TRCSL kicks off work on mobile number portability

Telecommunication Regulatory Commission of Sri Lanka (TRCSL) announced it has initiated preliminary measures to implement number portability in the country.

Bante Dhammananda Thero (Thich Phuoc Ngoc) shows his love for the country and people of Sri Lanka

Venerable Dhammananda Thích Phuoc Ngoc Thero, who received the Official state of the Sri Lankan Buddhist Sangha and became the first Vietnamese dignitary of the Sri Lankan Sangha community, and also a Government envoy in the island nation.

Senarath Bandara to take over reins of Cargills Bank

Veteran banker Senarath Bandara has been appointed as the Managing Director/CEO designate of Cargills Bank Limited, and will commence his new role with effect from September 8, 2020.

Arosha-led Lakma Holdings to acquire MTD Walkers

In a disclosure to the Colombo Stock Exchange (CSE), the board of MTD Walkers PLC 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.

BOI inks deal with Pearl Energy Ltd. to set up LNG facility in Hambantota

Sri Lanka will see the addition of a Liquefied Natural Gas (LNG) trading facility with the Board of Investment (BOI) having entered into an agreement with Pearl Energy (Pvt) Ltd. to launch the ‘Hambantota LNG Hub’.

Key reforms in consolidating NBFI sector come under spotlight

The non-banking financial institutions (NBFI) sector has evolved over the past years to be a stronger force in the finance industry in Sri Lanka. Unfortunately, the public only remembers NBFIs in light of unethical practices of non-regulated finance companies.

CB forecasts 15% decline in worker remittances for 2020

The Central Bank for the first time gave its forecast last week for the estimated decline in worker remittances expected in 2020 after the coronavirus related lockdowns around the world dampened the prospects for overseas jobs and such incomes.

Banking sector NPLs decline slightly in June; but picks up in July again

Banking sector non-performing loans (NPLs) received some respite in June as the ratio fell to 5.4 percent after reaching a six-year high of 5.6 percent in May, but the provisional data for July pointed to a slight uptick again.

Mahaweli Minister wants all zones turned into worksites to support national economy

State Minister of Mahaweli Zones, Waterways, Settlements and Public Infrastructure Development, Siripala Gamlath stated that his sole aim is to turn the Mahaweli zones into fulltime worksites and extend support to strengthen the national economy.

Coordination between CB and DCS expected for future national economic data calculation

The Central Bank is currently in discussions with the Department of Census and Statistics (DCS) to arrive at mutually agreeable ways on the calculation of national economic data after the latter surprised the country and the Central Bank by reporting a contraction in the economy for the first quarter, which was closed only for 10 days due to coronavirus.

National inflation eases in July; CB expects further price deceleration

Sri Lanka’s headline inflation measured by the National Consumer Price Index (NCPO) rose 6.1 percent in the 12-months to July, recording a deceleration from 6.3 percent in the month earlier mainly due to a statistical effect of the high base prevailed a year earlier and the slightly eased food prices.

Deadline for application of loans under Saubhagya scheme extended to September 30

The Central Bank has extended the application deadline for loans under the Saubhagya refinance facility to provide concessionary working capital loans to those affected by the pandemic, from August 31 to September 30, as the scheme has more funds to run its full course.

Think tank hails statistics office’s proposal to launch e-registry for biz

The Advocata Institute has commended the decision taken by the Department of Census and Statistics (DCS) to launch an e-registry portal to register unregistered and registered businesses in Sri Lanka.

Asian stocks lifted by vaccine hopes, but new cases cause concern

Hopes for a vaccine helped push equities higher yesterday following another tech-inspired record on Wall Street, with investors brushing off a surprisingly weak US jobs report, though optimism remains checked by the spreading virus and the US stimulus stalemate.

Resounding mandate for growth and development: Indian CEO Forum

The Indian CEO Forum said the people on August 5 have given a resounding mandate for President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the Sri Lanka Podujana Peramuna to steer the country for growth and development over politics.

Second Group of 87 Lankans return from Thailand

The second group of 87 Sri Lankans, who were stranded in various cities in Thailand due to the COVID-19 pandemic situation, was repatriated to Sri Lanka from Bangkok-Thailand yesterday (21), via a special SriLankan Airlines charter flight UL 403, organized by the Embassy of Sri Lanka in Bangkok.

TAASL congratulates new govt., Prime Minister

The Travel Agents Association of Sri Lanka (TAASL) in a statement yesterday congratulated the new Prime Minister Mahinda Rajapaksa and the Sri Lanka Podujana Peramuna for the victory obtained during the general election held on August 5.

Mgt. owned travel & aviation group rebrands as ‘Acorn’

Acorn Group encompasses multiple businesses and leading international brands in the Travel and Aviation industry.

NCE partners with Bureau Veritas to provide special ‘Cove-Safe’ certification for exporters

The NCE has partnered with Bureau Veritas Lanka (Pvt) Ltd to provide ‘Cov-Safe’ certification which has international recognition.

Trade Minister meets EDB officials

Trade Minister Bandula Gunawardena made his inaugural visit to the Sri Lanka Export Development Board (EDB) recently since assuming office and met the key officials of the institution.

CB steps up efforts to address grievances of financial consumers

Stakeholders of the national financial system will witness their grievances receive due emphasis hereafter as the Central Bank of Sri Lanka (CBSL) has taken a progressive step towards establishing a single point of contact to handle complaints.

Emerging Asia: securing solid fundamentals for post-COVID future

Asia’s emerging economies are at different stages in combatting the Covid-19 pandemic. For some, the light at the end of the tunnel is getting brighter as social distancing measures are being eased and economic activity is starting to ramp up again. Others are still grappling with outbreaks and lockdowns.

A long journey: IFC’s 50 years in Sri Lanka

In the midst of a global pandemic, IFC steps up its work in Sri Lanka—aiming to help mitigate some of the worst economic impacts and deliver tangible long-term benefits.

Sharp 4Q rebound essential to avert economic contraction: CB

The Central Bank (CB) says a substantial rebound in economic activity in the fourth quarter is essential for Sri Lanka to avert an economic contraction this year following the “unexpected” contraction in the economy in the first quarter.

President firmly says ‘No’ to palm oil

Sri Lanka will halt the cultivation of oil palm in the country, while giving assistance to grow coconut in new areas, President Gotabaya Rajapaksa said in his address to the newly elected parliament.

Fitch Ratings to continue Kotagala Plantations’ coverage

Following the announcement of a withdrawal from issuing rating reports on Kotagala Plantations PLC in July, Fitch Ratings yesterday said it would continue the coverage on the plantation firm until further notice.

Three leading tech personalities appointed to ICTA board

With a view of strengthening the execution of Sri Lanka’s digital roadmap, three new strategic appointments have been made to the board of the Information Communication Technology Agency of Sri Lanka (ICTA).

Airtel Lanka appoints new CEO

Airtel Lanka yesterday announced the appointment of Ashish Chandra as Chief Executive Officer and Managing Director.

Lanka Sathosa launches online platform

Keeping up with the ongoing digital trend, State-managed retail chain Lanka Sathosa, launched its online shopping platform yesterday.

Lanka Sathosa achieves record revenue in first half; eyes break even by year-end

State-owned retail chain, Lanka Sathosa has posted record revenue of Rs.17.62 billion for the first half of 2020 (1H20), the highest-ever performance achieved since its establishment, senior officials of the entity said.