SLINTEC seeks emergency approval for cost and time efficient COVID-19 test kit

Sri Lanka Institute of Nanotechnology (SLINTEC), the country’s top nano and advanced technology and research institute is seeking emergency regulatory approval for its low-cost COVID-19 test kit based on RT-LAMP technology, which has the ability to deliver faster results that could be a critical factor for slowing down the on-going coronavirus third wave in the country.

Expolanka delivers best-ever results in 4Q amid pandemic-fuelled growth in freight

Expolanka Holdings PLC produced its best ever financial performance in the three months ended March 31,

Colombo prices rise by 3.9% in April; Food prices surge 9.0%

Inflation measured by the Colombo Consumer Price Index (CCPI) for all categories of goods and services rose by 3.9 percent during the twelve months to April 2021, but the prices of food staples rose by 9.0 percent, continuing their growth to near double-digit levels for several months.

March private credit picks up

The private sector credit, a key gauge of economic dynamism in the country picked up pace during March, marking the third month in raw such credit grew, in a sign of reactivating ‘animal spirits’ in the economy ahead of the New Year.

Regional and cross-country food trading facilitation imperative for Sri Lanka’s food security

Sri Lanka being import dependent on several major food commodities in the food balance sheet requires the facilitation of regional and cross-country food trading to ensure food security.

Central Bank weighs in on need for functioning tourism trade under new normal

Weighing in on the tourism trade which has been struggling to recover since the re-opening of borders, the Central Bank last week said that it is crucial to employ innovative strategies to keep the industry going under the new normal designed by the pandemic.

Work-from-home in public sector not fully successful: Central Bank

Work-from-home (WFH) arrangement implemented in the public sector during the pandemic was not fully successful, the Central Bank (CBSL) said, due to issues related to ICT infrastructure and literacy.

More people took to agriculture in 2020 as services strangled due to pandemic

In what appears to be a structural change in the Sri Lankan economy, people have taken more into agriculture from industry and services with the latter having seen the biggest exodus after the virus-related restrictions hampered the sector.

World shares near record high, euro upbeat on Fed, earnings

World stocks held near a record high and the euro was on course for its best month in nine as strong U.S. data and corporate earnings plus the Federal Reserve’s commitment to support the economy fuelled investors’ appetite for risk.

Huawei business remains resilient in 1Q21

Huawei announced its business results for the first quarter of 2021 recently, which were in line with the forecast.

Local housing market becomes hot after interest rates pushed to record low

Sri Lanka’s frothy housing market gained steam after the Central Bank cut interest rates to record lows and set a ceiling rate since December last year, sending the appetite and prices of housing soaring.

Chevron profit drops on weaker refining margins, storm hit

Chevron Corp’s (CVX.N) first-quarter profit fell 29 percent compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year.

SL aims to be first in world to eliminate chemical fertiliser usage

In a move to shift towards a more sustainable economic growth path, President Gotabaya Rajapaksa announced this week his goal to make Sri Lanka the first country in the world to do away with chemical fertilisers.

Central Bank releases 2020 annual report

In terms of Section 35 of the Monetary Law Act No. 58 of 1949, the seventy first annual report of the Monetary Board of the Central Bank of Sri Lanka was presented to Prime Minister and Finance Minister Mahinda Rajapaksa by Central Bank Governor Deshamanya Prof. W.D. Lakshman.

Govt. to promote organic fertilizer production at district level

In an effort to move Sri Lanka towards embracing environment friendly agricultural practices, the government said it will take all the necessary measures to promote organic fertilizer production at district level.

Sri Lanka tourism on reverse gear with proposed new Act

There’s mounting opposition from all fronts against the government’s plan to change the existing Tourism Act. Having been a member of the team that helped draft the current act around 15 years ago, I felt that I should also lend my voice to the ‘chorus of objections’.

Palm oil ban in Sri Lanka: Is it sustainable?

Sri Lanka’s edible oil market has received considerable attention in recent weeks due to a series of events: the banning of palm oil importation in a bid to promote the coconut industry, detection of aflatoxins in imported coconut oil, importation of coconut kernel chips, issuing licence for palm oil imports and banning of oil palm cultivation.

Private sector players forward 25-point list on Tourism Act amendment

The private sector stakeholders of the tourism sector continue to advocate halting the amendments to the current Tourism Act, however should the legislation governing the industry be changed, the sector players said it is essential for the relevant authorities to take into account a list of their requirements.

Jayantha Rangamuwa to lead Pan Asia Bank as new Chairman; Aravinda Perera appointed Deputy

A highly-acclaimed leader and a veteran in the financial services industry, Jayantha S. B. Rangamuwa, has been elevated to the post of Chairman of Pan Asia Bank with effect from 02 May 2021.

SLSI halts import of Pakistan’s ‘Lucky’ brand cement

The Sri Lanka Standards Institution (SLSI) yesterday called on cement suppliers to stop the importation of Pakistan made ‘Lucky’ cement brand with immediate effect since testing on samples drawn recently showed the product does not conform with the required standards.

Union Bank records robust 1Q as profits climb by 52%

Union Bank of Colombo PLC set off to a robust start in 2021 financial year recording a notable growth in loans, which translated into higher earnings and asset quality in the three months to March 2021 (1Q21).

Overseas Realty revenues up in 1Q as incomes from apartment sales soar

Overseas Realty (Ceylon) PLC reported strong top line performance for the three months to March this year amid strong sales of apartments in the final two phases of the Havelock City project.

Seylan Bank improves profits in 1Q on modest growth in loans, better asset quality

Seylan Bank PLC reported strong financial performance for the three months ended in March 2021 (1Q21) as the company treaded cautiously expanding its loan book while keeping a closer tab on the asset quality, which improved during the period.

Govt. fails to tame rice prices as prices rise between 15-30%

The government has repeatedly shown that it had lost control over the prices of most of the food staples in the country as prices of many rice varieties have risen between 15 percent to 30 percent during the year through April 2021, except in a few cases of raw rice.

Shares close lower as industrials weigh

Sri Lankan shares ended lower yesterday, hurt by losses in industrial and material stocks.

Tourists ask for casinos, Ayurveda, shopping, and steam train travels

As Sri Lanka is exploring multiple options to pull the tourism sector towards normalcy at the earliest, special requests have been received from key source markets, such as Germany and Switzerland in four key areas; casinos, ayurveda treatments, shopping, and steam train travels.

Sri Lanka eyeing to draw Omani and Qatari investments to rupee bonds: Cabraal

The State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal recently completed a visit to Oman and Qatar as the special envoy of Prime Minister Mahinda Rajapaksa, heading the country’s delegation to the oil-rich two Middle-Eastern nations.

Merchandise export earnings almost touch US $ 3bn in 1Q

Sri Lanka’s merchandise export earnings nearly touched the US $ 3 billion mark in the first quarter of the year, after March earnings topped US $ 1 billion for the first time since last September.

Sri Lanka raises US $ 653mn in SLDBs at slightly higher yields

Sri Lanka raised record US $ 652.63 million in US dollar-denominated Sri Lanka Development Bonds (SLDB) at slightly higher yields in one of the largest single issuances that was concluded yesterday, in order to rollover US $ 693.89 million SLDB maturities falling on May 1.

CB extends suspension on buying ISBs by banks until further notice

The Central Bank issued fresh instructions to the banks preventing them from purchasing Sri Lanka-issued International Sovereign Bonds (SLISBs) “until further notice”, ending the month-long stop-gap instructions issued thus far.