Local family businesses remain resilient during pandemic: KPMG survey

The Transgenerational Entrepreneurship Practices (STEP) Project, Global Consortium and KPMG Private Enterprise came together in June of 2020 to find out what family business leaders around the world were doing to respond to the impact of COVID-19. Data was collected in the global family business survey: COVID-19 edition between June and October 2020. A total of 2,493 family business leaders in Europe, the Americas, Asia and the Middle East and Af

Beach clean-up begins

Sri Lankan Navy soldiers removing debris washed ashore from the Singapore-registered container ship MV X-Press Pearl,

Affected borrowers get another round of payment relief

The borrowers affected by the expansive restrictions imposed to control the COVID-19 third wave have been granted with another round of relief, the fourth round since the outbreak of the virus in March 2020 as the Central Bank has been seeing a flood of requests seeking relief on loans.

President assures adequate organic fertilizer for Maha season

President Gotabaya Rajapaksa has instructed the relevant officials to take steps to provide organic fertilizer required for the ‘Maha’ season to farmers without any shortage, a statement from the President’s Media Division (PMD) said.

Tokyo Cement 4Q sales soar amid construction sector recovery

Sales soared at Tokyo Cement Company (Lanka) PLC as the cement maker benefitted from a stronger rebound in housing and construction activities in the first quarter of 2021 which made the company to add more heft to its production.

Import ban likely to stay as economy strangles by virus related restrictions

The ban imposed on non-essential imports is likely to remain longer than it was initially anticipated as the country battles a slowing economy, with mounting job losses, loss in livelihoods and personal incomes amid spike in COVID-19 cases and resultant restrictions.

BOI Chief tells factory employees not to abuse travel passes

The government has issued passes to all factories functioning in the BOI Export Processing Zones and outside to facilitate the transport of employees between the places of residence and the workplace.

Local agri sector gets fresh boost from additional EU funding

Sri Lanka’s agriculture sector is slated to receive fresh impetus with the Ministry of Finance and the World Bank (WB) having signed a new grant from the European Union (EU).

BOI Chairman tells factory employees not to abuse travel passes

The government has issued passes to all the factories functioning in BOI Export Processing Zones and outside to facilitate the transport of employees between the places of residence and the workplace.

President assures adequate organic fertilizer for Maha seasons

President Gotabaya Rajapaksa has instructed the relevant officials to take steps to provide organic fertilizer required for the ’Maha’ Season to farmers without any shortage, a statement from the President’s Media Division (PMD) said.

EU, WB support modernization of SL’s agri sector

The Ministry of Finance and the World Bank recently signed a new grant from the European Union to support the Agriculture Sector Modernization Project (ASMP). This grant is part of the EU’s EUR 25 million support to the US$ 125 million project and will be administered by the World Bank.

Crypto explained: What I think I know about cryptocurrency

It’s as good a time as any to discuss cryptocurrencies and blockchain technology. The reason being that we seem to be in a truly transitional period of time. To anyone paying attention, it might appear evident that the traditional economic structures we’ve grown to place unrelenting faith in are beginning to shake at foundational levels.

Need for removal of roadblocks for innovation to reduce tobacco-related harm

Asian consumer groups engaged with reducing smoking and tobacco-related harm charged that health authorities and western anti-tobacco lobby groups often got in the way of shifting consumers towards less harmful products.

Emerging Asia Pacific capital markets: Challenges and opportunities

Asia-Pacific emerging and frontier markets continue to evolve rapidly. With insights from authors based in 11 local markets, this publication offers insights about regulatory developments, market structure and financial history in the region.

Apparel industry fears losing business due to delivery delays

Sri Lanka’s apparel sector fears about the likelihood of a shift in trade taking place, which will be difficult to reverse, as the industry is faced with mounting challenges in delivering its orders on time.

CB settles for lower private credit growth as restrictions begin to bite economy

The Central Bank appears to be settling for a lower private sector credit growth for the year than it earlier anticipated was possible, as the economy and its actors are beginning to feel the crunch from the ongoing extended restrictions on the economic activities, which in turn turning their sentiments dourer by the day.

