FTZMA slams Labour Ministry’s move to amend TEWA

The Free Trade Zone Manufacturing Association (FTZMA) slammed the move by Ministry of Labour to amend the Termination of Employment of Workmen (Special Provisions) Act (TEWA), asserting that the proposed changes are detrimental to employers.

Vehicle registrations hit new low in November

Sri Lanka’s vehicle registrations slumped to a new low in November, including most commercial vehicle categories, as the government continues to maintain restrictions on importation of personal vehicles.

SriLankan Airlines sees travel demand recovering in 2021

National carrier SriLankan Airlines sees a recovery to pre-pandemic revenue levels by the end of next year as COVID-19 vaccines roll out globally and its home country loosens air travel restrictions, its chairman said.

Sri Lanka has sovereign rating upside by end of next year despite challenges, says report

Sri Lanka has potential for an upward revision in its sovereign rating by this time next year, as the country is on course for a strong rebound in its economic growth, boosting its reserve buffers, achieving targets set in the budget, which will reinforce its ability to repay foreign liabilities falling due next year, according to a Colombo-based equities brokerage.

Fitch expects banking sector loan growth to accelerate next year

Fitch Ratings expects loan growth of Sri Lankan banks to accelerate from where it will end in 2020, reflecting better prospects for the banking sector and more broadly for the economy.

Challenging operating environment to weigh on Lankan banks: Fitch

Sluggish economic activity, external and domestic vulnerabilities, muted private credit growth and the sovereign’s weakened credit profile are significant downside risks to the operating environment for Sri Lankan banks, Fitch Ratings said in a new report.

Construction of Sri Lanka’s first LNG power plant to begin in January

The construction of Sri Lanka’s first liquefied natural gas (LNG) power plant will begin construction in January, Minister of Power Dullas Alahapperuma said this week.

Diversity and variety of experience way forward for tourism: experts

Sri Lanka Tourism presented a strategic online webinar targeted at industry stakeholders, on the topic ‘Building destination image for post COVID tourism revival’.

Access Engineering completes construction of 608 housing units in Borella

Access Engineering PLC has successfully concluded the design and construction of G+24 -storey building that accommodates 608 residential housing units in Borella.

U.S. to blacklist dozens of Chinese firms including SMIC

The United States is set to add dozens of Chinese companies, including the country’s top chipmaker SMIC, to a trade blacklist yesterday, two people familiar with the matter told Reuters.

Spirent delivers 5G core network testing solution for Dialog Axiata

Spirent Communications PLC, the leading provider of test, assurance, and analytics solutions for next-generation devices and networks, announced that it has provided its industry-leading 5G core network testing solution Spirent Landslide to Dialog Axiata, Sri Lanka’s largest mobile operator.

Asian shares slip on news U.S. to blacklist more Chinese firms

Asian shares slipped yesterday after Reuters reported that the United States is set to add dozens of Chinese companies, including the country’s top chipmaker SMIC, to a trade blacklist later in the day.

Private hospitals strengthen strict new health and safety protocols

The Association of Private Hospitals and Nursing Homes (APHNH), the apex body representing all private hospitals and nursing homes in the country, reassured patients and the general public that member hospitals remain committed to providing access to safe healthcare services, despite challenges posed by the ongoing pandemic.

Commercial Bank announces new Chairman and Deputy Chairman

The Commercial Bank of Ceylon PLC has announced the appointment of former Chief Justice Kanagasabapathy Sripavan as Chairman and senior academic Prof. A. K. W. Jayawardane as Deputy Chairman with effect from 21st and 29th December 2020 respectively.

COVID-19 and migrant workers: Economics of repatriation

Written ahead of the International Migrants Day on December 18, 2020.

Growing need for childcare support in Sri Lanka

As an early childhood education specialist and as a mother of two children, I know how difficult the COVID-19 pandemic has been for parents who are juggling work and family obligations. The lack of affordable and reliable childcare options has left many parents scrambling to find makeshift solutions and has brought the issue of childcare sharply into focus.

Upbeat Cabraal says exciting times ahead!

Despite the doom and gloom forecasts by global rating agencies and the second wave of COVID-19 reaching community level, the government is optimistic that the best is within reach.

Govt. eyes US $ 2.5bn in FDIs next year

The government on Wednesday announced a foreign direct investment (FDI) target of US $ 2.5 billion for next year, a figure that is not overly ambitious, given the commitments already received, according to State Minister Ajith Nivard Cabraal.

Wealthy countries block COVID-19 drugs rights waiver at WTO

Wealthy nations yesterday reiterated their opposition to a proposal to waive intellectual property rules for COVID-19 drugs, three trade sources said, despite pressure to make an exception to improve access to drugs for poorer countries.

CB announces appointment of 2 Deputy Governors

The Monetary Board, with the concurrence of the Finance Minister, has promoted Assistant Governors T.M.J.Y.P. Fernando and N.W.G.R.D. Nanayakkara to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL), with effect from December 14, 2020.

US assures economic support despite MCC grant withdrawal

The United States yesterday assured to continue to assist Sri Lanka’s economy, despite the decision taken by the Millennium Challenge Corporation (MCC) to withdraw the proposed US $ 480 million (Rs.89 billion) development assistance grant to the island nation.

Renuka Holdings raises over Rs.1bn via fully subscribed rights issue

Renuka Holdings PLC’s rights issue concluded on Wednesday, raising Rs.1.08 billion, higher than the required 1.03 billion for complete subscription of the offer, signalling strong investor confidence.

Sunshine Holdings and Akbar Bros. announce merger deal to set up SL’s first fully integrated healthcare company

Sunshine Holdings PLC yesterday announced a strategic merger deal with Akbar Brothers to set up the country’s first fully integrated healthcare company by merging the healthcare businesses of the two companies.

HNB signs up for Rs.8.5bn in long-term funding facilities with Hayleys

Partnering one of the nation’s largest conglomerates, Sri Lanka’s most innovative bank, HNB PLC yesterday announced the commencement of multiple long-term finance facilities totalling Rs.8.5 billion for Hayleys PLC and the group subsidiaries.

Embarking on a digital journey: Exploring Sri Lanka’s readiness

The new normal requires new approaches and solutions, an imperative change that must be embraced by all sections of the economy, to survive and to stay relevant.

Browns Investments announces US $1bn mixed development project in Port City

Browns Investments PLC, the strategic investment arm of LOLC Group, has entered into a deal with China Harbour Engineering Company (CHEC) for a mixed development project to be set up at the Colombo International Finance Centre (CIFC) envisaged in the Colombo Port City.

Upbeat Cabraal says exciting times ahead!

Despite the doom and gloom forecasts by global rating agencies and the second wave of COVID-19 reaching community level, the government is optimistic that the best is within reach.

Govt. eyes US$ 2.5bn in FDIs next year

The government yesterday announced a foreign direct investment (FDI) target of US$ 2.5 billion for next year, a figure that is not overly ambitious given the commitments already received, according to State Minister Ajith Nivard Cabraal.

Govt. rolls out special festive loan scheme

The government yesterday announced a special loan scheme for State and private sector employees as well as for daily wage earners to meet their needs during this Christmas and New Year festival season.

Sri Lanka to implement programme to develop sports-based tourism

With the opening of the country for tourists, the Ministries of Tourism, Sports and Health will formulate a joint programme to develop the sports-based tourism industry, Minister of Tourism Prasanna Rantunga said.