NDB secures US$ 75mn from United States Development Finance Corporation

NDB Bank this week disclosed that they have secured a long term funding line of US$ 75 million from the Development Finance Corporation of the United States to further the bank’s support for Small and Medium businesses and infrastructure funding during these challenging times.

Chinese ride-hailing giant Didi makes US$ 68bn US debut

Chinese ride-hailing giant Didi Global has ended its first day on the New York Stock Exchange with a valuation of US$ 68.49 billion (£49.6 billion).

Melstacorp ventures into pharmacy business

Diversified listed conglomerate Melstacorp, that has a strong foothold in the private healthcare sector, has added another extension to its list of operations by venturing into the pharmacy business.

Stock Exchange signs MoU with CHEC Port City Colombo

The Colombo Stock Exchange (CSE) and CHEC Port City Colombo signed a Memorandum of Understanding (MoU) to enhance the capital markets in Sri Lanka by taking advantage of Port City Colombo’s special emphasis on the Colombo International Financial Centre, in order to establish a regionally recognised financial exchange within the country’s borders.

SLIC declares highest-ever life insurance bonus of Rs.8.6bn

State-owned Sri Lanka insurance Corporation (SLIC) yesterday declared a staggering life insurance bonus of Rs.8.6 billion for the year 2020 to its policyholders, recording the largest life insurance bonus ever to be declared in the insurance industry of Sri Lanka, recording a total of life insurance bonuses declared to policyholders since 2005 to Rs.73.2 billion.

Farmers back President’s decision to ban chemical fertilizer

District Farmers’ representatives came forward today to pledge their commitment to return to environment friendly farming practices and have urged President Gotabaya Rajapaksa to not reverse the decision to ban chemical fertilizers.

CSE and CHEC Port City enter MoU

In a move to boost the capital markets in Sri Lanka, the Colombo Stock Exchange (CSE) entered into an MoU with CHEC Port City earlier today, so that a regionally recognized financial exchange is established within the country’s borders.

Union Assurance Offers Vital Medical Equipment to Aid the Fight Against COVID-19

Union Assurance PLC offered vital medical equipment to four government hospitals as part of an initiative launched in response to combat the COVID-19 pandemic

Local firms cleared to raise dollars on CSE’s Multi-Currency Board

In a bid to support the expansion plans of local firms outside of Sri Lanka, the Cabinet of Ministers this week decided to relax the foreign exchange controls to allow local firms to raise foreign funds via foreign currency-denominated equity listings and debenture issuances on the Colombo Stock Exchange’s (CSE) Multi-Currency Board.

SEC says looking into unusual price movement of NIFL share

The Securities and Exchange Commission (SEC) yesterday confirmed that it had begun looking into the recent unusual price movement of the shares of LOLC Development Finance PLC (NIFL), amid allegations of market malpractice.

Lockdowns have opposing effects on big and small businesses: research

While big corporates manage to acclimatise to the lockdown-styled restrictions, small businesses are increasingly being pushed to a corner and could even be pushed to go out of business, according to a report by a Colombo-based equity brokerage.

JAT Holdings’ Rs.2.2bn IPO to open on July 20

JAT Holdings’ Rs.2.2 billion Initial Public Offering (IPO) on the Colombo Stock Exchange (CSE) is scheduled to open for investors on July 20, as the firm had secured the listing approval from the CSE.

SL to borrow US $ 150mn from ADB for COVID-19 vaccination

The Cabinet of Ministers this week granted approval to obtain a US $ 150 million loan from the Asian Development Bank (ADB) to roll out the ‘Responsive COVID-19 Vaccines for Recovery Project’, which includes funding for vaccinations.

June inflation jumps to 5.2%

The consumer prices in Colombo soared in June, amid the escalating food prices caused by the disruptions to supply chains while the higher fuel prices since the second week of the month resulted in a chain reaction in almost all other sectors pushing prices up.

Cabinet nod to extend restrictions on capital outflows by further 6 months

The Cabinet of Ministers granted approval to extend the current restrictions on capital outflows, which was to be expired today (July 1), by a further six months, citing potential risks to the foreign exchange market and to maintain the stability of the financial system.

