Mila Fashion to set up US$ 3mn apparel plant in Welioya

Mila Fashion, part of the Design Studio group, has entered into an agreement with Sri Lanka’s Board of Investment (BOI) for the setting up of a brand-new apparel manufacturing plant in Welioya.

Foreign interest back on govt. securities

Foreign holdings of Sri Lanka government securities have increased to-date during 2021, the official data showed.

Market regulator says CSE given complete autonomy on IPO approvals

The Securities and Exchange Commission (SEC) has decided to give full autonomy to the Colombo Stock Exchange (CSE) on the Initial Public Offering (IPO) process and has relaxed the Listing Rules on the same to encourage more listings on the Colombo bourse.

Partial acceptance of T-bills at auctions intentional: ICRA Lanka

Amid certain quarters finding fault with the Central Bank and the overall economy for not being able to sell the entire stock of Treasury bills at weekly auctions in recent times, a rating agency said the move was intentional and appeared to be in line with the key doctrines of the Modern Monetary Theory (MMT), what is now being followed by the monetary authority to manage the economy.

Manufacturing and services activities expand in December

The Purchasing Managers’ Index (PMI) for both manufacturing and services continued its expansion in December indicating that economic activities are recovering much faster than expected and virus related restrictions are only having minimal impact.

Stock market steams ahead amid local investor bullishness

The Colombo Stock Exchange (CSE) continued its bull run full steam ahead yesterday, smashing records and setting new ones, amid tremendous local investor bullishness, though foreigners continued to keep away.

SLCSMI welcomes President’s move to appoint deregulation commission to simplify laws

The Sri Lanka Chamber of Small and Medium Industries (SLCSMI) yesterday welcomed the initiative of President Gotabaya Rajapaksa in appointing an 18-member deregulation commission for the simplification of the existing laws and regulations in the interest of the people.

Australia’s MDF-Biomass Supplies promote sustainable agro-energy

The Australian government-funded Market Development Facility (MDF) has partnered with bio-resources development company Biomass Supplies (a subsidiary of Biomass Group) to promote a sustainable agro-energy model to protect Sri Lanka’s forests, support clean energy generation and improve the livelihoods of rural women and farming communities.

‘A clear and final no’: French minister opposes US $ 20bn Canadian offer for Carrefour

Finance Minister Bruno Le Maire expressed France’s stiff opposition to a possible near-US $ 20 billion takeover of Carrefour by Canada’s Alimentation Couche-Tard yesterday, driving the French retailer’s shares down by 4.5 percent.

SriLankan’s efforts in ensuring highest standards for passenger safety awarded

SriLankan Airlines has been awarded the Platinum Standard status by APEX Health Safety, powered by SimpliFlying, following a full independent audit for the airline’s efforts in ensuring the highest standards for passenger safety and well-being during air travel, post COVID.

Sri Lanka Tourism Development Authority to introduce a mobile phone app for tourists

The government has decided to introduce a new mobile phone application for tourists visiting Sri Lanka, the Sri Lanka Tourism Development Authority (SLTDA) said.

Trade deficit narrows further despite COVID-19 second wave

Sri Lanka’s external sector performance continued to improve in November with the trade deficit narrowing further, mainly due to the restrictions imposed on non-essential imports and the lower fuel bill, despite the second COVID-19 wave taking a toll on the export revenue.

SriLankan Airlines awarded ‘Platinum Standard’ by APEX Health Safety

National carrier, SriLankan Airlines has been awarded ‘Platinum Standard’ status by APEX Health Safety, powered by SimpliFlying.

People’s Bank responds to media reports

People’s Bank in a brief statement today clarified on recent news reports in media about the bank.

Post-COVID educational priorities for Sri Lanka

The global shock of the COVID-19 pandemic proves, once again, the old adage that ‘it takes a crisis’ and especially so in the world of education. From school leaders to students, educators and parents, are absorbing the lessons, rethinking past assumptions and considering what once seemed like unlikely scenarios.

Productive workplace: Manage not projects but everything

No 21st century organisation can survive without a central information system that integrates its work functions across the units and management layers. Some organisations do this with enterprise resource planning (ERP) software tools,

South Asia’s largest tyre factory declared open

The first phase of South Asia’s largest tyre manufacturing plant, Ferentino Tyre - which was formerly known as Rigid Tyre - was opened by President Gotabaya Rajapaksa yesterday.

Deposit insurance scheme to undergo revision for better compensation mechanism

Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) is slated to undergo certain revisions this year to expedite the payment of compensation to depositors of failed financial institutions.

Emerging markets in “sweet spot” this year, says Asia Securities

Emerging market economies have seen fund inflows turning positive last November in a sign that global investors are rebalancing their fund allocations seeking higher yields and cheaper emerging market valuations, and the trend could set off a positive momentum for portfolio inflows into Sri Lanka.

CB expects to buy sizeable amount of dollars from forex market this year

The Central Bank said it expects to purchase a sizeable amount of dollars this year to rebuild the country’s external reserves buffer after net interventions in December 2020 turned negative. After being a net purchaser of dollars from the foreign exchange market for several months, in December, the Central Bank’s inventions resulted in net sales of foreign currency amounting to US$ 22.5 million to defend extreme volatility of the rupee against t

500-acre industrial zone in Horana for rubber-based products

The government is gearing to setup a 500-acre industrial zone for rubber-based products in Horana with an aim to double the country’s rubber and rubber-based exports earnings.

Deposits rates log steepest annual declines in 2020 as monetary policy transmission holds

Deposit rates recorded their steepest decline in 2020 as the unprecedented monetary accommodation takes root more effectively and faster than any time in the history while the modest inflation in the country keeps real rates still at positive levels, the latest data showed.

Top global investor Nathaniel Rothschild visits Port City Colombo

World renowned financier and a member of Rothschild family, Nathaniel Rothschild who is in Sri Lanka for a brief business tour, paid a visit to Port City Colombo yesterday morning.

Sri Lanka eyes slice of global boat & ship building market

Sri Lanka is seeking to scale up its boat and ship building industry, a heavy duty industry which requires a lot of engineering know-how, expertise and technology, as the country is talking with several leading foreign companies to forge partnerships or joint ventures.

CSE ranked world’s second best performing market

Who should own the demutualised Colombo Stock Exchange?

The immediate implication of Demutualisation is that the process seeks to give majority control of the Stock Exchange to the investors who may not have trading rights.

Utilising recyclable PET plastic waste: Towards a circular economy

“Reduce, reuse, and recycle”- a household phrase you’ve probably heard over and over again either through school, from awareness campaigns or even on TV.

CSE records highest market cap ever and number of trades in a market day

The Colombo Stock Exchange (CSE) yesterday recorded two significant milestones with the market capitalisation reaching an all-time high value of Rs.3.25 trillion and recording 52,559 trades, which is the highest number of trades recorded within a market day.

President clears the air on East Container Terminal

President Gotabaya Rajapaksa yesterday stressed that the East Container Terminal (ECT) of the Colombo Port would not be sold or given on lease to any outside party.

Govt. to allow coconut kernel imports to support related industries

With an estimated shortage of 250 million coconuts this year, the Cabinet of Ministers has approved a proposal to import coconut kernel for the local coconut kernel-related industries, subject to conditions.