CB Governor bats for stable and shared growth

As the economy is expected to recover from a contraction in last year to a positive growth of 3.3 percent this year, the Central Bank yesterday stressed that the country does not need an episode of high growth but rather stable and shared growth to be sustained over many years.

CB enters into US $ 1.5bn swap deal with People’s Bank of China

The Central Bank of Sri Lanka (CBSL) and People’s Bank of China (PBoC) have entered into a bilateral currency swap agreement, with a view to promoting bilateral trade and direct investment for economic development of the two countries and to be used for other purposes agreed upon by both parties, a CBSL statement said.

China swap will boost SL’s near-term reserves: StanChart

In an about-turn, Standard Chartered Bank (StanChart) upgraded its outlook on the Sri Lankan economy, after the country received the approval from China’s Central Bank for a US $ 1.5 billion equivalent currency swap arrangement.

Plantations Minister orders establishment of Kithul Development Board

Plantations Minister Ramesh Pathirana has ordered to establish the Kithul Development Board, to regulate and develop kithul (fishtail palms) as a main plantation crop in Sri Lanka.

SL to ratify landmark ILO convention on workplace harassment

Sri Lanka’s Cabinet of Ministers has granted approval to ratify the landmark International Labour Organisation (ILO) Convention on Eliminating Violence and Harassment in the world of work and to draft sweeping new laws and regulations to prevent violence and harassment, including gender-based violence and harassment.

National inflation accelerates to 4.2% in February

Headline inflation, as measured by the year-on-year (YoY) change in the Natio nal Consumer Price Index (NCPI), increased to 4.2 percent in February 2021, from 3.7 percent in January 2021.

Hoteliers thank govt.; but say moratorium alone not enough

The Hotels Association of Sri Lanka (THASL) yesterday stressed that the moratorium alone is insufficient to tackle the ongoing crisis faced by the tourism sector and measures should be taken to extend an “innovative” stimulus package.

Worker remittance income continues to grow through Feb.

The remittance income from Sri Lankan migrant workers continued its climb in February, extending gains to its 10th consecutive month since last May.

CB inks US $ 1.5bn swap deal with People’s Bank of China

The Central Bank of Sri Lanka (CBSL) and the People’s Bank of China (PBoC) have entered into a bilateral currency swap agreement with a view to promoting bilateral trade and direct investment for economic development of the two countries, and to be used for other purposes agreed upon by both parties, a Central Bank statement said.

Local printers join Indian counterparts to protest against high cost of paper

The Sri Lanka Association of Printers (SLAP) is calling all printers in the country to observe a ‘Black Day’ today to protest against the unprecedented increase in the price of paper and other raw materials, which has resulted in the overall cost of production to expand significantly.

Policy-oriented research key to avoid growth stagnation: CB

Sri Lanka requires attention towards policy-oriented research activities, a pre- requisite if the country is to avoid growth stagnation, the Central Bank of Sri Lanka (CBSL) said this morning.

Deposit rates show signs of bottoming out

Deposit rates, which declined sharply throughout last year, appear to have ended their run, according to the latest available data for January 2021.

FitsAir mulls operating affordable domestic flights from unpaved dirt-strips

Fits Aviation Pvt Limited (FitsAir) is gearing to commence flight operations from unpaved dirt-strips, targeting cities and locations with congested and time-consuming road networks such as Kandy and Nuwara-Eliya.

Azerbaijan Oil Company eyes US$ 100mn LNG terminal at H’tota Port

The State Oil Company of Azerbaijan Republic (SOCAR) this week said the company expects to join Sri Lanka’s upcoming LNG development programme by partnering with the Pearl Energy project.

Biz prefers consistent bad policies to inconsistent good policies, says top private sector executive

Businesses tend to prefer consistent bad policies to inconsistent good policies, as such provides predictability when taking business decisions including expansions and new investments, a top private sector executive says.

CSE and SEC encourage more family -owned businesses to go public

The Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC) are encouraging family-owned businesses to go public to make use of the concessions offered to new listings, while boosting the country’s capital market’s liquidity.

Depositors of failed finance companies get upto Rs.1.1mn in compensation

Announcing further relief to those who lost their savings to now defunct finance companies, the Central Bank last week said the maximum compensation that a depositor receives will be increased from Rs.600,000 to Rs.1.1 million.

Musk tells China data gathered by Teslas remain secret: report

Tesla boss Elon Musk strongly denied Saturday that his cars, which gather large amounts of data, could ever be used to spy on China despite fears raised by Beijing, the Wall Street Journal reported.

Singer Finance to raise up to Rs.2bn via listed debt

Singer Finance (Lanka) PLC last Friday disclosed its plans to raise up to Rs.2 billion via a listed debenture issue.

Packer’s Crown Resorts receives US $6.2bn buyout offer from Blackstone

REUTERS: Beleaguered casino operator Crown Resorts Ltd said on Monday it received a buyout offer from private equity company Blackstone Group Inc that values the company at A$8.02 billion (US $6.19 billion).

SOCAR eyes SL for LNG development

The State Oil Company of Azerbaijan Republic (SOCAR) announced it is eying Sri Lanka to set up its upcoming LNG development by partnering with the Pearl Energy project.

Depositors of failed finance companies to get extra Rs. 500,000

In an effort to extend further relief measures to depositors of finance companies, the Monetary Board of the Central Bank has decided to increase the maximum compensation payment under Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) from Rs. 600,000 to Rs. 1,100,000.

Rate caps hinder banks’ penetration into microfinance sector: HNB chief

The interest rate caps hinder the formal banking sector’s penetration into the microfinance sector, as the default risks in the sector have increased substantially, while the banking sector braces for a rise in general market interest rates, on the back of strong demand for private sector credit.

Grand Oriental Hotel undergoes Rs.250mn revamp; to be managed by Waters Edge

Grand Oriental Hotel (GOH), an icon of generations past, is opening its doors to a new era of splendour, bringing to life its rich colonial architecture.

Sri Lanka to launch first Internet Day with Indian Co-Chair

The digital chapter of the Federation of Information Technology in Sri Lanka (FITIS) is gearing up to launch the first-ever Sri Lanka Internet Day 2021, this April.

Korean envoy says Sri Lanka is well-poised to receive FDI

Hosts BOI Chairman at embassy with representatives of Korean Businessmen’s Association On March 18, 2021, Ambassador of the Republic of Korea Santhush Woonjin Jeong had hosted Board of Investment of Sri Lanka (BOI) Chairman Sanjaya Mohottala, at the Korean Embassy.

Targeting Tesla, China’s Geely to launch new premium EV brand

China’s Geely plans to roll out electric vehicles under a new marque with different branding and sales strategies, people familiar with the matter said, as the Volvo owner looks to take on its main EV rival Tesla with higher-end vehicles.

One million trees to be planted on road shoulders

The Roads and Highways Ministry, Rural Roads and Other Infrastructure State Ministry as well as the Road Development Authority have embarked on a project to give prominence to the preservation of nature while performing development work.

Donald Trump’s wealth takes tumble during presidency

Donald Trump’s net worth dropped by about US $ 700 million to US $ 2.3 billion (£1.65 billion) during his time as president, according to the Bloomberg Billionaires Index.

Unlimited data packages by April: TRCSL

Internet uses across the country could expect to have unlimited data plans by April, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) announced via Twitter a short while ago.