Cooperative movement can be used to give MSMEs new lease of life

COVID-19 has made an adverse impact to our economy, where many businesses fall into the micro small and medium enterprises (MSME) category and some in the small and medium enterprise (SME) category. A majority of Sri Lanka’s businesses fall into both the MSME and SME category.

Key economic sectors’ resurgence to bring fresh challenges to banks

This is part of an interview series titled ‘Mirror Business S&P SL2 - Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features Hatton National Bank PLC Managing Director/CEO Jonathan Alles. Following are excerpts from the interview.

SL to embark on R&D related to modern agriculture

Sri Lanka will soon embark on research and development (R&D) related to modern agricultural technologies with state patronage, as the focus is rapidly shifting towards building a robust domestic agricultural economy premised on achieving food security and exports of agricultural produce.

ICTA inks MoU with UNDP to design and implement National Digital Strategy

The Information and Communication Technology Agency (ICTA) and United Nations Development Programme (UNDP) in Sri Lanka signed a four-year memorandum of understanding (MoU) yesterday to support Sri Lanka’s aspirations for digital transformation.

LOLC records highest ever profits for 1Q

LOLC Holdings releasing its first quarter results (1Q21) yesterday said it has recorded the highest ever profit-after tax (PAT) of Rs.37.2 billion, compared with Rs.5.6 billion recorded for the corresponding quarter of the previous year.

SLINTEC and EDB partner to boost COVID medical product exports

The Export Development Board (EDB) and Sri Lanka Institute of Nanotechnology (SLINTEC) are joining forces to boost Sri Lanka’s COVID-19 medical product range supply to the world.

KOICA initiates ‘LANKA’ landfill project

As a follow-up support to the project ‘Establishment of Integrated Waste Management System in Dompe’, where the Korea International Cooperation Agency (KOICA) established the first-ever sanitary landfill site in Sri Lanka, KOICA initiated project ‘LANKA’ (Landfill with Advanced and Nourishing Know-how and Alternatives), on April 18.

Janashakthi to raise Rs.2.0bn via unlisted debentures

Janashakthi PLC has announced plans to raise Rs.2.0 billion via an unlisted corporate debenture as the company seeks to refinance its debt.

SLT welcomes move to initiate number portability

The Sri Lanka Telecom (SLT) group yesterday welcomed the Telecommunications and Regulatory Commission’s (TRC) progressive move to introduce number portability to Sri Lanka while lauding TRC Director General Oshada Senanayake and his team for their forward thinking.

ICTA inks MoU with UNDP to design and implement National Digital Strategy

The Information and Communication Technology Agency (ICTA) and the United Nations Development Programme (UNDP) in Sri Lanka signed a 4-year Memorandum of Understanding (MoU)today to support the island nation’s aspirations for digital transformation.

BOI initiates discussion with British High Commission to attract FDIs

The Board of Investment (BOI) initiated dialogue with the British High Commission in Colombo to look at avenues to bring into the country the much required Foreign Direct Investments (FDIs).

LOLC records highest ever profits

LOLC releasing its first quarter results for FY20/21, today said it has recorded the highest ever profit-after tax (PAT) of Rs.37.2 billion compared with Rs.5.6 billion recorded for the corresponding quarter of the previous year. Profit attributed to the equity holders of the group rose 137 percent to Rs.13.9 billion.

Enough vehicles stockpiled for next two and half years: PBJ

President’s Secretary Dr.P.B. Jayasundara this week (24) told a private television station that Sri Lanka has amassed vehicles enough for the next two and a half years during the five-year period of 2014-2019.

Import ban on maize threatens nutritional value of poultry products

Nutrition value and quality of locally farmed poultry and eggs are set to take a plunge with feed manufacturers pushed to substitute the key ingredient maize with other cereal grains.

Access to soy flour major challenge in coming months, says Lankasoy producer

The on-going financial year (FY20/21) will be the most challenging one yet, particularly for those engaged in the manufacturing of soy-based food products as the prices of soy beans in processed form are expected to surge.

Dialog hails TRCSL’s move to implement number portability

The country’s largest mobile telecommunication services provider, Dialog Axiata PLC, yesterday welcomed Telecommunication Regulatory Commission of Sri Lanka’s (TRCSL) decision to take initial steps towards implementing number portability in Sri Lanka.

