National prices hit 6-month low at 5.5% in Oct.

Sri Lanka’s national prices descended to a six-month low in October predominantly on some ease in food prices and non-food prices over the same month in 2019, the latest data on inflation measured by the National Consumer Price Index showed.

Sri Lanka Tourism Alliance and Good Life X announce grants for tourism resilience

With Sri Lanka’s tourism industry grappling to stay afloat amidst the ongoing COVID-19 pandemic, small and medium enterprises (SMEs) are scrambling to find ways to remain competitive and resilient.

European ride-hailer Bolt enters Sri Lanka

Bolt, the leading European transportation platform committed to make urban travel easier, quicker and more reliable yesterday announced its entry to the Sri Lankan market.

DoubleTree by Hilton opens first phase of Weerawila Rajawarna Resort

Sri Lanka’s hospitality sector recently saw the addition of a new luxury property to its portfolio with DoubleTree by Hilton opening the first phase of Weerawila Rajawarna Resort.

MAS Holdings awarded as top innovator in SA

Sri Lanka’s MAS Holdings put the island nation under fresh spotlight once again by receiving the ‘most influential’ innovators award in South and South East Asia by Clarivate, a global leader in providing solutions to accelerate the innovation lifecycle.

ADB allocates US$ 220 mn funding for healthcare projects in Sri Lanka

The Asian Development Bank (ADB) has allocated US$ 220 million worth of funds to build Sri Lanka’s health system capacity and resilience under the recently unveiled country operations business plan (COBP) for 2021–2023.

European ride-hail Bolt enters Sri Lanka

Bolt, the leading European transportation platform committed to make urban travel easier, quicker and more reliable yesterday announced its entry to the Sri Lankan market.

NSB raises Rs.5bn via perpetual capital bond

State-owned savings giant, National Savings Bank (NSB) recently raised yet another debt capital bond to raise Rs.5 billion, furthering its dominance.

Tokyo Cement says US $ 12 m investment expansion a direct nod to govt. policy

Tokyo Cement Company (Lanka) PLC recently entered into an investment expansion agreement with the BOI, reflecting its appreciation towards the government’s farsighted decision to encourage the local manufacturing sector.

Banking and NBFI governance in the new economy beyond crisis

The banking sector has successfully navigated the immediate pressures of the COVID-19 crisis. As thoughts turn to a new world beyond the immediate crisis, a strong financial sector will be needed for a strong recovery.

Facilitating night work for women in Sri Lanka

Increasing female labour force participation has been a challenge for the country. These challenges are even greater for night-work and shift-work (hence referred to as non-standard work).

Budget 2021 fails to impress Moody’s

Moody’s Investors Service in a report issued yesterday said, “Sri Lanka’s 2021 budget highlights the ongoing fiscal challenges and is unlikely to significantly boost growth,”indicating that the change of opinion between the government and the rating agencies at large over the country’s growth path, will continue post budget.

Industrial Asphalts major shareholder gives recent rights issue a miss

The controlling shareholder of leading manufacturer of bituminous products Industrial Asphalts (Ceylon) PLC (ASPH), G. Ramanan has not subscribed for the company’s recent rights issue concluded in September.

SLAITO rattled by moves to amend Tourism Act

The country’s inbound tour operators yesterday expressed concerns over the government’s move to amend the Tourism Act, which would eventually lead to the private sector players having no involvement in influencing or taking part in the industry decision making process.

Govt. eyes US$ 2.4bn potential increase in official worker remittances

The government eyes US$ 2.4 billion potential increase in official worker remittance inflows per annum as COVID-19 pandemic disrupts the operations of informal and illegal remittance channels forcing Sri Lankan migrant workers rely solely on official channels when remitting their funds to the country.

Budget proposal to spark M&A wave in finance and leasing company sector: Fitch

The budget proposal to effect consolidation in the highly fragmented finance and leasing company (FLC) sector is expected to spark a wave of mergers and acquisitions (M&A) during the next two years, as the government proposed to give tax credit to those who marry each other.

Lion Brewery sales surge in 2Q helped by robust exports

Lion Brewery (Ceylon) PLC returned to its peak performance in the three months ended in September (2Q21), predominantly cushioned by robust exports and partly by increased domestic consumption, despite the absence of a tourism sector running at full throttle.

Freeze on tourism loans likely to be extended till Sept. 2021

The temporary payment holiday on tourism sector loans granted in view of the loss of business due to coronavirus is likely to be extended till September 30, 2021 from an earlier timeline of March 31, 2021.

Upcoming H’tota pharma zone to boost export earnings by 2025: BOI

As Sri Lanka is gearing up to witness the establishment of an industrial zone dedicated to pharmaceutical manufacturing, the Board of Investment (BOI) expressed confidence in the sector paving the way for export earnings to leapfrog in the near future.

BOC records 25% loan growth in 3Q supported by low rates

Defying the odds, Bank of Ceylon (BOC) registered a growth of 25 percent in its loan book in the nine months to September— most in the recent past— reflecting that the bank has been witnessing pandemic-fuelled growth sparked by low interest rates, liquidity support schemes and the recovery in the economy after initial countrywide lockdown.

To raise up to Rs.10bn via equity-like bond

Hot on the heels of selling an equity-like bond to raise Rs.5.0 billion a few months ago, Bank of Ceylon (BOC) once again is offering a similar featured bond to raise another Rs.10.0 billion to bolster its capital.

Avant Garde subsidiary gets 5,000 acres of State land to cultivate maize

The Ministry of Agriculture has agreed to provide 5,000 acres of State land to Avant Agro (Pvt) Ltd., a subsidiary of Avant Garde Maritime Services (Pvt) Ltd headed by Major (Retd) Nissanka Senadhipathi, to cultivate maize, a statement issued to media said.

Hambantota Port helps ease Colombo Port congestion

Two transshipment feeder vessels, which were idling at the Colombo Port anchorage for approximately seven days due to increased congestion, called at the Hambantota International Port (HIP) last week.

Rigid Tyre to start operations in mid-January

Rigid Tyre Corporation (Pvt) Ltd built with an investment of US$ 250 million is slated for opening in mid-January 2021.

Central Bank employee tests positive for COVID-19

The Central Bank on Saturday said one of its employees tested positive for COVID-19 on November 19.

Central Bank employee tests positive for COVID-19

The Central Bank yesterday said one of its employees tested positive for COVID-19 on November 19.

Pvt. sector, professional bodies urged to ‘rise to the occasion’

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised the Annual Budget Seminar on November 19th which brought together a host of eminent speakers and panelists who shared their insights on the government’s National Budget for next year.

Majority of Lankan SMBs increased use of digital tools during pandemic: Facebook survey

Two recent surveys released by Facebook revealed how both Small and Medium Businesses (SMBs), as well as consumers in Sri Lanka, have increased their use of digital tools and social media since the COVID-19 outbreak.

Sri Lankan travellers not required to self-isolate on arrival in United Kingdom

As from today (November 21), travellers from Sri Lanka will no longer be required to self-isolate on arrival in England, Wales and Northern Ireland.

EU chief sees ‘progress’ on Brexit talks but work needed

The President of the European Commission Ursula von der Leyen said yesterday there had been better progress in recent talks on a post-Brexit trade deal, but more work is needed.