Yesterday’s luxuries, today’s essentials in Covid-19 era

A decade and half ago we would not have expected a tuk tuk driver, a fishmonger or a farmer to carry a smartphone.

CSE and SEC set to introduce DVP mechanism to Lankan stock market

The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) are gearing to introduce a Delivery vs Payment (DVP) system for stock market transactions.

UK govt. marine experts to support SL with X-press Pearl pollution response

Following the X-press Pearl container vessel fire that started in May, the UK government is providing marine pollution expertise to help respond to the impact on the marine life and coastal habitats of Sri Lanka.

Dialog Axiata launches latest data centre built to global standards in Piliyandala

Dialog Axiata PLC, the first in Sri Lanka to launch an uptime Tier III-certified data centre, announced the launch of its latest fully-owned data centre in Piliyandala, built to the latest ISO and global data centre standards with the highest level of reliability.

Emirates ramps up operations over summer to serve strong demand

Emirates is ramping up its operations and expanding services across its network to meet strong leisure travel demand over the summer, as entry restrictions ease for travellers.

Sri Lanka Investment Forum 2021 facilitates 150+ investor meetings

The recently concluded Sri Lanka Investment Forum 2021 (SLIF 2021), organised by the Board of Investment (BOI), Ceylon Chamber of Commerce and Colombo Stock Exchange (CSE), facilitated one-to-one meetings between foreign investors and FDI project promoters and listed corporates.

Victoria’s Secret mulls return of new look show

Victoria’s Secret is considering bringing back a “re-imagined” version of its runway show as the lingerie giant embarks on a “dramatic shift” for the brand.

Mystery behind slump in India’s Adani Group company shares

Shares of companies controlled by Indian billionaire Gautam Adani recorded their biggest weekly losses ever. The six stocks cumulatively lost 1.91 trillion Indian rupees (US $ 25.83 billion) of value over five days through yesterday.

Private sector critical to SL’s COVID response strategy, says APHNH President

Amidst the prolonged travel restrictions and recent spikes in COVID-19 cases, the President of the Association of Private Hospitals and Nursing Homes (APHNH) outlined the crucial role of the private sector in the national response to the pandemic, at a recent online discussion hosted by the Advocata Institute, a public policy think tank.

COVID-19 and Sri Lanka’s external sector: Challenges and policy choices

The COVID-19 pandemic exerted significant downward pressure on global trade as well as the global economy at large.

Vegetable prices skyrocket

Several economic centres including the ones in Narahenpita and Bokundara opened yesterday.

CB grants leeway for banks to invest in Sri Lanka issued int’l sovereign bonds

The Central Bank has granted access to licensed commercial banks (LCBs) and the National Savings Bank (NSB) to purchase Sri Lanka issued international sovereign bonds (SLISBs) after six months since they were barred from doing so, but under certain conditions.

Sri Lanka’s income inequality worsens in 2020: World Bank

Sri Lanka’s income inequality further worsened last year as the poorest suffered the largest proportionate earnings shock, while the smallest proportionate income losses were suffered by the rich due to mobility restrictions imposed to contain the COVID-19 pandemic, which resulted in unequal opportunities favouring higher income earners.

China changes health certification for fish imports from Sri Lanka

The General Administration of Customs of China (GACC) has changed the health certificate for importing fish to the country with effect from next month, Sri Lanka’s embassy in Beijing said.

Livelihoods matter as much as lives: Cabraal

Renewing the calls to reopen the country, the State Minister of Finance Ajith Nivard Cabraal said that livelihoods matter as much as lives as one cannot do without the other as a strangled economy is unable to either support virus response or those who are economically-suffocated by the pandemic induced lockdowns for over a month.

Mannar Wind Power Plant nears completion

Access Engineering PLC, the Balance of Plant (BOP) subcontractor of the Mannar Wind Power Plant, is nearing the completion of the scope of work assigned for this ambitious project which is a flag bearer to drive Sri Lanka to a future of clean renewable energy.

People’s Leasing & Finance to raise up to Rs.8bn via listed debt

People’s Leasing & Finance PLC is gearing to raise up to Rs.8 billion via a listed debt issue.

Trade gap widens for second consecutive month in April to US$ 889 mn

Sri Lanka’s trade deficit widened in April for the second consecutive month amid rising global oil prices and slowing down of exports.

Shares end higher for third day as financials, industrials gain

Sri Lankan shares closed higher for a third straight session yesterday, fuelled by gains in financial and industrial stocks.

China allows Sri Lankan fish imports

China allows Sri Lankan fish imports

ICRA flags looming external sector crisis

ICRA Lanka Limited yesterday raised serious concerns about a looming crisis at the country’s external sector, amid continuous rise in the global oil prices, base metal prices and falling tea prices, a scenario which gets further exacerbated by the upcoming dollar outflows for settling foreign debt.

Fitch expects SL to meet all external debt maturities this year

Fitch Ratings expects Sri Lanka’s government to meet its remaining external debt maturities for the rest of the year, including a US $ 1 billion International Sovereign Bond (ISB) maturing in July, with the partial easing off external liquidity pressures in recent months while the medium-term debt service challenges persist undermining the country’s debt sustainability.

Gutted cinema industry predicts slow recovery amid fresh challenges from online platforms

The cinema industry, impacted by the pandemic-induced restrictions, says the recovery would be a long drawn out affair, even after the returning of normalcy, as it now contends with a fresh challenge from online platforms, as stay-at-home patrons tend to spend more time on streaming services and other digital platforms for video content.

Sri Lanka gets US $ 100mn Indian credit line for solar power generation

Sri Lanka inked a loan agreement amounting to US $ 100 million with India yesterday, to increase the proportion of renewable energy source to the national grid.

Axiata says Malaysian merger with Telenor to be sealed within days - Reuters

Malaysian telecoms firm Axiata Group Bhd and Norway’s Telenor will seal a deal to merge their Malaysian mobile operations within days, Axiata’s CEO said on Tuesday.

Producer prices accelerate to 10% in April revealing reasons for higher consumer prices

Sri Lanka’s producers are facing prices as high as 10 percent, similar to the end consumers who are now forced to foot the bill of the endless lockdowns, which has crippled supply chains and dampened business and personal incomes.

Sri Lanka tourism to reposition with focus on sustainability

Sri Lanka’s struggling tourism sector is gearing up to tread on the sustainability and eco-friendly path to generate traffic, an effort taken up by the authorities to reposition the island nation as the pandemic eases.

SL gets US $ 100mn Indian credit line for solar power generation

Sri Lanka inked a loan agreement amounting to US$ 100 million with India earlier today to increase the proportion of renewable energy sources to the national grid.

COVID-19, fiscal policy and public debt in emerging economies

Sri Lanka’s fiscal landscape left much to be desired even before the repercussions of the COVID-19 pandemic were felt. One year into the pandemic, the country’s already tight fiscal space has become further constricted, leaving some tough decisions to be made in the pandemic recovery period. A third wave of COVID-19 that the country is currently experiencing will further delay such recovery efforts.

Global oil prices continue uptrend with refined petroleum closing in on US$ 80 a barrel

Global crude oil prices are further advancing in the hope of robust global recovery while the refined petroleum products are closing in on US$ 80 a barrel in the global futures exchanges, reaching multi year highs.