Laxapana Batteries seeks to invest Rs.1.1bn to enter renewable energy biz

Laxapana Batteries PLC is entering the renewable energy business. Having evaluated prospects in this space, the company has stated its intentions to invest over Rs. 1 billion in generating renewable energy from rooftop solar projects.

Wages Board nod to provide Rs.1, 000 wage for tea and rubber plantation workers

Despite opposition from planters and private sector tea factory owners, the Wages Board for Tea and Rubber Growing and Manufacturing Trade on Monday gave the final approval for the Labour Ministry to implement the Rs.1, 000 minimum daily wage for industry employees.

Inter-institutional coordination committee to resolve rubber industry issues

Cabinet nod has been received to appoint an Inter-institutional coordination committee compromising of industry players engaged in raw rubber manufacturing and rubber-based products as a joint endeavour to develop the sector while solving current issues in the sector.

Private credit expands in Jan. albeit slower compared to Dec.

Bank credit to the private sector expanded in January, continuing the growth momentum set forth in August, last year, indicating the potential for higher economic growth at the dawn of the new year, after a pandemic-hit 2020. According to the latest Central Bank data, the licensed commercial banks expanded their outstanding private sector credit by 6.9 percent in January, up from 6.5 percent in December and 4.5 percent recorded in January 2020.

Jan. vehicle registrations languish; registration of locally assembled vehicles emerge

Vehicle registrations continued to languish in January, similar to that of last few months, as the government’s clamp down on vehicle imports, aimed at supporting the currency and the country’s foreign reserves position, persists.

January tourism earnings at US $ 3.6mn

Sri Lanka earned US $ 3.6 million from the tourism trade for the month of January, after opening its borders for international travellers on January 21.

CB likely to hold policy rates on Thursday

With the economic activities and credit growth picking up pace, the Monetary Board of the Central Bank (CB) is likely to hold its key policy rates steady at their current levels, according to First Capital Research (FCR).

Panasian Power commissions solar project worth Rs.420mn

Leading supplier of renewable energy to the national grid Panasian Power PLC recently commissioned a 3MW ground solar plant in Matara, worth a total investment of Rs.420 million.

Vidullanka acquires 51% of Orik Corporation

Vidullanka PLC yesterday said it completed the acquisition of a 51 percent stake in Orik Corporation Private Limited, which holds the rights and approvals to develop a 1MW ground-mounted solar power plant in Moneragala.

Upper limit of employee compensation under TEWA increased to Rs.2.5mn

Despite the earlier objections from the private sector, the upper limit of compensation under the Termination of Employment of Workman Act (TEWA) has been increased from Rs.1.25 million to Rs.2.5 million, with effect from February 19, 2021, the Labour Ministry announced.

Gem and jewellery industry says US $ 1bn export target unachievable due to policy implementation delays

Sri Lanka’s gem and jewellery industry says the US $ 1 billion export target set for the industry will be impossible to achieve, given the non-implementation of the polices that were approved by President Gotabaya Rajapaksa and endorsed by Prime Minister Mahinda Rajapaksa back in September.

Apparel exports get off to gloomy start in January

Sri Lanka’s apparel exports got off to a gloomy start in 2021 with export earnings recording 11 percent decline in January, which is below the US$ 400 million mark, as constant COVID-19 related disruptions undermined buyers’ confidence concerning timely delivery of export orders, combined with growing competition.

Govt.’s innovative policy measures in debt mgt. already yielding results: Cabraal

The share of foreign debt in the government’s overall debt stock declined to 40 percent at the end of 2020 from over 48 percent at end 2019, under its innovative policy measures to service current debt obligations while reducing reliance on external debt in the medium term, according to the State Minister for Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal.

Vehicle importers call on govt. to lift import ban

Sri Lanka’s vehicle importers have called on the government to pay heed to their concerns, and stressed it is time to conceptualize a plan to rescue the automobile imports sector from collapsing.

January inflation up on higher food prices

Consumer prices in Colombo rose in February predominantly due to the increase in food prices, even amid the record rice harvest and surge in other domestic produce since the onset of the pandemic last year.

