Stock market continues ascent on higher Dec. quarter earnings expectations

The Colombo bourse continued its climb unfettered yesterday too, with the benchmark index reaching a new all-time high and market turnover flirting with Rs.15 billion.

Stockbrokers issued guidelines on best practices and market surveillance

In consultation with the Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) has issued a set of guidelines on best practices for stockbroker firms, which are required to be adopted and implemented with immediate effect.

SPC saves over Rs.1bn by snubbing emergency drug purchases

State Pharmaceutical Corporation (SPC) has saved at least Rs.1.1 billion during 2020, due to the avoidance of emergency drug purchases, a common practice widely used by the state-owned manufacturer and distributor of medicinal drugs.

CB suspends banks from entering into forward forex contracts

Adding another one to the recent measures implemented to contain the excess volatility in the foreign exchange market, the Central Bank yesterday suspended the licensed commercial banks from entering into forward rate agreements for foreign exchange for three months, with immediate effect.

CB suspends banks from entering into forward forex contracts

Adding another one to the recent measures implemented to contain the excess volatility in the foreign exchange market, the Central Bank today suspended the licensed commercial banks from entering into forward rate agreements for foreign exchange for three months, with immediate effect.

Budget deficit hits Rs.1.3tn as revenues languish

Sri Lanka’s fiscal deficit for the first 10 months of 2020 expanded by nearly Rs.488 billion from the same period in 2019 as revenues, mainly coming from taxes declined. According to the latest fiscal data available from January through October, the government recorded a budget deficit of Rs.1, 317.2 billion compared to Rs.829.3 billion in the same period in 2019.

Stock market players await strong December quarter results for further boost

With a record-breaking week behind, investors at the Colombo Stock Exchange (CSE) are poised for another week of buoyancy beginning from today, with strong December quarter results expected to hit the market.

Ceylon Cold Stores 3Q revenue intact despite virus disruptions

Ceylon Cold Stores PLC (CCS) reported robust top and bottom line performances for the three months ended December 2020 (3Q21), as the company managed to maintain its revenues intact despite the sporadic COVID-19 related lockdowns, which impacted consumer spending.

5G-ready Samsung Galaxy S21 now available for pre-order at Dialog  

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider and the first and only network to offer Voice over WiFi (VoWiFi or WiFi Calling), VoLTE (Voice over LTE) and eSIM capabilities for the newest Samsung Galaxy range, recently announced pre-order availability for the all-new 5G ready Samsung Galaxy S21 line-up which includes the Samsung S21, S21 Plus and S21 Ultra.

Silicon Valley investor Insaaf Mohideen in town

Sri Lankan-born serial entrepreneur and Silicon Valley investor Insaaf Mohideen is in Sri Lanka for a brief visit under the ‘investor bubble’ scheme, sources at the State Ministry of Money & Capital Markets and State Enterprise Reforms said.

Sri Lanka in talks with PayPal for 9 years without breakthrough

The Central Bank last week said they have been talking with the US internet-based payment gateway provider, PayPal Holdings Inc. for the launching of their services in Sri Lanka for almost 9 years without a breakthrough.

November industrial production slips as apparel sector slows

Sri Lanka’s industrial firepower measured by the Index of Industrial Production (IPP) slipped in November 2020 despite the resilience shown by the country’s manufacturing sector in facing the COVID-19 pandemic.

Post lockdown condominium sales rebound amid low interest rates

Backed by the low interest rates regime and increased mobility following virus-related lockdowns, Sri Lanka’s condominium sector made a marked recovery in the third of quarter of last year (3Q20) with the sale of condominium units reaching highest levels seen since first quarter of 2018, according to Central Bank’s (CB) latest Condominium Property Volume Index (CPVI) released this month.

Market bull run continues; ASPI sets new all-time high

Turnover tops Rs.12.8bn amid highest number of trades carried out in a single day The Colombo Stock Exchange’s (CSE) phenomenal ascent continued yesterday also, renewing records set just the previous day and market turnover hitting double-digits.

Central Bank warns of online financial frauds and scams

The Central Bank this week said it has received information regarding several types of financial frauds and scams being operated through social media, Internet-based applications and mobile payment applications.

