Coordinated effort and clear protocols must to revive tourism, stress industry stakeholders

As authorities continue to explore avenues to welcome international travellers amid the pandemic, the tourism industry is of the view that required is a clear set of protocols to ensure all stakeholders are on the same page.

Spike in capital raising activities expected next year

A rating agency official who declined to be named said they are receiving a considerable number of applications seeking new credit ratings, in an indication that coming year could see an influx of companies wanting to raise money either through equity or debt.

Small business lending rates continue downtrend as credit accelerates

Lending rates to small and medium sized businesses (SMEs) continued to descend in November amid pickup in credit in the economy.

CMO Asia announces top 22 Women Leaders in Sri Lanka

The second installment of the ‘World Women Leadership Congress Presents Sri Lanka’s Women Leaders’ celebrated Women Leaders in several geographic regions globally, recognising some of the finest women leaders and achievers for 2020.

Digitalisation at core, People’s Bank eyes change in perception

As far as democratisation of banking services in Sri Lanka is concerned, People’s Bank remains atop. It was the bank that took commercial banking, which was primarily serving the wealthy and the financially sophisticated, to the masses.

Export earnings fall for second month in November

Sri Lanka’s merchandise export earnings suffered for the second consecutive month in November due to the adverse impact of the second wave of COVID-19 pandemic that began in early October, which slowed down manufacturing and disrupted port related activities.

CB says taking appropriate action aggressively to curtail undue rupee depreciation

The Central Bank yesterday said they are taking steps to stem the recent undue depreciation of the rupee against the US dollar.

Banks barred from buying ISBs

Meanwhile, the Central Bank has barred licensed commercial banks and the Wtate-owned National Savings Banks from buying international sovereign bonds (ISBs), which are trading at steep discounts.

SL should be self-sufficient in all aspects, says PM

Prime Minister Mahinda Rajapaksa this week said in order to have hope for the future, the programme of making Sri Lanka self-sufficient in all sectors should be realised.

Korean Ambassador meets BOI Chairman

Korean Ambassador in Sri Lanka Woonjin Jeong met with the newly appointed Board of Investment (BOI) Chairman Sanjaya Mohottala this week at the BOI premises.

Hatton Plantations sharpens competitive edge via strategic deal with Regency Teas

Hatton Plantations PLC (HPL) is entering into a strategic partnership with Regency Teas, a milestone in the company’s rapid and remarkable progress.

Pelwatte Dairy hails Budget 2021

SL’s remaining foreign liabilities at just US$ 8.0mn for this year

Sri Lanka’s remaining foreign liabilities for the remainder of the year is estimated at just US$ 8.0 million, assuaging unfounded fears over the risks pertaining to the country’s foreign currency debt obligations and the broader external sector.

Leopard Trails bags Gold at SATA Awards 2020

Sri Lanka’s luxury tented camping specialist Leopard Trails bagged the Gold award for Leading Wildlife Tented Camp in South Asia at the South Asian Travel Awards (SATA) 2020.

RPCs submit fresh proposal to boost worker earnings

Taking a cue from the success of the smallholder sector, Sri Lanka’s Regional Plantation Companies (RPCs) have handed over a fresh proposal aimed at radically expanding worker earnings during a recently concluded meeting with the Labour Minister and trade union leaders.

National rating scale recalibrated following sovereign downgrade

Fitch Ratings has recalibrated its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers, following Fitch’s downgrade of the country’s sovereign rating to ‘CCC’ from ‘B-’ on 27 November 2020.

Basil wants grocery stores built into houses to encourage women entrepreneurship

The government wants houses designed with grocery stores built into them to promote women entrepreneurship at village level.

JKH, Central Finance get more time to reduce NTB stakes

The Monetary Board of the Central Bank has agreed to give more time for John Keells Group and Central Finance Group to reduce their shareholdings in Nations Trust Bank PLC (NTB).

Lower employee productivity highlighted at President’s meeting with biz executives

Leading local business leaders representing a number of sectors said lackadaisical nature of some employees is among several key issues they are facing right now, which impede business progress.

November tea production marginally up; cumulative output contracts

Sri Lanka’s Tea Production for November showed a marginal increase of 0.78 MnKg from the corresponding period in 2019. However, cumulative production for the eleven months of the year has contracted by 28.32 MnKg Year-on-Year (YoY).

Dialog Axiata to acquire Microsoft enterprise solutions provider H One

Dialog Axiata PLC yesterday said it had entered into an agreement to acquire 100 percent shareholding in H One (Private) Limited, through Dialog Broadband Network (Private) Limited (DBN), a fully owned subsidiary of Dialog.

Fitch says banks’ capital impairment risk manageable due to higher earnings retention

Although Sri Lankan banks could confront capital impairment risks, Fitch Ratings said it is “mostly manageable,” as most private banks have healthy capital buffers and the relatively muted lending prospects could be offset by earnings retentions, bolstering their core capital buffers further.

Govt. says yet to reach final decision on ECT

The government yesterday reaffirmed its commitment to reach a final decision on the East Container Terminal (ECT) of Colombo Port after scientifically analysing all factors related to the terminal from an international business perspective.

President launches second phase of ‘Viru Abhiman’ COVID-19 insurance cover

In line with President Gotabaya Rajapaksa’s ‘Vistas of Prosperity and Splendour’ national policy framework and the concept of ‘Insurance for All”, the second phase of ‘Viru Abhiman’, an exclusive COVID-19 insurance cover was launched by Sri Lanka Insurance Corporation (SLIC) yesterday.

“Cash is king!” says Softlogic Chief Ashok Pathirage

Diversified conglomerate Softlogic Holdings PLC shared that having steered through the year of pandemic with a series of adjustments to settle in the new normal, the entity’s immediate attention will be directed towards extending its cash runway. “…our spirit remains unquenched and the determination to succeed against the odds grows.

Sampath, HNB discontinue rating deals with Moody’s

Both Sampath Bank PLC and Hatton National Bank PLC (HNB) have decided to discontinue the credit ratings obtained from Moody’s Investors Service.

Asia Capital to acquire 70% of Navara Capital Partners

Investment banking house Asia Capital PLC (ACAP) yesterday announced to Colombo Stock Exchange (CSE) that the company has entered into a share purchase agreement to acquire 70 percent stake of Navara Capital Partners Ltd. (NCPL).

November national inflation decelerates to 5.2% as demand slacks

Sri Lanka’s national prices eased in November from a month earlier, as food prices sagged due to underwhelming demand for goods amid people cutting back on consumption and some skipping in-store visits to supermarkets on fears of contracting the virus.

Ceylon Black Tea social media campaign kicks off

The Ceylon Black Tea promotion campaign kicked off this December 2020, with a total investment of Rs.35 million aimed at boosting the theme‘Ceylon Tea – The World Favourite Tea’ through social media platforms.

DG Commerce empowered to act on anti-dumping enforcement

The Director General of Commerce is now empowered to drop the hammer on any activity, which is tantamount to dumping of goods, and take tougher action on such violations under the law enacted with the passage of ‘Anti-dumping and Countervailing Duties Act No.2 of 2018 and Safeguard Measures Act No.3 of 2018, brought in by the previous administration.