Union Bank appoints Economist and Public Policy Specialist as new Director

The Board of Directors of Union Bank of Colombo PLC announced the appointment of Economist and Public Policy Specialist Dr. Roshan Anne Perera as an Independent Non-executive Director, with effect from 05th July 2021.

Channa De Silva appointed as adviser to FASL

Channa De Silva was recently appointed as an adviser to the Fintech Association of Sri Lanka (FASL).

LOLC Finance now offers working capital at click of a button

Renowned for delivering innovative and real-world financial solutions, LOLC Finance PLC, Sri Lanka’s non-banking financial institution (NBFI) giant, has unveiled yet another cutting-edge financial service that provides a high degree of convenience to its customers.

HNB empowers women drivers with Pink Drives partnership for leasing

Empowering women drivers and commuters, Sri Lanka’s leading private sector bank HNB PLC partnered with ride-sharing app Pink Drives to offer lady drivers access to exclusive bundled leasing, insurance and card packages with special low-interest rates.

Local firms allowed investing in ISBs in secondary market

The Central Bank today said local companies barring companies engaged in the finance business are permitted to purchase International Sovereign Bonds (ISBs) issued by the Sri Lankan government in the secondary market.

2% additional interest rate for SDAs

Additional interest up to 2 percent per annum will be extended for two years for Special Deposit Accounts (SDAs), the Central Bank said today.

Kotmale and Sri Lankan Dairy

Kotmale has become one of Sri Lanka’s national dairy brands contributing to the nourishment of the country and strengthening the local dairy farming community.

Govt. sets up new ministry for economic policy

The government issued a special gazette notification earlier today establishing a new ministry.

Over US $ 8bn worth of foreign financing yet to be disbursed: FinMin

Sri Lanka is sitting on US $ 8.0 billion worth of foreign financing from multilateral and bilateral partners to be utilised during the next three to five years, while the country is negotiating several other deals to the tune of US $ 2.5 billion worth of balance of payment (BoP) support during the remainder of the year, in a bid to ward off undue pressure on the currency and foreign reserves.

Barclays recommends investors to return to short-dated Lankan sovereign bonds

While maintaining its concerns over Sri Lanka’s medium-term debt sustainability, London-based Barclays Bank recommended investors to purchase the country’s short-dated International Sovereign Bonds (ISB), as the immediate risk of a debt-adjustment and default fears ease off following the expected near-term improvements in the liquidity position.

Cabinet nod for plan to bring black money out

The Cabinet of Ministers this week approved a proposal to allow entrepreneurs and investors to disclose and invest their undisclosed incomes and assets a.k.a. black money, subject to only one percent tax on voluntary disclosure.

SriLankan to resume flights to Moscow

SriLankan Airlines will resume weekly flights to the Russian capital Moscow, from July 30.

Tourist arrivals reach 17k in first half

Sri Lanka attracted a total of 1,614 tourists in June, bringing the total number of arrivals for the first half to 16,908.

StanChart says monetary policy likely to remain accommodative through 2021

Amid concerns that the Central Bank would be forced to put breaks on its current stimulus drive anytime soon to arrest the rising prices, Standard Chartered Bank (StanChart) expects the current dovish stance would remain through the end of 2021.

Local retail industry seeks government support to stay afloat

Pleas for relief packages from the government to stay afloat continues with the latest call being made by the Sri Lanka Retailers’ Association (SLRA), for support to brave through the ongoing crisis.

Tourists no longer require Foreign Min approval to enter SL

Tourists will be able to visit Sri Lanka with relaxed rules and regulations despite the rapid spread of COVID-19 as per the renewed health guidelines issued by the government.

Home appliances to be produced at H’tota industrial park

The Hambantota International Port Group (HIPG) will soon be able to facilitate manufacturing of home appliances within 12 months due to a number of efforts taken to streamline the processes within the facility

UL resumes Colombo - Moscow route after 6-year break

National carrier SriLankan Airlines will resume flights to the Russian capital, Moscow from 30 July where it will operate a weekly scheduled flight between Colombo’s Bandaranaike International Airport (BIA) and Moscow’s Domodedovo Airport (DME).

Local retailers make latest call for relief

Sri Lanka Retailers’ Association (SLRA) joined the bandwagon in requesting relief from the government so they are able to stay afloat and steer through the ongoing crisis.

Making public data public: Sri Lanka misses its own targets while India races ahead

In Sri Lanka, the Department of Census and Statistics (DCS) is the primary government agency responsible for collecting and providing access to data that can be used for statistical analysis. The stated vision of the DCS in Sri Lanka is to be the ‘leader in the region’ in producing timely statistical information to achieve the country’s development goals.

SaaS investment space is a lead indicator of next wave technologies

The Software as a Service (SaaS) space appears to be heating up further, as investors continue to funnel substantial amounts of investments into the rapidly growing industry. Even amidst the COVID-19 pandemic, investors continue to be bullish on the industry’s prospects.

Govt. revenue in first half slumps amid lockdowns

Government revenue during the first half of the year trailed sharply below the targets due to imposed island-wide travel restrictions to contain the third COVID-19 wave in the second quarter.

Central Bank likely to maintain current interest rates on Thursday to support pandemic-hit economy

The Monetary Board is likely to maintain the current low interest rates at its upcoming Monetary Policy meeting to provide further support to the economy, which was knocked off course by the third wave of the pandemic, although any moves beyond that would tilt towards tightening the policies to prevent possible overheating, according to First Capital Research.

Cabinet approval to restore cashew plantation in Kandachchi Estate

CCC applauds government’s efforts in speeding up vaccination drive

The government’s efforts in speeding up the vaccination drive across the country was well received by the local business community as it is the only viable path to facilitate the reopening of the country, Sri Lanka’s largest oldest business chamber said.

CSE introduces new OTC platform for REPO transactions on debt securities

The Colombo Stock Exchange (CSE) has taken the initiative to introduce a new Over the Counter (OTC) platform to carry out REPO transactions on debt securities.

Dialog could infuse Rs.500mn annually to its finance subsidiary to maintain regulatory capital: Fitch

Dialog Axiata PLC could invest half a billion rupees annually in its finance company subsidiary to stay above the minimum regulatory capital needs, although that will not pressure the leverage or the rating of the parent company due to its higher debt and rating headroom, according to Fitch Ratings.

Fitch optimistic of banks’ recovery in private credit, economic activity

Sri Lanka’s banks would do well in 2021 despite the temporary setback in the second quarter due to virus related-restrictions as demand for private sector credit picks up on the expectation of possible recovery in economic activities during the remainder of the year,

Dialog Axiata Launches Milestone 4,000th Network Tower in Thihawa

CCC applauds govt. efforts to expedite vaccination drive

The government’s efforts in expediting the vaccination drive across the country was well received by the local business community as it is the only viable path to facilitate the reopening of the country, Sri Lanka’s largest oldest business chamber.