Ceylon Petroleum Corporation: What drives the losses?

The Ceylon Petroleum Corporation (CPC) is a fully State-owned enterprise that engages in the selling and distribution of fuel in Sri Lanka.

Disease-battered rubber plantations on the brink; call for govt. support to ensure industry’s survival

Sri Lanka’s rubber plantations are potentially on the brink of being wiped out, battered by a fast-spreading leaf disease and the sector could be nearing the ‘point of no-return’, commercial rubber growers claim, requesting for urgent government intervention to address the pressing issue.

India’s Maruti Suzuki to cut production by 60% due to chip shortage

Maruti Suzuki, India’s biggest car maker announced this week that its vehicle production will contract by 60 percent this month as the company faces challenges in sourcing chips due to a global shortage of semiconductors.

SL receives US $ 787mn from IMF; US $ 150mn from B’desh

Sri Lanka has received Special Drawing Rights (SDRs) to the equivalent of US $ 787 million from the International Monetary Fund (IMF) under the multilateral lender’s latest US $ 650 billion SDR allocation, the Central Bank said.

Government approves US$ 783mn export-oriented aloe vera-based herbal medicine project

The government has approved a US$ 783 million aloe vera -based herbal medicine manufacturing project titled ‘Dry Zone Rural Economic Development Aloe Vera Project’ in the Anuradhapura District targeting exports.

Govt. prepares for austerity measures; no decision on IMF assistance yet

Although the government is yet to reach a definite decision whether to go to the International Monetary Fund (IMF) or not, it has begun preparations for austerity measures such as freezing new recruitments and restructuring welfare programmes in order to curtail government expenditure in the upcoming budget 2022 amid a narrowing fiscal path.

Govt. to call tenders for mid-to-large scale solar and wind power plants

As the government officially adopted the policy to meet 70 percent of the country’s electricity generation from renewable energy sources by 2030, the Cabinet nod has been given to call for proposals of Expression of Interests (EOIs) for solar and wind power projects from interested local and foreign investors.

Live streaming of Kandy Esala Perahera reached 16K global viewers

The global live streaming of the Kandy Esala Perahera that was facilitated by Sri Lanka Tourism this year reached nearly 16,000 viewers across the globe making the online promotion effort during the pandemic a success,

SL to get US$ 92mn from IBRD to improve weather and climate forecasting

The Cabinet nod has been finally given to enter into an agreement with the International Bank for Reconstruction and Development (IBRD) of the World Bank (WB) to secure US$ 92 million funding for the phase one of revised Climate Resilience Multi-Phase Programmatic Approach projects.

Shares end at record high as industrials jump

Sri Lankan shares ended at an all-time high yesterday, driven by gains in industrial shares.

Insurers add more assets into equity and unit trusts in search of higher yields

Insurance companies added significant amount of assets into equities and unit trusts in a bid to beat lower yields from the government securities but the uptrend in the yields of the latter will largely enhance their profits predominantly via higher investment incomes and potentially lower transfers to insurance contract liabilities.

First half public debt up by Rs.1.5tn as restrictions bite revenues, other inflows

Sri Lanka’s outstanding public debt rose by a little under Rs.1.5 trillion in the six months to June 2021 as the virus resurgence and the resulting restrictions pushed the country into further debt amid losing crucial tax revenues, debt repayments and higher expenses caused by virus containment efforts and welfare transfers made for millions who lost their daily wages.

Masatsugu Asakawa re-elected for second term as ADB President

Asian Development Bank (ADB) President Masatsugu Asakawa received unanimous support for a second term as ADB President from the members of ADB’s Board of Governors voting in the recently concluded election.

ACCA Sri Lanka holds new member ceremony and Advocacy Awards

The Association of Chartered Certified Accountants (ACCA) Sri Lanka recently held its new member ceremony virtually, to celebrate the achievement of 225 new ACCA members attaining this milestone during the last two years.

CMA SL to host webinar on embedding priority UNSDGs in corporate strategy

The Institute of Certified Management Accountants of Sri Lanka (CMA) will conduct a webinar, free of charge, on ‘Embedding Priority UNSDGs in Corporate Strategy’, on Thursday, September 2, 2021, from 6:00 p.m. to 7:30 p.m., via online Zoom platform.

Sri Lanka can gain a myriad of benefits from twinning floating solar and hydropower

Sri Lanka needs to add an estimated 11,000 MW to its power grid within the next two decades to meet the growing demand. Adding large-scale floating solar plants would not only make electricity greener and affordable but also improves Sri Lanka’s overall economic competitiveness as well.

