COVID-19 crisis and Sri Lanka’s healthcare response

Like many other countries, Sri Lanka faces numerous challenges in the battle against COVID-19. The pandemic has caused deep uncertainty and presented a colossal challenge for the country’s healthcare system.

SL needs new water and sanitation policies to unlock investment barriers: WB

Meeting Sri Lanka’s rapidly increasing water and sanitation needs will require a comprehensive national policy capable of managing institutional coordination, improve planning and attract investment to benefit millions of people.

Vertical integration can help boost SL’s apparel exports to EU: JAFF Executive Member

To utilise the fullest extent of the GSP+ benefits, Sri Lanka’s apparel industry must increase the value addition to its exports to the European Union (EU) from the current 52 percent to 65 percent quickly. Vertical integration in Sri Lanka’s apparel industry is one of the quickest ways to do that, said Hemantha Perera, Secretary of the Sri Lanka Chamber of Garment Exporters, a constituent member of the Joint Apparel Association Forum (JAAF).

CB extends loan moratorium, other relief to pandemic-affected borrowers till December

Borrowers who continue to be battered by the pandemic-induced restrictions on their income generating activities are given further four months of loan relief and a host of other concessions, effective from September 01, 2021. The fresh round of payment holidays for affected borrowers came as the most recent relief scheme—third since the start of the pandemic.

Continued pressure on rupee despite over US$ 1.2bn inflow, a strange affair: Cabraal

The government said the depreciation of the rupee while there has been a massive injection of US dollars into the country is “strange” and attributed it to “some error” that needs to be looked into.

Fitch assigns ComBank’s Basel III sub debt up to Rs.10bn final ‘A(lka)’

Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (CB, AA-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III compliant subordinated debentures of up to Rs.10 billion a final National Long-Term Rating of ‘A(lka)’.

Legendary investor S.P. Tao no more

Legendary Singaporean investor and the Chairman of Overseas Realty Ceylon PLC S.P. Tao has passed away at the age of 105 in Nanjing, China.

No truth about a food shortage in the country: Govt.

The government yesterday asked people to not panic fearing a food shortage in the country, as there is no truth to reports claiming a scarcity of essential commodities.

Government borrowings from banking sector, including CB surge in July

Borrowings by the government in July from the Central Bank and licensed commercial banks amounted to a whopping Rs.320 billion, nearly double the figure in June, as the government settled a billion dollar bond from printed money while the semi-dormant economic activities weighed on State coffers as tax collection faltered.

Colombo inflation jumps to 18-month high in August on soaring food prices

Soaring prices of food staples such as sugar, vegetables, fish, chicken and the likes pushed consumer prices in the Colombo district to an 18-month high in August from a year ago as the country is battling its worst economic crisis alongside a once-in-a-century health crisis.

Govt. says mechanism in place to supply organic fertilizer required for Maha season

A mechanism has been formulated to provide organic fertilizer required for the Maha Season to farmers without any shortage, government officials of line institutions said. Accordingly, they said the entire process including farmer awareness, technical assistance and financial assistance is being continued uninterrupted.

PwC and SLASSCOM to support local tech firms expand into South East Asia

With the aim of helping Sri Lankan technology companies gain access to a lucrative pipeline of new customers, marketing channels and business opportunities, PwC Sri Lanka along with its ecosystem partner SLASSCOM, has organised a unique session on diversifying into South East Asia, to be held on September 8, 2021.

Sri Lanka Vanithabhimana introduces corporate and professional category

Following a successful year where our female achievers were celebrated for their achievements, NDB bank together with Sirasa News 1st recently launched the second Sri Lanka Vanithabhimana Programme for 2021. The second launch however also focuses on a brand-new sector – the corporate and professional females of the country.

Ceylon Tobacco Company appoints Syed Muhammad Ali Abrar as Finance Director

Ceylon Tobacco Company PLC (CTC) recently announced the appointment of Syed Muhammad Ali Abrar to the position of Finance Director, effective September 1, 2021.

