SL avoids IMF as fiscal austerity fails to resuscitate a pandemic-stricken economy

The current managers of the Sri Lankan economy have every reason to avoid going back to the International Monetary Fund (IMF) as preconditioned austerity measures and fiscal tightening that will typically accompany such a package could further suffocate an economy beset by the pandemic.

HSBC says Singapore and Vietnam set to reap benefits from successfully containing COVID-19

CNBC: Singapore and Vietnam have been successful in controlling the coronavirus in 2020 and are likely to keep the situation contained in 2021, an economist said this week.

Private credit continues to grow unabated in Nov.

Credit to the private sector continued to grow in November defying pandemic related restrictions, but it briefly lost some momentum as businesses entered the year-end holiday season.

SL gearing up to open airports by end January

Sri Lanka will open its airports for both local and foreign air travelers from by end January after over 10 months of closure, the Ministry of Aviation announced today.

Inflation accelerates in December to 4.2%

Headline inflation, as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index (CCPI) increased marginally to 4.2 percent in December 2020 from 4.1 percent in November 2020.

Vietnam, Britain sign free trade deal to take effect on December 31

Britain and Vietnam signed a free trade agreement this week, Vietnam’s trade ministry said, days before Britain completes its transition out of the European Union.The deal that will for Britain replace the existing EU-Vietnam Free Trade Agreement (EVFTA), will take effect on Dec. 31, the ministry said in a statement.

Hambantota International Port marks 3 years in operation

Hambantota International Port (HIP) marked its third year in operation with a donation of 100 tree saplings.

Over 270 renovated SLTB buses re-join service

A fleet of 273 buses belonging to Sri Lanka Transport Board (SLTB) which were taken out of service due to dilapidation were repaired and re-added to passenger transportation on Thursday (31) at an event held at the Galle Face Green under the patronage of President Gotabaya Rajapaksa.

ComBank wins Robotic Process Automation award

The Commercial Bank of Ceylon has won the Banking and Financial Services Category Award presented by Sri Lanka Association for Software Services Companies (SLASSCOM) at its Robotic Process Automation (RPA) Awards Conference 2020.

SLASSCOM and PwC partner with Pandemic Punditry

Since the beginning of the pandemic when countries and individuals were pushed to seek virtual alternatives to doing business and life in general, the Marketing Forum of Sri Lanka Association for Software Services Companies (SLASSCOM) was proactive in engaging its members and the marketing fraternity at large to promoting knowledge sharing.

SLIC begins biz operations for 2021

The inauguration of Sri Lanka Insurance business operations for year 2021 took place yesterday at Sri Lanka Insurance head office with the participation of Chairman, corporate management and the staff of SLIC.

NSB begins New Year on a high note

National Savings Bank (NSB) ceremoniously commenced the first working day of the New Year, at the bank’s head office premises in Kollupitiya yesterday.

Education equity in Sri Lanka: A pathway out of poverty

Although Sri Lanka has provided universal free education since 1939, around one-fifth of poor children drop out of school after the age of 14 years and another two-thirds after the age of 16 years.

Colombo stocks mark turnaround in 2020

The Sri Lankan stock market ended 2020 on a positive note yesterday, marking a year in which the Colombo Stock Exchange (CSE) has seen indices indicate noteworthy resilience and attract record-breaking levels of trading activity.

CB issues Rs.20 uncirculated commemorative coin to mark 70th anniversary

To mark its 70th anniversary, the Central Bank has issued an uncirculated commemorative coin in the denomination of Rs.20, with the following key features.

People’s Bank says its int’l and foreign trade-related banking activities unaffected and growing

Dispelling the politically-motivated negative comments being perpetuated in the market that the state banks are facing difficulties in conducting their international and trade-related banking activities, People’s Bank yesterday asserted that not a single letter of credit (LC) facility issued by the bank has been refused by any international bank to date.

State-run Milco returns to profit after 4-year gap

Milco Private Limited managed to end its streak of losses in 2020, as the state-run dairy producer and marketer has reported a profit exceeding Rs.400 million for 2020, while the management is hopeful of increasing it to a billion rupees in the coming year.

Construction sector says 2021 outlook will be positive if budget promises kept

The local construction sector is gearing to embrace 2021 with a positive mindset, given the emphasis it received in the 2021 budget but the industry expressed concerns if the plans would be implemented as promised, to give the stakeholders the much sought-after boost.

Govt. to amend EPF Act to speed up recovery of Rs.12bn employer dues

The government has announced plans to amend Employees’ Provident Fund (EPF) Act No. 15 of 1958, to expedite the recovery of approximately Rs.12 billion worth of dues owed by employers to the fund over the years, as the current provisions under the act for such an exercise proves to be time-consuming and lengthy.

MTD Walkers-Lakma Holdings deal off

The troubled construction major, MTD Walkers PLC, yesterday said a share sale and purchase agreement entered into with its Malaysian parent was terminated, making the company’s future prospects bleaker.

Tourism industry says everything under control

Stakeholders of Sri Lanka’s tourism industry yesterday assured that the ongoing pilot project carried out as a first step towards re-opening the country for tourists, is going ahead as planned despite some expected hiccups, for which appropriate courses of action has been planned out.

THASL expresses confidence in managing COVID-19 cases among tourists

The Hotels Association of Sri Lanka (THASL) yesterday welcomed the arrival of the first group of tourists to Sri Lanka since the country reopened its borders for tourism this week.

Sovereign bond yields moderate as investors look past pandemic

The yields of international sovereign bonds (ISBs) issued by Sri Lanka continue to moderate as investors appear to be re-evaluating their overreaction to the resurgence of COVID-19 and are now beginning to look past the market turmoil brought in by the pandemic.

Prof. Lalith Gamage to assume duties as new ICTA Chairman

Prof. Lalith Gamage has been appointed as the Chairman of ICTA, taking the place of Jayantha De Silva, who will be leaving to take up the post of Secretary to the newly created Ministry of Technology.

Govt. to up number of PCR tests to facilitate overseas arrivals

The government has decided to increase the number of PCR tests conducted daily in the country to identify the COVID-19 infected to facilitate overseas arrivals.

SL’s unemployment rate projected at 5.3% for 2020

The unemployed population is projected to have fallen further towards 5.3 percent by the year-end as the economy added jobs and companies recalled workers who may have been furloughed during the coronavirus pandemic.

Govt. to create 200, 000 self-employment opportunities in 2021

The government has decided to create 200,000 self-employment opportunities in 2021 with the aim of reviving the rural economy, which has been hit hard by the COVID-19 pandemic.

Kotagala Plantations to raise Rs.790mn via rights

Kotagala Plantations yesterday revealed plans to raise up to Rs.789.8 million via a rights issue.

Troubled loans fall in two large State banks; but up in private banks

Impaired loans or the loans set aside for possible default fell in the two large State banks as opposed to fears that such loans could rise at exponential levels due to the pandemic triggered economic malaise.

Capital Alliance (CAL) unveils exciting new brand logo and identity specializing in transforming family-owned businesses

In a strategic move, Sri Lanka’s most prominent investment bank, Capital Alliance (CAL), has augmented is portfolio of services to launch a new logo to reposition itself as a future-oriented company catering to family-owned businesses, whilst already providing financial expertise to institutional clients and high net worth entrepreneurs.