Bangladesh Bank okays US$ 200mn currency swap with Sri Lanka

The Bangladesh Bank (BB) board this week approved in principle a draft US$200 million currency swap deal with Sri Lanka, which is struggling to maintain a moderate foreign exchange reserve.

Hospitality sector on the brink of collapse: THASL

Sri Lanka’s pandemic-hit hospitality sector is on the verge of collapse with revenue flows drying up due to the absence of tourists, The Hotels Association of Sri Lanka (THSASL) said yesterday while renewing its call for further government assistance.

CIC delivers solid 4Q; but fertilizer import ban could weigh on future earnings

CIC Holdings PLC delivered strong financial performance for the three months to March 2021 (4Q21) as its multiple interests in agriculture and dairy, livestock feed, industrial, pharmaceutical, and seeds & fertilizer were best served by the conditions created by the pandemic.

EPF dept. makes arrangement to provide services remotely

The Central Bank of Sri Lanka (CBSL) announced that the Employee’s Provident Fund (EPF) Department has made arrangements to provide services remotely and regionally due to the imposed travel restrictions in the country.

Central Bank in talks with finance sector to provide fresh relief to borrowers

The Central Bank is engaged with banks and finance companies to see if some form of relief could be afforded to borrowers troubled by the ongoing restrictions on businesses and livelihood imposed by the authorities to stem to virus spread.

Sri Lankans now pay over 40% more for rice and 50% more for coconut oil

Prices of samba rice have risen by over 40 percent and price of coconut oil have risen by a little under 50 percent in the twelve months to May 2021 despite record paddy harvest for two years in a row, while the government banned import of palm oil.

People’s Bank obtains enjoining order against People’s Capital Investments and Credit

People’s Bank filed action against ‘People’s Capital Investments & Credit (Pvt) Ltd’ at the Commercial High Courts Colombo and obtained an enjoining order on 21.05.2021 restraining the latter from using the trade name “People’s” in their company name as it constituted a clear violation of Intellectual Rights of People’s Bank.

CEB cuts March quarter losses; but accumulated losses top Rs.176bn

The Ceylon Electricity Board (CEB) cut losses during the three months ended in March 2021 as the State-run utility generated higher revenues from sale of electricity, while generation costs slipped.

Share broking boosts John Keells fourth quarter

Share broking revenue accounted for the most of the profits generated by John Keells PLC, the commodities and stock broking arm of John Keells group, as the company rode on the domestic investor-fuelled run on stocks during the quarter ended March 31, 2021 (4Q21).

National consumer prices rise in April as food prices accelerate

Sri Lanka’s national prices rose in April as prices of food items from rice to coconut oil to chicken to fish rose faster than the prices of non-food items, the Department of Census and Statistics said.

CB to ease regulations to allow firms to raise foreign funds

Central Bank will ease the regulatory environment for corporate sector to raise foreign funds, as the monetary authority is exploring options to woo foreign exchange as the country enters into a stretched period of troubles in its external front due to prolonged effects of the virus which have impeded foreign exchange inflows from tourism to exports.

Hemas welcomes MoH request seeking private sector assistance on vaccine procurement

The sole local representative for AstraZeneca and Pfizer in Sri Lanka, Hemas Pharmaceutical (Pvt.) Ltd said it welcomes the request by the Ministry of Health (MoH) to the private sector to assist and facilitate vaccine purchase from any source.

CB says arrangements in place to provide services of EPF remotely

The Central Bank yesterday said arrangements have been made to provide the services of the Employees’ Provident Fund Departments remotely, due to the travel restrictions in the country.

Stock market to operate as normal

The Colombo Stock Exchange (CSE) yesterday said trading would function as per regular trading hours, despite the mobility restrictions coming into place from tonight.

Sri Lanka Investor Forum 2021 set to showcase Asia’s next growth story

Sri Lanka Investment Forum (SLIF) 2021, the first and largest virtual investor forum in the region, is set to draw participation from portfolio and direct investors from across the globe.

