NDB introduces digital account opening for customers with video conferencing capabilities

National Development Bank PLC will be the first company in Sri Lanka to commence the development of a Video Know-your-customer (vKYC) as a part of the significant strides the bank has made in Sri Lanka’s fast evolving digital landscape.

Maldives records over 64,000 tourist arrivals in May

Tourist arrivals to Maldives contracted in the month of May when compared with April, as it attracted a total of 64, 613 travellers.

Govt. to infuse US$ 500mn to SriLankan Airlines as equity

The government will infuse as much as US$ 500 million to SriLankan Airlines during the next five years adding the much required capital to the national carrier, which is undergoing restructuring since last year, while retaining control under the State.

“Listen to people when implementing economic reforms”: Dr. Devarajan

As the disconnect between policymakers and the general public is only growing wider, World Bank (WB) Ex-Chief Economist (Acting) Dr. Shanta Devarajan stressed the need for Sri Lanka to bridge this gap so that it has a set of effective policies rolled out towards the much required economic development.

X-Press Pearl disaster could have spillover effect on hard-hit tourism sector: expert

Sri Lanka’s struggling tourism sector could receive another major hit with the ongoing X-Press Pearl debacle not only leaving severe implications on marine biodiversity and ecosystem of the island nation, but also on the tourism sector, an industry veteran said.

Lanka Sathosa open from today

State owned retail network Lanka Sathosa will be open across the island from today as directed by the government to ensure the masses have access to food and essential items during the ongoing restriction period.

Trade in the pandemic era: A one-year assessment

On the front page of The New York Times’ March 27 edition, a staggering chart illustrated the COVID-19-induced unemployment level in the US.

Listed companies granted more time to submit financial statements

The capital market regulator, the Securities and Exchange Commission (SEC), has granted a one-month extension to listed companies to release financial statements, as requested by the Colombo Stock Exchange (CSE).

Virus-related restrictions push over half a million Sri Lankans into poverty

The pandemic-related restrictions have pushed over 500,000 people in Sri Lanka into the depths of poverty in 2020 alone, while the disastrous implications of the most recent round of controls on people’s lives and livelihoods are yet to be assessed and counted.

Cargills Bank cuts March quarter losses amid growth in loans

Cargills Bank Limited narrowed losses during the three months ended March 2021 (1Q21), as loans grew amid low interest rates and widespread optimism on future economic prospects, although the euphoria faded due to the resurgence of virus-related restrictions from April onwards.

UL appoints ground handling agents at Bangkok and London airports

The Cabinet of Ministers granted approval for state-owned SriLankan Airlines to move ahead with awarding ground handling service agents’ contracts at Bangkok International Airport and London Heathrow International Airport for a three-year period.

Dr. Kenneth De Zilwa assumes duties as LankaClear Chairman

Top economist and senior banker Dr. Kenneth De Zilwa assumed duties as the fifth Chairman of LankaClear, after being appointed by Central Bank Governor Prof. W.D. Lakshman for a term of three years, effective from June 1, 2021.

Medmart Pharma secures Rs.221mn contract to supply cancer treatment drug

The Cabinet nod was granted to award a Rs.220.8 million worth bid to Medmart Pharma (Pvt.) Ltd, to procure 32,000 vials of 100 mg/4 ml Denosumab injections to treat cancer patients.

Litro Gas Lanka to set up oxygen manufacturing plant in Kerawalapitiya

Sri Lanka’s largest importer and supplier of LP gas, Litro Gas Lanka, is gearing up to establish an oxygen manufacturing plant and distribution network in Kerawalapitiya, to ensure the country does not fall short in its oxygen supply as it grapples with the third wave of the COVID-19 pandemic.

Soaring demand for asphalt lifts Access Engineering 4Q

Access Engineering PLC reported stellar financial performance for the three months ended March 2021 (4Q21), due to the heavy demand for construction materials led by asphalt, for which the company commands the market leadership.

