Questions surrounding the Port City of Colombo

Sri Lanka is in a conundrum. its present governance has approved China’s extra-jurisdictional Special Economic Zone (SEZ) in Colombo Port City, right next to its commercial port.

Central Bank mulls dedicated AMC to manage sour assets

NBFI sector NPLs rose sharply to 13.9% in 2020, from 10.6% in 2019, steadily rising from 5.3% in 2016 Sri Lanka is planning to set up a dedicated institution where the banks can sell their distressed assets for third party institutions for their separate management,

Malaysia, Indonesia request removal of ban on palm oil imports

Malaysia and Indonesia, perturbed by the government’s decision to slap a ban on palm oil imports, have asked for the removal of it, Mirror Business learns.

Lower interest rates send unit trust industry’s assets over Rs.200bn

As the historically low interest rates upended the asset allocation decisions of people and firms alike, the mutual fund industry stood to benefit immensely out of that phenomenon, as its assets under management (AUMs) soared to over Rs.200 billion by end-March, rising by nearly twice within a span of a year.

Shares end higher as financials, consumer stocks gain

Sri Lankan shares closed higher yesterday, helped by gains in financial and consumer staples.

29% growth of turnover volumes in April

The total market turnover of the Colombo Stock Exchange (CSE) demonstrated a positive growth of 29.43 percent in the month of April compared to the previous month.

Sri Lanka welcomes over 4,000 tourists in April; India leads

Sri Lanka managed to maintain the momentum in the number of tourist arrivals with 4,168 international travellers visiting the country in April.

Blackstone stake in Piramal Glass tops 78% following mandatory offer

PGP Glass, a unit of US-based private equity fund Blackstone, has increased its stake in Piramal Glass Ceylon PLC (PGC) to at least 78.65 percent,

LB Finance secures US $ 15mn FMO loan to support SME sector

LB Finance PLC (LBF) has succeeded in raising US $ 15 million on a four-year tenure from FMO, the Dutch Entrepreneurial Development Bank.

Metal manufacturers welcome ban on scrap metal exports

The All Ceylon Metal Foundry Industrialist Association (SLMFIA) in a media release yesterday hailed the banning of export of scrap metal and thanked Industries Minister Wimal Weerawansa for the decision.

New Country Director reaffirms WFP’s commitment to improving nutrition and food security in SL

The newly-appointed Country Director and Representative of the United Nations World Food Programme (WFP) Sri Lanka, Abdur Rahim Siddiqui, formally presented his letter of credentials to Foreign Minister Dinesh Gunawardena at the Ministry premises.

Local construction sector explores partnership opportunities with Nepal

Exploring avenues to increase foreign exchange earnings, the local construction sector has initiated dialogue with Nepal to connect the industries of the two countries.

Threats to Sri Lanka’s national sovereignty under proposed Colombo Port City Commission Bill

The provisions of the Port City Bill, if enacted, will erode the legal and political sovereignty of Sri Lanka in a number of ways.

State borrowings soared in March ahead of festive season

The State sector borrowings soared in March as salaries and bonuses fell due for the country’s bloated public sector while supplier bills needed settlement ahead of New Year holidays.

US-based Rizing acquires attune Lanka from MAS Holdings

MAS Holdings yesterday announced, that in line with its long-term strategic objectives, it has concluded the sale of its subsidiary attune Lanka (Private) Limited to Rizing LLC, a privately held, US-based boutique firm.

Govt. to set up 500 container-based gyms at a cost of Rs.625mn

The Cabinet of Ministers granted approval to setup container-based cross-fit gyms across the country at an estimated cost of Rs.625 million in a bid to inculcate an active lifestyle among the youth while providing some catalyst for progress in sports by 2022.

Make cybersecurity topic of boardroom, says Central bank

As cyber threats have continued to mount during the pandemic due to alternative work arrangements, cybersecurity should be made a topic of the boardroom and given extra attention, the Central Bank of Sri Lanka (CBSL) said.

Cabinet nod to table CB annual report in Parliament

The Cabinet of Ministers cleared the path to table the Central Bank Annual Report 2020 in Parliament as per the provisions of the Monetary Act.

MoH issues revised operational guidelines for banks and NBFIs

Ministry of Health (MoH) has issued revised ‘Operational guidelines on the preparedness and response for COVID- 19 outbreak for banks and Non-Bank Financial Institutions’ (NBFI), considering the sector’s high vulnerability for the transmission of the virus due to the nature of services provided.

Slim Pharmaceuticals secures Rs.540mn Enoxaparin bid

The Cabinet of Ministers has decided to award Rs.541.80 million contract to Colombo-based Slim Pharmaceuticals (Pvt) Ltd. to procure 840,000 prefilled Enoxaparin Sodium vaccines (4000 IU, 0.4mm) which are used treat harmful blood clots in heart patients.

India’s Reliance gets US$ 13mn immunoglobin contract

The government has decided to award US$ 13.1 million contract to India’s Mukesh Ambani-controlled Reliance Life Science (Pvt.) Ltd to supply 112,500 vials of human immunoglobin (BP 5 — 6 grams) based on recommendation of the Cabinet-appointed Standing Committee on Procurement.

SL tourism comes under fresh global spotlight with CNN

Sri Lanka came under fresh global spotlight in the 2Q21 with CNN promoting the country as a safe holiday destination to visit during the ongoing COVID-19 pandemic.

Companies urged to up budget allocation for IT security as WFH continues

As work from home (WFH) arrangements place information systems at high risk, entities are urged to allocate adequate budgets to boost IT security.

Total ban on chemical fertilizers and pesticides: Is it viable?

The media reported, a few days ago the Presidential ban on agrochemicals from the next Maha season, apparently with a total Cabinet nod.

Policy recommendations for competitive Global Port City

The success of the Colombo Port City is not dependent on the Colombo Port City Economic Commission Bill (“Bill”) itself, but in building an ecosystem that fosters sustainable financial industry growth.

Like Singapore to ASEAN and Hong Kong to China, Colombo Port City is gateway to South Asia

Ahead of the parliamentary debate on the Port City Economic Commission Bill, Director – Sales and Marketing of the Port City Yamuna Jayaratne spoke to Mirror Business about the economic importance of the project and the plans in place for its attraction. Excerpts of the interview are as follows.

SL overshoots budget deficit as pandemic puts strain on state revenue

Sri Lanka’s fiscal deficit for 2020 exceeded both the deficit target for the year and the deficit in 2019, as the pandemic-induced economic disruptions put a strain on revenues, while the tax cuts failed to produce their desired economic resurgence.

Pan Asia Bank delivers best quarterly profit in March on superior loan growth

Pan Asia Banking Corporation PLC delivered its best quarterly performance in the three months ended in March 2021 (1Q21), as the bank opened its lending spigots giving more loans in a resurgent economy characterised by strong consumer spending.

Hela Clothing hailed by Kenyan President

Hela Clothing, an ethical and sustainable apparel manufacturer with factories across Kenya, Ethiopia and Sri Lanka, has been recognised as a leading example of resilience and ingenuity during the pandemic by President Uhuru Kenyatta of Kenya.

Prime Lands Residencies debuts initial public offering

Prime Lands Residencies Limited, the condominium property arm of Prime Group, recently debuted its initial public offering (IPO) proposition.