New Country Director reaffirms WFP’s commitment to improving nutrition and food security in SL

The newly-appointed Country Director and Representative of the United Nations World Food Programme (WFP) Sri Lanka, Abdur Rahim Siddiqui, formally presented his letter of credentials to Foreign Minister Dinesh Gunawardena at the Ministry premises.

Local construction sector explores partnership opportunities with Nepal

Exploring avenues to increase foreign exchange earnings, the local construction sector has initiated dialogue with Nepal to connect the industries of the two countries.

Threats to Sri Lanka’s national sovereignty under proposed Colombo Port City Commission Bill

The provisions of the Port City Bill, if enacted, will erode the legal and political sovereignty of Sri Lanka in a number of ways.

State borrowings soared in March ahead of festive season

The State sector borrowings soared in March as salaries and bonuses fell due for the country’s bloated public sector while supplier bills needed settlement ahead of New Year holidays.

US-based Rizing acquires attune Lanka from MAS Holdings

MAS Holdings yesterday announced, that in line with its long-term strategic objectives, it has concluded the sale of its subsidiary attune Lanka (Private) Limited to Rizing LLC, a privately held, US-based boutique firm.

Govt. to set up 500 container-based gyms at a cost of Rs.625mn

The Cabinet of Ministers granted approval to setup container-based cross-fit gyms across the country at an estimated cost of Rs.625 million in a bid to inculcate an active lifestyle among the youth while providing some catalyst for progress in sports by 2022.

Make cybersecurity topic of boardroom, says Central bank

As cyber threats have continued to mount during the pandemic due to alternative work arrangements, cybersecurity should be made a topic of the boardroom and given extra attention, the Central Bank of Sri Lanka (CBSL) said.

Cabinet nod to table CB annual report in Parliament

The Cabinet of Ministers cleared the path to table the Central Bank Annual Report 2020 in Parliament as per the provisions of the Monetary Act.

MoH issues revised operational guidelines for banks and NBFIs

Ministry of Health (MoH) has issued revised ‘Operational guidelines on the preparedness and response for COVID- 19 outbreak for banks and Non-Bank Financial Institutions’ (NBFI), considering the sector’s high vulnerability for the transmission of the virus due to the nature of services provided.

Slim Pharmaceuticals secures Rs.540mn Enoxaparin bid

The Cabinet of Ministers has decided to award Rs.541.80 million contract to Colombo-based Slim Pharmaceuticals (Pvt) Ltd. to procure 840,000 prefilled Enoxaparin Sodium vaccines (4000 IU, 0.4mm) which are used treat harmful blood clots in heart patients.

India’s Reliance gets US$ 13mn immunoglobin contract

The government has decided to award US$ 13.1 million contract to India’s Mukesh Ambani-controlled Reliance Life Science (Pvt.) Ltd to supply 112,500 vials of human immunoglobin (BP 5 — 6 grams) based on recommendation of the Cabinet-appointed Standing Committee on Procurement.

SL tourism comes under fresh global spotlight with CNN

Sri Lanka came under fresh global spotlight in the 2Q21 with CNN promoting the country as a safe holiday destination to visit during the ongoing COVID-19 pandemic.

Companies urged to up budget allocation for IT security as WFH continues

As work from home (WFH) arrangements place information systems at high risk, entities are urged to allocate adequate budgets to boost IT security.

Total ban on chemical fertilizers and pesticides: Is it viable?

The media reported, a few days ago the Presidential ban on agrochemicals from the next Maha season, apparently with a total Cabinet nod.

Policy recommendations for competitive Global Port City

The success of the Colombo Port City is not dependent on the Colombo Port City Economic Commission Bill (“Bill”) itself, but in building an ecosystem that fosters sustainable financial industry growth.

Like Singapore to ASEAN and Hong Kong to China, Colombo Port City is gateway to South Asia

Ahead of the parliamentary debate on the Port City Economic Commission Bill, Director – Sales and Marketing of the Port City Yamuna Jayaratne spoke to Mirror Business about the economic importance of the project and the plans in place for its attraction. Excerpts of the interview are as follows.

SL overshoots budget deficit as pandemic puts strain on state revenue

Sri Lanka’s fiscal deficit for 2020 exceeded both the deficit target for the year and the deficit in 2019, as the pandemic-induced economic disruptions put a strain on revenues, while the tax cuts failed to produce their desired economic resurgence.

Pan Asia Bank delivers best quarterly profit in March on superior loan growth

Pan Asia Banking Corporation PLC delivered its best quarterly performance in the three months ended in March 2021 (1Q21), as the bank opened its lending spigots giving more loans in a resurgent economy characterised by strong consumer spending.

Hela Clothing hailed by Kenyan President

Hela Clothing, an ethical and sustainable apparel manufacturer with factories across Kenya, Ethiopia and Sri Lanka, has been recognised as a leading example of resilience and ingenuity during the pandemic by President Uhuru Kenyatta of Kenya.

Prime Lands Residencies debuts initial public offering

Prime Lands Residencies Limited, the condominium property arm of Prime Group, recently debuted its initial public offering (IPO) proposition.

Shares edge up as financials rise

Sri Lankan shares ended marginally higher yesterday, driven by gains in financial and consumer staples’ stocks.

Exploring new labour markets essential to keep remittances up: Central Bank

The Central Bank has stressed that it is imperative to explore new markets for Sri Lankan migrant workers since the importance of remittance inflows as a non-debt creating source of foreign exchange has increased in the face of the pandemic.

Fresh restrictions push low wage earners out of frying pan into fire

The growing restrictions imposed on the daily lives of people, claiming to contain the virus spread, are making more damage than the virus itself, rendering large swaths of people out of their livelihoods, who mostly earn a living out of their daily work to keep their families fed.

Int’l Transactions Reporting System underway to monitor remittances

Sri Lanka will soon see the establishment of a comprehensive cross border and foreign currency transaction monitoring system with the Central Bank (CB) implementing an International Transactions Reporting System (ITRS).

Transportation of goods and passengers contracts by 6.7% in 2020

The transportation of goods and passengers, including warehousing activities, contracted by 6.7 percent in 2020 in value-added terms, in comparison to the growth of 1.4 percent recorded in 2019, the Central Bank (CBSL) said.

ADB in midst of upgrading energy policy for developing member countries

The Asian Development Bank (ADB) announced this week that its energy policy is being upgraded, so that it can better assist its developing member countries to provide clean, green, reliable, adequate and affordable energy for inclusive growth

Series of sustainable finance tools to enter local financial system

The Central Bank of Sri Lanka (CBSL) on Friday asserted that to promote sustainable finance, in line with the roadmap, it intends to initiate an array of suitable instruments after taking into account market developments and needs.

COVID-19 Diaries: Sri Lanka needs a resilient logistics system

Logistics carry dreams. Back in 2007, when I applied to graduate schools in the United States, nothing could beat the excitement of handing over my applications to FedEx,

Sri Lanka needs to focus on an export and investment drive, says Dinesh

International Chamber of Commerce Sri Lanka (ICCSL) Chairman Dinesh Weerakkody points out that the private sector is the engine of economic growth.

March worker remittance income soars over 24%

Remittance incomes from Sri Lankans working abroad continued its climb for the eleventh consecutive month as March earnings accelerated over 24 percent over the same month in 2020, marking the recent highest jump since the current run began in May last year.