Digitalisation the way forward for Sri Lanka

In early 2020, when the COVID-19 lockdown began, Sri Lanka’s food supply chain was significantly disrupted, leaving farmers and consumers to face the adverse effects of the pandemic. Wholesale and retail markets were closed and traders were encouraged to deliver food items directly to doorsteps following strict health guidelines.

Migrant worker departures decline sharply in 2020

Sri Lanka’s outward labour migration declined sharply by 73.6 percent year-on-year (YoY) to 53,713 persons in 2020, with the spread of the COVID-19 pandemic worldwide.

Pandemic fuels unprecedented demand for physical currency in 2020

The value of currency notes and coins in circulation accelerated for the first time in recent years, recording a 23.1 percent year-on-year (YoY) growth to Rs.834.2 billion in 2020, driven by unprecedented demand for physical currency, as a direct impact of the COVID-19 pandemic situation in the country.

Two financial institutions fined under anti-money laundering laws

The Financial Intelligence Unit (FIU) of the Central Bank said it has imposed penalties on two financial institutions, amounting to Rs.4.0 million, during the first quarter, for not complying with the anti-money laundering laws.

Haycarb delivers solid 4Q as purifying products see increased demand

Haycarb PLC, the manufacturer of activated carbon from coconut shells, generated higher revenues and profits for the three months ended on March 31, 2020 (4Q21), on higher demand for its purifying products, as the company expanded market share.

Waters Edge unveils Sri Lanka’s first eco-friendly, smart and sustainable boutique resort

The very first eco-friendly luxury boutique resort in Colombo made its debut when Waters Edge recommenced the construction of the much-anticipated 48-room project.

Hayleys pulls off record performance in FY21 on pandemic-fuelled demand

Hayleys PLC pulled off a stunning financial performance for the three months ended March 2021 (4Q21), as its key export companies manufacturing rubber gloves, purification products and fabrics became clear winners from the new conditions created by the pandemic.

State sector absorbs more people while private firms scramble to find workers amid shrinking labour force

Sri Lanka absorbed more people to the inefficient public sector while the labour force or the economically active population in the country contracted, giving more headaches to the private sector, which remains hamstrung with shortages of manpower to power their industries.

Piramal Glass 4Q profit soars amid strong domestic sales, exports

Piramal Glass Ceylon PLC reported robust sales and profits for the three months ended March 2021 (4Q21), amid increased demand for glass containers from industries such as food and beverages and pharmaceutical.

No passenger disembarkation from 21 to 31 May

Sri Lanka will not permit disembarkation of passengers into the country for 10 days starting 21 March, the Civil Aviation Authority (CAA) announced a short while ago.

First inter-ministerial meeting for National Tourism Policy development held

Charting the way forward to establish a vibrant tourism industry amid the COVID-19 pandemic, Sri Lanka held its first inter-ministerial committee meeting for National Tourism Policy development today.

Do’s and Don'ts for Healthy Grocery Shopping

The best starting point to healthy living is to have health on your mind. That done, focus on your Grocery Shopping – for the food that goes into your cart, is which goes into your body.

Penalties imposed on two financial institutions

The Financial Intelligence Unit (FIU) of the Central Bank announced it has imposed penalties on two financial institutions amounting to Rs.4.0 million during the first quarter for not complying with anti-money laundering laws.

Govt. steps up efforts to fast-track Digital Sri Lanka agenda

The government shared that it is looking to increase its efforts in fast tracking the Digital Sri Lanka agenda, and is currently in the midst of getting the relevant stakeholders on to one platform.

Trade deficit widens in March for first time in almost a year

Trade deficit in March widened for the first time nearly in a year as imports recovered almost at the same pace as exports partly driven by seasonal demand, leading to a widening of the trade deficit in the first quarter, the latest data released by the Central Bank showed.

Chrissworld share makes impressive CSE debut

The shares of Chrissworld Limited, which commenced trading on the Colombo Stock Exchange yesterday, performed impressively with the share closing more than double the issue price.

