Second quarter GDP estimates delayed till December

The release of the second quarter (2Q) gross domestic product (GDP) estimates are set to get further delayed till December 15 as the Department of Census and Statistics (DCS) is capturing economic activities carried out digitally while collecting data on new activities such as telemedicine services and running of quarantine centres as part of the country’s economic output.

COVID-19 positive case at Hirdaramani Kahathuduwa facility

Following a routine PCR testing at Hirdaramani Industry, an employee associate attached to the Kahathaduwa facility has tested positive for COVID-19.

Over 15,000 PCR tests carried out at BOI factories

Following the Minuangoda factory outbreak that continues to increase the number of Covid-19 positive cases, over 15000 PCR tests have been carried within factories under the Board of Investment (BOI) in the last few days.

German envoy calls on BOI Chief

Holger Seubert , Newly appointed Ambassador for the Federal Republic of Germany to Sri Lanka paid a courtesy call on Susantha Ratnayaka, Chairman Board of Investment at his office in the WTC.

Exporters’ outlook for business and economy improves: Survey

Sri Lankan exporters are more positive in their outlook with expectation for a moderate growth for export business and the economy over the next 12 months as the country rebounds from the impact of COVID-19, according to a leading business survey on trade and labour market impacts of COVID – 19 on Sri Lankan exporters.

Equity markets mixed as traders weigh lockdowns, stimulus

Stock markets were mixed yesterday, with gainers supported by bargain-buying after the previous day’s sell-off, with investors growing increasingly concerned about new lockdown measures in Europe as a second wave of coronavirus takes hold.

Philippines lifts ban on oil and gas exploration in South China Sea

The Philippines has lifted a moratorium on oil and gas exploration in the disputed South China Sea, which the government said yesterday could fast-track talks with Beijing on a joint energy project.

Hong Kong budget carrier joins ‘flights to nowhere’ trend

Hong Kong’s budget carrier HK Express joined airlines offering “flights to nowhere” on Thursday with an inaugural journey filled with media and influencers, sparking criticism from environmentalists.

Tea national sales average up Rs. 108.02 YoY in September

Although Ceylon Tea production dampened in the month of September, the sector has managed a Year-on-Year (YoY) increase of Rs. 108.02 in the national sales average.

Union Bank Finance announces Rs.1.6 billion rights issue

UB Finance Co. Ltd. a subsidiary of Union Bank of Colombo PLC is committing to a rights issue amounting to Rs.1.6 billion to strengthen its balance sheet and meet the capital guidelines of the Central Bank of Sri Lanka (CBSL) by 31st December 2020 as approved by the CBSL.

Adstudio.Cloud organises Programmatic Colombo 2020

Programmatic Colombo, the first event of its kind, was successfully held in Sri Lanka recently, organised by Adstudio.Cloud, at The Kingsbury Hotel, Colombo.

PM visits JKH’s Cinnamon Life project

Prime Minister Mahinda Rajapaksa yesterday visited premier blue chip John Keells Holings’ flagship project Cinnamon Life.

Strong case for another policy rate cut: ICRA Lanka

Contrary to the popular belief that Central Bank’s Monetary Board would stay pat at the next week’s policy meeting, ICRA Lanka observes more reasons are building up for the rate setting committee to consider a rate cut as opposed to why it should not do so.

Manufacturing and services activities expand in Sept.

Sri Lanka’s manufacturing activities expanded at a higher rate with an index value of 59.8 in September 2020, an increase of 1.9 index points from August, according to the Purchasing Managers’ Index compiled by the Central Bank.

Sept. tea export earnings up; volumes down

Sri Lanka’s tea exports for the month of September recorded a drop in terms of volumes, but in terms of value, higher revenues were fetched compared to the corresponding month in the previous year.

Think tank urges Sri Lanka to focus on productivity-driven growth path

As Sri Lanka’s massive debt burden limits the government’s ability to extend a sizeable stimulus package beyond the coronavirus recovery stage, the country was urged to look at a more sustained growth path that is built on productivity-driven growth.

