State borrowings from CB, banks down hinting improving govt. revenue

Borrowings by the State from the Central Bank and licensed commercial banks plunged in February, which could be a sign of improving government revenues by way of taxes as economic activities are increasingly becoming normalised as virus scare recedes.

Banking sector RoE makes about turn giving fresh hopes for investors

Banking sector return on equity (RoE), a key ratio that is used to gauge the attractiveness of the sector by investors, made an about turn in 2020 as the sector delivered robust earnings defying the pandemic-induced challenges.

Sri Lanka welcomes 4, 582 tourists in March

Sri Lanka received 4, 582 tourists in March, up from 3,366 in February and 1, 682 in January, the tourist arrivals data released by Sri Lanka Tourism Development Authority (SLTDA) showed.

Local ‘Ambul’ bananas to be exported for first time

Agriculture Minister Mahindananda Aluthgamage this weekend inspected the Ambul banana cultivation produced for the export market in Anuradhapura Rajanganaya from Yaya 1 to Yaya 5 in the Anuradhapura District.

Winner of 2020 MENA Search Awards, HOP expands their Colombo footprint

Home of Performance (HOP) is a full-scale boutique digital marketing agency headquartered in Dubai, UAE. HOP is one of Dubai’s most innovative digital performance marketing companies, offering integrated 360-degree digital marketing services and was the winner of the prestigious 2020 MENA Search Award for Best Use of Search B2C.

CEB to raise up to Rs.20bn on CSE via listed debt

State-owned power utility Ceylon Electricity Board (CEB), which is the country’s monopoly electricity transmitter and distributor, is gearing to raise up to Rs.20 billion through a listed debenture issue on the Colombo Stock Exchange (CSE).

Prime Residencies completes 35th property project; says IPO in near future  

Prime Land Residencies Ltd, the condominium property arm of Prime Group, recently celebrated a milestone achievement upon the completion of its 35th property project.

SL at inflection point in embracing digital economy, says Microsoft India Chief

Microsoft India Chief Lathika Pai this week expressed confidence in Sri Lanka embracing a digital economy with the right policy set in place as the island nation is currently at an inflection point.

Govt. on course to legislate Special Goods and Services Tax

Making good on the proposal made in the Budget 2021, the government is gearing to introduce the ‘Special Goods and Services Tax,’ which will rationalise various taxes into one, while easing tax administration as well as collection.

Sri Lanka Tourism ‘Bio Bubble’ recognised at ITB Berlin

Sri Lanka Tourism has been recognised for its innovative ‘Bio Bubble’ concept by the International Trade Tourismus-Börse Berlin (ITB), which is one of the largest trade shows in the world.

Cabinet nod for proposal to allocate land for investors in industrial estates

The Cabinet of Ministers this week approved a proposal to allocate 16 land plots in nine Industrial Estates under the Ministry Industries for investors to set up new industries.

Chinese swap eased bond yields: First Capital

First Capital Research (FCR) this week said foreign currency swap Sri Lanka entered with China had eased the rising bond yields, in an about turn from their previous expectations that the ascent in the yields would continue.

Recovery in credit card spend moves forward at snail pace

Credit card spending which turned a corner in December after four months of slippage in outstanding balances, continued to recover, though at snail pace, indicating that people have begun to swipe their cards, which was not allowed last year due to pandemic related lockdowns and social distancing orders.

CEB to raise up to Rs.20bn via Colombo Stock Exchange

State-owned power utility Ceylon Electricity Board (CEB), which is the country’s monopoly electricity transmitter and distributor, is gearing to raise up to Rs.20 billion through a listed debenture issue on the Colombo Stock Exchange (CSE).

SL Tourism’s ‘Bio Bubble’ receives global recognition

The ‘Bio Bubble’ concept of Sri Lanka Tourism has come under fresh spotlight on the global stage with the International Trade Tourismus-Börse Berlin (ITB) recognising the initiative as an innovative implementation

Colombo Tea Auction prices undergo correction

Prices at the Colombo Tea Auction saw a correction this week after being buoyant over a period of over ten months, with the prices declining by Rs.20-30 per kg.

