Foreign reserves dip in September before bond settlement

Sri Lanka’s gross official foreign reserves fell in September before Central Bank settled a billion dollar bond on October 4, but the monetary authority continued to purchase dollars from the foreign currency market.

August dairy imports slump 40% as local production gathers steam

Dairy product imports fell the most in August indicating that local milk production is gathering steam amid fresh government initiatives to further strengthen the sector to achieve self-sufficiency in the country’s dairy requirement.

‘Ghost island’ Phuket hunkers down in tourist-free Thailand

Phuket’s go-go dancers sit playing on their phones in empty bars lining deserted streets as the Thai tourist island reels from the ravages of the pandemic with little sign of any recovery soon.

August trade deficit narrows amid lower imports

Sri Lanka’s trade deficit continued to narrow as imports continued to decline at a faster pace than the decline in export earnings in the month of August, the latest external sector data released by the Central Bank showed.

Citi, UNDP and SLTDA focus on supporting women in tourism industry

With the outbreak of COVID-19, Sri Lanka’s tourism industry was one of the worst affected.

KVPL and TTEL bring honour to Sri Lanka at Hallbars Awards

Hayleys Plantations’ subsidiaries Kelani Valley Plantations (KVPL) and Talawakelle Tea Estates (TTEL) were recognised as country winners at the prestigious Hallbars Sustainability Report Awards 2020.

Asian traders cautious on stimulus uncertainty after Trump U-turn

Asian markets drifted yesterday on uncertainty about the chances of a fresh US stimulus package as talks for a broader agreement appeared to be back on.

Trump targets Iranian banks, seeking crippling blow before US vote

President Donald Trump’s administration imposed sweeping sanctions Thursday on Iran’s banking sector, taking a major new step to cripple the arch-rival’s already struggling economy weeks ahead of US elections.

HSBC targets net zero emissions by 2050, earmarks US$ 1 trln green financing

HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between US$ 750 billion and US$ 1 trillion in financing to help clients make the transition, Chief Executive Noel Quinn told Reuters.

Sri Lanka’s economy to shrink 6.7% this year: WB

Hit by COVID-19-related disruptions, Sri Lanka’s economy is projected to shrink by 6.7 percent this year, recording the third highest economic contraction among the South Asian region economies, after the Maldives (-19.5) and India (-9.6), the latest World Bank report titled ‘South Asia Economic Focus’, released yesterday said.

South Asia to experience worst economic plunge

South Asia is set to plunge into its worst-ever recession as the devastating impacts of COVID-19 on the region’s economies linger on, taking a disproportionate toll on informal workers and pushing millions of South Asians into extreme poverty, says the World Bank in its twice-a-year-regional update.

Global extreme poverty to rise for first time in 20 years as COVID bites

Laugfs Gas to up focus on expanding volumes in SL and B’desh to drive growth

Sri Lanka’s only private sector LPG player, Laugfs Gas PLC stressed that increased emphasis on volume growth is imperative to unlock value and drive growth in key markets.

Pent-up demand drives SL’s consumer durables sector

Defying the expectations that consumer durables sector would take more than a year to recover to its pre-pandemic levels, the sector has seen faster than expected recovery, as pent-up demand has kicked in to salvage the industry from the slump seen during the outbreak of the pandemic, although the protracted controls on imports could weigh on the

Dhammika Perera and wife Priscilla launch DP Kids free online learning platform

To support education excellence among children, businessman and philanthropist Dhammika Perera and his wife Priscilla Perera have launched another initiative.

Bairaha Farms to opt for automation if COVID-19 crisis heightens

In the wake of an increase in COVID-19 positive cases in the country that is likely to push production facilities to tighten health controls, pioneers in chicken processing, Bairaha Farms PLC announced it will look to automate sections of operation if required.

FTZMA defends Brandix

The Free Trade Zone Manufacturers Association (FTZMA) has come to the defence of apparel manufacturing giant, Brandix, stating that the entity “should not be victimised and maligned for spreading the virus” at this juncture.

OPEC doesn’t see peak oil demand yet

The coronavirus crisis has sparked talk that the world might have reached peak oil demand, but the OPEC cartel sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries.

Do your kids spend time with their grandparents? Here’s why you might want to make sure it happens more often.

For many of us, spending our childhood with our grandparents was truly memorable. Some of us are still lucky to have them amongst us, yet, in a hauntingly beautiful way, the memories which we shared with them—from recounting old stories in the courtyard, playing sellam bath, to being fed while running around the house or playing dress up —these moments are forever etched in our hearts. Looking back, don’t those great memories still bring a smile

Dhammika Perera launches free online learning platform for kids

To support education excellence among children, business magnate and philanthropist Dhammika Perera and his wife Priscilla Perera have launched another initiative.

Sri Lanka economy to contract by 6.7% this year: World Bank

Sri Lanka has gas resources sufficient for 30 years: Energy Minister

Cabinet approves gas and oil policy An agency to be established before calling for bids Talks are underway to acquire oil tanks leased out to India Energy Minister Udaya Gammanpila spoke to Daily Mirror about the oil and gas policy of Sri Lanka and the potential for offshore gas extraction. The minister is confident that Sri Lanka will become an oil and gas-producing nation. Experts from the interview: What are your plans for the development of t

Pathirage confident of UL pushing Sri Lanka towards ‘regional airport’ status

SriLankan Airlines Chairman Ashok Pathirage expressed confidence in the national carrier SriLankan Airlines playing a key role in making Sri Lanka a ‘regional airport’, an effort that would require positioning Colombo as an economic centre and not just a tourist destination.

Central Bank likely to maintain surplus liquidity in rupee money markets

Fitch Ratings Lanka Limited failed to see any near-term pressure on rupee liquidity, as the Monetary Board of the Central Bank could stay its key policy rates ‘lower-for-longer’, which provides direction as to how the lending rates are priced in other markets underneath.

NDB lends over Rs.16.5bn under Saubhagya loan scheme to COVID-hit biz

NDB Bank has disbursed over Rs.16.5 billion worth of funds under the COVID-19 Saubhagya loan scheme, at the rate of 4 percent per annum, in a continuing demonstration of the bank’s commitment in supporting the economic recovery.

Transhipment container volumes at Colombo Port edge up in August

Transhipment container volumes at the Port of Colombo stagnated in August, after recording a positive growth for the second straight month and reaching pre-pandemic levels in July, mainly due to an acute shortage of containers in the region, impacting the export volumes in India and Bangladesh.

China’s experimental COVID-19 vaccine appears safe

A Chinese experimental coronavirus vaccine being developed by the Institute of Medical Biology under the Chinese Academy of Medical Sciences was shown to be safe in an early stage clinical trial, researchers said.

DIMO Lanka head office closed

DIMO Lanka said it closed its head office located on Jethawana Road, Colombo 14, today, as a precautionary measure to contain the possibility of spreading COVID-19 among staffers.

Shopping mall owner feels COVID pinch as tenants leave

C T Land Development PLC, the owner of shopping mall Majestic City, said it lost tenants during the pandemic outbreak and its immediate aftermath, as the mall’s retail occupants found their businesses being challenged by the pandemic-induced business disruptions,

DIMO Lanka head office closed

DIMO Lanka said it closed its head office located at Jethawana Rd, Colombo 14 today as a precautionary measure to contain the possibility of spreading COVID-19 among staffers.