SriLankan Catering to introduce supermarket heat-and-eat frozen meal range

Catering arm of the national carrier, SriLankan Catering will soon be launching a range of heat-and-eat frozen meals for both local and overseas supermarkets under the brand name ‘Cuisine Gastronome’ in a bid to create other revenue generation avenues amid the significant drop in air travel across the world.

Importance of SL’s participation in Fruit Logistica highlighted

August industrial production slips but holds at pre-pandemic levels

Sri Lanka’s industrial production slipped in August amid deceleration in a few key sectors but held at pre-pandemic levels reached in July demonstrating resilience of the country existing industries and the new ones entering the sector buoyed by robust policy assistance.

Marriot Weligama says operations continue; UC Chief instructs closure

Weligama Bay Marriott Resort and Spa management says operations would continue sans new room bookings, though a guest tested COVID-19 positive following nine days after his departure.

Cargills Bank 2Q losses surge to Rs.306mn as pandemic bites

Cargills Bank Limited reported Rs.306 million net loss for the three months ended June 30, 2020 (2Q20) on top of Rs.242.6 million loss in the previous quarter (1Q20), amid the bank’s management seeking the assistance of external consultants to turn the lender’s fortunes around, which were further beset by the pandemic.

SriLankan Catering to introduce frozen meal range for supermarkets

Catering arm of the national carrier, SriLankan Catering will soon be launching range of heat-and-eat frozen meals for both local and overseas supermarkets under the brand name ‘Cuisine Gastronome’ in a bid to create other revenue generation avenues amid the significant drop in air travel across the world.

IMF forecasts Sri Lanka’s economy to shrink 4.6% this year

The International Monetary Fund (IMF) this week forecasted Sri Lanka’s economy to contract by 4.6 percent, significantly higher than a 0.5 percent contraction it predicted in April, as the coronavirus pandemic-related disruptions continuing to take a toll on the island nation’s fragile economy.

Efforts to award Geographical Indication certification kick off

As the ‘Ceylon’ brand continues to be misused in the global market, especially in the case of tea and cinnamon, the government announced its decision to amend the current intellectual property laws to accommodate the Geographical Indication (GI) certification.

Market turnover tops Rs.5bn for second consecutive day

The turnover at the Colombo Stock Exchange crossed the Rs.5 billion mark yesterday for the second consecutive day, amid increased high-net-worth, institutional and retail activity, although foreign participation continued to remain subdued.

DIMO enters agri-tourism with its Agri Techno Park in Dambulla

DIMO Agribusinesses owns 3 Agri Techno Parks in Dambulla, Nikaweratiya and Lindula Intends to enter agro-tourism market through these parks to offer agriculture-based holiday experience

March quarter marred by virus disruptions hurts Softlogic FY20

The business disruptions caused by the coronavirus pandemic weighed on Softlogic Holdings PLC’s March 2020 quarter performance (4Q20) and the full financial year (FY20), the recent interim financial accounts released to the Colombo Stock Exchange showed.

Pandemic caused ‘unprecedented’ emissions drop: study

Pandemic restrictions saw an unprecedented fall in greenhouse gas emissions in the first half of 2020 -- larger than during the 2008 financial crisis and even World War II -- experts said yesterday.

Lakdhanavi to rope in partner to fund 30% of project cost of Kerawalapitiya LNG plant

Lakdhanavi Limited, the country’s largest independent power producer, is expected to rope in a partner, who will infuse 30 percent of the project cost of the construction of the proposed 300MW diesel/LNG power plant in Kerawalapitiya, which was awarded to the company by the government this February.

CB’s NBFI Supervision Dept. to be overhauled

The Non-Bank Financial Institutions Supervision Department of the Central Bank is to go through a complete overhaul with a new institutional structure to regulate finance companies.