Second wave of lockdowns in West slows down SL’s apparel exports momentum

The COVID-related lockdowns, which went up around October in the Western hemisphere, blunted the momentum for demand for Sri Lankan-made apparel in its key customers in the USA and European Union.

Maiden investor of Eravur fabric park to ink agreement with BOI shortly

The maiden investor of the fabric processing park in Eravur is expected to sign an investment agreement with the Board of Investment (BOI) shortly, a top BOI official said.

Asia Securities joins bandwagon forecasting stellar 2021 for stocks

Asia Securities joined the chorus of forecasting an excellent ride for Sri Lankan equities in 2021, powered by robust earnings supported by lower interest rates, domestic manufacturing policy tilt and the rejuvenated hopes for policy and political stability.

Three financial institutions fined under anti-money laundering rules

The Financial Intelligence Unit (FIU), which operates under the Central Bank, yesterday said it fined three finance companies to the tune of Rs.2.3 million in the past six months up to December 31, 2020, under the anti-money laundering (AML) and combating the financing of terrorism (CFT) laws.

SOEs remit Rs.7.5bn in dividends & levies to Treasury for Jan.-Aug. 2020 period

The state-owned enterprises (SOEs) have remitted nearly Rs.7.5 billion in dividends and levies back to the government coffers during the eight months to August in 2020, only a fraction of what the government got as dividends and levies during 2019.

Cabinet decision sought to overcome plantation sector wage stalemate

Amid continuous opposition from the Regional Plantation Companies (RPCs) to implement the proposed Rs.1, 000 daily wage for plantation workers, Labour Minister Nimal Siripala de Silva is expected to present a proposal to the Cabinet of Ministers today compelling the RPCs to grant the wage increase.

China emerges as leading bilateral lender to Sri Lanka in 2020

Final decision on airport re-opening on Jan. 15

The government will reach a final decision on re-opening of the country’s international airports for commercial flights on 15th of this month, State Minister of Aviation and Export Zones Development, D. V. Chanaka told Mirror Business last Friday.

Interest rates’ downside run could end by first half, says First Capital

First Capital Research (FCR) believes the little under two-year long downside run of interest rates could come to an end by end of the first half of this year, but the clues coming from the Central Bank and elsewhere suggest that it has more life to run its course.

President to declare open US$ 100mn Ferentino Tyre plant this week

The first phase of South and Southeast Asia’s largest tyre manufacturing plant, FerentinoTyre (formely known as Rigid Tyre) is scheduled to be opened this Thursday (14th) by President Gotabaya Rajapaksa.

CB to release medium-term inflation projections from this month

The Central Bank will release regular quarterly medium term inflation projections from this month so that businesses and other economic actors can make up their projections on prices and gauge the trajectory of future monetary policy actions much better than what speculation suggests.

EPF members requested to avoid visiting Labour Secretariat for fund withdrawals

The Commissioner General of Labour, B.K.Prabath Chandrakeerthi has urged the public to avoid visiting Labour Secretariat located in Narahenpita to withdraw their EPF funds or submit application to withdraw funds due to the recent spike in COVID-19 cases, particularly in the Colombo district.

EPF-backed loans contribute to over 20% of SMIB’s troubled loans

State Mortgage and Investment Bank (SMIB) is at the forefront of disbursing Employees’ Provident Fund (EPF)-backed loans to salaried individuals, but the bank is now confronted with over 20 percent of bad loans as the borrowers as a habit renege on their contractual obligation to service their facilities expecting the bank to recover such loans from the EPF.

Dialog completes acquisition of H One from Hirdaramani

Dialog Axiata PLC yesterday said it completed a deal to acquire 100 percent shareholding of H One (Private) Limited, through Dialog Broadband Network (Private) Limited (DBN), a fully-owned subsidiary of Dialog.

Apple and Hyundai announce electric car tie-up

Hyundai has announced it is in early discussions with Apple to work together on self-driving electric cars.

