RPCs file petition challenging estate sector wage increase

Twenty Regional Plantation Companies (RPCs) have filed a writ application in the Court of Appeal challenging the decisions of the Wages Boards for the Tea and Rubber Growing and Manufacturing Trade for deciding to increase the minimum wage of workers to Rs.1,000, which was subsequently approved and gazetted by the Labour Ministry recently.

Central Bank sells no dollars to defend rupee in February

Data showed that the Central Bank hasn’t sold a single dollar during February in defence of the rupee, although the currency came under pressure starting from the second week of January 2021.

Prime lending rate touches fresh low despite bond yield hike concerns

The prime lending rate, which indicates where the broader market lending rates are heading, touched a fresh low last week, a week after the Monetary Board doubled down their commitment for lower rates.

Industrial production ploughs ahead in Jan. indicating manufacturing revival

Sri Lanka’s industrial production continued to hum as the index, which captures the manufacturing firepower of the country, added gains in January with wearing apparel making a comeback after a decline in December 2020.

Local cement production extends gains to January after record 2020 production

Sri Lanka’s local cement production extended its growth momentum to January this year after recording 15.9 percent Year-on-Year (YoY) growth in 2020 driven by the pent-up construction demand following the slowdown during the first half of the year.

Sri Lanka ranks as worst place for internet quality

Sri Lanka was ranked among the countries with the poorest internet quality in 2020, according to a survey conducted by virtual private network provider, Surfshark.

Over two-thirds of banks’ FX exposure to State consists of ISBs, development bonds

More than two thirds of the foreign currency exposure of Sri Lanka’s banking sector to the State is on international sovereign bonds (ISBs) and development bonds while the rest composes of loans to the State and the State-owned enterprises (SOEs).

Expolanka acquires three US logistics firms for US$ 2.2mn

EFL Global LLC – USA, a fully owned subsidiary of Sri Lanka’s Expolanka Holdings PLC acquired three logistics companies in the United States (US) for US$ 2.2 million to expand its logistics operations based out of New York’s John F. Kennedy (JFK) International Airport.

Fresh moratorium on passenger transportation sector leases

In what could be a new round of concessions for those who became a direct casualty of the pandemic effects, the Central Bank issued fresh instructions to provide payment holidays on leases on vehicles engaged in the passenger transport sector.

Facebook launches Instagram Lite in Sri Lanka

Facebook has launched Instagram Lite in Sri Lanka in order to provide access to all users, irrespective of the device, platform and network they are on. This lightweight version of the Instagram app for Android uses minimal data, similar to Facebook Lite.

No loan default; China swap a confidence booster: Stockbroker

Cabraal expresses surprise over IMF’s response to China swap deal

Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal yesterday expressed surprise over the response of the International Monetary Fund (IMF), with regards to Sri Lanka securing a US $ 1.5 billion currency swap facility with the People’s Bank of China.

People’s Bank facilitates procurement of first 500,000 doses of COVID-19 vaccines for Sri Lanka

People’s Bank yet again came forward to serve the national interests by extending support to the Sri Lankan government’s efforts to procure and import the first 500,000 doses of the Oxford/AstraZeneca vaccine to Sri Lanka.

Saranga Goonawardena appointed as new COYLE Chairman

Saranga Goonawardena was elected as the new Chairman at the Chamber of Young Lankan Entrepreneurs (COYLE) 22nd Annual General Meeting, held on March 10, 2021, at Shangri-La Hotel, Colombo.

Rajendra Theagarajah appointed as Chairman of Digital Reality

Digital Reality (Pvt.) Ltd, a joint venture between St. Anthony’s Property Developers (Pvt.) Ltd (SAPD) and Dialog Broadband (Pvt.) Ltd, announced the appointment of highly respected banking veteran, technologist and business transformation specialist, Rajendra Theagarajah as Chairman.

SL to resume Jaffna-Chennai direct flights shortly

The government is preparing to resume direct flights between Jaffna and Chennai, which were suspended due to the COVID pandemic.

Central Bank tweaks export proceed conversion rule

In a fresh gazette on Wednesday, the Central Bank (CB) has granted a 14-day period to exporters and the banking sector to convert 25 percent of repatriated export proceeds, after considering the practical issues faced by the banking sector in converting export proceeds into rupees immediately, as stipulated in the previous gazette.

Consumers more concerned one year into pandemic: EY

The sixth EY Future Consumer Index, a survey of 14,500 consumers across 20 countries fielded in January-February 2021, finds that consumers are more worried than four months ago about their health, their families and their futures.

Trade gap continues to narrow as imports slip; exports languish

Sri Lanka continues to trim the trade account deficit as merchandise imports slip amid the lid on non-essential imports and weak textiles exports, but a higher fuel bill is likely to make a comeback amid rising global crude prices.

Local metal prices unlikely to change despite global price rise: ICRA Lanka

Despite rising metal prices in tandem with the recovery in global demand, ICRA Lanka Limited said that local importers could hold the prices of metal through the medium-term as they might have built loss absorption capacity, as they didn’t revise down prices when the global market prices collapsed last year.

Int’l charter flights under ‘Air Colombo’ brand likely soon

Sri Lankan-born businessman Benedict Sirimanne, who leads California-based CSDS Aircraft Sales & Leasing Inc. is planning to commence international charter flight operations from Sri Lanka under ’Air Colombo’ brand.

THASL upset for not prioritising tourism sector in vaccination drive

Hotel sector employees have expressed dissatisfaction over the ongoing Covid-19 national vaccination drive, as no progress been made despite the industry being told they are listed as priority group.

HSBC and PB support procurement of first 500,000 doses of COVID-19 vaccine for Sri Lanka

HSBC recently joined People’s Bank in assisting the Sri Lankan government’s efforts to slowdown the spread of COVID-19 and accelerate the country’s return to normalcy.

Norges Bank’s investments in Lankan stocks decline for first time in 2020

Norges Bank Investment Management, which manages Norway’s US$ 1.3 trillion Government Pension Fund Global, saw a reduction in its equity investments in Sri Lanka for the first-time since the fund’s entry into the country in 2015.

Wages continue to rise while inflation remains benign

Wages in Sri Lanka are continuing to make gains while general consumer prices remain subdued making the wage earners economically better off. However, higher wages have made businesses and industries to scramble to find affordable labour to stay competitive in the market place.

Colombo’s residential real estate market growth momentum continues in fourth quarter

Despite the emergence of second COVID-19 wave, Colombo’s residential real-estate market saw the sales growth momentum begin in the third quarter persisting throughout the fourth quarter of last year backed by increasing investor confidence and the ease of buying, with developers prioritising sales over price.

Wings commemorates 20 glorious years in logistics in Sri Lanka

Wings Logistics was incorporated in 2001 and today counts highly skilled professionals combining numerous years of experience in the Air and Sea Freight forwarding industry. Our operation is centered in a prime location in the heart of Colombo and boast of a worldwide agency network in 54 countries to provide total global coverage.

Breaking new grounds: The Council for Startups

Sri Lanka’s thriving tech industry has proved time and again that it is not about only rising to the top but also taking as many companies as possible up that growth trajectory.

Dec. quarter corporate earnings hit all-time high defying virus scare

Sri Lanka’s listed entities reported their best-ever earnings in the three months ended in December 2020, defying the pandemic-triggered disruptions and the worst predictions by certain rating agencies and other analysts who painted a gloomy outlook.

TVET sector massively impacted by COVID-19 disruptions, says ADB study

Sri Lanka’s technical and vocational education and training (TVET) took a massive hit during the COVID-19 pandemic, a study by the Asian Development Bank (ADB) has revealed.