FTZMA congratulates newly-appointed EDB Chairman

The Free Trade Zone Manufacturers Association (FTZMA), on behalf of its members, congratulated the newly-appointed Export Development Board (EDB) Chairman Suresh de Mel, who is expected to assume duties on Monday.

US $ 9bn ADB facility to help members access and distribute COVID-19 vaccines

The Asian Development Bank (ADB) has launched a US $ 9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility (APVAX)—offering rapid and equitable support to its developing members, as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines.

US to launch US $ 19.5mn project to help SMEs and empower Lankan women

The United States has launched a new US $ 19.5 million (Rs.3.6 billion) initiative to help small businesses and economically empower Sri Lankan women.

Sri Lanka’s tobacco smoking challenge: Going the last mile

“I stopped smoking after being diagnosed with cancer. I was shocked when I heard about it. Doctors say it is because of tobacco smoking. I know it is late now to quit but I decided to do so because I do not want my condition to worsen. It is heart-breaking to go to the cancer hospital in Maharagama and see what people are going through.”

Carbon neutrality by 2050: World’s most urgent mission

As the world marks the fifth anniversary of the adoption of the landmark Paris Agreement on climate change, a promising movement for carbon neutrality is taking shape. By next month, countries representing more than 65 percent of harmful greenhouse gasses and more than 70 percent of the world economy will have committed to achieve net zero emissions by the middle of the century.

Taxes on essential products: Bringing the debate back to where it matters

Sri Lanka’s exorbitant taxes on sanitary napkins had the media spotlight over the last few weeks – this is not a new issue. In 2018, the total tariffs on sanitary napkins was over 101.2 percent. Since then we have seen some progress, with the tax being reduced from 101.2 percent to its current rate of 52 percent, a result of several tax revisions.

IMF bailout inevitable for Sri Lanka, says Citibank

An International Monetary Fund (IMF)-backed deal is inevitable for Sri Lanka’s government that is in denial of the looming debt crisis, the research arm of Citibank, Citi Research said.

Businesses eager to borrow in 4Q for operational purposes: CB survey

Sri Lankan companies have shown eagerness to borrow from banks for their operational functions, as the economy recovers from the coronavirus-induced shocks and the recently presented budget-signalled policy stability.

Sri Lankans urged to cut Christmas shopping over COVID-19

With the spread of COVID-19 in the country, the Director General of Health Services has published a series of guidelines to be followed by the public during the Christmas/festive season.

Lack of standards in production identified as key hindrance to MSME progress

Although Sri Lanka receives continuous support from both domestic and international agencies to uplift its rural economy, the products and services of the micro, small and medium-sized enterprises (MSMEs) have failed to reach the international market, due to issues pertaining to standards.

Govt. raises Rs.26bn after offering Rs.40bn in T-bills

The Central Bank saw its primary auction held this Wednesday to raise Rs.40 billion via treasury bills, receiving bids worth of Rs.54.04 billion. But the bank accepted little less than half of the bids.

Local cement production up; imports decline amid higher tax

Local cement production continued its climb for the fourth consecutive month in September, indicating that the construction sector is forging ahead, as the virus-related shocks in the economy dissipate.

Tundra Sustainable Frontier Fund loses money on Lankan equities in November

While the Sri Lankan equities are on a bull run buoyed by positive local investor sentiment on policy and political stability and certainty on tax policy, foreign funds, which have invested in Sri Lankan stocks, appear to have failed to make the most of the rally.

LOLC to raise up to Rs.6.5bn via listed debentures

LOLC Holdings PLC yesterday revealed the plans to raise up to Rs.6.5 billion, by way of a listed debt issue.

IIF highlights Sri Lanka’s funding needs for next year

Sri Lanka could manage the upcoming US $ 1 billion international sovereign bond (ISB) settlement in July, next year and current account deficit in the first half of the year, with US $ 500 million in net bilateral or multilateral funding while keeping reserve losses at manageable levels, according to the Institute of International Finance (IIF), a Washington-based global association of the financial services industry.

IFC to consider US $ 50mn financing facility for MAS Holdings

The International Finance Corporation (IFC) of the World Bank Group has proposed a US $ 50 million financing facility to Sri Lanka’s MAS Holdings, to sustain its operations while preserving its workforce in Sri Lanka.

Two BOC Non-Executive Directors resign

The two Non-Executive Directors, Lalith Withana and Hasitha Premaratne, have resigned from the director board of Bank of Ceylon (BOC), with effect from December 8, 2020.

Sanjaya Mohottala assumes duties as BOI Chairman

Sanjaya Mohottala assumed duties yesterday as the 21st Chairman of the Board of Investment (BOI), the apex investment promotion agency of the Government of Sri Lanka.

Lanwa Sanstha Cement to commence operations in June

State-of-the-art cement manufacturing facility Lanwa Sanstha Cement Corporation (Pvt.) Ltd, which is slated to be one of the largest in the region, is scheduled for commissioning in June 2021.

Fitch cuts Sri Lanka Insurance’s IFS to ‘CCC+’ on sovereign downgrade

Fitch Ratings has downgraded Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength (IFS) Rating to ‘CCC+’, from ‘B’. Fitch typically does not apply Outlooks to ratings in the ‘CCC’ category or below. SLIC’s National IFS Rating was not covered in this review.

Coronavirus dominates global sovereign 2021 outlook: Fitch

The uncertainties over the spread of coronavirus as well as its immediate and longer-term economic implications will continue to exert pressure on global public finances in 2021, according to Fitch Ratings.

Cargills Bank cuts 3Q loss on significantly lower provisions

Cargills Bank Limited cut losses by nearly half in the three months to September 30, 2020, predominantly aided by significantly lower loss provisions against the possible bad loans compared to the previous year.

Sanjaya Mohottala assumes duties as BOI Chairman

Current Director General Sanjaya Mohottala has assumed duties as the Chairman of Board of Investment (BOI) of Sri Lanka.

Cabinet grants US$ 300mn tax holiday for Chinese tyre plant

The Cabinet of Ministers has cleared tax holidays to the tune of US$300 million for the proposed tyre plant by China’s Shandong Haohua Tire Co. Limited in the industrial park within the Hambantota International Port.

Gnanam family-controlled Capital City secures 10MW wind power plant contract in Trinco

The Cabinet of Ministers this week gave its nod to award the contract for the construction of 10MW wind power plant for the Trincomalee Grid Substation to Gnanam family-controlled Capital City Holdings (Pvt)Ltd.

Renuka Holdings taps Rs.1bn in shareholder funds digitally

Renuka Holding PLC (RHL) has announced plans to raise Rs.1.031 billion via a rights issue closing on the December 16 to carry out debt settlements and to fund future investments into group subsidiaries, according to a circular issued to its shareholders.

Deposit rates decline further in November

Sri Lanka’s deposit rates further declined in November in response to continuous decline in lending rates.

Cabinet nod for long-term ‘HRD Plan’ for public sector

The Cabinet of Ministers has approved a proposal to formulate a long-term ‘Human Resource Development Plan’ for the public sector with a broad stakeholder engagement to enhance the efficiency and productivity of the country’s public service.

Fitch cuts BOC’s rating in line with sovereign downgrade

Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘CCC’, from ‘B-’.

Sri Lanka placed on agenda for next MCC Board meeting on Dec.15

Sri Lanka has been placed on the agenda for the next Millennium Challenge Corporation (MCC) Board meeting scheduled for December 15.