WindForce to acquire 92.5% of waste-to-energy plant from Fairway

WindForce Limited, Sri Lanka’s largest private sector renewable energy producer, yesterday announced the acquisition of a 92.5 percent stake of Fairway Waste Management (Pvt.) Ltd.

BOI requests all factories to thoroughly comply with health guidelines

Considering the current pandemic situation in the country, Board of Investment (BOI) Chairman Sanjaya Mohottala is requesting all factory administrations to ensure maximum safety of their staff, in compliance with the health guidelines, during factory operations.

SDB bank eyes to raise up to Rs.4.5bn via proposed secondary public offering

Sanasa Development Bank PLC (SDB bank) eyes to raise up to Rs.4.53 billion from the proposed issuance of 88 million new ordinary voting shares to the public via a secondary public offering (SPO), after arriving at a price of Rs.51.50 per a share.

April worker remittance income jumps 38% from low base

The remittance income in April jumped 38.3 percent from a low base a year ago, as such income plunged to its worst in April last year when the pandemic made a large part of the world economy to go into lockdowns, disrupting financial and trade flows.

Hemas welcomes MoH request seeking Pvt. sector assistance on vaccine procurement

Sole local representative for AstraZeneca and Pfizer in Sri Lanka, Hemas Pharmaceutical (Pvt) Ltd said it welcomes the request by the Ministry of Health (MoH) to the private sector to assist and facilitate vaccine purchase from any source. It affirmed all efforts will be taken to ensure importation of quality products via its channel into the country.

Stock market to operate as normal

The Colombo Stock Exchange (CSE) says trading will function as per regular trading hours despite the countrywide mobility restrictions coming into place from tonight.

Zoom gears up to unveil all-in-one solution, ‘Zoom Events’ this summer

Zoom, a leading modern enterprise video communications service provider, announced it will launch this summer an all-in-one solution that would provide customers with the tools to create a wide range of engaging virtual experiences.

SL hopes to strengthen trade and investment ties within Asia

Sri Lanka hopes to strengthen bilateral relations with all countries, especially in the Asian region, with regard to trade and investment, President Gotabaya Rajapaksa said.

CB keeps policy rates steady amid worsening economic outlook

The Monetary Board of the Central Bank, which met Wednesday to assess the current monetary policy stance decided to keep the key policy interest rates at the prevailing historically low levels as they were of the belief that the current policy stance is sufficient to deal with the fresh challenges posed by the third COVID-19 wave, and stressed that the pressure seen on the consumer prices is only transitory.

SMEs seek another round of relief on debt as virus restrictions destroy cash flows

Small and medium enterprises (SMEs) are seeking fresh relief on their debt servicing and other operational impediments, which they increasingly confront due to the business and job killing restrictions imposed by authorities to slow the spread of COVID-19.

PA urges all stakeholders to work towards a fair deal for Ceylon Tea

The Planters’ Association of Ceylon (PA) marking International Tea Day yesterday requested all policymakers and stakeholders to take a holistic and practical approach towards a sustainable way forward for the industry, while ensuring that producers of Pure Ceylon Tea are given a fair deal.

Cabinet approves proposed investment facilitation structure for Selendiva Investments

The Cabinet of Ministers this week approved the proposed investment facilitation structure for the newly formed Selendiva Investments Limited, allowing the firm to setup three investment portfolios under the private — public partnership (PPP) model for facilitating institutions and investors.

Record 4Q enables Teejay to end FY21 strong despite pandemic

Strong revenue and profit growth in the fourth quarter at both group and company levels have enabled Teejay Lanka PLC to considerably minimise the impact of the pandemic-affected first quarter on the group’s full-year results and end 2020-21 on a resilient footing.

Port City invites local and global biz to explore unique investment opportunities

Port City Colombo, Sri Lanka’s brand-new reclaimed land, slated as the ‘Gateway to South Asia’, has now officially become the country’s first service oriented Special Economic Zone (SEZ).

Exports fall to 5-month low in April as Sri Lanka enters COVID-19 third wave

Despite recording an impressive 183 percent Year-on-Year (YoY) growth in merchandise export earnings to US$ 798.9 million due to low base impact,