Oxford Economics highlights impacts of illicit trade to Sri Lankan economy

Growth and development come hand-in-hand with better governance and application of law and order. Ill-considered strategies result in leakages that will see us meandering in this constant state of a ‘developing nation’ – a poster-child of disappointment amongst nations with limitless promise.

Prime lending rate hits new low despite rate hike expectations

The prime lending rate or the benchmark rate at which most prime customers of banks get their loan facilities approved— mostly for shorter tenors—touched a fresh low last week despite speculation that the prevailing lower rates environment would end towards the second quarter of this year.

ASPI continues to be best performing primary index globally in 2021

The All Share Price Index (ASPI) has retained its position as the best performing primary stock market index in the world with the index closing trading on February 5, 2021 at 8,275.37 points, marking a 22.16 percent growth year-to-date (YTD).

UDA rejects mandatory offer of Unity Plaza owner

The mandatory offer to purchase the remaining shares of On’ally Holdings PLC by its new controlling shareholder, Lanka Realty Investments PLC, had drawn lackluster interest with the second largest shareholder of the company, Urban Development Authority (UDA), rejecting the offer set at Rs.30.32 per share, which is below current market prices.

Maldives records 92,103 tourist arrivals in January

The Maldives has recorded 92,103 tourist arrivals in January 2021. According to the Maldives’ Ministry of Tourism, the island nation witnessed a daily average tourist arrival of 2,971.

Kazakhstan’s national carrier Air Astana arrives in Mattala

Resuming regular international flights, Mattala Rajapaksa International Airport (MRIA) on Saturday welcomed services of Kazakhstan’s national carrier, Air Astana. The first Air Astana flight, an Airbus 321 arrived at 10.28 a.m. with 160 passengers onboard.

Sri Lanka does well on human and economic development relative to environmental damage

Sri Lanka is ranked top among the countries in Asia, which have achieved human and economic development relative to the damage done to their environment and the climate.

SL-India to enter into bilateral social security agreement

The government has decided to enter into a bilateral social security agreement with the Indian government, allowing Sri Lankan migrant workers employed in India to directly contribute to the Employees’ Provident Fund (EPF), which will exempt the requirement to contribute to the Indian social security system, the Ministry of Labour announced yesterday.

Sri Lanka welcomes over 1,500 tourists in January

Sri Lanka has welcomed a total of 1,682 tourists for the month of January, recording a 99.3 percent decrease in arrivals compared to the corresponding month in 2020.

Aitken Spence Travels facilitates first charter flight from Kazakhstan

Aitken Spence Travels, the leading DMC in Sri Lanka, working in partnership with TUI Kazakhstan, will welcome the country’s first charter from Kazakhstan today (February 6) after the airports reopened for tourist arrivals.

Colombo City Centre announces appointment of new CEO

Colombo City Centre, the premier waterfront mixed development project in Sri Lanka, has appointed Praveen Methil as the new CEO, who holds a wealth of experience spanning 24 years in real estate development, mall management and operations, brand building and new business development and growth strategies, along with a solid track record of success in leading start-ups, turnarounds and rapidly growing companies.

GameStop, ‘Reddit rally’ stocks slide more, Yellen vows scrutiny

Shares of GameStop Corp and others favoured recently by retail investors fell further on Thursday, while U.S. Treasury Secretary Janet Yellen said she needed to “understand deeply” the trading frenzy that has gripped Wall Street.

SriLankan Airlines celebrates unity in diversity this Independence Day

SriLankan Airlines, the national carrier of Sri Lanka and a member of the prestigious oneworld alliance, joins in the celebrations of the country’s 73rd Independence Day, with the release of a video containing a trilingual narration, delivered by a group of airline’s employees belonging to all ethnicities and religions.

IPS holds webinar on ‘Recovery of Sri Lanka’s Apparel Sector from COVID-19 Crisis’

The Institute of Policy of Studies of Sri Lanka (IPS) hosted a virtual panel discussion on the ‘Recovery of Sri Lanka’s Apparel Sector from COVID-19 Crisis’, on February 2, 2021.