UK tourism spending ‘worth just half of pre-pandemic level’

UK tourism is set for a slow recovery from the pandemic, with spending by holidaymakers this year expected to be just half the level of 2019.

State-of-the-art petroleum testing lab to be set up at Hambantota port

Hambantota International Port (HIP) will partner Intertek Lanka (Pvt.) Ltd to establish a state-of-the-art petroleum-testing laboratory, which will be unique to Sri Lanka.

India gears up to extend stimulus packages for worst-hit sectors

Neighbouring India is in the midst of conceptualising stimulus packages for the worst-hit segments of the economy, a move that would assist sectors that are heavily impacted by the pandemic to move towards a revival path.

Chinese-managed CICT, H’tota port stay on growth path in 2020 despite pandemic woes

Despite the pandemic woes, China Merchants Port (CMPort) Holdings Company Limited-managed Colombo International Container Terminal (CICT) of the Colombo Port and multi-purpose Hambantota Port continued to remain in the growth path last year.

Hemas earnings reflect surge in consumer demand in 4Q

Hemas Holdings PLC reported robust revenues and profits for the three months to March 2021 (4Q21), as the company’s performance mirrored a fast rebounding economy aided by a surging consumer spending spell.

Petroleum testing lab to be set up at H’tota Port

A state-of-the-art petroleum testing laboratory will be made available at the Hambantota International Port (HIP), a facility that will be established in partnership with Intertek Lanka (Pvt) Ltd.

AVIC-ENG offers tent facilities to support Sri Lanka’s efforts to combat Covid-19

In the face of the third wave of the pandemic, at the call of China Embassy and China Chamber of Commerce in Sri Lanka, China National Aero-Technology International Engineering Corporation(AVIC-ENG) offered a temporary tent facilities with the size of 30.48m×12.20m to Mulleriyawa Hospital as the quarantine center and handed over to Sri Lanka government on 21st May.

Prevent tourism industry collapse, pleads THASL

The Hotels Association of Sri Lanka (THASL) is deeply concerned by the exponential increase in COVID-19 cases and deaths across the island. We wish to express our fullest support to the government, medical professionals, tri-forces and civil servants that are at the frontline of this crisis. We are grateful for all their efforts to help save the lives of others while risking their own.

Divide us not, unite us, says SLAITO

Sri Lanka’s tourism sector had to grapple with a series of challenges in the past. Despite the difficulties, the industry has been successful in coming out stronger with every impact.

‘Agrahara’ becoming yet another burden to State coffers, warns AG

Engulfed with years of poor planning, execution coupled with inefficient operations, Sri Lanka’s public sector health insurance scheme, Agrahara, partly funded by the Treasury, has been failing to achieve its key objectives while increasingly relying on State-coffers to stay afloat, Auditor General Department cautioned.

Strong consumer demand propels JKH 4Q profits beyond pre-pandemic levels

John Keells Holdings PLC reported robust revenues and profits for the three months ended March 31, 2021 (4Q21) barring the leisure sector on a resurgent economy, as its multiple business segments reached pre-pandemic levels, while its frozen confectionary sales hit a record high in March, reflecting improved consumer demand.

JAT Holdings plans Rs.2.2 bn IPO offering 16% stake in company

JAT Holdings, Sri Lanka’s market leader in the wood coatings sphere is gearing to raise up to Rs.2.2 billion offering 16.24 percent stake in the company through an initial public offering (IPO) on the Colombo Stock Exchange (CSE).

Aitken Spence non-tourism sectors record highest ever PBT of Rs.5bn in FY21

During a turbulent financial year that was affected by the unprecedented COVID-19 pandemic, Aitken Spence Group’s non-tourism sectors delivered the highest ever profit before tax (PBT) of Rs. 5.01 billion for the twelve months ending 31stMarch 2021 (FY21) compared to Rs. 4.2 billion last year, partially offsetting the impact of the Group’s tourism portfolio which recorded its worst year ever due to the devastating pandemic impact.

ComBank to raise up to Rs.10bn via listed debt 

Sri Lanka’s largest private lender by assets, Commercial Bank of (Ceylon) PLC, is gearing to raise up to Rs.10 billion via a Basel III compliant listed debenture issue.