Vehicle importers call on govt. to lift import ban

Sri Lanka’s vehicle importers have called on the government to pay heed to their concerns, and stressed it is time to conceptualize a plan to rescue the automobile imports sector from collapsing.

January inflation up on higher food prices

Consumer prices in Colombo rose in February predominantly due to the increase in food prices, even amid the record rice harvest and surge in other domestic produce since the onset of the pandemic last year.

FinMin to sanction all Budget 2021 tax proposals by April

The Finance Ministry plans to complete the legislation of all tax proposals presented in the Budget 2021 including special goods and services tax (GST) as well as the one percent tax rate on previously undisclosed funds, when the new tax year begins in April, according to Secretary to the Treasury and Ministry of Finance, S.R. Attygalle.

CB raises loanable value on registered vehicles by finance companies

The Central Bank last week raised the loanable amount by licensed finance companies in respect of registered vehicles for more than one year after the first registration, as the finance companies are reeling from the tougher business climate compared to their banking counterparts.

Colombo land prices accelerate in second half

Colombo land prices continued their climb during the second half of 2020 as prices of lands used for residential, commercial and industrial purposes re-gained steam.

Ceylon Biscuits wins ‘Best Corporate Citizen Sustainability Award 2020’

Ceylon Biscuits Limited won the coveted ‘Best Corporate Citizen Sustainability Award 2020’ an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber to recognise sustainable champions of the local corporate world, while Aitken Spence PLC and Commercial Bank of Ceylon PLC became the first and second runner up of the competition respectively.

Industrial production expands after brief contraction

Sri Lanka’s manufacturing firepower, measured by the industrial production, expanded in December as industrialists added more muscle into their factories and production lines to make up for the lost output when restrictions were re-imposed since October due to the pandemic.

Shares extend gains as financials, industrials rise

Sri Lankan shares ended higher for a second straight session yesterday, helped by gains in industrial and financial stocks.

EU Trade Related Assistance Project comes to successful close

The Trade Related Assistance Project extended by the European Union (EU) to Sri Lanka came to a close this week after a successful four-year implementation programme.

Former CB Deputy Governor C.J.P. Siriwardana passes away

The Central Bank yesterday announced the demise of Former Central Bank Deputy Governor C.J.P. Siriwardana.

CB issues commemorative coin to mark 70th anniversary

The Central Bank of Sri Lanka commenced operations in August 1950 and completed 70 years of its unique and valued contribution to the prosperity of Sri Lanka.

Central Bank Governor suspects link between recent ‘damaging reports’ and UNHRC sessions

While acknowledging that Sri Lanka will have to undergo a period of austerity under the government’s alternative policy approach to break out from the debt trap, the Central Bank (CB) suspects a possible link between the recently published “damaging reports” on Sri Lanka’s external sector by certain institutions with the events taking place at the UN Human Rights Council (UNHRC) on Sri Lanka in Geneva.

Confronting capitalism – market-oriented economy with state guidance

Recently Central Bank Governor Prof. W.D. Lakshman at a media briefing stated that Sri Lanka was following a market-oriented economy with state guidance, involving some controls and restrictions. He was quoted as saying that such a framework would not be successful under an IMF programme. This, in my view needs further elaboration.

Glass ceiling or the sticky floor

With the recent events unfolding in Sri Lanka, it’s high time that the corporate leaders and thought leaders of the Sri Lankan society take a stand on the gender discrimination that is happening right before our very own eyes. The elephant in the room is conveniently ignored, whereas all mundane topics are being discussed.

Glass ceiling or the sticky floor

With the recent events unfolding in Sri Lanka, it’s high time that corporate leaders and thought leaders of Sri Lankan society take a stand on the gender discrimination happening right before our very eyes. The white elephant in the room is conveniently ignored whereas all mundane topics are being discussed.

Sri Lanka-Pakistan pledge to deepen bilateral trade relations

Sri Lanka and Pakistan yesterday affirmed commitment to actively explore and further deepen trade relationships, an effort that would not only benefit the two nations but also help the Indian subcontinent emerge stronger on the world stage.

CB Governor suspects link between recent ‘damaging reports’ and UNHRC sessions

While acknowledging Sri Lanka has to undergo a period of austerity under the government’s alternative policy approach to break out from the debt trap, the Central Bank (CB) suspects a possible link between the recently published “damaging reports” on Sri Lanka’s external sector by certain institutions with the events taking place at the UN Human Rights Council (UNHRC) on Sri Lanka in Geneva.

ComBank 4Q earnings return to pre-pandemic levels

Commercial Bank of Ceylon PLC returned to its pre-pandemic performance in the three months to December 31, 2020 (4Q20), indicating that the country’s largest private lender is ready to look past the pandemic.

Banks ordered to sell 50% of export proceeds to Central Bank

After the exporters were asked to convert 25 percent of their dollar proceeds into rupees immediately after receiving them, the licensed banks are required to sell 50 percent of those foreign currency proceeds back to the Central Bank.

Shares rise as Central Bank looks to alleviate default fears

Sri Lankan shares rose yesterday after two straight sessions of declines, boosted by consumer and industrial stocks, after the Central Bank governor sought to alleviate fears that the island nation could default on its debt servicing obligations.

ICRA Lanka expects govt. revenue to normalise by second half

ICRA Lanka Limited said that it expects the government revenue, which took a battering during 2020, predominantly due to the pandemic-related disruptions and partially due to the generous tax cuts, would return to normalcy by the start of the second half the year, as economic activities have begun to rebound.

Exporters criticize ‘lack of dialogue’ over mandatory dollar conversion rule

Exporters lament the lack of stakeholder consultation when the Central Bank last week abruptly decided to impose fresh regulations on exporters to immediately convert 25 percent of their export proceeds to rupees through licensed banks.

Central Bank says move aimed at strengthening forex position

Meanwhile in a statement yesterday, the Central Bank explained why the recent repatriation and conversion of export proceeds measures are needed.

Higher impairments and modest business volumes overshadow Seylan Bank 4Q

Higher credit costs on account of possible loan defaults, modest business volumes amid faster re-pricing of the asset base compared to the liabilities in a declining interest rate regime, dragged down Seylan Bank PLC’s December quarter (4Q20) profits, but the bank navigated the pandemic triggered challenges relatively well.

Cabinet nod to set up high-level ‘Investment Mgt. Committee’

The Cabinet of Ministers this week granted approval to establish a high-level ‘Investment Management Committee’ to facilitate upcoming investment projects of globally recognised investors in the country on a priority basis, in a bid to further encourage investments into the country.

Bank deposits surge as Lankans stockpile cash in 2020

Individuals and organisations stockpiled cash during 2020 as they set aside large sums of money in bank accounts, most likely due to lack of spending opportunities and the inclination to hold on to the cash available during a time of crisis.

Kalutara industrial zone to be expanded to meet growing investor demands

Cabinet nod has been granted to expand the industrial zone in Kalutara by absorbing a crown land plot of 1.946 hectares adjoining zone to meet the growing demand of industrialists for land in the Western Province.

Dialog connects Sri Lanka and Maldives with high-speed submarine cable

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider yesterday announced the commissioning of the Maldives-Sri Lanka Cable system (MSC), enabling the delivery of high-speed broadband services.

SriLankan Cargo operates consecutive charters to Uganda

SriLankan Cargo operated today operated three consecutive cargo charters to Uganda

Dialog connects Sri Lanka and Maldives with high-speed submarine cable

Dialog Axiata PLC Sri Lanka’s premier connectivity provider yesterday announced the commissioning of the Maldives-Sri Lanka Cable system (MSC), enabling the delivery of high-speed broadband services.