June trade gap narrows to 11-year low on robust exports, decline in imports

Sri Lanka’s trade deficit fell to US$ 161 million in June compared to US$ 316 million in the same month last year, recording the lowest monthly deficit in the country’s merchandise trade since August 2009 as exporters continued to push ahead while the imports plummeted.

Prime lending rate logs steepest weekly fall; market expects further cut in policy rates this week

The average weighted prime lending rate (AWPR) fell by 40 basis points (bps) last week, logging the steepest weekly decline in recent times while the market weighs in on another round of monetary policy easing this week as the Monetary Board of the Central Bank meets to asses the country’s monetary policy for the sixth time.

First consignment of locally produced vegetables and fruits flown to Oman

A special programme to export local vegetables and fruits has been launched through the Mattala Rajapaksa International Airport (MRIA).

HNB reports subdued second quarter; deposits swell

Hatton National Bank PLC (HNB) reported subdued performance for the three months ended June 30 (2Q20) as the pandemic brought the growth in new loans to a standstill while the bank had to forgo income on loans provided with payment holidays amid massive provisions for possible bad loans.

Pharma and consumer biz back Hemas1Q performance

Gradual recovery in healthcare and domestic consumer segments of Hemas group helped to soften the impact stemming from the pandemic as its logistics and marine sector suffered a big volume slump while the pandemic nearly decimated its leisure sector, although the latter’s impact on the group is less.

75th Anniversary of Indonesian Independence Day

Today 17 August 2020 is a special day for Indonesian citizens all over the world for celebrating the 75th Anniversary of Indonesian Independence Day. On the same day in 1945, the first President of Indonesia Ir. Soekarno declared the proclamation of independence of Indonesia and with more than 300 ethnic groups formed the formation of a new independent country name the Republic of Indonesia as a unitary state.

60,000 houses IN SRI LANKA

An innovative owner-driven model under which technical support and financial assistance is provided to beneficiaries.

Tax policy uncertainties hit local automobile sector: United Motors

Uncertainties in the country’s tax framework over the last year have hindered progress in the local motor trade industry, where the ad-hoc policies have directly impacted the core business models of the sector, automobile entity United Motors PLC said.

Emirates delivers much needed emergency relief support to Lebanon

In the wake of the Port of Beirut explosions which devastated many parts of Lebanon’s capital city, Emirates is standing with Lebanon to provide critical emergency relief and aid to the hundreds of thousands of people affected by the blasts.

Asian markets struggle as US stimulus impasse drags on

Asian markets drifted yesterday as investors grew increasingly concerned about the stalemate in Washington on a new stimulus for the world’s top economy.

Banking sector extends good wishes to new govt.

The Sri Lanka Banks Association (SLBA) representing all licensed banks (30) in Sri Lanka congratulate President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the new government on receiving a strong electoral mandate to set the course for and to implement the country’s fullest development.

First cargo flights of Egypt’s national carrier land in BIA

The very first flights of Egypt Air Cargo, the national freighter of Egypt, landed in Bandaranaike International Airport on August 2nd and 5th.

SriLankan clarifies temporary suspension of Shanghai service

SriLankan Airlines wishes to clarify its position with regard to the temporary suspension of the Colombo-Shanghai operation by the Civil Aviation Administration of China (CAAC) for a period of four weeks.

Government to utilise all necessary tools to revive economy: Cabraal

The government is prepared to utilise all necessary tools to revive the country’s virus-hit economy and to restore the trust in the economy backed by clear-cut polices and their prompt implementation.

Finance Ministry Secretary assumes duties

Former Central Bank Deputy Governor S. R. Attygalle, who was reappointed to the position of Secretary to the Treasury and the Ministry of Finance assumed duties on Thursday.

Aitken Spence 1Q performance clouded by tourism sector woes

Diversified conglomerate, Aitken Spence PLC, which has extensive interests in travel and hospitality business, saw its June quarter (1Q21) revenues and profits eroded by the economic malaise created by the COVID-19 pandemic, though the group said it saw a strong pick up in business in the month of June, barring tourism.

