Twin awards for SriLankan Airlines in Singapore

Changi Airport Group in Singapore recognised SriLankan Cargo with a Cargo Service Excellence Award, at a ceremony during the Let’s Talk Cargo 2021 conference held recently in Singapore.

SL’s first indigenous medicine university inaugurated

The inaugural ceremony of the conversion of the Gampaha Wickramarachchi Indigenous Medical College into a university was held under the patronage of President Gotabhaya Rajapaksa, at the Bandaranaike Memorial International Conference Hall in Colombo, on Thursday.

BOC GM Gunasekera chairs 73rd APRACA EXCOM Forum

The Asia Pacific Rural and Agricultural Credit Association’s (APRACA) 73rd EXCOM and 22nd General Assembly meeting took place with the participation of the 24 member countries from the Asia-Pacific region.

WindForce announces Rs.3.2bn IPO to boost renewable energy at home and abroad

WindForce Limited, the pioneers in the growth and supply of renewable energy in Sri Lanka, yesterday announced an Initial Public Offering (IPO) that aims to raise Rs.3.24 billion to fund its strategic expansion and growth in the renewable energy sector.

Norfund to invest up to 9.99% stake in NDB

Norwegian Development Finance Institution (Norfund), which is owned and funded by the Norwegian government, yesterday entered into an agreement with Sri Lanka’s National Development Bank PLC (NDB) to invest up to a 9.99 percent stake in the bank.

Norfund to invest up to 9.99% stake in NDB

Norwegian Development Finance Institution (Norfund), which is owned and funded by the Norwegian government, yesterday entered into an agreement with Sri Lanka’s National Development Bank PLC (NDB) to invest up to 9.99 percent stake in the bank.

CB pledges to continue with “historically low” interest rates

While expressing concerns on the recent spike in market interest rates and slowdown in credit disbursements to the private sector combined with inadequate lending to productive sectors, the Central Bank (CB) vowed to continue with the “historically low” interest rate structure until the economy shows signs of sustained revival.

Tile importers and manufacturers discuss industry’s way forward with Treasury Secy.

Treasury Secretary S.R. Attygalle on March 1 met with members of Tile Importers Association and local tile manufacturers to discuss the industry’s way forward.

Central Bank and IFC launch Sri Lanka’s first National Financial Inclusion Strategy

Sri Lanka’s first National Financial Inclusion Strategy (NFIS), launched yesterday aims to make financial services more accessible, efficient, and affordable for all households and businesses in the country.

SL Tourism gears to capitalise on first-mover advantage launching global marketing blitz

The ‘Global Communication Campaign’, conceptualized to promote Sri Lanka as a tourism destination, will see its launch expedited as the island nation eyes to capitalize on first-mover advantage in being among the first countries to open doors to international visitors.

Sector to receive COVID-19 jab in coming weeks

Stakeholders of the local tourism sector will receive COVID-19 vaccination in the coming weeks via a special programme, an effort taken to allow the industry to return to normalcy.

ICRA Lanka assigns [SL]AA- to Windforce with Stable outlook

ICRA Lanka Limited has assigned the issuer rating of [SL]AA- (Pronounced SL double A minus) with Stable outlook for Windforce (Pvt) Limited (WPL).

Gross foreign reserves down to US$ 4.6bn end-February

Lankan shares fall with world markets

Sri Lankan shares plunged to a two-month low yesterday, further shrinking their early 2021 gains, as rising U.S. bond yields shook global stock markets.

CB and IFC launch SL’s first national financial inclusion strategy

Sri Lanka’s first National Financial Inclusion Strategy (NFIS), launched today, aims to make financial services more accessible, efficient, and affordable for all households and businesses in the country.

Towards zero poverty: Why effective targeting of Samurdhi transfers essential

The first Sustainable Development Goal (SDG) is to “end poverty in all its forms everywhere” by 2030. While achieving the goal of zero poverty is a lofty goal for any government, it is profoundly more so for those of developing countries.

Reducing the gap in understanding Sri Lanka’s gender gap

The World Economic Forum’s Global Gender Gap Index (GGGI) is a composite index that measures the extent of gender-based gaps in and among countries and tracks progress towards reducing these gaps over time. See Box 1 on calculation of the Gender Gap.

