Dipped Products sales could moderate after pandemic fuelled performance last year

The pace of business growth could moderate at Dipped Products PLC in the medium term after the global glove maker for industrial and medical needs recorded soaring sales fuelled mostly by the pandemic and the shift in sales from a key global supplier, which together pushed the firm’s profits to its highest-ever levels.

Larger-than-life software mogul John McAfee dies in Spain by suicide

British-born U.S. technology entrepreneur John McAfee died on Wednesday by suicide in a Barcelona prison after the Spanish high court authorised his extradition to the United States on tax evasion charges, his lawyer told Reuters.

Hardly any gain from balance sheet supporting fuel hikes: Dr. Narayana

Sri Lanka’s recent fuel hike will bring little or no benefits to the national economy, if the increase was carried out by the government to support the country’s balance sheet, a former economic advisor to the Indian Prime Minister said.

Plug and play ‘Park in Park’ industrial facility to be set up in Hambantota port

The Hambantota International Port Group (HIPG) has partnered with Shenzhen Xinji Group to set up a plug and play ‘Park in Park’ manufacturing facility within the port’s industrial zone.

Company holding local BreadTalk franchise sold for Rs.245mn

R I L Property PLC this week said it completely divested its fully-owned subsidiary FoodBuzz (Private) Limited, the holder of BreadTalk franchise in Sri Lanka, to SS Equity Holdings (Pvt) Ltd. for a consideration of Rs.245 million.

Sri Lanka getting ready to look beyond GSP Plus: Cabraal

Sri Lanka is preparing itself for a trade relationship sans GSP Plus with the European Union (EU), said Finance State Minister Ajith Nivard Cabraal, after the European Parliament recently adopted a resolution urging the EU Commission to withhold the benefit over the country’s alleged human rights practices.

Exchange rate forecasted to touch Rs.205-215 against US dollar

The Sri Lankan rupee, which shed its value from Rs.189 to Rs.202 within a span of six months, could further plunge to between Rs.205 to Rs.215 against the US dollar by the year end, as the country is grappling with an impending external sector crisis with slower dollar inflows, according to the research of a Colombo-based investment bank.

FTZMA urges govt. to take a proactive approach in resolving GSP Plus issue

The Free Trade Zone Manufacturers Association (FTZMA) yesterday in a statement stressed the need for an urgent and short-term strategy to protect Sri Lanka’s market share in the EU, in a proactive manner.

Govt. to amend Telecommunication Act to broaden scope of TRCSL

The government is gearing to amend Sri Lanka Telecommunication Act No. 25 of 1991, to broaden the regulatory scope of the Telecommunication Regulatory Commission of Sri Lanka (TRCSL) beyond telecommunication to cater to the contemporary requirements.

June 26 declared as National Energy Day

Cabinet nod to give more teeth to CAA

The Cabinet nod has been received to include further revisions in the draft bill to amend Consumer Affairs Authority Act No.09 of 2003, to meet the present requirements by giving more teeth to the Consumer Affairs Authority (CAA).

Govt. decides to import rice to control rising prices

The Cabinet of Ministers this week decided to import 100,000 metric tonnes of rice, as a tool to control the rising domestic rice prices, due to artificially inflated prices by the so-called ‘rice mafia’ in the country, despite a successful paddy harvest season.

Govt. to restructure LPG duopoly to maintain current prices

The Cabinet of Ministers this week approved several key measures to restructure the country’s duopoly liquefied petroleum gas (LPG) industry, in order to maintain the current LPG prices prescribed by the Consumer Affairs Authority (CAA).

Jaffna to get startup incubators

Northern province city, Jaffna will soon see the establishment of startup incubators to support budding entrepreneurs with the Prime Minister’s office having initiated the dialogue in this regard with the Mayor of Jaffna earlier today.

Merchandise export earnings resilient in May

Despite the pandemic-related travel restrictions, Sri Lanka’s merchandise exports remained resilient in May, as exports recovered by 10.7 percent month-on-month (MoM) to US $ 884.2 million in the month from a five-month low in April, due to the initial shocks from the third COVID-19 wave, according to the Export Development Board (EDB).

Foreigners unload Sri Lankan gilts at a faster clip

The foreign holdings of government securities fell the most seen in a single week last week, as they sold the treasury bills and bond stock they held amid the worsening external and economic conditions here and due to the indications by the United States Federal Reserve that it would raise its interest rates earlier than desired, to tame the inflation there.

