Quitters as Winners: Role of tobacco free zones in smoking cessation

Tobacco use is a major global healthconcern claiming eight million lives annually. Sri Lanka has made major strides in reducing the overall smoking prevalence rate in recent years, but tobacco still claims more than 20,000 lives each year.

LOLC Group creates history with Rs.57bn PBT for FY21

Globally diversified financial conglomerate LOLC Group posted a record-breaking performance for the financial year ending on March 31, 2021, achieving unprecedented Rs.57 billion in profit before tax (PBT) and a profit after tax (PAT) of Rs.53 billion, a first for any corporate in the country.

Nearly two-thirds of development bond repayments rolled over so far: CB

Funds to settle nearly two-thirds of Sri Lanka Development Bonds (SLDBs), which are due this year, have been raised, as these bond issuances are continuously seeing active demand from banks and other financial service sector entities, the Central Bank said.

Dhammika’s Royal Ceramics looking to venture into confectionary business

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.

Top policymakers to speak at Sri Lanka Investment Forum 2021

The Board of Investment (BOI), Ceylon Chamber of Commerce and Colombo Stock Exchange (CSE) are all set to unveil the first-ever virtual platform in Sri Lanka to attract foreign investments and Asia’s first and largest virtual investor forum from June 7 to 9, 2021.

State borrowings from Central Bank and commercial banks fall in April

State borrowings fell in April after the government raised a massive amount of debt from the Central Bank and banking sector in March, according to the latest data released by the Central Bank.

Credit acceleration to productive economic sectors seen before April lockdowns

Sri Lanka saw funds flowing into priority and productive segments of the economy before the virus restrictions disrupted the flow, the Central Bank data available through March-end, showed.

Banks asked to look beyond CRIB when loaning money

The banks have been asked to look for more than one’s Credit Information Bureau (CRIB) score when granting loans, as the assessment of creditworthiness solely based on this score may not always give the true picture, given the circumstances created by the virus restrictions.

Stock market remains buoyant in 2021

The Colombo Stock Exchange (CSE) has recorded 9.3 percent growth in Year-to-Date (YTD) All Share Price Index (ASPI) within the first 05 months of 2021.

Emirates SkyCargo transports 50,000 doses of Sputnik V from Moscow to Colombo

As Sri Lanka began expanding its COVID-19 vaccination programme beyond the Western Province, Emirates SkyCargo supported the process by transporting a consignment of Sputnik V vaccines from Russia to Colombo.

Sri Lanka to open Airports tomorrow

Sri Lanka will allow passenger travel to its international airports from 1 June, State Minister of Aviation D. V. Chanaka announced a short while ago, however, visitors from Vietnam will not be allowed to disembark due to the identification of a new COVID-19 variant.

Global cold chain logistics market for pharma to grow by over US $ 9bn by 2024

The global cold chain logistics market for pharmaceuticals is expected to grow by US$ 9.48 billion during 2020-2024, revealed a report launched by Technavio today.

Private credit loses momentum in April

In what appears to be the beginning of a spell of poor economic readings, the credit consumed by the private sector lost momentum in April, largely due to virus related restrictions and partly to New Year holidays.

JKH estimates up to US$ 80mn investment in West Container Terminal project

John Keells Holdings PLC (JKH) indicated that its future investment cycle would entail the development of Colombo Port’s West Container Terminal (WCT), as the company is estimating US$ 70 to 80 million investments during the terminal’s four-year construction horizon, as a party which holds significant equity share in the tripartite project.

Money is cheap, let’s spend it – White House US$ 6 trn budget message

The White House on Friday sent Congress a US$ 6 trillion budget plan that would ramp up spending on infrastructure, education and combating climate change, arguing it makes good fiscal sense to invest now, when the cost of borrowing is cheap, and reduce deficits later.

Sunshine Holdings 4Q profits outdo previous year

Sunshine Holdings PLC returned to pre-pandemic performance during the three months to March 2021 (4Q21) as the group, which has interests in healthcare rode on the pandemic-fuelled demand while its consumer and agribusinesses did well on the consumer spending surge.

