CB plans to raise up to US $ 750mn in SLDBs ahead of record maturities

The Central Bank (CB) plans to raise up to record US $ 750 million in Sri Lanka Development Bonds (Treasury Bonds denominated in US dollars) ahead of the US $ 694 million SLDB maturity scheduled for May 1, this year.

Chicken prices soar as supply shortage bites consumers and producers alike

As majority of the producers grapple with the rising producer prices, the small-scale poultry farmers have been forced to exit the industry due to the escalating feed prices, which among other things have pushed the selling price of fresh chicken up to astronomically high levels.

RPCs allege workers of state-managed estates not paid Rs.1,000 daily wage

The Regional Plantation Companies (RPCs) yesterday challenged the Commissioner General of Labour to pursue the necessary legal action against the state-managed estates for non-payment of the daily minimum wage mandated for the rubber and tea plantation workers.

Finance Business Act to be amended

As the Central Bank is in the process of introducing a new Banking Act, in place of the existing one, the regulator has also undertaken a fresh project to introduce amendments to the Finance Business Act (FBA), No. 42 of 2011, the statute applicable for the regulation and supervision of licensed finance companies (LFCs).

Dipped Products, Haycarb well-positioned to benefit from possible COVID-19 third wave

Hayleys Group’s Dipped Products PLC (DPL) and Haycarb PLC are well-positioned to benefit most from a potential COVID-19 third wave globally, which could ramp up the demand for personal protective equipment (PPE), according to a research report by an equity brokerage.

Most NPLs from those who didn’t apply for moratorium: Survey

Most of the non-performing loans (NPLs) in the banking sector have come from those who hadn’t applied for any type of relief such as the payment holidays afforded by way of moratoria, a survey has found.

Support of suppliers and buyers vital for apparel sector recovery

The pandemic-struck apparel sectors of Sri Lanka and Bangladesh are in urgent need of joint collaborative efforts from suppliers and brand buyers if the industry, which is a key revenue generator for both the nations, is to return to normalcy.

Fashion designers say cost of production up due to import restrictions

The fashion designers are struggling to keep up with the fast-changing trends in the country, as the challenges in sourcing raw materials have led to a slowdown in reacting to the market demand.

Emirates to increase services to Colombo to 7 flights a week

Emirates has announced it will increase its services to Colombo from six to seven flights a week, with the seventh weekly flight commencing 3rd May. The additional service will serve rising market demand and enhance connectivity to and from Colombo via Dubai.

Rupee dips to Rs. 200.90 against US dollar

The Sri Lankan rupee lost its heft further today ending a short-lived appreciation phase, as the selling rate of the US dollar was recorded at Rs.200.90, up from yesterday’s Rs.195.25.

Fashion designers say cost of production up due to import restrictions

Fashion designers are struggling to keep up with the fast-changing trends in the country, as challenges in sourcing raw materials has led to a slowdown in reacting to the market demand.

A global economic revival imminent in 2021, says PwC 24th Annual Global CEO Survey

The pandemic has disrupted how organisations operate across a multitude of industries, transforming global systems in ways that have never been explored.

Sri Lanka’s present and future fortunes intrinsically linked to ocean resources

The current and future prosperity of Sri Lanka is intrinsically linked to its coastal, marine and mineral assets or neglected ocean resources. Fisheries and tourism can be two main pillars of its gross domestic product (GDP) economy and source of employment.

Why customer-centricity should be top priority

Businesses have always followed the golden rule of treating customers as gods and kings. Yet, today this group of divine royalty holds more power than ever and thus is more in command of how organisations must operate.

Port City to add US$ 30bn to Sri Lanka’s economic output

The Colombo Port City (CPC) project is estimated to add a mammoth US$ 30 billion in fresh economic output to Sri Lanka’s gross domestic product through 2041, propelling the country towards the developed country club, according to a study by PricewaterhouseCoopers (PwC). Sri Lanka’s current gross domestic product (GDP) is estimated to be around US$ 84 billion.

Government invites Qatar and Oman to invest in Port City

The government explored the possibility of attracting investments to the Colombo Port City Economic Zone from Qatar and Oman, and would do it with India in the near future, a Minister said yesterday.

Piramal Glass’ mandatory offer price revised upwards

The mandatory offer price of Piramal Glass Ceylon PLC (PGC) has been revised upwards to Rs.11.86 from Rs.11.60, a stock exchange filing said.

ComBank’s ATM network sets new record this Avurudu

The automated teller machine (ATM) network of Commercial Bank of Ceylon has dispensed a record Rs.8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.

Corporates increase leverage as debt accumulated at faster pace

Sri Lankan corporates have accumulated debt at a faster pace making the most of the record low borrowing cost, upending the funding structure and their balance sheets for many years to come as the economy is slowly adjusting to low interest rates.

RPCs urge estate worker vaccination be given priority ahead of new COVID-19 cases

The Planters’ Association of Ceylon (PA) yesterday called on government and Public health officials to ensure that estate sector workers are made a top priority in the COVID-19 vaccination drive, given their essential contributions to the national economy.

Tundra Frontier Fund invests in WindForce shares

Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund has subscribed to an equity stake in WindForce Limited by taking part in the Fund’s first IPO issuance in Sri Lanka.

WindForce shares trade on CSE on Earth Day

ComBank’s ATM network sets new records for cash dispensed this Avurudu

The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs.8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.

RPCs urge estate worker vaccination to be given priority

The Planters’ Association of Ceylon (PA) today called on government and Public health officials to ensure that estate sector workers made a top priority in the COVID-19 vaccination drive, given their essential contributions to the national economy.

Global freight charges hike to remain in short-term: Fitch

The ongoing hike in global freight rates is expected to remain in the short-term, although a tapering is expected to in the long term as supply chain disruption clears out, Fitch Ratings said.

Rupee sheds gains against dollar

The Sri Lankan Rupee today depreciated to Rs. 195.25 against the US dollar from yesterday’s recovery of Rs. 191.97.

Home-grown blockchain start-up secures angel financing

Home-grown blockchain service start-up, Niftron, has been successful in raising Rs. 10 million in the latest round of funding from The Angel Fund of the Lankan Angel Network (LAN), Sri Lanka’s largest network of angel investors.

Local producers begin to feel rise in cost of production

Sri Lanka’s producers are beginning to feel higher cost of production, potentially activating what could be a vicious cycle of higher producer prices,

Banks provide even for loans under moratoria taking extra guard for possible losses

Sri Lankan banks became extra cautious and extremely prudent when accounting for the losses that might arise from the possible bad loans on the facilities that were on moratoria through March 31, 2021,

Oil slips as rising infections spark demand concerns

Oil prices were lower yesterday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude.