SL to negotiate preferential trade deal with Bangladesh

The Cabinet nod has been received to commence negotiations for a preferential trade agreement (PTA) with Bangladesh to bolster trade flows between the two countries.

PetroChina secures another deal to supply diesel to Sri Lanka

PetroChina International has won another long-term petroleum import contract to supply diesel to State-owned Ceylon Petroleum Cooperation (CPC) after securing the Cabinet nod this week.

Pandemic drags Emirates to US$ 5.5bn loss, its first in 33 years

Emirates said Dubai’s government would continue to support the airline through the coronavirus pandemic after posting an annual loss of US$ 5.5 billion, its first in more than three decades.

CB struggles increasingly to purchase dollars amid falling inflows

The Central Bank struggled to purchase dollars from the domestic foreign exchange market in May amid falling export earnings and other inflows largely due to disruptions to economic activities from ongoing virus related restrictions.

Ceylon Petroleum Corporation to build new storage facility in Hambantota Port

The Ceylon Petroleum Corporation (CPC) signed a Memorandum of Understanding with the Hambantota International Port Group (HIPG) last week to develop Hambantota Port as a strategic energy centre in Sri Lanka.

Manufacturing and services activities slow in May due to COVID-19 related restrictions

Manufacturing activities contracted during May due to adverse impacts of the third wave of COVID-19 pandemic and related restrictions imposed to contain the virus spread.

WindForce secures Cabinet nod to build two wind power plants in Mannar

The Cabinet of Ministers has granted approval to award the contract to build 10MW and 5MW wind power plants in Mannar to WindForce Ltd on build-own-operate (BOO) basis at an estimated investment of Rs.3.1 billion.

Pandemic drags Emirates to US $5.5bn loss, its first in 33 years

Emirates said Dubai’s government would continue to support the airline through the coronavirus pandemic after posting an annual loss of $5.5 billion, its first in more than three decades.

H’tota port to become strategic energy center for SL

The Hambantota Port will be developed to become a strategic energy center in Sri Lanka with the Ceylon Petroleum Corporation (CPC) and the Hambantota International Port Group (HIPG) having entered into an MoU.

Low tax regime made meaningless as people confront soaring prices

The continuous COVID-19-related restrictions are making the government’s low tax regime completely useless, as the consumer and producer prices have surged significantly, adding a much higher tax on people than a true legislated tax imposed on them.

NTB to raise up to Rs.4bn via unlisted debt

The board of directors of Nations Trust Bank PLC (NTB) has decided to raise up to Rs.44 billion via an unlisted, rated unsecured, senior, redeemable debenture issue.

JAAF appeals to apparel buyers for fair treatment

Sri Lanka’s hard-hit apparel sector yesterday expressed serious concerns in the manner in which its buyer communities are treating the industry and stated it is saddening to note the “lack of partnership” shown by them during the ongoing challenging times.

Vidullanka raises Rs.253mn via rights issue of non-voting shares

Vidullanka PLC, a pioneer in renewable energy development, successfully completed raising additional capital of Rs.253 million to fuel its expansion drive in the solar power sphere.

Adani shares trim losses after group denies reports of foreign funds freeze

Shares of India’s Adani group companies trimmed losses yesterday after they said reports the National Securities Depository Ltd (NSDL) had frozen the accounts of three foreign funds that are among the top stakeholders in the firms were erroneous.

Bahrain halts work permits to SL citizens over COVID-19

Bahrain has stopped issuing new work permits to citizens of Sri Lanka along with India, Pakistan, Bangladesh and Nepal, which have been placed on the ‘red list’ amid domestic lockdown as part of anti-coronavirus measures, a media report said.

Consumer prices soar as lockdowns cripple supply chains

The consumer prices are surging at exponential levels, as lockdown-styled restrictions on wide swathes of economic activities have crippled supply chains in almost every sector, leaving the hapless consumers to contend with sky-high prices for even their essentials, while millions of low-income families struggle to make their ends meet.

Non-life insurers brace for declining profits amid continued import controls on vehicles

The non-life insurers, which saw their profits improving in 2020, due to record low claims among other favourable performance matrices, are poised for a decline in profits from the rising claims from both motor and medical sectors, while the weakening rupee could also add to the pressures by way of raising claim cost.

Fuel Price Stabilisation Fund made redundant as govt. ends collecting incomes due to rising oil prices

The much hyped Fuel Price Stabilisation Fund (FPSF) set up to do exactly what its title suggests, that is to stabilise fuel prices at the pump against the volatile global oil prices and to safeguard the consumer,

Mitigating Sri Lanka’s COVID-19 education crisis: Priority areas for action

The year 2020 saw close to 1.6 billion students from over 180 countries being kept out of schools for extended periods of time, in response to the COVID-19 pandemic. Despite the commendable efforts by many countries to put in place alternative remote learning strategies and corrective measures, learning losses have been unavoidable and substantial.

CMTA wants same LC logic on MPs’ luxury vehicles applied for its members

The Ceylon Motor Traders Association (CMTA) has expressed its concerns on the government’s decision to import 400 vehicles—including 227 luxury SUVs–to a value of Rs. 3.7 billion through the Bank of Ceylon.

Central Bank hopeful of resurrecting Indian swap-line as buffers run thin

The Central Bank last week indicated its intention to re-enter into a swap line for US$ 400 million to shore up country’s foreign reserves, which are increasingly running thin amid the impending crisis brewing in the country.

Prices of confectionary items to increase by 8 – 10% this week

Prices of all confectionary items and products will increase by about 8 to 10 percent starting this week, Mirror Business learns, as the cost of production has expanded by many folds.

CB cuts growth below 5% for this year as economy on precipitous path

The Central Bank last week slashed Sri Lanka’s growth for this year from 6.0 percent to below 5.0 percent as virus restrictions are taking a massive toll on the economy with thousands of businesses going out of business, while many millions more who are prevented from engaging in their chosen livelihoods being pushed into dire poverty by the day.

Worker remittances, only bright spot in economy, advance further in May

The remittance income from Sri Lankans working abroad has continued to plough ahead amid the brewing economic crisis at home as global economies are advancing with the ease of virus restrictions.

SL loses nearly half a billion dollars in reserves in May

Sri Lanka lost nearly half a billion dollars in foreign exchange reserves in May, losing nearly the entirety of the loan proceeds received from the China Development Bank in April.

SL gets US $ 40mn additional WB funding to improve water and sanitation services

The World Bank’s Board of Executive Directors has approved US $ 40 million in additional financing for Sri Lanka to expand water supply, sanitation and hygiene services in seven districts through the Water Supply and Sanitation Improvement Project (WASSIP).

Malaysia Airlines scales down operations; extends booking flexibility until Dec. 2022

Malaysia Airlines will operate limited service with 85 percent reduction across its network during the Movement Control Order (MCO), from June 1 to 14, 2021.

US inflation sees biggest jump since 2008

US inflation surged in April from a year earlier as the economic recovery picked up.

CCC residents hardly affected by current restrictions due to plethora of in-house facilities

The Colombo City Centre Residences project is the most celebrated living space in Colombo, especially during the prevailing conditions and circumstances in the country. The residents at Colombo City Centre (CCC) expressed that it is extremely convenient for them despite the travel restrictions and lockdowns imposed in the country.

SLITHM signs MoU with Ecole hôtelière de Lausanne

The Sri Lanka Institute of Tourism and Hotel Management (SLITHM) has entered into a memorandum of understanding (MoU) with EHL Advisory Services Llp, to conduct a gap analysis study in Sri Lanka, with the aim to improve the quality of tourism education on par with the global tourism education standards.