Foreign reserves up in April on China Development Bank loan

Sri Lanka’s foreign currency buffer rose in April after the country took receipt of the second tranche of the China Development Bank (CDB) loan soon after the New Year holidays, propping up its foreign reserves.

Additional compensation for SFSP depositors from tomorrow

The Central Bank of Sri Lanka said the eligible depositors/relevant legal beneficiaries of eligible deposits of Swarnamahal Financial Services PLC (SFSP) that the payment of additional compensation under the Sri Lanka Deposit Insurance and Liquidity Support Scheme will commence from tomorrow (10th) onwards.

Virtusa Chairman and CEO Kris Canekeratne to exit after 25-year stint

Global business consulting and IT outsourcing company, Virtusa Corporation will see its chief Kris Canekeratne pass on the leadership baton to two new heads this summer, ending a 25 year run with the company.

CB hints at when it could apply brakes on record stimulus

For the first time since the current dovish policy run began in January 2020, the Central Bank recently insinuated that at which point it could either end or reduce providing more gas by way of monetary stimulus, which was unleashed to power the current expansion seen in the economy.

BOI’s failure to address wastewater issue in Horana EPZ threatens closure of 24 firms

The Free Trade Zone Manufacturers’ Association (FTZMA) yesterday alleged that the Board of Investment (BOI) has turned a deaf ear to its repeated complaints regarding the discharge of wastewater at the Horana export processing zone (EPZ) and the companies in that arena are now faced with the risk of having all operations shutdown under a court order.

ADB makes highest ever allocation in history

The Asian Development Bank (ADB) adopted this week a resolution to allocate US $ 1.13 billion in net allocable income from 2020 ordinary capital resources, making it the highest ever in ADB’s history.

Latest COVID-19 wave less damaging for emerging market stocks

Huge COVID-19 outbreaks in India, Brazil and Turkey have put developing economies at the epicentre of the pandemic but their reluctance to fully lock down combined with hopes of vaccine progress globally appear to be desensitising markets.

Landing and parking fees waived off at Mattala airport

The government has decided to waive off landing and parking fees for international flights to Mattala International Airport for two years, Tourism Minister Prasanna Ranatunga said.

Airport staff to get second dose from Monday: Chanaka

The staff of aviation and airports, being among the most vulnerable in the current pandemic, will be given the second dose of the COVID-19 vaccine from next Monday onwards, said Aviation and Investment Zone Development State Minister D.V. Chanaka.

Laugfs Lubricants Laboratory becomes first petroleum testing laboratory to be accredited with ISO/IEC 17025:2017

The Laugfs Lubricants state-of-the-art laboratory located in the Malwatta BOI Zone has recently been accredited with the ISO/IEC 17025:2017 certification, a recognition of compliance with international standards for laboratory testing, from the Sri Lanka Accreditation Board (SLAB), a full member of the International Laboratory Accreditation Cooperation (ILAC).

UK to unveil ‘green list’ of countries holidaymakers can visit

Holidaymakers in England are to find out which “green list” countries they can visit without quarantining on their return later this afternoon.

Five-year consolidation plan for NBFI sector

The Central Bank says it would put in place a five-year consolidation plan for the non-bank financial institution (NBFI) sector, embarking on a time-bound execution framework to reduce the number of finance companies to 25 from the current 40.

Local startups to gain from new partnership connecting SL and Europe 

A new initiative to connect innovation and start-up ecosystems has partnered with over 20 incubators and accelerators in Sri Lanka and Europe, the EU said.

ADB confident Asia Pacific would emerge from the pandemic “stronger than before”

The Asian Development Bank (ADB) expressed strong confidence this week in the Asia Pacific region emerging from the pandemic stronger than before provided that required emphasis is given to five key areas.

SEC to showcase Sri Lanka as an attractive destination for foreign portfolio investment

The Colombo Stock Exchange (CSE) has performed exceptionally well in the past 12 months with the All Share Price Index (ASPI) appreciating more than 55 percent and the S&P SL 20 Index appreciating more than 44 percent. In 2021,

SIASL accuses CEB of trying to cripple solar power industry

The Solar Industries Association of Sri Lanka (SIASL) is charging that the Ceylon Electricity Board (CEB) is attempting to cut solar power generation of new rooftop solar power projects on commercial establishments by as much as 50 percent while the country’s solar industry is struggling to survive through a crisis period due to the sharp depreciation of the rupee against the US dollar.

Shares end higher as financial, consumer stocks rise

Sri Lankan shares closed higher yesterday, helped by gains in financial and consumer staples stocks. The CSE All-Share Index climbed 0.59 percent to end at 7,188.09, its second straight day of gains.

SL falls to new low in EIU’s latest Inclusive Internet Index

Sri Lanka’s ranking in the Economist Intelligence Unit’s (EIU) latest Inclusive Internet Index has fallen to new all- time-low driven by continuous deteriorations in key indicators such as ‘support for digital literacy’ and steep decline in trust in information from non-government and social media websites and apps.

EDB extends financial assistance scheme for SMEs to obtain BRC certification

The Export Development Board (EDB) announced it would implement a financial assistance scheme to help SMEs engaged in the food sector get their products on the shelves of international markets, especially to the UK.

How should Sri Lanka Finance COVID-19 vaccination rollout?

An effective vaccination strategy is a necessity for countries to move beyond COVID-19. However, it also requires careful policymaking to balance the financial cost of purchasing and delivering vaccines while stimulating economic growth.

Questions surrounding the Port City of Colombo

Sri Lanka is in a conundrum. its present governance has approved China’s extra-jurisdictional Special Economic Zone (SEZ) in Colombo Port City, right next to its commercial port.

Central Bank mulls dedicated AMC to manage sour assets

NBFI sector NPLs rose sharply to 13.9% in 2020, from 10.6% in 2019, steadily rising from 5.3% in 2016 Sri Lanka is planning to set up a dedicated institution where the banks can sell their distressed assets for third party institutions for their separate management,

Malaysia, Indonesia request removal of ban on palm oil imports

Malaysia and Indonesia, perturbed by the government’s decision to slap a ban on palm oil imports, have asked for the removal of it, Mirror Business learns.

Lower interest rates send unit trust industry’s assets over Rs.200bn

As the historically low interest rates upended the asset allocation decisions of people and firms alike, the mutual fund industry stood to benefit immensely out of that phenomenon, as its assets under management (AUMs) soared to over Rs.200 billion by end-March, rising by nearly twice within a span of a year.

Shares end higher as financials, consumer stocks gain

Sri Lankan shares closed higher yesterday, helped by gains in financial and consumer staples.

29% growth of turnover volumes in April

The total market turnover of the Colombo Stock Exchange (CSE) demonstrated a positive growth of 29.43 percent in the month of April compared to the previous month.

Sri Lanka welcomes over 4,000 tourists in April; India leads

Sri Lanka managed to maintain the momentum in the number of tourist arrivals with 4,168 international travellers visiting the country in April.

Blackstone stake in Piramal Glass tops 78% following mandatory offer

PGP Glass, a unit of US-based private equity fund Blackstone, has increased its stake in Piramal Glass Ceylon PLC (PGC) to at least 78.65 percent,

LB Finance secures US $ 15mn FMO loan to support SME sector

LB Finance PLC (LBF) has succeeded in raising US $ 15 million on a four-year tenure from FMO, the Dutch Entrepreneurial Development Bank.

Metal manufacturers welcome ban on scrap metal exports

The All Ceylon Metal Foundry Industrialist Association (SLMFIA) in a media release yesterday hailed the banning of export of scrap metal and thanked Industries Minister Wimal Weerawansa for the decision.