IPS holds webinar on ‘Recovery of Sri Lanka’s Apparel Sector from COVID-19 Crisis’

The Institute of Policy of Studies of Sri Lanka (IPS) hosted a virtual panel discussion on the ‘Recovery of Sri Lanka’s Apparel Sector from COVID-19 Crisis’, on February 2, 2021.

Sunshine Holdings’ 3Q highlights strategic expansions into consumer and healthcare

Diversified conglomerate Sunshine Holdings reported resilient growth in top and bottom line performances during the first nine months of the current financial year (9MFY21), with strong contributions kicking in from healthcare, agribusiness and consumer sectors.

CB says settled swap arrangement with RBI

The Central Bank said it settled a swap arrangement with Reserve Bank of India (RBI), but refuted certain media reports that there was no special request from India to settle the facility prematurely.

SL welcomes over 1, 500 tourists in January

Sri Lanka has welcomed a total of 1,682 tourists for the month of January recording a 99.3 percent decrease in arrivals compared to the corresponding month in 2020.

Banks asked to sell 10% of worker remittance income to Central Bank

The Central Bank has asked licensed banks to sell 10 percent of the worker remittance income that they collect, back to the Central Bank on a daily basis when such remittance income reaches US$ 10 million threshold.

Kite vendors back at Galle Face

As Sri Lanka celebrated its 73rd Independence Day, some people in Colombo enjoyed the mid-week holiday at Galle Face after spending much of their time indoors for the last few months due to COVID-19. The picture shows kite vendors, who couldn’t do their business due to the virus, arranging their makeshift stall to re-start trade.

Colombo Port container throughput declines 4.7% in 2020

The container throughput at Port of Colombo declined by 4.7 percent year-on-year (YoY) to 6.85 million TEUs in 2020 due to pandemic-related effects, Sri Lanka’s Port Authority (SLPA) data showed.

Coconut fiber and kernel-based products exports on a tear

Coconut exports, mainly led by fiber and kernel-based products are on a tear as markets around the world are demanding Sri Lanka-grown coconut-based products due to their higher quality while local manufacturers have stepped up their efforts to meet the growing demand.

Wage indices chug along as inflation remains under check

Sri Lanka’s wages measured by wage rate indices for the public sector as well as the informal private sector have continued their climb unabated while the inflation decelerated, leaving real wages positive.

Sampath Bank to raise up to Rs.6.0bn via debenture issue

Sampath Bank PLC this week announced plans to issue BASEL III-compliant bonds to raise capital in order to stay above the minimum capital adequacy levels stipulated by the BASEL III regulations and also in view of the envisaged growth in loans as the banking sector is bracing for an acceleration in private sector credit during 2021.

Request for credit exposure reports was routine exercise, says CSE

Stock market operator, the Colombo Stock Exchange (CSE) in a letter on Wednesday clarified that the request for weekly reports on specific stocks from brokering firms was a mere routine exercise and by no means was intended towards disrupting the market sentiment.

Aung San Suu Kyi charged after Myanmar army coup

Myanmar police have filed charges against ousted leader Aung San Suu Kyi for illegally importing communications equipment and she will be detained until Feb. 15 for investigations, according to a police document.

Iran won’t accept any changes to nuclear accord: Rouhani

Iran will not accept any changes to the nuclear accord signed in Vienna in 2015, President Hassan Rouhani said on Wednesday.

MTI’s Business Review of 2020 and Outlook for 2021

For the 10th consecutive year, MTI Consulting (via their Corporate Finance practice), in partnership with Daily FT, Daily Mirror and Sunday Times, has concluded the MTI CEO Business Outlook Study, collectively outlining the Sri Lankan business community’s perception of the state of business in 2021.

First Capital paints gloomy outlook for economy

In what could be the gloomiest forecast issued by an independent research body so far, First Capital Research (FCR) this week said the sharp depreciation of the rupee against the US dollar, followed by a spike in interest rates — beginning from as early as the second quarter of 2021 — could send Sri Lanka’s economy reeling as the country scrambles to find growth.