Hela Clothing JV to operate largest bra-making plant in East Africa

Hela Clothing, by acquiring a 50 percent stake in Sumbiri Intimates Apparel PLC from Indonesian owner Sumber Bintang Rejeki, has formed a new joint venture in East Africa to manufacture bra and intimate products out of the Hawassa Industrial Park in Southern Ethiopia.

Cabraal reiterates SL will honour its debt obligations

Sri Lanka would honour its loans and would not default, especially when it comes to international sovereign bonds, Finance, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday.

PM instructs authorities to provide credit facilities to small and medium-scale rice growers

Prime Minister Mahinda Rajapaksa this week instructed the relevant authorities to take steps to provide credit facilities to small and medium-scale rice producers.

Equity brokerage says Chinese debt trap claims not based on objective evidence

China hawks, who have been constantly calling that Sri Lanka could tilt disproportionately towards China, appeared to have made that claim based more on innuendos rather than objective evidence, the research unit of a Colombo-based equity brokerage said.

Indian Foreign Minister interacts with captains of local biz and industry

Indian External Affairs Minister Dr. S. Jaishankar on Thursday interacted with the captains of Sri Lankan business and industry that represented prominent business conglomerates and manufacturing entities in the country.

Stock market turnover crosses Rs.9.1bn: LOLC Group accounts for bulk

Bolstered by the benchmark All Share Price Index (ASPI) crossing the 7, 000-point mark on Wednesday, the Colombo Stock Exchange yesterday steamed ahead with full throttle with market turnover crossing Rs.9.1 billion. ASPI gained 60.08 points or 0.87 percent to close at 7, 097.84 while the more liquid S&P SL 20 lost 10.633 points or 0.39 percent to close at 2, 692.56.

Fresh health guidelines issued to resume tourism

The local tourism sector was issued with a fresh set of health guidelines this week to accommodate international travellers in the coming months with the anticipated opening up of the country’s airports for tourism by end of this month.

LOLC investments exits BPPL Holdings

LOLC Investments Ltd. yesterday sold its entire stake in the brush maker BPPL Holdings in a Rs.1.28 billion deal.

Pasan Wanigasekara assumes duties as BOI Director General

Pasan Wanigasekara yesterday assumed duties as the Director General of the Board of Investment (BOI), the investment promotion agency of the Government of Sri Lanka.

Legislation to regulate unregulated money lending activities before Cabinet

The Monetary Board approved draft of Microfinance and Credit Regulatory Authority Act aimed at regulating the country’s informal money lending activities is now before the Cabinet of Ministers.

Royal Ceramics to commission new tile making plant targeting price sensitive market segment

Dhammika Perera-controlled Royal Ceramics Lanka PLC plans to commission a new tile manufacturing plant targeting the more price-sensitive segment of the market and increase the company’s tile production capacity by 20 percent.

BOC says geared to meet challenges of 2021 with increased focus on digital delivery

After an extremely challenging 2020 marked by COVID-19 pandemic, Sri Lanka’s State-run banking giant, Bank of Ceylon (BOC), says it is geared to meet challenges of 2021 with an increased focus on digital delivery channels to deliver uninterrupted services and ensuring maximum safety for its customers and staff.

Tick size changed for equity securities trading on CSE

The Board of Directors of the Colombo Stock Exchange (CSE) has made a decision to change the tick size applicable to equity securities traded on the automated trading system (ATS). The necessary rule changes have been carried out by the CSE to facilitate this change with the approval of the Securities & Exchange Commission of Sri Lanka (SEC).

Elon Musk overtakes Jeff Bezos to become world’s richest person

Tesla Inc, chief and billionaire entrepreneur Elon Musk surpassed Amazon.com Inc’s top boss Jeff Bezos to become the world’s richest man, Bloomberg News reported today.

LOLC Investments exits BPPL Holdings

LOLC Investments Ltd. today sold its entire stake in the brush maker BPPL Holdings in Rs.1.28 billion deal.