Oil palm industry expects fair hearing from President Rajapaksa

Sri Lanka’s oil palm industry plans to meet President Gotabaya Rajapaksa to discuss the industry’s future with expectations for a fair hearing and relief amid the recent policy announcement to completely ban the plantation of oil palm in the country.“President Rajapaksa being a pragmatic leader, we are hopeful he will give us a fair hearing and relief. It is a legitimate request to plant legitimate crops,” Palm Oil Industry Association of Sri La

Colombo land value growth decelerates to single digits in first half

The growth in land values in the Colombo district fell below 10 percent for the first time in years, decelerating to 7.1 percent year-on-year (YoY) in the first half of the year from 10.8 percent recorded in the second half of 2019, according to the Land Valuations Indicator (LVI) complied by the Central Bank (CB).

Bank loan disbursements surpass pre-pandemic levels

Although the outstanding private credit showed a slight contraction, the disbursements of new loans starting from July showed a rapid acceleration, reaching beyond the pre-pandemic levels pointing to expansion in the economy.

Colombo land value growth decelerates

The growth in land values in the Colombo district fell below 10 percent for the first time in years, decelerating to 7.1 percent year-on-year (YoY) in the first half of the year from 10.8 percent recorded in the second half of 2019, according to the Land Valuations Indicator (LVI) complied by the Central Bank (CB).

Dialog hails TRCSL’s move to implement number portability

The country’s largest celco, Dialog Axiata PLC, yesterday welcomed the Telecommunication Regulatory Commission of Sri Lanka’s (TRCL) decision to take initial steps towards implementing number portability in Sri Lanka.

PickMe calls on govt. to enable a level playing field

Home-grown taxi hailing app, PickMe called on the government to increase its efforts in creating a level playing field so that entities, such as itself, that has digital solutions as its core operations can compete better with multinationals in the industry.

Pearl Energy to set up US $ 97mn LNG trading facility at H’tota port

Pearl Energy (Pvt.) Ltd has signed an agreement with the Board of Investment (BOI) of Sri Lanka to set up a floating storage LNG trading facility at the Hambantota port, with an investment of US $ 97.2 million.

Sharp fall in proxy lending rate for SMEs in July

The proxy rate for small and medium-sized enterprise (SME) loans fell by the most during July, indicating that the interest rates for small businesses are now easing faster than earlier, while also moving in tandem with the rates offered for their larger counterparts.

Central Bank considering liquidity support for 4 troubled finance firms

The Central Bank (CB) is considering liquidity support for four troubled non-bank financial institutions (NBIFs) in the country while mulling on a plan to promote consolidation within the sector, targeting mid to long-term sustainability of NBIFs.

Arosha-led Lakma Holdings to acquire MTD Walkers

In a disclosure to the Colombo Stock Exchange (CSE), the board of MTD Walkers PLC yesterday informed that Lakma Holdings (Pvt.) Ltd led by Dr. Arosha Fernando has signed a share sale and purchase agreement to acquire 90 percent of the shareholding of the company from its Malaysian parent MTD Capital BHD.

TRCSL says preliminary work initiated on mobile number portability

The Telecommunication Regulatory Commission of Sri Lanka (TRCSL) yesterday said it is initiating preliminary measures to implement number portability in Sri Lanka.

Oil palm industry calls for urgent engagement with govt. over cultivation ban

The Palm Oil Industry Association (POIA) yesterday said in a statement that while it respects the decisions relating to the industry contained in the policy statement of President Gotabaya Rajapaksa, it trusts that a pragmatic solution would be provided in respect of the oil palm saplings imported into the country, following a Cabinet decision taken in 2014 by the government of President Mahinda Rajapaksa.

Tyre scarcity feared as govt. continues with import ban

Sri Lankan tyre dealers, traders and buyers are faced with a looming tyre scarcity in the country, owing to the prevailing restrictions on importation.

Mercmarine Training provides Sri Lankan youth a pathway to world-class marine education

Mercmarine Training, the maritime training institute of the Mercmarine Group, is ready to welcome its latest batches of students who are looking to pursue world-class marine education right here in Sri Lanka. Interested students can submit their applications now for a wide range of courses.