SL’s ChargeNET to power India with smart EV charging solutions

Sri Lanka’s largest Electronic Vehicle (EV) charging network, ChargeNET, has partnered with India’s EV COSMOS to extend smart electric charging solutions across the neighbouring giant.

CSE eyes introduction of a range of new products in 2021

In the backdrop of the Colombo Stock Exchange (CSE) celebrating its 35th year in operation earlier this month, its newly appointed Chairman Dumith Fernando sat with Mirror Business to discuss his views and the upcoming plans for the country’s capital market operator, while recalling the key challenges and developments during the year. The following are the excerpts from the interview:

Modified protocols shared with industry to handle tourism revival pilot project

The Ministry of Tourism on Sunday (27) put out a set of modified protocols that are to be followed and the responsibilities of each stakeholder so that the execution of the ongoing pilot project aiming to review the country’s tourism industry amid the COVID-19 pandemic is successfully carried out.

Cinnamon Life may receive govt.’s nod to operate casinos

The government is expected to give the green light to house casino operations in the upcoming Cinnamon Life mixed development project as the new administration is keen on doing everything at their disposal to attract a new segment of tourists as well as to invite significant investments into the country’s condominium market.

SLAITO lauds govt. for re-opening country for tourism

Sri Lanka Association of Inbound Tour Operators (SLAITO) yesterday commended the efforts of the government, particularly the Tourism Minister Prasanna Ranatunga and former Ambassador to Russia, Udayanga Weeratunga for re-opening Sri Lanka for tourism with the first charter arriving on Monday from Ukraine.

Colombo port November transshipment volumes decline

The transshipment container volumes at the Port of Colombo slumped in November as the port’s operation faced disruptions due to the second wave of COVID-19 in the country, leading to congestion at the container terminals.

Sri Lanka Prosperity Index records marginal increase in 2019

Sri Lanka Prosperity Index (SLPI) marginally increased to 0.802 in 2019 from 0.811 in 2018 driven by improvements in ‘Well-being of the People’ sub-index, which h offset marginal declines in ‘Economy and Business Climate’ and ‘Socioeconomic Infrastructure’ sub-indices, the Central Bank (CB) said.

Trade, consumption and construction gobble up most bank credit

Three key sectors in the economy—wholesale & retail trade, consumption and construction— have gobbled up most of the private sector credit by banks, which are also the main drivers of the economy in the post-lockdown period.

India to lift ban on onion exports from January 1

India decided on Monday to lift a ban on onion exports from January 1, as prices have fallen sharply in the last few weeks on expectations of a big crop.

Excise Commissioner ordered to issue gazette banning use of maize for ethanol and alcohol production

President Gotabaya Rajapaksa has directed the Commissioner of Excise, M.G. Gunasiri to issue a gazette notification banning the use of maize for the production of alcohol and ethanol, the President Media Division (PMD) announced.

366 more contract Covid-19

A total of 366 individuals have tested positive for Covid-19 so far today, the Government Information Department said.

Money printing to repay debt: Worshipping MMT is likely to magnify economic instability

The notion that a sovereign government can print money to repay its debt without any financial limit has gained increased popularity in recent times, particularly in the US, based on a new approach to macroeconomics, known as Modern Monetary Theory (MMT).

President inspects damage caused to maize cultivation by fall armyworm caterpillar

President Gotabhaya Rajapaksa on Saturday (26) visited Pahalagama, Elapattu in Anuradhapura and inspected the damage caused to maize cultivation by the fall armyworm caterpillar.

Workers’ remittances record 19% jump in November

Sri Lankan migrant workers continued to send back their hard earned money in large sums to their loved ones at home, repeatedly higher than what was sent last year, despite the COVID-19 pandemic and certain extremely negative forecasts.

CB says 7% housing loan scheme neither for settling existing mortgages nor for realtors

The Central Bank said the newly introduced housing loan scheme at 7 percent cannot be utilised for settling existing housing loans and by commercial scale real estate developers.

Arpico Finance merger with Associated Motor Finance given nod

Associated Motor Finance Company (AMF) PLC and Arpico Finance Company PLC (AFC) have received approval from the Central Bank to merge their operations in line with the government’s financial sector consolidation programme.

Govt. to boost minor agri exports

The government has decided to increase the export of agricultural crops from next year, and plans have already been drawn up for the development of minor crops, the State Minister of Development of Minor Crops Related Industries and Export Promotion Janaka Wakkumbura said.

Coordinated effort and clear protocols must to revive tourism, stress industry stakeholders

As authorities continue to explore avenues to welcome international travellers amid the pandemic, the tourism industry is of the view that required is a clear set of protocols to ensure all stakeholders are on the same page.

Spike in capital raising activities expected next year

A rating agency official who declined to be named said they are receiving a considerable number of applications seeking new credit ratings, in an indication that coming year could see an influx of companies wanting to raise money either through equity or debt.

Small business lending rates continue downtrend as credit accelerates

Lending rates to small and medium sized businesses (SMEs) continued to descend in November amid pickup in credit in the economy.

CMO Asia announces top 22 Women Leaders in Sri Lanka

The second installment of the ‘World Women Leadership Congress Presents Sri Lanka’s Women Leaders’ celebrated Women Leaders in several geographic regions globally, recognising some of the finest women leaders and achievers for 2020.

Digitalisation at core, People’s Bank eyes change in perception

As far as democratisation of banking services in Sri Lanka is concerned, People’s Bank remains atop. It was the bank that took commercial banking, which was primarily serving the wealthy and the financially sophisticated, to the masses.

Export earnings fall for second month in November

Sri Lanka’s merchandise export earnings suffered for the second consecutive month in November due to the adverse impact of the second wave of COVID-19 pandemic that began in early October, which slowed down manufacturing and disrupted port related activities.

CB says taking appropriate action aggressively to curtail undue rupee depreciation

The Central Bank yesterday said they are taking steps to stem the recent undue depreciation of the rupee against the US dollar.

Banks barred from buying ISBs

Meanwhile, the Central Bank has barred licensed commercial banks and the Wtate-owned National Savings Banks from buying international sovereign bonds (ISBs), which are trading at steep discounts.

SL should be self-sufficient in all aspects, says PM

Prime Minister Mahinda Rajapaksa this week said in order to have hope for the future, the programme of making Sri Lanka self-sufficient in all sectors should be realised.

Korean Ambassador meets BOI Chairman

Korean Ambassador in Sri Lanka Woonjin Jeong met with the newly appointed Board of Investment (BOI) Chairman Sanjaya Mohottala this week at the BOI premises.

Hatton Plantations sharpens competitive edge via strategic deal with Regency Teas

Hatton Plantations PLC (HPL) is entering into a strategic partnership with Regency Teas, a milestone in the company’s rapid and remarkable progress.

Pelwatte Dairy hails Budget 2021

SL’s remaining foreign liabilities at just US$ 8.0mn for this year

Sri Lanka’s remaining foreign liabilities for the remainder of the year is estimated at just US$ 8.0 million, assuaging unfounded fears over the risks pertaining to the country’s foreign currency debt obligations and the broader external sector.