Moving from bitter to sweet: The Lanka Sugar Company story

The import ban imposed by the government was a bitter pill to swallow for many but certain sections of the economy did stand to benefit from the move, as it provided an elevated platform to perform better.

Bandwagoning with China: Geopolitics of a container terminal in Sri Lanka

It is rather unusual for trade union leaders to speak geopolitics.

StanChart makes strong case for Lanka to tap IMF

Points out govt.’s debt overhang left limited fiscal space for public investment and increased financial market stress

Commercial Credit & Finance to raise Rs.2bn via listed debt issue

Commercial Credit & Finance PLC plans to raise up to Rs.2 billion via listed debenture issue.

Brandix Lanka set to secure US$ 50mn long-term IFC facility

Extending its efforts to counter the impact of the COVID-19 pandemic on Sri Lanka’s apparel sector, the International Finance Corporation (IFC) of the World Bank Group has proposed US$ 50 million long-term financing facility to Brandix Lanka Limited to sustain its operations and preserve jobs in the country.

Imran Khan to attend SL-Pak ‘Trade and Investment Conference’

Prime Minister of Pakistan, Imran Khan is expected to participate in a joint ‘Trade and Investment Conference’ during his two day-visit to Sri Lanka, on the invitation of Sri Lankan Prime Minister Mahinda Rajapaksa.

Upward trend in worker remittance income continues

Continuing the upward trend, worker remittance income marked a robust increase in the month of January, probably setting the tone for this year.

ICRA Lanka says private credit growth could slowdown in January

Rating agency ICRA Lanka Limited said the growth in the private sector credit could slowdown in January although Fitch Ratings and other economic analysts opine otherwise.

Above US$ 60 global oil price could scuttle Sri Lanka’s plans

Global oil prices which surpassed US$ 60 a barrel in recent days could put a strain on the lofty expectations of the country’s external sector as projections are largely premised on lower crude oil prices.

Central Bank wants exporters to convert dollars immediately

In a string of measures aimed at strengthening the rupee against the US dollar, the Central Bank last week issued fresh instructions to exporters to receive total export proceeds within 180 days from the date of shipment and convert 25 percent of such dollars immediately.

Govt. mulls restarting batik dye imports to break monopoly

In an attempt to bring down the rising prices of local batik products, the government plans to restart importation of dyes required for the county’s batik industry, through state-owned Lanka Salu Sala Limited, amidst the accusations of the sole batik dye importer charging exorbitant prices for dyes in monopolising the trade and incurring additional costs

Novel insurance scheme launched for coconut growers

Ceylinco Insurance PLC together with the Coconut Growers Association of Sri Lanka and Coconut Cultivation Board (CCB) has launched a novel insurance scheme to cover coconut plantations.

Sarvodaya Development Finance renews MoU with DIMO to accelerate post-COVID agriculture revival

Accelerating post-COVID-19 economic recovery, Sarvodaya Development Finance (SDF) renewed its MoU with DIMO, covering a wide range of agriculture machinery products through its comprehensive leasing solutions, to support local farming communities.

Undeterred by Facebook news blackout, Australia commits to content law

Australian Prime Minister Scott Morrison vowed yesterday to press ahead with laws to force Facebook Inc. to pay news outlets for content, saying he had received support from world leaders after the social media giant blacked out all media.

WhatsApp to move ahead with privacy update despite backlash

Facebook Inc’s WhatsApp said on Thursday it will go ahead with its controversial privacy policy update but will allow users to read it at “their own pace” and will also display a banner providing additional information.

JPMorgan says two factors could drive up oil prices by another US $ 5 to US $ 10 per barrel

CNBC: JPMorgan says crude prices could see further upside ahead as oil continues to see strong gains so far this year.

Dipped Products on a tear as pandemic boosts demand for rubber gloves

Dipped Products PLC has seen higher sales for its rubber gloves, due to COVID-19-related healthcare requirements.

Govt. keen on foreign funding, not capacity building: Cabraal

The government yesterday stressed it is less inclined to accept foreign assistance in capacity building for economic development as it has confidence in the capabilities of local experts in tackling challenges and charting the way forward for the country.

NDB shows resilience and strength in most challenging year

Growth at National Development Bank PLC (NDB) moderated during the quarter ended December 31, 2020 (4Q20) as new set of lockdowns from October decelerated the pace of loan growth, though the bank navigated the pandemic induced challenges successfully in FY20.

LOLC’s Rs.10bn debenture issue snapped up on opening day

LOLC Holdings PLC successfully raised Rs.10 billion via a listed debenture issue, of which the subscription list officially opened yesterday.

DFCC Bank 4Q earnings up despite pandemic induced shocks

DFCC Bank PLC weathered the pandemic induced stresses successfully to emerge largely unscathed and reported higher earnings through prudent measures adopted to navigate the headwinds during the quarter ended December 31, 2020 (4Q20).

Lower margins, higher tax expenses overshadow Nestlé Lanka fourth quarter earnings

Despite higher sales, Nestlé Lanka PLC, the local unit of Swiss food giant, reported lower earnings for the December 2020 (4Q20) quarter, amid margin contraction and higher effective tax rate.

Residential real estate market shows sharp recovery since turn of the year

The local real estate sector is showing signs of recovery from the setback witnessed in 2020 due to the COVID-19 pandemic, with improved in​terest ​in residential properties observed among potential investors, revealed LankaPropertyWeb.

Colombo- most searched city for rent in 2020

Meanwhile, the commercial capital Colombo has emerged as the most searched city for rent in 2020, indicating high interest among locals despite strict restrictions imposed due to the COVID-19 pandemic.

THASL thanks President for supporting tourism industry

In a statement issued after meeting with President Gotabaya Rajapaksa, The Hotels’ Association of Sri Lanka (THASL) President Sanath Ukwatte thanked the government for taking all steps necessary to encourage foreign visitors to the country.

Corporates less vulnerable to possible sovereign default than financial institutions: Fitch

Fitch Ratings views most rated Sri Lankan corporates as less vulnerable than local financial institutions to the sovereign’s financial distress. “This is because most rated corporates have a combination of strong business profiles, low leverage, sound liquidity and limited exposure to government.

Softlogic closes in pre-pandemic sales amid local consumer strength

Softlogic Holdings PLC’s top line reached near pre-pandemic levels in the three months ended on December 31, 2020 (3Q21), as the group successfully navigated the pandemic through strategies aimed at capitalising on the cash heavy local consumer, while offsetting the losses from the tourism trade.

SOP for local assembly of vehicles and component manufacturing to be launched

Aitken Spence launches SL’s first waste-to-energy power plant

Prime Minister Mahinda Rajapaksa officially launched Sri Lanka’s first waste-to-energy power plant in Kerawalapitiya, yesterday.

Windforce plans Rs.3.2bn IPO on CSE

Sri Lanka’s largest private-sector renewable energy producer with diverse energy mix, Windforce (Pvt.) Ltd plans to raise up to Rs.3.2 billion by offering a 15 percent stake in the company through an initial public offering (IPO) on the Colombo Stock Exchange (CSE).