Litro Gas Lanka to set up oxygen manufacturing plant in Kerawalapitiya

Sri Lanka’s largest importer and supplier of LP gas, Litro Gas Lanka is gearing up to establish an oxygen manufacturing plant and distribution network in Kerawalapitiya

SEC grants listed entities extension to submit financial statements

Capital market regulator, the Securities and Exchange Commission (SEC) has granted a one-month extension to listed companies to release financial statements as requested by the Colombo Stock Exchange (CSE).

SLAITO launches helpline to assist peers in hard hit tourism sector

The Sri Lanka Association of Inbound Tour Operators (SLAITO) announced the launch of a helpline for its members, an avenue established to allow those in the industry to reach out for assistance to steer through the recurring challenges stemming from the COVID-19 pandemic.

Multilateral or bilateral credit lines may not be sufficient to pay back loans: S&P Global Ratings

Despite the government’s recent success in securing funding from multilateral or bilateral partners to build up the country’s foreign exchange reserves, S&P Global Ratings this week warned that such credit lines and budgetary assistance alone may not be sufficient to cover all external financing requirements over the next one-year period under the extremely challenging external environment.

Cabinet nod to import organic fertilizer and natural minerals for Maha season

The Cabinet of Ministers this week granted approval to import the required carbonic fertilizer and natural minerals for 60 percent of paddy cultivations in the upcoming Maha season and 600,000 hectares of cultivated land of other crops in line with the government’s ambitious plan to eliminate chemical fertilizer and other agro-chemical application in the country’s agriculture entirely.

ComBank named ‘Best Bank in Sri Lanka’ for 10th time by FinanceAsia

The Commercial Bank of Ceylon has once again been declared the ‘Best Bank in Sri Lanka’ at the 2021 FinanceAsia Country Awards, taking its place among global and regional giants adjudged the best domestic banks in their respective countries.

RIL places FoodBuzz as ‘non current asset held for sale’

FoodBuzz Pvt. Ltd., the local franchisee of Singapore based boutique bakery chain, has its classification changed from a ‘subsidiary’ to ‘non-current asset held for sale’, the interim financial accounts of the R I L Property PLC (RIL) said.

Cargills 4Q net up on food & beverages; supermarkets languish

Cargills (Ceylon) PLC reported higher revenues for the quarter ended March 31, 2021 (4Q21) as demand returned to its expansive food and beverages business, but the contribution from the group’s key supermarket business languished.

Colombo inflation accelerates to 4.5% in May

Consumer prices in the Colombo district accelerated in May as prices of both foods and non-food items rose from a month earlier, quite contradictory to the behaviour of prices when large swaths of the economy remain shuttered due to virus related restrictions.

PetroChina secures deal to supply petrol and diesel to Sri Lanka

The Cabinet of Ministers has cleared the path to award three long-term petroleum import bids to PetroChina International and one remaining bid to Swiss Singapore Overseas Enterprises.

No shortage of salt due to sea contamination from X-Press Pearl: Gammanpila

Sri Lanka will not face a shortage of salt, assured Minister Udaya Gammanpila while addressing the Cabinet briefing session today.

Members to Colombo Port City Economic Commission appointed

President Gotabaya Rajapaksa has appointed members to the Colombo Port City Commission, the President’s Media Division announced.

Dhammika’s Rocell to venture into confectionary biz

Billionaire businessman Dhammika Perera-controlled Royal Ceramic Lanka (RCL) PLC is gearing to enter into biscuit and chocolate production through its non-operational subsidiary Rocell Ceramics Limited, which was recently renamed as Biscuits and Chocolate Company Limited.

Can Colombo Port City become South Asia’s new offshore financial center?

Recently the Sri Lankan parliament passed the Colombo Port City Economic Commission Bill, creating a city-based special economic zone.

Asia needs to push back against the lurch to self-reliance

In a world where confrontational geopolitics and the concentration of production of crucial industrial components like semiconductors and medical supplies in particular locations are high, the call for self-reliance has become a political stampede.