Global stocks bide time as U.S. election caution sets in

Global stocks remained within a tight range yesterday, less than two weeks before the U.S. presidential election, with traders looking for a breakthrough in stimulus talks in Washington.

Apple’s newest iPhone 12 hits stores in China

Two of Apple’s latest iPhone 12 models went on sale in China yesterday, after early pre-order data showed strong consumer interest in the 5G-enabled device in the firm’s second-largest market.

EY joins UBLC to help strengthen Lankan start-up eco system

Amongst many initiatives to support the expansion of the startup ecosystem in Sri Lanka, the catalyst that drives Sri Lanka’s digital economy, the Information Communication Technology Agency of Sri Lanka (ICTA) recently announced its Digital Economy Strategy. Its mission – to increase the number of tech and tech-infused startups in the country over the coming few years.

Japan and U.K. sign ‘landmark’ post-Brexit free trade agreement

Japan and the United Kingdom signed a post-Brexit bilateral free trade agreement yesterday, paving the way for its implementation Jan. 1 next year to ensure continuity in trade and investment beyond the end of London’s transition period out of the European Union.

Jan-Sept. export earnings down 18%

Sri Lanka’s export earnings—both merchandise and services— fell 17.74 percent year-on-year (YoY) to US$ 9, 693 during January through September period, though the decline initially expected was sharper.

CB keeps policy rates unchanged betting on short-lived COVID-19 outbreak

The Central Bank (CB) kept policy interest rates unchanged at the current levels yesterday with recent pick up in private credit and falling market lending rates while betting on a short-lived COVID-19 outbreak in the country.

Sri Lanka Tourism offers ‘Go on a Couch Safari’ experience

Sri Lanka Tourism yesterday announced the launch of a unique concept branded ‘Go on a Couch Safari’, an initiative taken to promote the island nation’s tourism product amid the global travel restrictions.

Cash-rich Melstacorp will stay acquisitive: Fitch

Fitch Ratings Lanka this week said its rating forecasts on Melstacorp PLC are based on the assumption that the company will remain acquisitive, particularly from 2023 as it generates strong cash from existing businesses, sufficient enough to launch an aggressive mergers & acquisition (M&A) drive worth at least Rs.5.0 billion a year.

Lanka IOC 2Q earnings overshadowed by pandemic

Lanka IOC PLC (LIOC), becoming one of the early filers of interim results for the July-September (2Q21) quarter, reported an operating loss for the period, largely due to elevate costs and somewhat downbeat revenues, as people pumped less gasoline into their cars as they cut down on their travelling amid the pandemic.

EDB says Gampaha district export firms able to operate during curfew

Export companies in the Gampaha district can continue to operate during the curfew period strictly following the COVID-19 health guidelines and all preventive measures for the pandemic, with consent from the relevant health authorities.

Richard Pieris Group invests Rs.1bn in finance subsidiary

Richard Pieris Group said it invested Rs.1 billion in its subsidiary, Richard Pieris Finance Limited, to help the latter to meet its regulatory capital requirements.

SL’s already low Insurance penetration likely to face further setback from pandemic

Sri Lanka’s insurance penetration, known for its extremely low levels by most standards, appears to be sticky as both long-term and general insurance businesses have made only insignificant gains in 2019, and the sector could face a further setback in making inroads as new coronavirus has clouded the prospects.

Hemas Thalawathugoda clarifies on COVID-19 positive patient

A patient who had visited the Emergency Treatment Unit (ETU) of Hemas Hospital Thalawathugoda has tested positive for COVID-19 after being transferred to Sri Jayewardenepura General Hospital (SJGH).

SL Tourism offers ‘Go on a Couch Safari’ experience

Sri Lanka Tourism yesterday announced the launch of a unique concept branded ‘Go on a Couch Safari’, an initiative taken to promote the island amidst the global travel restrictions.

Export companies in Gampaha district can operate during curfew: EDB

Export companies in the Gampaha district can continue to operate during the curfew period strictly following the COVID-19 health guidelines and all preventive measures for the pandemic, with consent from the relevant health authorities.

Are licensed finance companies the missing link in Sri Lanka’s financial inclusion quest?

Financial Inclusion is essential for continuous and sustainable economic development, according to IFC. This is no exception for Sri Lanka despite showing strong numbers in bank penetration.

Eight out of 10 SMEs struggling to stay afloat in new normal: Survey

The ongoing global health crisis continues to present fresh challenges to businesses, particularly the small and medium-sized enterprise (SME) sector, with eight out of 10 such enterprises struggling to stay afloat, a recent survey carried out by the International Finance Corporation (IFC), the private sector arm of the World Bank, revealed.

Airtel Lanka gears to launch 4G services soon

Airtel Lanka yesterday said that it has been allotted the 4G spectrum by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) and will soon launch its high-speed mobile broadband services across the country.

Factory work in Gampaha dist. to continue unhindered despite curfew: BOI

The Board of Investment (BOI) yesterday said the operations of the BOI industries located within the Gampaha district would be carried out without any interruption during the curfew-imposed period.

Wage growth slips in August while continuing to underperform inflation

Sri Lanka’s wage growth, which accelerated in July, slipped in August and continued to remain under the headline inflation, weighing on the purchasing power of the people.

Sept. national inflation accelerates to 6.4% on higher food prices

Inflation measured by the broader National Consumer Price Index (NCPI) increased for the third month in September, amid higher food prices while non-food inflation remained largely unchanged.

January-March corporate earnings record worst slump in recent times

The long overdue earnings report card of listed corporates for the January-March quarter is finally here, with only 266 companies filing interim results so far,

Market continues to lose steam amid spike in COVID-19 cases

Signalling a loss in steam after a belligerent positive run, the Colombo Stock Exchange (CSE) ended in negative territory for the second day in a row, amid Sri Lanka recording a higher number of COVID-19 cases and the key Gampaha district going into a temporary lockdown.

Central Bank keeps policy rates unchanged

The Central Bank has kept key policy rates unchanged at the latest monetary policy review citing overall decline in market lending rates, pick up in private credit and benign inflation.

BOI says factory operations in Gampaha district will continue unhindered despite curfew

The Board of Investment (BOI) of Sri Lanka said operations of the BOI industries located within the Gampaha district will be carried out without any interruption during the curfew imposed period.

Twenty three COVID-19 positive patients at Colombo Dockyard so far

A total of 23 employees attached to the Colombo Dockyard PLC have tested positive for COVID-19 as of today, the company announced.

UK Prime Minister appoints new Trade Envoy for Sri Lanka

UK Prime Minister Boris Johnson has appointed Lord Davies of Abersoch CBE as the new Prime Minister’s Trade Envoy for Sri Lanka on 5th October 2020.

‘DFCC One Loan’ encompasses all financial requirements

DFCC Bank is renowned as a national icon, with a legacy of over 65 years of contributing to the nation. With DFCC it is not just about banking but it believe in partnerships and it is most heartening to note that these relationships have lasted throughout generations. In the aftermath of the global crisis DFCC Bank has forged ahead with financial solutions enabling customers to overcome challengers thereby contributing to the Economic revival of

Budget 2021 would reflect a ‘balanced partnership,’ says State Minister

As the newly elected government is gearing up to present its maiden budget next month, State Minister of Money, Capital Market, and State Enterprise Reforms, Ajith Nivard Cabraal said the Budget 2021 would reflect a “balanced partnership”.

National Development Bank to raise up to Rs.8bn via rights

National Development Bank PLC (NDB) yesterday revealed its plans to raise up to Rs.8 billion via a rights issue.