Leopard Trails bags Gold at SATA Awards 2020

Sri Lanka’s luxury tented camping specialist Leopard Trails bagged the Gold award for Leading Wildlife Tented Camp in South Asia at the South Asian Travel Awards (SATA) 2020.

RPCs submit fresh proposal to boost worker earnings

Taking a cue from the success of the smallholder sector, Sri Lanka’s Regional Plantation Companies (RPCs) have handed over a fresh proposal aimed at radically expanding worker earnings during a recently concluded meeting with the Labour Minister and trade union leaders.

National rating scale recalibrated following sovereign downgrade

Fitch Ratings has recalibrated its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers, following Fitch’s downgrade of the country’s sovereign rating to ‘CCC’ from ‘B-’ on 27 November 2020.

Basil wants grocery stores built into houses to encourage women entrepreneurship

The government wants houses designed with grocery stores built into them to promote women entrepreneurship at village level.

JKH, Central Finance get more time to reduce NTB stakes

The Monetary Board of the Central Bank has agreed to give more time for John Keells Group and Central Finance Group to reduce their shareholdings in Nations Trust Bank PLC (NTB).

Lower employee productivity highlighted at President’s meeting with biz executives

Leading local business leaders representing a number of sectors said lackadaisical nature of some employees is among several key issues they are facing right now, which impede business progress.

November tea production marginally up; cumulative output contracts

Sri Lanka’s Tea Production for November showed a marginal increase of 0.78 MnKg from the corresponding period in 2019. However, cumulative production for the eleven months of the year has contracted by 28.32 MnKg Year-on-Year (YoY).

Dialog Axiata to acquire Microsoft enterprise solutions provider H One

Dialog Axiata PLC yesterday said it had entered into an agreement to acquire 100 percent shareholding in H One (Private) Limited, through Dialog Broadband Network (Private) Limited (DBN), a fully owned subsidiary of Dialog.

Fitch says banks’ capital impairment risk manageable due to higher earnings retention

Although Sri Lankan banks could confront capital impairment risks, Fitch Ratings said it is “mostly manageable,” as most private banks have healthy capital buffers and the relatively muted lending prospects could be offset by earnings retentions, bolstering their core capital buffers further.

Govt. says yet to reach final decision on ECT

The government yesterday reaffirmed its commitment to reach a final decision on the East Container Terminal (ECT) of Colombo Port after scientifically analysing all factors related to the terminal from an international business perspective.

President launches second phase of ‘Viru Abhiman’ COVID-19 insurance cover

In line with President Gotabaya Rajapaksa’s ‘Vistas of Prosperity and Splendour’ national policy framework and the concept of ‘Insurance for All”, the second phase of ‘Viru Abhiman’, an exclusive COVID-19 insurance cover was launched by Sri Lanka Insurance Corporation (SLIC) yesterday.

“Cash is king!” says Softlogic Chief Ashok Pathirage

Diversified conglomerate Softlogic Holdings PLC shared that having steered through the year of pandemic with a series of adjustments to settle in the new normal, the entity’s immediate attention will be directed towards extending its cash runway. “…our spirit remains unquenched and the determination to succeed against the odds grows.

Sampath, HNB discontinue rating deals with Moody’s

Both Sampath Bank PLC and Hatton National Bank PLC (HNB) have decided to discontinue the credit ratings obtained from Moody’s Investors Service.

Asia Capital to acquire 70% of Navara Capital Partners

Investment banking house Asia Capital PLC (ACAP) yesterday announced to Colombo Stock Exchange (CSE) that the company has entered into a share purchase agreement to acquire 70 percent stake of Navara Capital Partners Ltd. (NCPL).

November national inflation decelerates to 5.2% as demand slacks

Sri Lanka’s national prices eased in November from a month earlier, as food prices sagged due to underwhelming demand for goods amid people cutting back on consumption and some skipping in-store visits to supermarkets on fears of contracting the virus.

Ceylon Black Tea social media campaign kicks off

The Ceylon Black Tea promotion campaign kicked off this December 2020, with a total investment of Rs.35 million aimed at boosting the theme‘Ceylon Tea – The World Favourite Tea’ through social media platforms.

DG Commerce empowered to act on anti-dumping enforcement

The Director General of Commerce is now empowered to drop the hammer on any activity, which is tantamount to dumping of goods, and take tougher action on such violations under the law enacted with the passage of ‘Anti-dumping and Countervailing Duties Act No.2 of 2018 and Safeguard Measures Act No.3 of 2018, brought in by the previous administration.

Now is not the time for fiscal consolidation as it kills growth incentive

While fiscal consolidation should be the medium term agenda for the government, now is not the time to push it through, as it takes away the biggest incentives available for accelerating economic growth, according to a research arm of a Colombo-based equity brokerage.

Taxing Tobacco: What did Budget 2021 miss?

In a series of articles on taxing tobacco, IPS has maintained that increasing tobacco taxation has undeniable health and fiscal benefits.

The storm shall pass and we will bounce back stronger, says THASL President

Following is the full speech made by The Hotels Association of Sri Lanka (THASL) President Sanath Ukwatte at the Association’s 2020 Annual General Meeting.

Foreign financing of budget turns negative as govt. cuts foreign debt

Despite the recent rating downgrades on elevated debt repayment risks, Sri Lanka has significantly cut down its reliance on foreign debt to fund budgets as the government’s balance sheet showed a net repayment of such debt.

BOC says sovereign rating downgrade has no impact on its int’l operations

State-owned banking giant Bank of Ceylon (BOC) yesterday said the recent downgrade of sovereign and banking institutions in Sri Lanka has not affected the bank’s operations and its foreign correspondent relationships.

Commercial paper market continues to regain popularity

Commercial paper issuances have continued to pick up, indicating that the short-term money market instrument is regaining its popularity.

Vidullanka commissions first rooftop solar power project

Vidullanka PLC further strengthened its contribution to a greener, cleaner future for Sri Lanka recently by commissioning its very first rooftop solar project with Diamond Cutters Limited.

Ceylon Graphite announces new appointments

Canada-based Ceylon Graphite Corp. recently announced the appointment of Janaka Rathnayake and H.M. Ranjith Premasiri to new roles within the company.

October industrial production slips with virus resurgence

Sri Lanka’s manufacturing strength as measured by the Index of Industrial Production (IIP) slipped in October with authorities imposing some restrictions on mobility with the resurgence of COVID-19 in the early part of the month.

CB releases provincial gross domestic product estimates for 2019

The Western province secured the largest share (39.1 per cent) of the country’s nominal gross domestic product (GDP). However, due to improved contribution from the other provinces, the share declined by 0.5 percent from 2018. The Central (11.5 percent) and North Western (10.7 per cent) provinces were ranked at the second and third positions, respectively.

Rating agencies and doomsayers: Exaggerating obvious and wishing for a downfall?

The global economy is going through its toughest episode in its recent history. The COVID-19 pandemic has caused a sharp global economic downturn and disrupted societies in an unprecedented manner. Governments across the world have taken decisive steps to address the economic and social consequences of the pandemic, with differing degrees of success.

Jan-Sept. govt. revenue shortfall at Rs.384bn

The government revenue declined in the nine months to September as the economic toll of COVID-19 took hold on businesses and consumption, which generate tax income, as economic activities contained to a greater degree in the period.

Kantale Sugar Factory to get new lease of life with US$ 300mn investment

Backed by a US$ 300 million investment, sugar production at Kantale Sugar Factory is set to resume from 2023, after a 30-year hiatus, as the government is expected to hand over key assets, including the land belonging to factory on lease basis, to MG Sugars Lanka Private Limited shortly.