Top virologist Prof. Pieris to address ICCSL webinar today

The ICCSL webinar in partnership with Daily FT, the MBA Alumni Association of University of Colombo and Rotary Club of Colombo, titled ‘A Smart Lockdown – The Need of the Hour?’, will be aired on the FB pages of the ICCSL and Daily FT and LNW social media pages, from 4:00 p.m. onwards.

Rakshaa enters agreement with BOI to expand operations

The Board of Investment (BOI) of Sri Lanka recently signed an agreement with Rakshaa (Pvt.) Ltd, for the expansion of its existing operations, which will now include high-quality ladies fashion garments and sportswear.

Legendary investor S.P. Tao no more

Legendary Singaporean investor and the Chairman of Overseas Realty Ceylon PLC S.P. Tao has passed away at the age of 105 in Nanjing, China.

Sri Lanka faces no food shortage: Govt.

The government today said the country is not facing any food shortages at present and the reduced access to essential commodities are due to traders hoarding stocks.

No internal investigation on two former Jt. COOs of Asia Capital, says Director

Responding to recent media reports regarding two former Joint Chief Operating Officers Reyhan Morris and Sandun Hettige of Asia Capital PLC, a top official of the company said there was no internal investigation carried out on the conduct or actions of the two individuals during their tenure at Asia Capital group.

Elpitiya Plantations launches locally harvested ‘BerryMuch’ fresh berries

Fresh berries lovingly nurtured in Sri Lanka under the brand name, ‘BerryMuch’ will be launched in Sri Lanka. Harvested in the salubrious environs of Elpitiya Plantations PLC, the leading plantations company brings the fresh goodness of ‘BerryMuch’ to all Sri Lankans.

US-based frontier equity fund says its repatriations delayed up to a month on forex shortage

A United States-based frontier market equity investment fund said it experienced up to more than a month delay in receiving its sales proceeds after it exited its positions in Sri Lanka’s equity market.

Govt. announces plans for new foreign currency term loan

In a fresh attempt to rebuild the country’s foreign reserves ahead of external debt services running into billions next year, the Finance Ministry this week called for proposals from banks, investment houses and institutional investors to raise a foreign currency term loan denominated in US dollars, euro, renminbi or Japanese yen.

Shares close at record high

Sri Lankan shares closed at an all-time high yesterday, helped by industrial companies and a surge in conglomerate Expolanka.

Increased int’l trade participation key to achieving economic recovery, says top economist

The economic recovery of Sri Lanka requires the government to take a fresh look at its policies; however, the urgent need is to increase its participation in international trade, for which it is imperative to redefine the current tariff structure, said senior economist Dr. Sarath Rajapatirana.

Sri Lanka in economic emergency as food prices soar

Sri Lanka has declared an economic emergency, after a steep fall in the value of the South Asian country’s currency caused a spike in food prices.

Sri Lanka’s organic revolution threatens tea disaster

Sri Lanka’s drive to become the world’s first 100 percent organic food producer threatens its prized tea industry and has triggered fears of a wider crop disaster that could deal a further blow to the beleaguered economy.

BOC partners with UnionPay to accept QR code payments in Sri Lanka

Bank of Ceylon (BOC) has partnered with UnionPay International (UPI) to offer UnionPay QR code payment service in Sri Lanka.

NDB excels at ABF 2021 with seven top awards

National Development Bank PLC and its subsidiary company NDB Investment Bank Ltd. together clinched seven awards at the recently concluded Asian Banking and Finance Awards 2021, organised by the Asian Banking and Finance Magazine of Singapore.

New life policies boost Janashakthi Insurance second quarter

Janashakthi Insurance PLC saw its premium incomes continuing its ascent during the three months ended in June (2Q21), specially from new life policies, as the uncertainties brought about by the pandemic since last year, set off a robust demand for life insurance policies.

ComBank launches Home Loans promo with low rates, big discounts

The dream of living in one’s own home has become more affordable with Commercial Bank of Ceylon once again announcing its special Home Loans promotion which offers reduced interest rates starting from 7 percent to government and public sector salaried employees and from 8.25 percent per annum for other sectors, with discounts of up to 40 percent from selected suppliers of building materials and fittings.