CB printed most amount of money yesterday setting new single-day record

The Central Bank yesterday printed the highest amount of money recorded in a single day to bridge a budget hole, amid shrinking tax income, largely due to virus-related lockdowns and increased expenditure to contain the virus.

SL-B’desh trade deal should have no strings attached tariff: IPS

Sri Lanka inking a preferential trade agreement (PTA) with Bangladesh should have no strings attached tariff as a key feature to ensure its success, a paper by the researchers at the economic think tank Institute of Policy Studies (IPS) suggested.

SL remains an outlier among Fitch-rated APAC frontier economies for heightened external sector vulnerability

Sri Lanka remains an outlier among the Fitch-rated Asia Pacific (APAC) region frontier economies for weaker external sector buffers such as liquidity and reserves, while the others in the bloc strengthened their external sector positions with the exception of Laos.

LOLC Development Finance eclipses ComBank to become #4 market cap firm

LOLC Development Finance PLC yesterday eclipsed the country’s largest private bank Commercial Bank (Ceylon) PLC, to become the listed entity with the fourth largest market capitalisation on the Colombo Stock Exchange (CSE).

Higher inflation could keep Treasury yields up in near term: ICRA Lanka

Contrary to the expectations that the interest rates would stay lower for longer, ICRA Lanka expects the near-term Treasury yields could see some upward pressure from the rising consumer prices, which could be exacerbated by the recent hike in fuel prices, as the bond holders seek higher yields, which can beat inflation.

Labour Ministry and IOM partner to upskill 100,000 foreign employment seekers under new system

The Labour Ministry and International Organisation for Migration (IOM) a.k.a. the UN migration agency, have reached an agreement to launch the ‘Dream to Departure’ (D2D) project,

UL first in South Asia to receive Diamond status from APEX

National carrier SriLankan Airlines has become the first carrier in the South Asian region to receive the Diamond accreditation from Airline Passengers Experience Association (APEX) and SimpliFlying, an upgrade received for the added measures taken to safeguard passengers during the ongoing pandemic.

Paperless, & Affordable Protection with Clicklife from Union Assurance

Consumers can now buy protection online with a state-of-the-art buying experience. Clicklife by Union Assurance is a digital life insurance product which can be purchased under five minute

CBSL sets record straight on Foreign Currency Liquidity in Domestic Market

The Central Bank of Sri Lanka (CBSL) issued a statement to the media a short while ago on concerns raised regarding the foreign currency liquidity issue in the domestic market.

CB prints Rs.23bn in fresh money on Friday; total holdings surpass Rs.900bn

The Central Bank injected Rs.23 billion worth liquidity last Friday, taking the printed money stock in excess of Rs.900 billion as the monetary authority is now forced to provide liquidity to the cash-strapped government after the latter closed down the economy for a month.

May private credit up despite lockdowns

Bank credit to the private sector continued in May, although losing momentum from the recent high in March, indicating that loan disbursements had continued despite a semi-dormant economy due to COVID-19 related lockdowns during the month.

Nearly two-thirds of SLDBs unsold; fresh concerns raised on appetite for such bonds

Sri Lanka failed to sell nearly two-thirds of Sri Lanka Development Bonds (SLDBs) offered at the auction held last week to rollover similar styled bonds worth US$ 178.57 million despite claims that these bonds consistently see active demand from banks and other financial services sector entities.

Janssen single-dose COVID vaccine approved by UK

BBC: A single-dose COVID vaccine made by Janssen has been approved for use in the UK by the medicines regulator.

Industrial production plunges as restrictions take harsh toll on manufacturing

Industrial production in Sri Lanka fell sharply in April from March in a reflection of the damage’s extent the restrictions imposed on travel and other economic activities from the third week of April have had on the manufacturing base of the country.

MSCI proposes to downgrade Pakistan’s stock market

In a major surprise, the MSCI last week proposed to downgrade the Pakistan Stock Exchange (PSX) to its Frontier Markets (FM) Index from the Emerging Markets (EM) Index in November 2021.

