Govt. denies any moves to increase income taxes amid growing speculations

Amid strong speculations of a possible income tax hike as State coffers have run dry, the government yesterday denied moves to increase income taxes including a five percent tax on anyone receiving a monthly allowance above Rs.100,000 proposed by Trade Minister Bandula Gunawardana.

Government to obtain independent consultancy services for China-backed elevated highway project

The Cabinet nod was given this week to obtain consultancy services for the construction, maintenance and supervisiion of the elevated highway to Kelaniya New Bridge (NKB) via Rajagiriya connecting Outer Circular Highway at Athurugiriya, which is to be undertaken by China Harbor Engineering Corporation on a designing-building-funding -operating and transferring (DBFOT) basis.

CB becomes net seller of forex in August ending six-month streak amid tight liquidity

The Central Bank, which continued to accumulate foreign exchange from the domestic forex market, became a net seller in August, making an about turn from a six-month long streak as the crunch in foreign exchange liquidity turned sour.

Migrant workers take ‘wait-and-see’ approach to repatriate moneys amid currency uncertainty

Adding to the woes facing the country’s external sector liquidity caused by the pandemic-induced economic challenges, Sri Lanka’s migrant workers appear to be taking a ‘wait-and-see’ approach’ before sending their moneys back into their home country to take advantage of the weakening rupee against the United States dollar.

Shares close higher as industrial stocks surge

Sri Lankan shares gained nearly 2 percent yesterday, bouncing back from a near three-week low hit in the previous session, helped by gains in industrial and financial stocks and as the government appointed a new Central Bank Governor.

Increased investor participation seen in local condominium real estate market

Indicating a possible shift in market dynamics, investors are becoming a key driver in Sri Lanka’s condominium real estate market with increased participation supporting the market to retain the momentum as they line up to take advantage of the prevailing low interest rate regime amid the ban on vehicle imports, inflationary woes and the ongoing devaluation of the rupee.

Power Minister to issue policy guidelines to CEB to prepare new long-term generation plan

The Ministry of Power is expected to issue general policy guidelines to the Ceylon Electricity Board (CEB) shortly to prepare the ‘Minimum-Cost Long-Term Generation Plan’ in accordance with the recent government policy decision of meeting 70 percent of power generation through renewable energy sources by 2030 with a view to reach carbon neutrality in power generation by 2050.

Nawaloka Hospitals bolsters fight against pandemic with new post-COVID care centre

In a concerted attempt to alleviate the impact of COVID-19 on Sri Lankans, pioneering private healthcare provider Nawaloka Hospitals recently introduced a post-COVID care centre (PCCC) fully geared to provide comprehensive multidisciplinary care and psychosocial resources for patients recovering from COVID-19.

oDoc makes record progress in 1H of 2021

oDoc, Sri Lanka’s largest digital health company, has revolutionised the industry by its innovative range of premium digital healthcare offerings targeted towards individuals and corporates around the country.

DIMO elevates local healthcare sector with diverse solutions

DIMO, one of the leading conglomerates in Sri Lanka, is poised to take Sri Lanka’s healthcare sector to the next level while expanding its product portfolio in the healthcare sector.

SLT-Mobitel’s Doc Call 247 offers Lankans free medical advice on COVID-19

SLT-Mobitel, the national ICT, telecommunications and mobile services provider, in support of the nation’s battle against the COVID-19 pandemic, has joined forces with the Sri Lanka Medical Association (SLMA) to provide 24/7 free medical advice on COVID-19 through the Doc Call 247 service.

Give way to ambulances, appeals 1990 Suwaseriya

Everyone is aware of the challenges faced by ambulances and other emergency vehicles when trying to get through traffic in Sri Lanka. The 1990 Suwaseriya pre-hospital ambulance service has taken upon itself to educate the motorists on the importance of ‘giving way’ to an ambulance on the road.

Celebrating Brand Excellence online with SLIM

The 20th SLIM Brand Excellence Awards press conference was held online this year on September 8, 2021.

PickMe partners with LankaQR to reduce dollar outflow

Ride-hailing company PickMe recently partnered with LankaQR (LQR) to facilitate direct payments.