National inflation up in May as food prices soar

Sri Lanka’s national consumer prices in May 2021 rose at the highest level since September 2020, as the food prices skyrocketed due to the supply chain bottlenecks caused by the lockdowns, eroding people’s purchasing power and making them poorer.

ICRA Lanka projects May and June private sector credit to have significantly lost momentum

The economy has already shown deeper cracks from the business and job-crippling restrictions since the third week of April and the private sector credit became the latest casualty, as ICRA Lanka believes the momentum to have been severely affected during May and June, for which months the data is yet to be out.

Sri Lanka resorts to money printing as state revenues run dry

The Central Bank was again forced to pump massive amounts of liquidity into the government, as the state coffers were running dry, since the authorities reimposed the business and job-killing restrictions, which generate tax incomes to the government.

Persistent virus restrictions could delay rise in interest rates as economy will require more support

The interest rate could stay lower for longer than expected, as the economy battered by the virus-related restrictions will require increasingly more fiscal and monetary support at a time when the government’s revenue has come significantly under pressure, due to dampened business and consumer activity caused by the stubborn stay-at-home orders.

Documentary film on the creation of Colombo’s newest icon - the ‘AHASA ONE’ Sky Bridge now available on YouTube

“Making of the Iconic Ahasa One Sky Bridge”, a special documentary that takes the viewers on an informative, in-depth journey of Colombo’s newest landmark is now available for viewing on YouTube. Having being aired on several leading local TV channels in Sri Lanka recently, the 30-minute documentary can now be enjoyed by viewers around the world.

Sri Lanka’s economic crisis and policy uncertainties may hinder foreign investment

A recent resolution by the European Parliament to consider a temporary withdrawal of the Generalised Scheme of Preferences (GSP+) is the latest blow to the less than two-year-old Gotabaya Rajapaksa government. The European Parliament resolution, adopted with an overwhelming majority, is a clear indication of the European Union’s unhappiness at the developments on the Sri Lankan political stage.

Loss of GSP Plus could trim SL’s trade surplus with EU by US$ 700 mn

Sri Lanka stands to lose US$ 700 million in its trade surplus with the European Union (EU), if the EU decides to move ahead to halt the GSP Plus scheme to the country.

Sri Lanka’s internet subscriptions jump 50% in pandemic year

Sri Lankans who subscribed for new internet connections rose at a phenomenal speed during the year through March 2021 as the pandemic upended how people work,

Seafood exporters ready for life without GSP Plus

Sri Lanka’s seafood industry could face a massive hit should the European Union (EU) withdraw the GSP Plus concession. However, stakeholders of the sector said they were getting prepared to “live without it”.

No ministry has so far requested fuel price relief for affected parties: Cabraal

Despite various claims to the effect of readiness to provide fuel at a subsidised rate, the State Finance Minister, Ajith Nivard Cabraal said so far no one or no ministry had requested concessions for the parties affected by the increase in the fuel prices fortnight ago.

Sri Lanka’s ISB yields jump ahead of July bond settlement

The yields of Sri Lanka-issued International Sovereign Bonds (ISBs) jumped last week ahead of next month’s settlement of a billion dollar bond with the biggest increase seen in the bond maturing on July 27, 2021 as investors grow cautious of the country’s ability to honour its foreign debt obligations.

JAT Holdings moves ahead with plans to set up plants in B’desh and Africa

Encouraged by recent financial performances, JAT Holdings, Sri Lanka’s market leader in the wood coatings sphere and latest listing applicant on the Colombo Stock Exchange (CSE) is moving ahead with plans to set up a new state-of-the-art R&D facility and manufacturing plant in Bangladesh and Africa.

Misleading COVID-19 death numbers estimated to have caused Rs.100bn economic loss

In what could be the biggest travesty to-date, it transpired last week that the data compilers had provided misleading daily COVID-19 related death numbers to the country’s executive president prompting him to reverse the lockdown order removal on June 11, causing the loss of over Rs.100 billion in economic output.

Colombo bourse announces constituent changes to S&P SL20 Index

The Colombo Stock Exchange (CSE) has announced changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2021 mid-year index rebalance.