Sunshine Holdings’ 3Q highlights strategic expansions into consumer and healthcare

Diversified conglomerate Sunshine Holdings reported resilient growth in top and bottom line performances during the first nine months of the current financial year (9MFY21), with strong contributions kicking in from healthcare, agribusiness and consumer sectors.

CB says settled swap arrangement with RBI

The Central Bank said it settled a swap arrangement with Reserve Bank of India (RBI), but refuted certain media reports that there was no special request from India to settle the facility prematurely.

SL welcomes over 1, 500 tourists in January

Sri Lanka has welcomed a total of 1,682 tourists for the month of January recording a 99.3 percent decrease in arrivals compared to the corresponding month in 2020.

Banks asked to sell 10% of worker remittance income to Central Bank

The Central Bank has asked licensed banks to sell 10 percent of the worker remittance income that they collect, back to the Central Bank on a daily basis when such remittance income reaches US$ 10 million threshold.

Kite vendors back at Galle Face

As Sri Lanka celebrated its 73rd Independence Day, some people in Colombo enjoyed the mid-week holiday at Galle Face after spending much of their time indoors for the last few months due to COVID-19. The picture shows kite vendors, who couldn’t do their business due to the virus, arranging their makeshift stall to re-start trade.

Colombo Port container throughput declines 4.7% in 2020

The container throughput at Port of Colombo declined by 4.7 percent year-on-year (YoY) to 6.85 million TEUs in 2020 due to pandemic-related effects, Sri Lanka’s Port Authority (SLPA) data showed.

Coconut fiber and kernel-based products exports on a tear

Coconut exports, mainly led by fiber and kernel-based products are on a tear as markets around the world are demanding Sri Lanka-grown coconut-based products due to their higher quality while local manufacturers have stepped up their efforts to meet the growing demand.

Wage indices chug along as inflation remains under check

Sri Lanka’s wages measured by wage rate indices for the public sector as well as the informal private sector have continued their climb unabated while the inflation decelerated, leaving real wages positive.

Sampath Bank to raise up to Rs.6.0bn via debenture issue

Sampath Bank PLC this week announced plans to issue BASEL III-compliant bonds to raise capital in order to stay above the minimum capital adequacy levels stipulated by the BASEL III regulations and also in view of the envisaged growth in loans as the banking sector is bracing for an acceleration in private sector credit during 2021.

Request for credit exposure reports was routine exercise, says CSE

Stock market operator, the Colombo Stock Exchange (CSE) in a letter on Wednesday clarified that the request for weekly reports on specific stocks from brokering firms was a mere routine exercise and by no means was intended towards disrupting the market sentiment.

Aung San Suu Kyi charged after Myanmar army coup

Myanmar police have filed charges against ousted leader Aung San Suu Kyi for illegally importing communications equipment and she will be detained until Feb. 15 for investigations, according to a police document.

Iran won’t accept any changes to nuclear accord: Rouhani

Iran will not accept any changes to the nuclear accord signed in Vienna in 2015, President Hassan Rouhani said on Wednesday.

MTI’s Business Review of 2020 and Outlook for 2021

For the 10th consecutive year, MTI Consulting (via their Corporate Finance practice), in partnership with Daily FT, Daily Mirror and Sunday Times, has concluded the MTI CEO Business Outlook Study, collectively outlining the Sri Lankan business community’s perception of the state of business in 2021.

First Capital paints gloomy outlook for economy

In what could be the gloomiest forecast issued by an independent research body so far, First Capital Research (FCR) this week said the sharp depreciation of the rupee against the US dollar, followed by a spike in interest rates — beginning from as early as the second quarter of 2021 — could send Sri Lanka’s economy reeling as the country scrambles to find growth.

Provincial quarantine centres to expedite migrant worker repatriations

Labour Minister Nimal Siripala de Silva has directed the Sri Lanka Bureau of Foreign Employment (SLBFE) to set up nine provincial quarantine centres, with the assistance of the COVID-19 Task Force, to expedite the repatriation of some 30,000 Sri Lankan migrant workers stranded abroad.

2020 worst year in history for air travel demand

ransport Association (IATA) yesterday announced the full-year global passenger traffic results for 2020, showing that the demand (revenue passenger kilometres or RPKs) fell by 65.9 percent compared to the full year of 2019, by far the sharpest traffic decline in aviation history.