LOLC Group acquires Serendib Hotels from Hemas for Rs.792mn

LOLC Holdings PLC’s strategic investment arm, Browns Investments PLC (BI), yesterday acquired the controlling stake of 55.65 percent of Serendib Hotel PLC, a subsidiary of Hemas Group, for a consideration of Rs.792 million.

Losing grip on COVID-19 now will have severe long-term economic implications

While the government and all sections of the business community are stepping up efforts to put the economy back on track, a senior economist warned that losing control of the COVID-19 outbreak now would lead to an economic hit that would be much severe in the longer term.

Cabinet nod to do away with caveat notices

The Cabinet of Ministers has approved a proposal to amend the Registration of Documents Ordinance, citing that caveat ban has become a tool means of extortion for fraudulent individuals, due to the loopholes in the ordinance.

Fiscal and liquidity challenges to intensify for non-investment grade sovereigns: Moody’s

Fiscal and liquidity challenges facing non-investment-grade sovereigns have intensified in the context of uneven global economic recovery caused by the pandemic, with many emerging and frontier economies not recovering to pre-pandemic levels until 2022 at the earliest, pressuring their credit fundamentals, according to Moody’s Investors Service.

Govt. to treat Kitul as top crop

The government has decided to move ahead and establish the Kitul Development Board, while nominating kitul (fishtail palms) as a main plantation crop.

Cabinet nod for Int’l Gem & Jewellery Trade Centre in Ratnapura

The Cabinet of Ministers this week gave the nod to kick off the construction of the proposed International Gem and Jewellery Trade Centre in Ratnapura.

Economic growth hits all-time low in 2Q

Sri Lanka’s economic growth contracted by whopping 16.3 percent in the second quarter of this year, recording the largest ever drop recorded in the country’s history, the Department of Census and Statistics (DCS) today said.

LOLC Group acquires Hemas Group’s Serendib Hotels

LOLC Group today acquired the hospitality arm of Hemas Holdings PLC in a deal worth over Rs.600 million.

Trade deficit narrows further in October

Improvement in Sri Lanka’s external sector performance continued in October as well with the trade deficit narrowing further largely due to restrictions imposed on non-essential imports, and the lower oil bill.

Suresh de Mel assumes duties as new EDB Chairman

Suresh de Mel, a well-known entrepreneur, assumed duties as the new Chairman of the Sri Lanka Export Development Board (EDB) yesterday. He succeeds the outgoing EDB Chairman Prabhash Subasinghe, who ended his one-year tenure early this month.

Credit card spend falls for third consecutive month in October

The total outstanding credit card balance fell yet again for the third month in a row in October amid lack of spending opportunities with coronavirus restrictions.

SL’s place in latest Global Knowledge Index unchanged

Sri Lanka scored 42.1 points in the Global Knowledge Index (GKI) 2020 recording a marginal improvement in the score, though the country rank remains unchanged.

Dhammika Perera launches DP Digital University free online learning platform

Extending higher education facilities designed to enhance employability and opportunity for Sri Lankan youth, philanthropists DhammikaPerera and Priscilla Perera launched DP Digital University, a free online education portal that offers an extensive portfolio of courses from reputed universities and institutions across the world.

Prime lending rate hits fresh low indicating room for lending rates to come down further

The prime lending rate touched another fresh low last week, signaling that downward trend of lending rates is not yet over, while underscoring Monetary Board’s claim about more wiggle room for rates to respond to rate cuts.

Dhammika Perera launches DP Digital University free online learning platform

Extending higher education facilities designed to enhance employability and opportunity for Sri Lankan youth, philanthropists Dhammika Perera and Priscilla Perera launched DP Digital University, a free online education portal that offers an extensive portfolio of courses from reputed universities and institutions across the world.