Price and demand for oil could decide rupee’s fate: ICRA Lanka

The crude oil prices, which began to nudge ahead to reach pre-pandemic highs in recent weeks and the growing demand for oil due to the improving economic activities, both domestically and globally, could determine where the rupee would be in relation to the US dollar, says ICRA Lanka Limited.

Jan.-Nov. revenue shortfall hits Rs.492bn; but 4Q tax income exceeds 2019 levels

The government revenues in the 11 months to November 2020 recorded a sizeable deficit compared to the same period in 2019, as the pandemic took a massive toll on business and personal incomes but the final three months of the year showed such revenues surpassing the 2019 levels, in a sign of economic resilience amid the lingering effects of the health crisis.

China-backed AIIB says debt problem due to improper fund utilisation

China-backed multilateral lender Asian Infrastructure Investment Bank (AIIB) yesterday dismissed criticisms that the East Asian powerhouse is using loans to make countries fall into a “debt trap”, amid lingering concerns and distrust over Beijing’s diplomatic policy to let poorer and developing countries borrow from Chinese banks.

Shares slump to 7-week low ahead of rate decision

Sri Lankan shares dropped to their lowest in more than seven weeks yesterday as financial stocks slid ahead of the Central Bank’s decision on interest rates.

Sri Lanka settles sizeable amount of debt in 2020 cutting reliance on foreign financing

Despite the endless drumbeat of economic calamity about to befall due to public debt, particularly the foreign currency-denominated debt, the data showed that the government had paid down a sizeable amount of foreign debt during 2020 and also in 2021 up to now, trimming its reliance on foreign debt.

February tourist arrivals almost double from previous month

Tourist arrivals to Sri Lanka for the month of February nearly doubled from the January figures, with a total of 3,366 travellers having visited the island nation.

Investors told to hold onto long-term bonds due to uncertainty over yield trajectory

First Capital Research (FCR) this week asked those who have put their money into long-term bonds to ‘hold’ them until the picture becomes clearer on how the future yields would behave, a change from their earlier recommendation to ‘sell’, in January.

Union Assurance Partners with Health Promotion Bureau for Mental Health Awareness in COVID 19

During these globally unprecedented times, a majority of the focus has been on the raging pandemic in terms of containment and cure. There is no doubt that getting ahead of the disease is paramount, be it in terms of a vaccine or keeping communities safe. Yet there has not been nearly enough attention given to mental health awareness and wellbeing during the time of COVID-19. Union Assurance and the Health Promotion Bureau of Sri Lanka have partn

Cabinet go-ahead for WCT as public-private partnership project

The Cabinet of Ministers granted approval to develop the West Container Terminal (WCT) of Port of Colombo on build, operate and transfer (BOT) basis for a period of 35 years as a public-private partnership (PPP) with India’s largest terminal operator, Adani Ports and Special Economic Zone (APSEZ) Limited, and its local representative John Keells Holding PLC (JKH), with Sri Lanka Ports Authority (SLPA) taking a minority stake in the project.

Cabraal to lead committee to resolve large-scale projects implementation issues

Amidst concerns on the slow progress made over the implementation of large-scale development projects in 2020, the Cabinet of Ministers decided appoint a committee chaired by State Minister for Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal to resolve issues related to the project implementation stage and ensure effective and timely completion of key development projects.

Govt. borrowings from banking sector surge in January 

The government borrowings from the Central Bank and the licensed commercial banks accelerated during January for the second month in a row after some slowdown seen in November last year as the State is making the most of the historically low interest rates to keep State functions humming.

Windforce IPO likely to be announced this week

The official announcement of the initial public offering (IPO) of Windforce (Pvt) Ltd. is expected on the Colombo Stock Exchange (CSE) this week, Mirror Business learns.

Laxapana Batteries seeks to invest Rs.1.1bn to enter renewable energy biz

Laxapana Batteries PLC is entering the renewable energy business. Having evaluated prospects in this space, the company has stated its intentions to invest over Rs. 1 billion in generating renewable energy from rooftop solar projects.