Huawei founder praises U.S. tech in first word from company since Biden inauguration

The United States remains a “beacon of technology” to be emulated and China’s Huawei Technology should consider cutting products in the wake of U.S. actions against it, the Chinese firm’s founder Ren Zhengfei said in remarks made public yesterday.

Alphabet shutting Loon, which used balloon alternative to cell towers

Alphabet Inc is shutting down Loon after concluding the business, which offers balloons as an alternative to cell towers, is not commercially viable, Google’s parent company said on Thursday.

German delegation visits Sri Lanka on Ayurveda tourism

As Sri Lanka opened its borders for international travel on Thursday, the first tourism trade delegation from Germany arrived at Bandaranaike International Airport (BIA) yesterday, at 1:40 a.m., for an Ayurvedic holiday in Sri Lanka.

Airtel Lanka may seek M&A amid intense competition, capex requirements: Fitch

Airtel Lanka may seek either a merger or an acquisition with a larger counterpart, as the telco company will continue to be mired in intense competition while it will be required to spend heavily on network expansion and new generation of technologies.

Planters decry mob-violence on Park Estate Kandapola, demand swift legal action against perpetrators

Expressing the unanimous and unreserved condemnation of all 21 Regional Plantation Companies (RPCs), the Planters’ Association of Ceylon (PA) issued a statement decrying the shocking violence instigated by Member of Parliament (MP) M. Rameshwaran, at Park Estate in Kandapola, on January 17, 2021.

Sri Lanka’s post-COVID-19 recovery: The need for inclusive economic growth

High levels of inequality impede sustainable growth and development of a country. Sri Lanka made impressive strides to reach an upper-middle-income country (UMIC) status in July 2019, only to slip back a year later. The COVID-19 crisis, amid growing inequities, is likely to make the task of regaining the UMIC status even harder.

Stocks hit new all-time high; ASPI crosses 8,000-point mark

Sri Lanka’s stocks yesterday hit fresh highs with benchmark All Share Price Index (ASPI) crossing the 8,000-point mark for first time in Colombo Stock Exchange’s (CSE) 35-year history amid more than dozen Hayleys group companies announcing share splits.

Central Bank says deposit rates have bottomed out

The Central Bank this week said they believe deposit rates, which plunged in 2020, have now bottomed-out, in a potential assurance to those live on interest on bank deposits.

Nat Rothschild calls Sri Lanka “a true gem with great future”

British-born financier and a member of Rothschild family, Nathaniel Rothschild said his recent visit to Sri Lanka was to explore the country’s suitability as a manufacturing location for electronics, while calling the island nation “a true gem with a great future.”

National inflation decelerates to 4.6% on base effect

Sri Lanka’s countrywide headline inflation as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) decreased to 4.6 percent in December 2020 from 5.2 percent in November 2020.

EPF members get 9% return in 2020

The members of the Employees’ Provident Fund (EPF) have received approximately 9.0 percent return on their balances in 2020 after receiving 9.5 percent in 2019, as the Central Bank vowed to maintain an attractive return for the incumbent year as well.

Cinnamon Bentota Beach welcomes first group of tourists

Cinnamon Bentota Beach, a property of Cinnamon Hotels & Resorts, welcomed guests yesterday, becoming the first hotel in Sri Lanka to welcome a group of tourists, with the opening of the Bandaranaike International Airport.

First Capital to raise up to Rs.2bn via listed debt issue

First Capital Holdings PLC yesterday revealed plans to raise up to Rs.2 billion via a listed debt issue.

Tourism sector ready to get back on track

Sri Lanka yesterday reopened its doors to international travellers for the first time since the pandemic struck, and the tourism sector is hopeful that with the kick start, it will be able to make a double-digit percentage contribution to the national gross domestic product (GDP) in the near future.

Nat Rothschild calls Sri Lanka “a true gem with a great future”

British-born financier and a member of Rothschild family, Nathaniel Rothschild said his recent visit to Sri Lanka was to explore the country’s suitability as a manufacturing location for electronics, while calling the island nation “a true gem with a great future.”