Lion Brewery 4Q net up from low base; says worries persist over future biz

Lion Brewery (Ceylon) PLC saw revenues recovering during the three months to March 2021 (4Q21) from a lower base last year, but virus resurgence and the subsequent restrictions on consumer activity have clouded the firm’s future outlook.

World Economic Forum cancels annual meeting

The World Economic Forum has cancelled its 2021 annual meeting scheduled for Singapore in three months time, the Swiss-based organisation said this week.

Singer Sri Lanka 4Q profits soar amid strong sales, lower finance costs

Singer Sri Lanka PLC reported soaring profits for the three months ended in March 2021 (4Q21) as consumers splurge on home appliances, electronics, smartphones and laptops as they went on a shopping binge in search of items to upgrade their kitchens, living rooms, and setting up home offices in the new setting necessitated by the pandemic.

SLTD, UNDP launch e-survey to gain industry stakeholder inputs for tourism policy formulation

The Sri Lanka Tourism Development Authority (SLTDA) together with the United Nations Development Programme (UNDP) launched an e-survey to gain inputs from industry stakeholders for the formulation of the National Tourism Policy.

ICRA Lanka upgrades Asia Asset Finance ratings

It has revised the outlook of Asia Asset Finance PLC to BBB+[Stable] from BBB+(Negative) considering growth performance with capital, operational, financial and managerial support from its parent company Muthoot Finance Limited (MFL).

Facebook Journalism Project and Reuters launch digital journalism course in SL

The Facebook Journalism Project and Reuters have partnered to launch an online training program, Reuters Digital Journalism Course. The program aims to support journalists in nine countries across the Asia Pacific, including Sri Lanka, to build a strong foundation in digital reporting and editing.

e-survey to gain industry inputs for tourism policy formulation

The Sri Lanka Tourism Development Authority (SLTDA) together with the United Nations Development Program (UNDP) launched an e-survey today to gain inputs from industry stakeholders for the formulation of the National Tourism Policy.

World Economic Forum cancels 2021 session due to Covid-19

The World Economic Forum (WEF), an international organisation for Public-Private cooperation, has announced its decision to cancel the 2021 annual meeting that was scheduled to be held in Singapore, due to the escalation of the COVID-19 pandemic across the world.

Sustainable solution to declining tea production, export revenue and livelihood issues

The word ‘sustainability’ is often distorted without being used in ecological context to get its proper meaning. In simple terms, we have the responsibility to protect the right of future generations to live in a safe environment.

CB largely expected to hold rates on Thursday

Despite the ongoing COVID-19 third wave in the country, First Capital Research (FCR) is largely ruling out a possible rate cut and expects the Central Bank (CB) to hold policy rates at the fourth monetary policy review announcement of the year scheduled for this Thursday (20th).

Manufacturing and services activities slow in April; expectations for next 3 months deteriorate

Sri Lanka’s manufacturing and services activities slowed in April, in line with the seasonal pattern but the COVID-19 third wave lockdowns and other restrictions appear to be putting a serious damper on the expectations for the next three months compared to the previous month.

Access Engineering opens new asphalt manufacturing plant in Ganewalpola

Access Engineering PLC, the foremost civil engineering company in Sri Lanka, expanded its asphalt manufacturing plant operations by opening its seventh plant in Kollankuttigama in Ganewalpola, Kekirawa recently, in order to enhance its greater efficiency in operations.

Inflation fears could spook markets as lockdowns wreak economic havoc

Inflation fears, which are already making their presence felt in the consumer and supplier markets since of late could accelerate, perhaps even prompting the Monetary Board to take its foot off from the gas pedal ending the current stimulus.

Banks inundated with calls for relief as restrictions bite incomes

Banks have begun to receive calls and e-mails from their clients, mostly from small business owners, expressing grievances and requesting relief amid the new wave of lockdowns, as consumer traffic has waned significantly.