Don’t miss out on SL’s “awesomeness”: Cabraal

Investors should not miss out on Sri Lanka’s “awesomeness” although the pandemic is in full play across the world, as significant opportunities exist in many economic sectors in the country that can provide tremendous returns to foreign and local investors alike, pointed out Finance, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal.

CB offers zero-cost swap facility to private sector borrowers of foreign currency

The Central Bank yesterday announced a number of measures encouraging the country’s private sector to borrow from offshore sources, as the debt-ridden island nation remains hungry for dollars.

Govt. expects to co-produce 13mn Sinovac jabs locally by Sept.

The government plans to commence co-production of China’s Sinovac vaccine in the country from next month, expecting 13 million jabs to be ready by September.

Vehicle registrations decline in April compared to March

Vehicle registration in the month of April declined to 2,418 units, from 3,556 units in March, largely due to many holidays and semi-lockdown in place towards the end of the month.

Import restrictions will ease when exports improve: PBJ

The government yesterday hinted that the currently imposed import restrictions would be eased when the country’s merchandise exports reach the level of US $ 20 billion.

Selendiva Leisure to debut on CSE by end of this month: Treasury Secy.

The government is gearing to list several state-owned leisure properties through the special purpose vehicle (SPV) Selendiva Leisure on the Colombo Stock Exchange (CSE) by end of this month.

Cargills to focus more on convenience stores as company upends retail strategy

Cargills (Ceylon) PLC says the company will focus more on the convenience store-style outlets going forward and spend more money in expanding its store footprint in that format, which the management thinks would provide more convenience to its customers while reducing per store capital expenditure.

CB readies to cut this year’s growth projections as restrictions hamper economic activities

The Central Bank will soon cut Sri Lanka’s growth projection for 2021, as expansive restrictions on businesses, livelihoods and many facets of daily lives with no end in sight are having a heavier toll on the economy, resulting in irreversible damage in some cases.

SL’s 2nd gas-fired combined cycle power plant to be tendered

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, has granted its approval for the 2nd re-gasified liquid natural gas-fired combined cycle power plant to be tendered to build in Kerawalapitiya, during the emergency meeting held on 04th June 2021.

Prez. calls on investors to explore SL’s medical tourism industry

As Sri Lanka is currently pitching itself to the world as an attractive investment destination, President Gotabaya Rajapaksa today called on investors to explore the country’s medical tourism industry.

Unit trust industry continues to attract more funds; industry assets top Rs.200bn

Sri Lanka’s unit trust industry, which began to attract funds in large numbers with the fall in market interest rates, continued to add assets during April, which helped the industry to surpass Rs.200 billion in assets under management (AUM).

Banks wary of long-term loan facilities amid potential hike in interest rates

Appetite of local banks to facilitate the corporate sector with new loan facilities to reprice their existing debt stocks to long-term fixed-rated loans under the current low-interest rate regime is waning amid concerns over interest rate risks and tightening net interest margins.

Working committee to advice Tourism Ministry on imposing travel bans

A working committee was established on Saturday (5 June) to advice the Ministry of Tourism and Civil Aviation on the countries that should be placed on the red list, so that Sri Lanka has minimal imported COVID-19 cases.

Credit card spend up for fifth month in a row in April

The total outstanding credit card balance increased for the fifth consecutive month in April reflecting the continued momentum in consumer spending through the first three weeks of the month before virus related restrictions returned and kept many people from venturing out except for their daily essentials.

CMTA raises concerns over used vehicle assembly proposal

Ceylon Motor Traders Association (CMTA) yesterday expressed concerns over a Cabinet proposal to allow assembly of vehicles with used parts.

Virus related restrictions could blunt life insurance momentum: Fitch

Demand for life insurance could slow down as constraints on consumer spending and travel restrictions could blunt new business generation capacity for insurers, although their digital platforms could mitigate the impact to a certain degree, said Fitch Ratings.

French Navy visits Sri Lanka under bio security bubble, clarifies SLTDA

Sri Lanka Tourism yesterday stressed there is no need for the general public to panic with regard to the arrival of a French Navy fleet in Colombo as the crew will be travelling to selected sites under the bio security bubble.

Abans displays impressive profit and revenue performance in FY 2020/2021

Abans PLC recorded a remarkable profit before income tax of Rs.2.5 billion in the completed financial year 2020/2021, which was a 189 percent growth over last year.

Litro Gas records exceptional performance despite pandemic conditions

Despite the economic adversity and a challenging environment, Sri Lanka’s national LPG provider Litro Gas ended 2020 with exceptional financial results that affirmed its position as the industry leader and a formidable entity in the Sri Lankan corporate environment.

Sri Lanka Tourism geared to promote Colombo as a tourism hub in South Asia

Sri Lanka Tourism recently announced its plans to develop a ‘city tourism’ strategy to position Colombo as a tourism hub in South Asia.

Hong Kong sets US $ 1.3m parking space price record

A parking space has reportedly sold for a record-breaking US $ 1.3 million (HK$ 10.2 million; £930,000) in Hong Kong.

CSE and GRI to host ‘Preparing a Sustainability Report Batch II’ technical series

Following the success of the first batch of technical series 2019-2020, the Global Reporting Initiative (GRI) in collaboration with the Colombo Stock Exchange (CSE) is organising the second batch of the technical series titled ‘Preparing a Sustainability Report’ on June 15, 17, 22, 2021, from 10:30 am to 12:00 noon.

Creation of Colombo’s newest landmark Ahasa One to be revealed in special TV documentary

‘Making of the Iconic Ahasa One Sky Bridge’, a TV documentary film that takes the audience on a behind-the-scenes journey of Colombo’s newest landmark, is set to be aired on Sunday, June 6, at 8:30 pm, on HiTV.

Cost of food rises at fastest pace in over a decade

Global food prices have jumped at their fastest monthly rate in over a decade, according to the United Nations.

President wants production of organic fertiliser expedited

A number of programmes are being planned to expedite the production of organic fertiliser required for the Maha season, a media communiqué from the President’s Media Division this week said.

South Africa and South America added to SL’s travel ban list

The Ministry of Tourism and Aviation announced a short while ago that travellers from South Africa and South America will not be able to disembark in Sri Lanka’s international airports with immediate effect.

UK no more potential source for SL tourism

Sri Lanka would no longer be able to target tourists from the UK as a decision has been taken to place the island nation on the red list.

Expressway to be listed on CSE via State-owned biz entity

The government is planning to list the country’s expressways and related assets via a State-owned business entity in the Colombo Stock Exchange (CSE) similar to Selendiva Investments Limited, which was established to hold key State-owned real estate and properties in Colombo, as part of the government’s broader framework to bring reforms into the State-owned enterprise sector.

International Finance Corporation approves US$ 50mn loan facility for MAS Holdings

The Board of International Finance Corporation (IFC) has approved the proposed US$ 50 million financing facility for Sri Lanka’s MAS Holdings, to sustain its operations while preserving its workforce in the country.

Sunshine Holdings-IFC enter into US$ 5mn long-term loan agreement

Sunshine Holdings PLC yesterday said the International Finance Corporation (IFC) of the World Bank and its fully owned subsidiary, Sunshine Consumer Lanka Limited, have entered into a long-term loan facility of US$ 5 million subject to conditions.