Beyond cryptocurrency – A blockchain-led intervention for Sri Lankan economy

In July this year, Bloomberg reported Sri Lanka as the national economy most at risk for defaulting sovereign debts in the Asia-Pacific region, with a 28 percent likelihood based on its debt default probability scale. Since then, we have succeeded in clearing the US $ 1 billion bond pay-out to investors but the economic condition isn’t showing signs of marked improvement in the near term.

CSE’s new tech-savvy investors will be future of start-ups

In a relentless push towards modernisation and staying open throughout various lockdowns, the Colombo Stock Exchange (CSE) has experienced some remarkable changes over the last 18 months.

Dialog Axiata Congratulates the Historic Win for Sri Lanka Sports

The official sponsor of the National Paralympic team for over two decades, Dialog Axiata PLC, congratulates the extraordinary achievement accomplished by Gold Medalist and new Javelin F46 world recordholder Dinesh Priyantha Herath and Bronze Medalist, Samitha Dulan Kodithuwakku for their unparalleled achievements at the Tokyo 2020 Paralympic Games.

Live streaming of Kandy Esala Perahera reached 16K global viewers

The global live streaming of the Kandy Esala Perahera that was facilitated by Sri Lanka Tourism this year reached nearly 16,000 viewers across the globe making the online promotion effort during the pandemic a success, the Sri Lanka Tourism Development Authority (SLTDA) said.

Despite policy rate hike, CB stresses still in easing cycle

Pushing back on claims made to the effect of reversal in the monetary policy towards a hawkish stance from a dovish stance, the Central Bank said it hasn’t made a turnabout and the measures last week were predominantly aimed at addressing some of the imbalances cropped up in the last few months in the foreign exchange market and also to pre-empt signs of some price pressures.

CSE requests for root cause analysis from IronOne disruptions to trading

The Colombo Stock Exchange (CSE) has requested a root cause analysis from the system provider IronOne Technologies (Pvt.) Limited, regarding a disruption to the order management system provided to four stockbroker firms during trading yesterday, which resulted in trading difficulties to the clients of these firms.

Lakdhanavi continues to seek equity partner for US $ 190mn Sobhadanavi LNG plant

Lakdhanavi Limited, Sri Lanka’s largest independent power producer (IPP), will continue to seek an equity partner to dispose up to 49 percent of its liquid natural gas (LNG) project titled ‘Sobhadanavi’, in a bid to reduce the leverage of the company created by the debt-heavy project.

Softbank-backed ride-sharing company Ola readies for up to US $ 1bn India IPO

Indian ride-sharing giant Ola plans to raise up to US $ 1 billion through an initial public offering (IPO) and is finalising banks to advise on the fund-raise, three sources told Reuters, becoming the latest start-up to join the capital markets boom.

CB hopeful of double-digit growth in 2Q despite lockdowns

The Central Bank said it expects the economy to have recorded a double-digit growth during the second quarter ended in June, despite the virus-related restrictions took away much of its mojo, as the very low base effects during the same period last year would support the economy to return to positive territory this year.

Banking sector asset quality sour slightly in 2Q reversing gains made in 1Q

Dampening the gains made through March this year, Sri Lanka’s banking sector asset quality soured again during the April-June quarter, as broad-based payment holiday schemes came to an end while the economy went into a hibernation again with the virus-related restrictions and lockdowns implemented from April.

One-year T-bills now offer higher yield than what banks offer for 12-month FDs

Sri Lanka’s one-year treasury yield widened the gap it had with the similar tenure bank fixed deposit rates, after the Central Bank last week raised the ceiling yield offered on the one-year treasuries, ahead of the weekly auction, a practice which is expected to continue for some time.

S. Korean envoy meets Finance Minister

The Ambassador of South Korea to Sri Lanka Santhush Woojin Jeong paid a courtesy call on Finance Minister Basil Rajapaksa at the Finance Ministry recently.

SLASSCOM launches ‘Start-up Sri Lanka’ web portal

The Sri Lanka Association for Software Services Companies (SLASSCOM) driven by their vision of generating US$ 5 billion in exports, creating 200,000 employment opportunities and 1,000 start-ups by the year 2025, recently launched the web portal www.startupsrilanka.lk. for their initiative ‘Startup Sri Lanka’.

Sustainability Labs and Good PR partner to bring sustainability to events & PR

The climate-tech startup Sustainability Labs has partnered with Good PR with the aim of introducing sustainability-based events & PR to the Sri Lankan market.