SL secures US$ 400mn ADB loan to improve secondary education

The Asian Development Bank (ADB) and the Government of Sri Lanka (GOSL) yesterday signed a US$ 400 million loan agreement to support the country in transforming its secondary education system to align with the demand for highly skilled and agile workers who can compete in the rapidly changing global economy.

Govt. mulls over BOI leadership structure

Following the resignation of Susantha Ratnayake as the Chairman of Board of Investment (BOI), the government is currently considering whether to combine the Chairman and Director General positions into one role or continue with the current structure.

Japan to invest in Eastern Container Terminal, not give a loan

NewsIn.Asia: Now that the Gotabaya Rajapaksa government has finally decided to get India, Japan and the Sri Lanka Ports Authority (SLPA) to jointly develop the Eastern Container Terminal (ECT) in Colombo port, the details are being worked out with the three stakeholders, diplomatic sources said.

Fitch downgrades SriLankan’s US $ 175mn govt. guaranteed bonds

Do not kill the goose: There is no such thing called ‘golden eggs’

At last, the rubber price is improving; the event we have long waited for but we do not know for how long it will last. The growers had to undergo a long frustrating period with rubber, as far as the price is concerned and therefore, it is not unreasonable or wrong to get the full benefit of the prevailing high price.

Investors snub rating downgrade as market indices end in green

Stock investors snubbed the sovereign downgrade by Fitch Ratings last Friday, as the market continued its bull run in the first session opened on Monday, after the rating action.

Banks to face capital declines without new injections: Moody’s

Moody’s Investors Service, in a report issued on the emerging market banks and insurance companies said yesterday that Sri Lankan banks would experience large capital declines without new capital injections over the next two years, due to asset quality concerns, lower profitability due to muted credit growth and thin margins.

NatWealth Securities ceases to be primary dealer

The Monetary Board of the Central Bank yesterday withdrew the appointment granted to NatWealth Securities Limited (NWSL) to function as a primary dealer.

Sending of migrant workers to Saudi Arabia resumes

The Sri Lanka Bureau of Foreign Employment (SLBFE) said it has resumed sending migrant workers to Saudi Arabia, for employment.

Widening levels of poverty and inequality in Sri Lanka a concern: UNDP

As Sri Lanka is faced with the added challenge of dealing with the social consequences arising from the COVID-19 pandemic, the United Nations Development Programme (UNDP) expressed concerns on the country’s rising levels of poverty and widening inequalities.

November inflation edges up to 4.1%

Headline inflation, as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index (CCPI), increased marginally to 4.1 percent in November 2020, from 4.0 percent in October 2020.

Sri Lanka Economic Summit 2020 kicks off today

The much-awaited Sri Lanka Economic Summit will be inaugurated today, with the patronage of chief guest President Gotabaya Rajapaksa.

SEC urges investors to only rely on RIAs

While cautioning on a recent phenomenon where investment advice is dispensed on social media platforms by individuals and various other outfits, the market regulator, the Securities and Exchange Commission (SEC), urges investors to obtain investment advice only from the licensed Registered Investment Advisors (RIAs), who are listed on the official SEC website.

Kahawatte Plantations to capitalise Rs.800mn related party debt via private placement

Kahawatte Plantations PLC board of directors has resolved to capitalise Rs.800 million of related party debt via a private placement, at Rs.41 per share, to controlling shareholders.

Govt. ramps up borrowing in October; CB allays inflationary fears

The government ramped up its borrowings in October as the virus resurgence necessitated pumping more money into the hands of the public while powering the essential services required to control the spreading of the virus.

Vehicle registrations plunge in October

Sri Lanka’s vehicle registrations in October crashed to a new record low across the board, including all commercial vehicle categories, due to the economic impact of the second wave of COVID-19 outbreak and import restrictions on personal vehicle imports.

HNB to raise Rs.7bn via debentures

The director board of Hatton National Bank PLC (HNB) has resolved to raise up to Rs.7 billion via a Basel III-compliant debenture issue.

CMA CGM vessels do maiden relay transshipment at H’tota Port

Two vessels owned by global French transportation and shipping group CMA CGM made their maiden call at HIP last week.

PM to make special statement in p’ment on The Finance

Prime Minister and Minister of Finance Mahinda Rajapaksa is to make a statement in parliament on the restructuring of The Finance Company next week.

Maldives witnesses gradual improvement in tourist arrivals

Maldives is witnessing a slow, but gradual increase in tourist arrivals with over 78,000 travellers having visited the archipelagos within the March- September period despite the global pandemic.

Seylan Bank shelves Rs.10bn debt issue

Seylan Bank last Friday told the market that it decided to postpone a debenture issue to raise up to Rs.10 billion announced in the latter part of July this year due to current volatile market conditions.

New lending at or below 10%; increases fourfold in just 10 months

The proportion of new loans granted during the ten months to October at 10 percent or below has quadrupled indicating that more loans are being disbursed at lower rates than at any other time in history.

Banking sector asset quality improves in October

The asset quality of Sri Lanka’s banking sector has improved in October contrary to forecasts of a major deterioration floated by rating agencies, sector analysts and economists.

Freeze on cash dividends by banks to be reviewed

Banks’ decision to freeze shareholders’ cash dividends will be reviewed in due course taking into consideration the performance of the sector, as the banks weathered the pandemic’s headwinds effectively while remaining largely unscathed despite dismal forecasts.

Fitch downgrades Sri Lanka to ‘CCC’

Fitch Ratings yesterday downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘ with ‘Negative’ outlook.

SL can build back better from COVID-19 and realise inclusive growth: WB

The World Bank’s new Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, completed his first visit to Sri Lanka yesterday.

Farmers protest

A protester kicks away a tear gas canister fired by police to disperse farmers at a road block as they try to march to New Delhi to protest against the central government’s recent agricultural reforms at the Delhi-Haryana border in Kundli yesterday. (AFP)

Emirates completes refunds backlog

Delivering on its customer promise, Emirates has completed an intensive programme to clear its backlog of refund requests which was caused by pandemic-related travel disruption.

Asia markets extend rally into the weekend

Asian markets maintained their upward momentum yesterday, heading into the weekend on a strong note with investors continuing to take heart from the prospect of vaccines being rolled out in the next few weeks.

Germany smashes debt rule with 180 bn euros in borrowing

Germany, traditionally hostile to government borrowing, will take on 180 billion euros in new debt in 2021 as it grapples with the economic fallout from the coronavirus crisis, according to a draft budget agreed yesterday.