Acquisition of South Asia Textiles likely to weigh on Hayleys Fabric earnings in short-term

The purchase of South Asia Textiles Limited by Hayleys Fabric PLC could in the short-term weigh on the combined entity earnings due to decline in margins and the increase in finance cost stemming from the borrowings, which may have been made to fund their April acquisition.

FCCISL sends govt. long list of required concessions and relief

The government was presented with a long list of issues faced by the local business communities last week with the Federation of Chambers of Commerce and Industry Sri Lanka (FCCISL) highlighting the plight of its member associations due to the pandemic that has crippled operations and trimmed revenue.

Colombo real estate market shows signs of a rebound: JLL

With an extensive vaccination drive and easing travel restrictions, Sri Lanka’s economy has started to show signs of a positive outlook. The World Bank forecasts a 4 percent growth in GDP in 2021.

BuzzFeed announces plan to go public and acquire Complex Networks

BuzzFeed, the 15-year-old digital media company known for its lists, quizzes and its Pulitzer Prize-winning journalism, announced Thursday that it plans to go public at an estimated valuation of US $ 1.5 billion.

Fitch rates Commercial Bank’s Basel III subordinated debt ‘A(EXP)(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 an expected national long-term rating of ‘A(EXP)(lka)’.

Mastercard appoints Nikhil Sahni as Division President SA, CCO India

Mastercard yesterday announced the appointment of Nikhil Sahni as its new Division President South Asia and Country Corporate Officer (CCO) India, taking over from Porush Singh.

Toshiba: Scandal-hit chairman ousted by investors

The chairman of scandal-hit Japanese conglomerate Toshiba has been voted out after a shareholder revolt.

Aitken Spence Elevators raises industry benchmark for customers and employees

Aitken Spence Elevators has been audited and awarded with the two prestigious integrated ISO certifications by SGS Lanka including ISO 14001:2015 (Environment Management System) and ISO 45001:2018 (Occupational Health and Safety).

Kahawatte Plantation scores top 33 tea prices; makes a rebound in production

At the recently concluded Colombo Tea Auctions held in May 2021, Craighead, Kataboola, Queensberry, Galamuduna and Rilhena Estates managed by Kahawatte Plantations PLC (KWPL) obtained 33 of the top prices for a range of tea grades.

Tackling local apparel sector’s newest variant: Loss of EU’s GSP Plus

Sri Lanka’s apparel sector continues to beat the odds to remain competitive in the global space but just as it tackles one hurdle, crops up another.

Fitch expects tepid banking sector interest for SL-issued ISBs and SLDBs

Despite the recent Central Bank (CB) measures, Fitch Ratings expects only a limited amount of new investments into Sri Lanka’s foreign-currency government securities, which includes international sovereign bonds (ISBs) and Sri Lanka Development Bonds (SLDBs), by the country’s banking sector amid concerns on the sector’s current exposure to non-investment grade foreign-currency government securities and potential funding access challenges.

UNCTAD forecasts slow recovery in FDI inflows to Sri Lanka

The United Nations Conference on Trade and Development (UNCTAD) expects a slow recovery in foreign direct investment (FDI) inflows to Sri Lanka after FDI inflows to the country contracted by a sharp 43 percent Year-on-Year (YoY) in 2020, mainly due to the pandemic.

Dipped Products sales could moderate after pandemic fuelled performance last year

The pace of business growth could moderate at Dipped Products PLC in the medium term after the global glove maker for industrial and medical needs recorded soaring sales fuelled mostly by the pandemic and the shift in sales from a key global supplier, which together pushed the firm’s profits to its highest-ever levels.

Larger-than-life software mogul John McAfee dies in Spain by suicide

British-born U.S. technology entrepreneur John McAfee died on Wednesday by suicide in a Barcelona prison after the Spanish high court authorised his extradition to the United States on tax evasion charges, his lawyer told Reuters.

Hardly any gain from balance sheet supporting fuel hikes: Dr. Narayana

Sri Lanka’s recent fuel hike will bring little or no benefits to the national economy, if the increase was carried out by the government to support the country’s balance sheet, a former economic advisor to the Indian Prime Minister said.