Nirmala Sitharaman to deliver keynote address at SLES 2020

India’s Finance and Corporate Affairs Minister Nirmala Sitharaman will deliver the keynote address at Sri Lanka Economic Summit (SLES) 2020.

Asia Capital to broad base shareholding to match minimum public float

Investment bank Asia Capital PLC (ACAP) will soon broad base its shareholding to be in compliance with the public floating requirements stipulated by the Listing Rules of the Colombo Stock Exchange (CSE), a company statement said.

Colombo port back on track after COVID-19 hit on workers

The Port of Colombo, which had its operations impacted last week due to some port workers testing positive for COVID-19, announced yesterday that it is getting back on track and returning to normalcy by taking the necessary precautions to prevent further shocks.

Oct. biz activity battered by virus resurgence

Purchasing Managers’ Index (PMI), a key barometer of the vibrancy of the economic activities across both manufacturing and services sectors, contracted in October, as the resurgence of COVID-19 in the country affected production.

Finance companies lose COVID-19-driven deposit boom to banks

Despite the massive customer deposit pile-up at banks, thanks to COVID-19 restrictions, Sri Lanka’s licensed finance companies have failed to have a piece of the pie or at least to cling on to their existing deposit base.

Writ application against Port City dismissed

The writ application filed by the Centre for Environmental Justice against the Colombo Port City Project in 2015 was dismissed by the Court of Appeal, yesterday.

Asia-Pacific will lead the way in travel, says IATA

The International Air Transport Association (IATA) yesterday expressed optimism over the Asia-Pacific leading the way in navigating through the turbulent times and said the region would show governments across the world the recovery path to follow.

Calls on govt. to lift border restrictions

The International Air Transport Association (IATA) in a resolution yesterday called on governments across the world to reopen borders for travel, a move which would be possible by employing the association’s proposed systematic testing of international travellers.

SL secures US $ 165mn ADB loan as SME financing support

The Asian Development Bank (ADB) and Government of Sri Lanka (GOSL) yesterday signed a US $ 165 million loan agreement to provide immediate financing support for small and medium-sized enterprises (SMEs), which have been severely affected by the coronavirus disease (COVID-19) pandemic and long-term financing to underserved SMEs, including businesses led by women and tea smallholders.

THASL brands Budget 2021 as “pragmatic”

The Hotels Association of Sri Lanka (THASL) in a statement yesterday hailed Budget 2021 as a “pragmatic financial road map”, while praising the government’s moves to encourage local businesses via import substitution and for maintaining a stable tax regime.

Tea export volumes decline in October; but production up

Sri Lanka’s tea export volumes declined by 10.4 percent year-on-year (YoY) to 23.1 million kgs in October, despite a 2.1 percent YoY improvement in tea production in the month, according to the Tea Exporters Association (TEA).

Budget 2021 likely to worsen macroeconomic instability amidst COVID-19 pandemic

Budget Speech 2021 was presented at a time when the country is being severely hit by the COVID-19 pandemic. GDP growth is projected to be down to negative 2 percent this year. Despite this economic setback, the government envisages to maintain an inclusive GDP growth rate of 6 percent per annum over the medium-term while containing inflation to around 5 percent, according to its macroeconomic programme, ‘Vistas of Prosperity and Splendour’.

CB expected to hold rates steady tomorrow

First Capital Research (FCR) expects the Central Bank (CB) to maintain the current policy rates unchanged at the monetary policy review tomorrow amid recent improvements in private sector credit, rock bottom market interest rates and excess liquidity in the system, while retaining the monetary policy stance at “accommodative”.

Decline in interest rates brings in Rs.7.7bn windfall for banks holding treasuries

While descending interest rates are generally considered a bane for banks, the same phenomenon acted as a blessing for the sector bringing in billions worth of capital gains on government treasuries they held, potentially offsetting any negative impacts on their top line.

National prices hit 6-month low at 5.5% in Oct.