Pelwatte Dairy welcomes government’s decision to ban agrochemicals

Local dairy producer Pelwatte Dairy has welcomed the government’s move to ban the chemical fertilizers from next Maha season towards endowing a healthy future generation to the country.

Melstacorp returns to pre-pandemic performance in March 2021

Melstacorp PLC reported solid top and bottom line performance for the three months ended March 2021 (4Q21) reaching pre-pandemic levels, led by Distilleries Company of Sri Lanka PLC (DCSL).

Producer prices rise 6.3% in March as farmers, manufacturers struggle with higher prices

Sri Lanka’s producer prices continued to rise in mid-single digits in recent months from their year earlier levels, with those in agriculture and manufacturing industries contending with the most increases during March, though the price index slipped from February levels.

Central Bank tweaks export proceed conversion rule for third time

Amending the export proceed conversion rule for the third time via a fresh gazette notification published last Friday (28th), the Central Bank (CB) reinstated the earlier rule of requiring exporters to convert 25 percent of repatriated proceeds with possible exemptions up to 10 percent for specific export sectors or industries or individual exporters based on their import input requirements.

People’s Bank begins construction of its new Head Office building

Marking an important milestone of its 60 years’ history, People’s Bank began construction of its all-new Head Office building. The Prime Minister, Mahinda Rajapaksa inaugurated the construction by unveiling the ceremonial plaque digitally on the 28th of May 2021.

SAGT moves swiftly to cater to needs of new normal

With the onset of the pandemic and wide-scale lockdowns in many parts of South Asia in early 2020, the transshipment volumes at the Colombo Port and South Asia Gateway Terminals (SAGT) dropped sharply,

French oil giant Total rebrands in shift to renewables

Oil and gas giant Total will be rebranded as TotalEnergies as it shifts some of its focus towards renewable energy sources.

Man flies solo from Mumbai to Dubai on 360-seater flight for Rs.18k

This might sound slightly difficult to believe but it’s true. A man paid Rs.18,000 for a flight ticket and travelled as the only passenger onboard an Emirates flight from Mumbai to Dubai on May 19. Bhavesh Javeri, 40, thus enjoyed an exclusive flight on a 360-seater Boeing 777 aircraft.

EDB supports farmers and processors to obtain Sri Lanka Organic Certification

The Sri Lanka Export Development Board (EDB) is implementing an assistance scheme to enable farmers and processors in Sri Lanka to obtain organic certification as per the Sri Lanka Organic Standard - SLS 1324:2018.

Goldman says China is no longer centre of commodities pricing

Goldman Sachs said it no longer saw China as the centre of commodities pricing, reasoning the pace of demand recovery in developed markets suggested Beijing as a buyer has been crowded out by Western consumers.

Rural road network to receive upgrade with ADB’s US $ 200mn assistance

Sri Lanka’s rural road network will receive an upgrade in the coming months, with the government having signed a US $ 200 million loan agreement with the Asian Development Bank (ADB), yesterday.

Impact unlikely on seafood exports due to marine disaster from X-Press Pearl

The seafood exports from Sri Lanka will not be impacted due to the contamination of the waters by the chemical spillage from the burning container ship X-Press Pearl, as the bulk is sourced from the Northern region, assured the seafood exporters.

US$ 200mn ADB loan for rural road network upgrade

Sri Lanka’s rural road network will receive an upgrade in the coming months with the government having signed a US$ 200 million loan agreement with the Asian Development Bank (ADB) earlier today.

Digital transformation for retail businesses: Now a necessity than an option, says Ernst & Young

Traditionally, retailers always had a strong hold in people’s hearts as the go-to destination to grab essentials, pick up a treat, get advice and spend time with friends. But, over time, those levels of familiarity and trust have weakened, as the scope, scale and variety of the sector have grown alongside the shifting volume of visiting customers.