The Quest launches VAX & WIN campaign

The Quest, one of Sri Lanka’s leading experiential travel companies, launches an ambitious campaign, where fully vaccinated people are eligible to participate in a competition that will see one of them winning a fully-paid, exclusive weekend vacation within a fully secure bio-bubble.

Rebeca Grynspan takes over as new UNCTAD Secretary General

Costa Rican economist Rebeca Grynspan took up her new role as Secretary General of UNCTAD on September 13, for a four-year term.

Lalith Withana appointed to HNB Finance board

HNB Finance PLC (HNBF) recently announced the appointment of Lalith Withana to the company’s board of directors as a non-independent, non-executive director, effective from September 10, 2021.

First Capital looks to future growth with a performance first outlook

First Capital Holdings PLC, a Janashakthi Group company with over 35 years of industry knowledge, recently concluded its Annual General Meeting presenting the annual report 2020-21, on the theme of ‘Performance First’ to its shareholders.

StanChart wins ADB’s Most Responsive Bank Against COVID-19 Award

Standard Chartered affirmed its position as one of the largest trade finance counter parties of the Asian Development Bank (ADB), winning the Most Responsive Bank Against COVID-19 Award, at Trade and Supply Chain Finance Programme Awards 2021.

Pearson continues to be the trusted partner for customers and educational ecosystem in Sri Lanka amidst the Covid-19 pandemic

In wake of the prevailing Covid-19 pandemic and its subsequent led to national lockdown in the country, Pearson, the world’s learning company, is committed to support the learners, educators, and partner ecosystem in Sri Lanka through digital means and technologies.

July trade deficit expands on surging imports; exports recover

Sri Lanka’s trade deficit continued to expand in July 2021 from a year ago levels, as imports surged surpassing the increase in exports, amid the rise in global commodity prices and higher imported volumes.

Cabraal to assume duties as CB Governor on Thursday

Ajith Nivard Cabraal, who resigned from Parliament yesterday as a National List MP, is expected to assume duties as Governor of the Central Bank, on Thursday (16th).

COVID loan relief extended to finance company borrowers by one month

The Central Bank has given instructions to licensed finance and leasing companies to extend the relief afforded to their pandemic-affected borrowers through the end of September, as the most recent round of relief expired on August 31, 2021.

Salt Collective to set up US $ 4mn boutique hotel in Ahungalle

Salt Collective (Pvt.) Ltd, a French hospitality development venture, will invest almost US $ 4 million to set up a 16-room boutique hotel in Ahungalla, in the southern coast of Sri Lanka.

Esufally family further strengthens controlling stake in Hemas

Driven by long-term prospects and discounted prices, the Esufally family yesterday strengthened its controlling stake in Hemas Holding PLC by a further 1.68 percent, as a foreign shareholder divested its entire stake.

Flouting of competitive bidding process adopted for solar and wind power projects feared

With 180 MW solar and wind power projects awaiting the approval of the government for over 10 months, two key players in the renewable energy sector expressed concerns on possible moves to undermine the competitive bidding methodology adopted to develop the country’s renewable energy sector.

Shares hit near 3-week low as industrial stocks slump

Sri Lankan shares hit a near three-week low yesterday, ending down about 4 percent, as industrial stocks dropped. The CSE All-Share index was down 3.70 percent at 8,536.88 points at the closing bell, logging its worst day since February.

Capital Alliance enters Bangladesh

The joint venture (JV) company recently established in Bangladesh by Sri Lanka’s Capital Alliance (CAL) became the first JV entity to receive the Trading Right Entitlement Certificate on the Dhaka Stock Exchange (DSE) from the Bangladesh Securities and Exchange Commission (BSEC).

Insurance industry records GWP growth of 14% in 1Q21

The insurance industry was able to achieve a growth of 14.36 percent in terms of overall Gross Written Premium (GWP), during the first quarter of 2021, recording an increase of Rs. 7,211 million when compared to the same period in the year 2020.

Pandemic expedites transition towards digital health

Blurring the line between physical and virtual, technology has revolutionized the way we receive services. Over the last decade, many economies have used technology to improve access to a range of quality and affordable facilities. With the COVID-19 pandemic upending lives and economies globally, the spotlight is once again on digital services.