Provincial quarantine centres to expedite migrant worker repatriations

Labour Minister Nimal Siripala de Silva has directed the Sri Lanka Bureau of Foreign Employment (SLBFE) to set up nine provincial quarantine centres, with the assistance of the COVID-19 Task Force, to expedite the repatriation of some 30,000 Sri Lankan migrant workers stranded abroad.

2020 worst year in history for air travel demand

ransport Association (IATA) yesterday announced the full-year global passenger traffic results for 2020, showing that the demand (revenue passenger kilometres or RPKs) fell by 65.9 percent compared to the full year of 2019, by far the sharpest traffic decline in aviation history.

First Capital Holdings’ Rs.2bn debenture issue snapped up on opening day

The listed, rated, unsecured, senior, redeemable debenture issue of First Capital Holdings PLC, with a tenure of five years, was successfully oversubscribed on the opening day, February 1, 2021.

Cabinet approval to amend Industrial Disputes Act

The Cabinet of Ministers this week gave its nod to amend the Industrial Disputes Act, to expedite the procedure of disciplinary inquiries or interdictions against the private sector employees.

Govt. suspends move to relax ceramic tile imports

The government has decided to withdraw an order issued by a gazette on February 2, under the Imports and Exports (Control) Act, which allowed the importation of ceramic tiles, certain bath ware and toilet articles on 180-day credit.

Amari Hotel Colombo awards high-rise elevator contract to Schindler

Adding to a growing portfolio of prestigious projects across the island, Schindler was recently awarded the contract to supply six high-speed elevators to Amari Colombo Hotel, currently under construction in the Kollupitiya commercial district of the capital, within close proximity to the official residence of the Prime Minister, US Embassy and Kollupitiya bus and train stations.

An appetite for health: Regulating Sri Lanka’s food environments to fight NCDs

While no one is immune to contracting COVID-19, the World Health Organisation (WHO) has identified specific groups that are at higher risks of becoming seriously ill. One such group is those suffering from non-communicable diseases (NCDs), including lung and heart disease, diabetes and cancer.

Counselling Human Rights Council: A perspective by Pathfinder Foundation

As the 46th session of the UN Human Rights Council (HRC) looms large in about a month’s time, the debate on its controversial Resolution 30/1 of 2015, which the ‘Yahapalana’ government co-owned in an unprecedented and unwise move, has resumed with renewed vigour.

Market tanks as investor sentiment turns sour

The Colombo Stock Exchange (CSE), which was on a extraordinary bull run, largely due to prevailing historically low interest rates in the country, tanked yesterday, with investor sentiment going south amid possible indications that the market regulator is becoming anxious over the credit exposure of some brokers on certain identified stocks. The benchmark All Share Price Index (ASPI) yesterday recorded the highest-ever single day slide in the mar

SDB bank secures US$ 40mn DFC commitment

Sanasa Development Bank PLC (SDB bank) yesterday said they have received a US$ 40 million commitment from U.S. International Development Finance Corporation (DFC), subject to regulatory approval.

CPC to re-enter lucrative bunkering business

The Cabinet of Ministers has endorsed a move by the State-run Ceylon Petroleum Corporation (CPC) to re-enter the bunkering business to supply bunker fuel to ships at competitive prices.

Govt. tells India and Japan to forget East and take West

The Cabinet of Ministers this week approved a proposal to operate the East Container Terminal (ECT) of the Colombo Port as a wholly owned container terminal of State-run Sri Lanka Ports Authority (SLPA), shifting away from an earlier position to operate the terminal with India and Japan with SLPA holding 51 percent stake in the operations.

Sri Lanka to play host to 55th ADB Annual Summit

The Cabinet of Ministers this week approved a resolution to move forward with necessary measures to conduct the Annual Summit of the Asian Development Bank (ADB) in May next year in Colombo.

Government allocates 2,750 acres of Mahaweli land for commercial maize production

In an effort to promote commercial production of maize, the Cabinet of Ministers has granted approval to lease 2,750 acres of underutilised lands identified in the Rambakenoya zone coming under Sri Lanka Mahaweli Authority to recognised local investors for maize cultivation.

Govt. to look for investor to manufacture 100 railway passenger coaches

The Cabinet of Ministers has approved a proposal to select an investor to manufacture 100 railway passenger coaches locally to meet the existing demand.