Looking to lock-in funds at lower rates, govt. raises Rs.85bn in T-bonds

The government raised just shy of Rs.85 billion in a bond issuance on Friday in what could be the final for the year as the December 11 was the last one scheduled in the calendar for 2020 to raise long-term funds for the government.

Foreign reserves fall by US$ 300mn to US$ 5.5bn in Nov.

Sri Lanka’s foreign reserves buffer fell over US$ 300 million to US$ 5,549.3 million by the end-November, from US$ 5,855.7 million by end-October, while the Central Bank continues to remain a net buyer of foreign exchange to prop up reserves as well as to prevent the rupee from overly appreciating.

Piramal Glass enters deal to sell Lankan operations for Rs.13bn

Piramal Glass Ceylon PLC (GLAS), Sri Lanka’s only glass bottle maker, last Friday said its controlling shareholder Piramal Glass Private Limited has entered into a share sale and purchase agreement with Pristine Glass Private Limited, a company incorporated in India.

Businesses, traders plead authorities not to spoil shopping season

Businesses—big and small—are pleading with the authorities not to create a fear psychosis over people going shopping for the festive season as they follow the strict health guidelines when welcoming their clients.

SL tourism urged to think afresh on destination marketing

Sri Lanka received a strong call to not continue to opt for old models of destination marketing in reviving tourism and was urged to be realistic about the recovery timeframe as the global scenario is not as optimistic as currently presented.

SriLankan increases flights to Singapore and adds Malaysia

SriLankan Airlines is set to increase the frequency of passenger flights from Colombo to Singapore from once a week to thrice a week, commencing December 18, 2020.

Govt. says S&P’s take on Budget 2021 diametrically different to local biz leaders’ viewpoint

The government has expressed disappointment over a downgrade of the country’s sovereign credit to CCC+ from B- by S&P Global, saying the rating agency has ignored a medium term budget framework.

Corporate earnings soar to best quarter in two years in September

Sri Lanka’s listed company earnings surged to its best in two years during the July-September quarter, as lifting of virus related lockdowns, fiscal and monetary stimulus, rebound in exports and pent up demand, boosted their top lines, while they themselves made their operations leaner to post record profits.

Banks barred from buying Lankan sovereign bonds

The Central Bank has barred licensed commercial banks and National Savings Bank (NSB) from purchasing Sri Lanka international sovereign bonds (ISBs) for a period of six months unless such purchases are funded with new dollars sourced abroad.

UL ups flight frequency to Singapore

SriLankan Airlines announced today its decision to increase the frequency of passenger flights on Colombo-Singapore route.

Immediate implementation of budget proposals announced

The Finance Ministry this week announced the immediate implementation of a range of loan schemes proposed in Budget 2021, targeted at state and private sector employees, small and medium enterprises (SMEs) and dairy farmers.

S&P Global lowers Sri Lanka’s sovereign rating to ‘CCC+’; outlook Stable

S&P Global Ratings yesterday lowered its long-term foreign and local currency sovereign credit ratings on Sri Lanka to ‘CCC+’, from ‘B-’, in tandem with the other two rating agencies, Moody’s and Fitch, which have already downgraded Sri Lanka over accelerated external financing risk.

Agri Ministry decides to provide Rs.700mn for 2,000 families to cultivate fruits for export

The Agriculture Ministry has decided to provide Rs.700 million for 2000 families, to cultivate fruits for the export market, with the aim of uplifting the economy of the poor farming community.

UL wins Four Star Major Official Airline rating from APEX

SriLankan Airlines was awarded ‘Four Star Rating for Major Official Airline’ for 2021 by the Airline Passenger Experience Association (APEX), at the Future Travel Experience (FTE) Virtual Expo Award ceremony that was held on December 9, 2020.

Rakuten Viber celebrates a decade of operations in Sri Lanka

Rakuten Viber, one of the world’s leading apps for free and easy communication, celebrates a decade of enriching Sri Lankan lives with its unique messaging platform, one that values users’ privacy and mobile technology.