Lower interest rates add flywheel to Unit Trust industry as AUM gains

While all-time low interest rates appear to be galvanising the economic revival after the virus hit, they are also powering another crucial segment in the economy, i.e. the mutual fund industry, as the sector has been adding assets at a faster pace over the recent months amid depositors and corporates parking their excess cash at a relatively higher return than what is now offered by banks.

Tour operators call for PCR tests to be charged in LKR for tourists

Local tour operators represented by the Sri Lanka Association of Inbound Tour Operators (SLAITO) yesterday expressed their displeasure over tourists being pushed to pay US$ 40 for a PCR test, and urged steps should be taken to charge for the tests in Lankan Rupees (LKR) instead.

IMF slashes SL’s 2021 economic growth forecast to 4%

The International Monetary Fund (IMF) in its latest World Economic Outlook report has slashed Sri Lanka’s economic growth rate forecast for this year to 4 percent from 5.3 percent it forecasted in October, 2020.

Colombo Port City Economic Commission Bill presented to Parliament

The Colombo Port City Economic Commission Bill, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), and under which a high-powered Commission will be appointed to administer it, was presented to Parliament yesterday.

CallisonRTKL appointed to re-calibrate CIFC’s original conceptual design

The United States-based global architecture, planning and design firm, CallisonRTKL has been appointed to re-calibrate the original conceptual design of US$1 billion Colombo International Finance Centre (CIFC) mixed-use development project at Colombo Port City.

CB begins increased compensation payment to depositors of failed finance firms

The Central Bank yesterday said it has commenced the payment of increased compensation amount of Rs. 500,000 under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS),

Real wages continue to lag inflation; informal private sector wages add gains

Real wage growth or the wages accounted for inflation in the country has remained in the negative for private sector employees for over one and half years before the informal private sector wages turned positive in January this year. But the formal private sector wages are still wobbling at negative levels, although with signs of recovery.

Inside of BIA goes live on Google Indoor Maps

Google Indoor Maps was launched at Colombo’s Bandaranaike International Airport (BIA) today, becoming the first indoor facility to enable this feature in Sri Lanka.

Colombo Port City Economic Commission Bill presented to P’ment

The Colombo Port City Economic Commission Bill, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), and under which a five-member Commission with sweeping powers will be appointed to administer it, was presented to Parliament a while ago.

Electricity consumers will be paid interest on security deposit: PUCSL

Public Utilities Commission of Sri Lanka (PUCSL) has announced that interest will be paid to electricity consumers on their deposits made when applying for connections.

IMF slashes SL’s economic growth forecast to 4%

The International Monetary Fund (IMF) has slashed Sri Lanka’s economic growth rate forecast for this year 4 percent from 5.3 percent it forecasted in October, 2020.

Rupee hits new record low against dollar

The Sri Lanka rupee slumped further to a new low today against the US dollar with the selling rate plunging to Rs. 203.50 per dollar. The previous lowest was Rs. 202.88, which was recorded yesterday, April 7.

Sri Lanka’s health financing challenge: Why smarter spending is key

Across the globe, the magnitude of the COVID-19 pandemic has sparked a new urgency around healthcare systems and universal health coverage – the access to high-quality and affordable healthcare services for all, as and when needed.

Sri Lanka’s rejection of UNHRC resolution: A shift towards China

In Geneva, a tough resolution on promoting reconciliation, accountability, and human rights in Sri Lanka was passed with 22 votes out of 47 countries supporting the resolution.

Port City law likely to be enacted before end of this month: PBJ

The government expects the legislation of the Colombo Port City Economic Commission Bill to be completed before end of this month, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), while granting sweeping powers to the proposed commission.

High-speed Internet key to uplift rural economy: President

High-speed Internet for rural areas must be prioritised to ensure the establishment and advancement of industries across the country, President Gotabaya Rajapaksa stressed, yesterday.

20 land plots to come into market to drive up demand

With the Colombo Port City Commission Bill reaching the final stages of the legislation process, the project company of Colombo Port City (CPC) eyes to release 20 land plots located adjacent to Colombo Business District (CBD) as pilot development projects,

Sri Lanka gets localised food price tracker - ‘Bath Curry Indicator’

Sri Lanka yesterday saw the launch of its own localised food tracker ‘Bath Curry Indicator’ (BCI), a spin on the popular ‘Big Mac Index’ conceptualised by The Economist in 1986.

Big Bad Wolf book sale howls online again this May

The fifth Big Bad Wolf book sale and its second virtual return to Sri Lanka is scheduled to go live from May 5 to 12, the organisers said in a media statement.

Shares rise on financial, consumer boost

Sri Lankan shares ended higher yesterday, helped by gains in the financial and consumer staples sectors.

Aitken Spence acquires Waltrim Energy for Rs.900mn

Aitken Spence PLC yesterday said it acquired 100 percent of shares of Waltrim Energy Limited, a sub-subsidiary of Sunshine Holdings PLC, for a total consideration of Rs.900 million.

Hemas’ exit from leisure biz has further reduced biz risk: Fitch

While affirming Hemas Holdings PLC’s National Long-Term rating at ‘AAA(lka)’, with a Stable Outlook, Fitch Ratings yesterday said the company’s recent exit from the leisure sector further reduced its business risk.

CB largely expected to keep policy rates unchanged

The Monetary Board of the Central Bank, which met yesterday for the third time of the year to determine the rate path after assessing the efficacy of its previous policy measures, was largely expected to have decided to stay pat, as the economy is progressing towards the desired trajectory.

Govt. seeks persons with int’l reputation for Port City Commission

Following the enactment of Colombo Port City Economic Commission Bill, which is expected before end of this month, the government expects to advertise internationally to select members for the high-powered seven-member Economic Commission, a top government official said.

Rupee slumps further against the US dollar

The Sri Lanka rupee slumped further to a new low today against the US dollar with the selling rate plunging to Rs.202.88 per dollar. The previous lowest was Rs.202.70, which was recorded yesterday, April 6.

SL gets own localised food price tracker - ’Bath Curry Indicator’

Sri Lanka today saw the launch of its own localised food tracker ‘Bath Curry Indicator’ (BCI), a spin on the popular ‘Big Mac Index’ conceptualised by The Economist in 1986.

High-speed internet key to uplift rural economy: Prez

High-speed internet for rural areas must be prioritized to ensure the establishment and advancement of industries across the country, President Gotabaya Rajapaksa said a short while ago

Govt.’s stance on palm oil could deter investments into agriculture sector

Sri Lanka’s oil palm growers seek clarity on the announced plan to uproot their cultivations, while cautioning such a policy reversal, which drastically undermines investor confidence, could paralyse the progress of the country’s agriculture sector.

Customs, banks instructed not to facilitate palm oil imports

The Imports and Exports Control Department has issued a directive to all commercial banks and Sri Lanka Customs not to facilitate the processes of palm oil importation with immediate effect.

Malaysia irked by SL’s palm oil ban

Malaysia, one of the key sources from where Sri Lanka imports palm oil, appears to have been visibly irked by President Gotabaya Rajapaksa’s move to ban palm oil imports.