Message by the High Commissioner of Pakistan in Sri Lanka Maj. Gen. (Retd) Muhammad Saad Khattak on the occasion of Independence Day

14th August is the most significant day in the history of Pakistan. On this day, seventy four years ago, Pakistan emerged as a sovereign state on the map of the world. Under the dynamic and inspiring leadership of Quaid-e-Azam Muhammad Ali Jinnah, the birth of Pakistan epitomized the successful culmination of a long and arduous struggle against seemingly insurmountable odds by Muslims of the Sub-continent.

Colombo commercial real estate market set to face supply glut

Colombo’s commercial real estate market is expected to face an oversupply of office spaces weighing down on rental yields and occupancy rates across both Grade A and B segments in the medium term with several large-scale projects nearing completion within the central business district (CBD), according to a leading company engaged in commercial real estate space.

Expolanka braves COVID-19 to report stellar 1Q amid strong logistics sector show

Amidst an external environment that continues to remain challenging, Expolanka Holdings has recorded stellar performance during the first quarter of the new financial year (1Q21).

Teejay records first net loss since going public

Teejay Lanka PLC has reported operating profit of Rs. 15.2 million and profit before tax of Rs. 13.9 million for the first quarter of 2020-21, but posted a net loss of Rs.31.5 million – its first since being listed on the Colombo Stock Exchange (CSE) – directly as a result of the loss of production and orders due to COVID-19 pandemic.

India seeks to counter China sway in Maldives with bridge project

India yesterday pledged US$ 500 million to build bridges and causeways in the Maldives, as New Delhi seeks to counter growing Chinese influence in the Indian Ocean.

Lankan blockchain firm secures Japanese funding

99X Technology yesterday said Tracified, a company incubated within its innovation center/accelerator StartupX Foundry, has received an equity investment from 360ip, a venture capital firm based in Tokyo.

NDB reports higher second quarter profits despite pandemic effects

The National Development Bank PLC (NDB), like any other lender felt the effects of the pandemic, that came by way of loss of revenues from loans subject to moratoria, compressed margins amid falling interests rates, higher provisions against possible bad loans and low business volumes as nearly half of the June quarter was in lockdown.

Sampath Bank 2Q subdued as bank provides moratoria for half of its loans

Sampath Bank PLC reported subdued performance for the three months ended June 30, 2020 (2Q20) as declining margins, moratoria and weak business volumes weighed on its revenues and profits.

Colombo Dockyard remains confident of global shipbuilding sector aiding its growth

Colombo Dockyard, Sri Lanka’s largest ship repair and building engineering facility said, it expects rapid changes in the global shipbuilding industry, where sector players would stand to benefit from the new direction.

COVID-19 in decline: Over by June 2021?

End of the COVID-19 pandemic? When? The responses map itself somewhere within a range from at least one year to 10 years plus. Wide agreement: it is something here to stay. There is no way out. Better get used to the ‘new normalcy’.

Minefield of economic uncertainty with no vaccine in sight

With more than 270,000 new cases daily and around 6,000 deaths daily, globally, most world leaders are pursuing a highly uncertain best-case scenario — the discovery of vaccines or a drug — while pushing for the pandemic-controlling options that are available and tested. They are however only part of a whole package of steps to save ourselves from the pandemic and the world economy contracting further.

Reclassification of ComBank shares lifts DFCC Bank June earnings

Reclassification of investments in the shares of Commercial Bank, from the earnings to comprehensive income, helped DFCC Bank PLC to lift its June quarter earnings but the impact from narrowing margins, loss of cash flows from moratoria, heavy provisions against possible loan defaults and overall muted business volumes, weighed on the company’s core banking performance.

Market lending rates continue to descend as banks vie for more biz

The lending rates continued their descend through last week, amid the borrowing cost reaching historically low levels, as banks are seen adjusting their lending rates in response to the aggressive monetary policy actions aimed at accelerating the country’s economic recovery.

Sri Lanka Insurance declares highest-ever life insurance bonus of Rs.8.2bn

Sri Lanka Insurance has declared a life insurance bonus of Rs.8.2 billion for the year 2020, to its life insurance policyholders, recording the largest life insurance bonus ever to be declared in the insurance industry of Sri Lanka.