Egg producers hint at potential increase in prices after fuel price hike

The All Ceylon Egg Producers Association says an increase in egg prices might be inevitable, considering the higher input and transport costs, which could stem from the recent fuel price increase, at a time when the people are already grappling with sky-high consumer prices.

Credit growth expected to pick up in second half: Acuity Stockbrokers

The banking sector credit growth could start to pick up from the second half of this year (2H21) after a setback in the 2Q21 due to lockdown-like restrictions, which crippled most business and consumer activity for over two months, according to Acuity Stockbrokers Research.

Proposed multifunction commercial building project in Col.12 gets Cabinet nod

The Cabinet nod was given to move ahead with the proposed Multifunction Commercial Building Project in 6-acre land plot owned by B. C. C. Lanka Company Limited in Colombo 12.

Vish Govindasamy elected as new Ceylon Chamber chief

The Ceylon Chamber of Commerce elected Vish Govindasamy as its Chairman during the Chamber’s 182nd Annual General Meeting held yesterday.

THASL calls on govt. to respond to debt restructuring request

As the debt of Sri Lanka’s crippled tourism sector exceeds Rs.300 billion, the Hotels Association of Sri Lanka (THASL) called on the government to respond to their repeated pleas for assistance.

Reforms in debt-accumulated SOEs must to avert next financial crisis: WB

As South Asia’s debt continues to escalate due to poor performing State-owned-enterprises and banks (SOEs and SOBs), the World Bank (WB) yesterday advised it is essential for nations within the region to embark on serious reforms to steer away from the next financial crisis.

Banking sector credit to govt., public corporations up in May

The banking sector gave higher amount of credit to the government and to public sector enterprises during May as the State revenues ran dry amid the closure of large swaths of the economy while rising oil prices amid State sector inefficiency engulfed public corporations increasing their reliance on the banking sector.

Shares end lower as losses in consumer stocks weigh

Sri Lankan shares ended lower yesterday, after touching a more than four-month high in the previous session, dragged down by losses in consumer and industrial stocks.

Conglomerates with finance company subsidiaries could witness rating pressure from added leverage: Fitch

Sri Lanka’s conglomerates with finance company subsidiaries could face pressure on their leverage and thereby their credit ratings as the finance companies’ growth amid weak operating conditions may demand increased support from the parents, which may have to be met with fresh debt.

SL to borrow US $ 150mn from ADB for COVID-19 vaccination

The Cabinet of Ministers this week granted approval to obtain U$ $150 million loan from the Asian Development Bank (ADB) to roll out ‘Responsive COVID-19 Vaccines for Recovery Project’, which includes funding for vaccinations.

UoC law students win WTI’s Moot Court Competition

Sri Lanka came under the fresh international spotlight with a team from the University of Colombo (UoC) bagging the World Trade Institute’s (WTI) 2021 John H. Jackson Moot Court Competition.

SL’s labour market amidst COVID-19: Need for targeted interventions

Lockdowns and restricted mobility have devastated labour markets across the world. According to the International Labour Organization (ILO), the equivalent of 225 million jobs was wiped away globally due to employment and working hour losses in 2020 (Q4) compared to 2019 (Q4).

Significance of Keynesian Economics for results-driven economy during pandemic in SL

The impact of COVID 19 virus not only infected lungs of humans but also the heart of Sri Lankan economy at large in terms of employment, gross domestic product, worker remittance, foreign reserves, income distribution and many other economic and social variables.

CPSTL profitability improved despite pandemic: Chairman

Chairman of Ceylon Petroleum Storage Terminal Ltd (CPSTL) M. Uvais Mohamed, in an interview with Daily Mirror explains how the financial situation of his organization improved in the recent past. Excerpts of the interview:

CB dismisses claims of external sector crunch amid dwindling reserves

Central Bank Governor Prof. W.D. Lakshman in a fairly detailed statement issued yesterday dismissed the repeated concerns raised by certain quarters of an imminent external sector crisis brewing in the country, often citing weaker external reserves, ahead of the upcoming foreign currency debt obligations.