Sri Lanka’s national prices descended to a six-month low in October predominantly on some ease in food prices and non-food prices over the same month in 2019, the latest data on inflation measured by the National Consumer Price Index showed.

Sri Lanka Tourism Alliance and Good Life X announce grants for tourism resilience

With Sri Lanka’s tourism industry grappling to stay afloat amidst the ongoing COVID-19 pandemic, small and medium enterprises (SMEs) are scrambling to find ways to remain competitive and resilient.

European ride-hailer Bolt enters Sri Lanka

Bolt, the leading European transportation platform committed to make urban travel easier, quicker and more reliable yesterday announced its entry to the Sri Lankan market.

DoubleTree by Hilton opens first phase of Weerawila Rajawarna Resort

Sri Lanka’s hospitality sector recently saw the addition of a new luxury property to its portfolio with DoubleTree by Hilton opening the first phase of Weerawila Rajawarna Resort.

MAS Holdings awarded as top innovator in SA

Sri Lanka’s MAS Holdings put the island nation under fresh spotlight once again by receiving the ‘most influential’ innovators award in South and South East Asia by Clarivate, a global leader in providing solutions to accelerate the innovation lifecycle.

ADB allocates US$ 220 mn funding for healthcare projects in Sri Lanka

The Asian Development Bank (ADB) has allocated US$ 220 million worth of funds to build Sri Lanka’s health system capacity and resilience under the recently unveiled country operations business plan (COBP) for 2021–2023.

European ride-hail Bolt enters Sri Lanka

Bolt, the leading European transportation platform committed to make urban travel easier, quicker and more reliable yesterday announced its entry to the Sri Lankan market.

NSB raises Rs.5bn via perpetual capital bond

State-owned savings giant, National Savings Bank (NSB) recently raised yet another debt capital bond to raise Rs.5 billion, furthering its dominance.

Tokyo Cement says US $ 12 m investment expansion a direct nod to govt. policy

Tokyo Cement Company (Lanka) PLC recently entered into an investment expansion agreement with the BOI, reflecting its appreciation towards the government’s farsighted decision to encourage the local manufacturing sector.

Banking and NBFI governance in the new economy beyond crisis

The banking sector has successfully navigated the immediate pressures of the COVID-19 crisis. As thoughts turn to a new world beyond the immediate crisis, a strong financial sector will be needed for a strong recovery.

Facilitating night work for women in Sri Lanka

Increasing female labour force participation has been a challenge for the country. These challenges are even greater for night-work and shift-work (hence referred to as non-standard work).

Budget 2021 fails to impress Moody’s

Moody’s Investors Service in a report issued yesterday said, “Sri Lanka’s 2021 budget highlights the ongoing fiscal challenges and is unlikely to significantly boost growth,”indicating that the change of opinion between the government and the rating agencies at large over the country’s growth path, will continue post budget.

Industrial Asphalts major shareholder gives recent rights issue a miss

The controlling shareholder of leading manufacturer of bituminous products Industrial Asphalts (Ceylon) PLC (ASPH), G. Ramanan has not subscribed for the company’s recent rights issue concluded in September.

SLAITO rattled by moves to amend Tourism Act

The country’s inbound tour operators yesterday expressed concerns over the government’s move to amend the Tourism Act, which would eventually lead to the private sector players having no involvement in influencing or taking part in the industry decision making process.

Govt. eyes US$ 2.4bn potential increase in official worker remittances

The government eyes US$ 2.4 billion potential increase in official worker remittance inflows per annum as COVID-19 pandemic disrupts the operations of informal and illegal remittance channels forcing Sri Lankan migrant workers rely solely on official channels when remitting their funds to the country.

Budget proposal to spark M&A wave in finance and leasing company sector: Fitch

The budget proposal to effect consolidation in the highly fragmented finance and leasing company (FLC) sector is expected to spark a wave of mergers and acquisitions (M&A) during the next two years, as the government proposed to give tax credit to those who marry each other.