FinMin to sanction all Budget 2021 tax proposals by April

The Finance Ministry plans to complete the legislation of all tax proposals presented in the Budget 2021 including special goods and services tax (GST) as well as the one percent tax rate on previously undisclosed funds, when the new tax year begins in April, according to Secretary to the Treasury and Ministry of Finance, S.R. Attygalle.

CB raises loanable value on registered vehicles by finance companies

The Central Bank last week raised the loanable amount by licensed finance companies in respect of registered vehicles for more than one year after the first registration, as the finance companies are reeling from the tougher business climate compared to their banking counterparts.

Colombo land prices accelerate in second half

Colombo land prices continued their climb during the second half of 2020 as prices of lands used for residential, commercial and industrial purposes re-gained steam.

Ceylon Biscuits wins ‘Best Corporate Citizen Sustainability Award 2020’

Ceylon Biscuits Limited won the coveted ‘Best Corporate Citizen Sustainability Award 2020’ an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber to recognise sustainable champions of the local corporate world, while Aitken Spence PLC and Commercial Bank of Ceylon PLC became the first and second runner up of the competition respectively.

Industrial production expands after brief contraction

Sri Lanka’s manufacturing firepower, measured by the industrial production, expanded in December as industrialists added more muscle into their factories and production lines to make up for the lost output when restrictions were re-imposed since October due to the pandemic.

Shares extend gains as financials, industrials rise

Sri Lankan shares ended higher for a second straight session yesterday, helped by gains in industrial and financial stocks.

EU Trade Related Assistance Project comes to successful close

The Trade Related Assistance Project extended by the European Union (EU) to Sri Lanka came to a close this week after a successful four-year implementation programme.

Former CB Deputy Governor C.J.P. Siriwardana passes away

The Central Bank yesterday announced the demise of Former Central Bank Deputy Governor C.J.P. Siriwardana.

CB issues commemorative coin to mark 70th anniversary

The Central Bank of Sri Lanka commenced operations in August 1950 and completed 70 years of its unique and valued contribution to the prosperity of Sri Lanka.

Central Bank Governor suspects link between recent ‘damaging reports’ and UNHRC sessions

While acknowledging that Sri Lanka will have to undergo a period of austerity under the government’s alternative policy approach to break out from the debt trap, the Central Bank (CB) suspects a possible link between the recently published “damaging reports” on Sri Lanka’s external sector by certain institutions with the events taking place at the UN Human Rights Council (UNHRC) on Sri Lanka in Geneva.

Confronting capitalism – market-oriented economy with state guidance

Recently Central Bank Governor Prof. W.D. Lakshman at a media briefing stated that Sri Lanka was following a market-oriented economy with state guidance, involving some controls and restrictions. He was quoted as saying that such a framework would not be successful under an IMF programme. This, in my view needs further elaboration.

Glass ceiling or the sticky floor

With the recent events unfolding in Sri Lanka, it’s high time that the corporate leaders and thought leaders of the Sri Lankan society take a stand on the gender discrimination that is happening right before our very own eyes. The elephant in the room is conveniently ignored, whereas all mundane topics are being discussed.

Glass ceiling or the sticky floor

With the recent events unfolding in Sri Lanka, it’s high time that corporate leaders and thought leaders of Sri Lankan society take a stand on the gender discrimination happening right before our very eyes. The white elephant in the room is conveniently ignored whereas all mundane topics are being discussed.

Sri Lanka-Pakistan pledge to deepen bilateral trade relations

Sri Lanka and Pakistan yesterday affirmed commitment to actively explore and further deepen trade relationships, an effort that would not only benefit the two nations but also help the Indian subcontinent emerge stronger on the world stage.

CB Governor suspects link between recent ‘damaging reports’ and UNHRC sessions

While acknowledging Sri Lanka has to undergo a period of austerity under the government’s alternative policy approach to break out from the debt trap, the Central Bank (CB) suspects a possible link between the recently published “damaging reports” on Sri Lanka’s external sector by certain institutions with the events taking place at the UN Human Rights Council (UNHRC) on Sri Lanka in Geneva.