining the C-series family – Nokia C01 Plus.

DSI launches first Red Tape Exclusive Brand Outlet

D. Samson and Sons Private Limited opened the first-ever Red Tape Exclusive Brand Outlet in Sri Lanka in Negombo, thus introducing the men’s clothing range and a wide variety of accessories from Red Tape. The showroom is located at Greens Road, Negombo.

Samsung to unveil Galaxy Buds2 and Galaxy Watch4 in Sri Lanka

Samsung recently announced that they are preparing to unveil their flagship products Samsung Galaxy Watch4 and its new TWS earbuds dubbed as Galaxy Buds2, alongside the pre-order phase of the all new Galaxy Z Flip3 and Z Fold3 foldable phones.

Lanka IOC supports Education Ministry for digital mode learning

School education during these pandemic times has shifted to digital mode and is heavily dependent on smart mobile phones. Underscoring, the e-learning need of school children of the society, mainly coming from lower income group families, Lanka IOC further stepped up their commitment by way of donation of 100 Samsung make new smart phones to Ministry of Education, GoSL.

Expolanka donates High End ICU Ventilators to Health Ministry

Fight Cancer Trust (Guarantee) Ltd better known as Fight Cancer Team embarked on yet another fund raising project to purchase the much needed High End ICU Ventilators which are currently instrumental in saving so many lives during the Covid-19 pandemic.

Nestlé Connect University Innovation Challenge awards three teams for ideas in nutrition and sustainability

As part of Nestlé’s focus on homegrown innovation, its Nestlé Connect University Innovation Challenge has awarded three undergraduate teams out of 200 participants for their winning ideas in nutrition and sustainability.

Bitulink Emulsion donates High Flow Humidifier to Dambadeniya Base Hospital

Bitulink Emulsion (Pvt) Ltd donated a Rs. 1 million worth High Flow Humidifier to the Intensive Care Unit of the Dambadeniya Base Hospital recently, under their Corporate Social Responsibility (CSR) project.

People’s Bank supports weeklong Pirith ceremony at A’pura Mirisawetiya Stupa

A week-long Pirith recital was carried out at the historic Mirisawetiya Stupa in Anuradhapura to invoke blessings for the battle to eradicate the ongoing COVID-19 pandemic in Sri Lanka and the world.

UNIDIL Packaging donates corrugated board coffins to Dompe Base Hospital

UNIDIL Packaging Ltd fulfilling another social responsibility donated coffins, made-out of corrugated boards to the base Hospital- Dompe to support the process of cremation of Covid related deaths.

Abans donates LG Anti-Virus Dual Cool Inverter air conditioners to Meethotamulla Covid-19 Intermediate Care Centre

Abans recently launched the ‘Pivithuru Husmak – Saukkyarakshitha Hetak’ initiative by donating LG Anti-Virus Dual Cool Inverter air conditioners to the Meethotamulla Intermediate Care Centre operating under the National Hospital of Colombo, to help in the fight against the Covid-19 pandemic in Sri Lanka.

Sri Lanka to be taken off UK’s red list

As the UK scraps off its Amber list, it will take, Sri Lanka alongside seven other countries, off the red list from Wednesday (22 September).

S.P. Tao: A visionary entrepreneur and discerning investor

It is with great sadness that Overseas Realty (Ceylon) PLC announced the passing of S.P. Tao, Founder, Chairman and Director of the company, on August 24, 2021.

Import cuts lead to surge in trafficking – Revenue impacted

Recent economic pressures centred around the foreign exchange crisis prompted the government to impose strict import controls. The unpopular yet obligatory measures helped ease burgeoning pressure on the rupee but inadvertently led to the serious issue of a rise in illegal trafficking.

Apparel sector prioritises worker safety while ensuring industry’s sustenance

Leaders of Sri Lanka’s apparel sector highlighted the industry’s prioritisation of employee safety through the adoption of and adherence to comprehensive health measures, while ensuring business continuity and thereby the industry’s sustenance.

Recovery in August reserves fails to impress Moody’s

Moody’s Investors Service yesterday said Sri Lanka’s external reserves remain still low even after taking receipts of inflows of around a billion dollars in the last couple of weeks, which helped the country to recoup part of the lost assets caused by the settlement of a billion dollar sovereign bond and other liabilities through August.

Second quarter economic growth surges to 12.3% amid low base effect

Sri Lanka’s economy grew at a robust 12.3 percent in the second quarter of 2021 since late April as a result of an extremely low base in the corresponding period of the previous year, despite the COVID-19 virus-induced restrictions on economic activities.

CB confident of achieving 5% growth this year

The Central Bank is upbeat on the possibility of Sri Lanka achieving an economic growth of 5 percent in 2021.

Asset sale could take much sting out of ailing foreign exchange market, says leading investment banker

While the reset in the monetary and fiscal policies and, structural reforms such as import substitution and export promotion would provide a medium to long-term fix to the current external sector woes confronting the Sri Lankan economy, a quick fix could come from an asset sale which would infuse a couple of billions dollars, instantly boosting market confidence, according to an investment banker.

Sri Lanka Tourism comes up with ‘Couch Safari’ second edition

Sri Lanka Tourism is gearing to unveil the second edition of ‘Couch Safari’ by live-streaming the Wilpattu National Park to the global audience.

SLTMobitel–PEOTV teams up with DP Education

SLTMobitel has teamed up with DP Education to launch ‘Videsa DP Education’, a dedicated educational channel on CH.215 of SLTMobitel–PEOTV, ensuring school children from Grade Five to Advanced Level have access to a high-quality learning experience with Rewind TV.

Manufacturing and services PMIs contract in Aug. on virus resurgence

The Purchasing Managers’ Index (PMI) for both manufacturing and services activities shrank in August as the virus began spreading again with brutal force, forcing the government to re-impose lockdowns which dealt a blow on wider economic activities.

Banks watchful of foreign currency transactions via cards

Local banks have raised concerns on the usage of debit and credit cards for foreign currency transactions due to the current volatility in the market, and have started taking on their own a set of measures to minimise the hit on the sector.

Thornton acquires Dane Engineering for Rs.350mn

Thornton Engineering, the Nextventures-owned civil engineering company, has announced the acquisition of a 100 percent stake in Dane Engineering (Pvt.) Ltd for Rs.350 million, creating a construction business with a combined portfolio of Rs.5.9 billion.