SriLankan launches ‘Neighbour Free Seats’

In an effort to facilitate a safe and secure in-flight experience, national carrier SriLankan Airlines today announced the launch of ‘Neighbour Free Seats’.

South Asian economies bounce back but face fragile recovery: World Bank

Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery.

A healthy Indian Ocean feeds, protects, and connects all South Asians

It is the oceans that engendered life. The lives of humans remain connected to the seas, making the good health of the seas and the efficient management of sea-based activity essential elements for the wellbeing of people and nations.

Litro Gas remains firmly committed to global standards and safety procedures: Director

Jayantha Basnayake, Director –Health, Safety & Environment- Litro Gas Lanka Ltd. in this interview speaks about key HSE functions at Litro Gas, its impact on the company, community, customers and all stakeholders, global parameters on safety in the LPG industry, meeting the challenges posed by COVID-19 etc.

BOC first Lankan bank to achieve Rs.3tn asset base

State-owned banking giant Bank of Ceylon (BOC) has crossed the Rs.3 trillion milestone in total assets, becoming the first Sri Lankan bank to achieve such a feat and cementing its undisputed leadership position in Sri Lanka’s financial sector.

Local trade unions urge IFC to delay vote on US $ 50mn Brandix loan

Six Sri Lankan trade unions and workers’ organisations have filed a complaint with the International Finance Corporation (IFC) of the World Bank Group, raising the issues in the due diligence and labour rights components of the Environment and Social Action Plan for the proposed US $ 50 million loan facility to Brandix Lanka Ltd, according to a media release issued by the Washington-based Global Labour Justice – International Labour Rights Forum

Colombo inflation picks up to 4.1%

Inflation in Colombo rose sharply in March compared to February, as the food prices continued their climb while the government scrambles to keep the prices of essential food items in check.

Prime Lands Residencies to raise Rs.1.95bn via IPO

Prime Lands Group’s 100 percent-owned subsidiary Prime Lands Residencies Ltd (PLR) is gearing to raise up to Rs.1.95 billion via an initial public offering (IPO) on the Colombo Stock Exchange (CSE).

WindForce IPO draws Rs.25.7bn worth of applications

The WindForce Limited initial public offering (IPO) of Rs.3.2 billion, the largest IPO announced at the Colombo Stock Exchange (CSE) since 2011, has attracted applications amounting to a value of Rs.25.7 billion, the Colombo Stock Exchange (CSE) said in a brief statement yesterday.

SEC in fresh move to segregate roles of CEO and chairman

The Securities and Exchange Commission (SEC) of Sri Lanka appears determined to move ahead with segregating the roles of the chief executive officer (CEO) and chairperson being performed by the same person in the listed entities on the Colombo Stock Exchange (CSE).

Return of normalcy expected to unleash burst of economic activity this year

Sri Lanka is expected to unleash a burst of economic activity this year, as the pandemic fades and the people and businesses are resuming activities that were put off last year, possibly elevating the country again into the upper-middle-income level, a status which was lost two years ago in 2019.

CB continues to buy dollars despite pressure on rupee

The Central Bank has continued to purchase dollars from the domestic foreign exchange market for the second consecutive month in March, despite the recent pressure on the currency, as the Central Bank collects non-borrowed assets to shore up its foreign exchange reserves.

Global trade braced for speedy recovery, but uneven growth: WTO

Global trade has prospects for speedy recovery this year with the expansion of merchandise trade, however the recovery process will be uneven after the COVID-19 pandemic shock, the World Trade Organisation (WTO) said last evening.

UL flies in Sinopharm consignment from China

National carrier SriLankan Airlines today flew in a consignment of Sinopharm (BBIBP-CorV) vaccines manufactured in China.