Gnanam family-controlled Capital City secures 10MW wind power plant contract in Trinco

The Cabinet of Ministers this week gave its nod to award the contract for the construction of 10MW wind power plant for the Trincomalee Grid Substation to Gnanam family-controlled Capital City Holdings (Pvt)Ltd.

Renuka Holdings taps Rs.1bn in shareholder funds digitally

Renuka Holding PLC (RHL) has announced plans to raise Rs.1.031 billion via a rights issue closing on the December 16 to carry out debt settlements and to fund future investments into group subsidiaries, according to a circular issued to its shareholders.

Deposit rates decline further in November

Sri Lanka’s deposit rates further declined in November in response to continuous decline in lending rates.

Cabinet nod for long-term ‘HRD Plan’ for public sector

The Cabinet of Ministers has approved a proposal to formulate a long-term ‘Human Resource Development Plan’ for the public sector with a broad stakeholder engagement to enhance the efficiency and productivity of the country’s public service.

Fitch cuts BOC’s rating in line with sovereign downgrade

Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘CCC’, from ‘B-’.

Sri Lanka placed on agenda for next MCC Board meeting on Dec.15

Sri Lanka has been placed on the agenda for the next Millennium Challenge Corporation (MCC) Board meeting scheduled for December 15.

RCEP: Sri Lanka’s latest Asia-centric conundrum

The formation of the world’s largest regional trade bloc – the Regional Comprehensive Economic Partnership (RCEP) in November 2020 – on Sri Lanka’s doorstep raises fresh questions about how the country will navigate its most recent Asia-centric re-positioning.

SL cautiously gears up to welcome tourists from Jan.

As Sri Lanka is cautiously gearing up to welcome tourists come January, with the government planning to relax the border control measures, the Sri Lanka Tourism Development Authority (SLTDA) yesterday asserted the importance to impose strict health protocols, to ensure the safety of citizens as well as the international travellers.

Maldives records over 35,000 tourist arrivals in Nov.

THE EDITION: The Maldives Immigration last Friday revealed that over 35,000 tourists visited the Maldives during the month of November, marking the highest number of monthly arrivals since the country reopened its borders on July 15.

Foreign financing of budget deficit records net repayment during January-August

Foreign financing of the budget deficit during the eight months to August recorded a net repayment, underscoring the government’s commitment towards reducing its reliance on foreign debt in the years ahead.

SL’s wage index maintains momentum despite virus drag

Sri Lanka’s wage growth, measured by the Nominal Wage Rate Index (NWRI) of the informal private sector, gained by 1.5 percent in October from a year earlier levels, continuing a momentum set off months ago.

EFC Director General Kanishka to step down early next year

Kanishka Weerasinghe will step down as Director General/Chief Executive Officer of the Employers’ Federation of Ceylon (EFC), early next year.

Dilmah listed under ‘Forbes Asia’s Best Under A Billion 2020’

Sri Lanka’s Dilmah Ceylon Tea came under fresh spotlight recently for being recognised by Forbes under ‘Asia’s Best Under A Billion 2020’, becoming the only company in the country to be listed in the category.

Regular coconut auctions abandoned until next year

Sri Lanka’s Coconut Development Authority (CDA) has abandoned its regular coconut auctions since late September, amid the second wave of the COVID-19 virus and soaring farm gate prices of coconuts, due to shortages.

Lankem Ceylon to tap shareholders to raise Rs.677mn for working capital

Lankem Ceylon PLC yesterday revealed plans to raise Rs.677 million from the shareholders, to support its working capital requirements.

Robust commercial paper market indicates renewed optimism

The value of new commercial paper issuances during the nine months to September eclipsed the total amount issued during the whole of 2019.

Could Port City-related FDI bailout Sri Lanka?

A recent press release by the Finance Ministry in response to the downgrade of Sri Lanka’s sovereign rating by Fitch Ratings expresses the government confidence in overcoming Sri Lanka’s short-term economic challenges. In the same statement, the Finance Ministry emphasises that foreign direct investment (FDI) is expected to play a key role in overcoming the country’s current economic distress.

Open source 2.0: It’s business now

A friend of mine works for a company that sells imported equipment, inter alia. Once his boss had what he thought a bright idea – import self-help home repair equipment kits for Sri Lankan households.

Mortgage-backed housing loans at 7% from Thursday

The decision to cap mortgage-backed housing loan interest rates at 7.0 percent for salaried employees in both private and public sectors is now given life as the Monetary Board has instructed all licensed banks to disburse such loans from December 10.

Labour Minister to initiate talks to increase plantation workers’ wages to Rs.1000

Labour Minister Nimal Siripala de Silva has said that a programme will be implemented to ensure the plantation sector workers will receive the daily wage of Rs.1, 000 as promised in budget 2021.

Prime lending rate records new low; excess liquidity in money market soars

The benchmark prime lending rate touched a new low last week indicating that interest rates have still more room decline in response to the monetary easing measures taken by the Monetary Board so far this year while the excess liquidity in the money market soared.

NCE congratulates new EDB Chairman

The National Chamber of Exporters of Sri Lanka (NCE) in a statement congratulated Suresh De Mel for his appointment as the Export Development Board (EDB) Chairman.

Stax spells out three priorities for export-led manufacturers

Following the COVID-19 pandemic the supply chain focus of global markets has shifted. Historically, there were four primary factors that were considered in developing the sourcing supply chain—cost, quality, quantity (bulk) and reliability.

SL’s high-level of informal employment a concern, requires smart reforms: WB

Despite achieving economic growth for the past 15 years, Sri Lanka’s high-level of informal employment of 70 percent remains a concern, according to the World Bank (WB).

Samsung Sri Lanka records highest-ever turnover of Rs.3.5bn in November

Samsung Sri Lanka has recorded its highest-ever sales turnover of Rs.3.5 billion for November 2020, further consolidating its position as the Number 1 smartphone brand in Sri Lanka.

Industrial production up in Sept.; moderation expected in October

Sri Lanka’s industrial production was up in September, the third month in a row that the country’s key manufacturing gauge recorded a gain against last year’s levels, reflecting the sector’s resilience amid the challenges and negative forecasts. The Index of Industrial Production (IIP) recorded an overall 108.4 index points in September, up from 107.2 in the same month last year, and 102.1 in August 2020.

Jan-Aug. govt. revenue shortfall estimated at Rs.299bn

The government’s revenue shortfall during the first eight months through August is measured at Rs.298.6 billion compared to the same period in 2019, amid the coronavirus toll on the economy and the tax cuts introduced in December 2019.

COVID-19 could push people living in extreme poverty to over 1 bn by 2030:UNDP study

Severe long-term effects of the COVID-19 pandemic could push an additional 207 million people into extreme poverty on top of the current pandemic trajectory, bringing the total to over 1 billion by 2030, according to United Nations Development Programme (UNDP) latest findings.

Farmers take part in a protest against the central government’s recent agricultural reforms at the Delhi-Haryana state border

Farmers take part in a protest against the central government’s recent agricultural reforms at the Delhi-Haryana state border

SriLankan named ‘World’s Leading Airline to the Indian Ocean’ at WTA Asia

SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance has won the ‘World’s Leading Airline to the Indian Ocean’ title once again at the World Travel Awards Grand Final held in Moscow.