Around 560 SriLankan employees to be retired under Rs.1.5bn VRS scheme

The Cabinet of Ministers has approved a proposal to implement a Voluntary Retirement Scheme (VRS) allowing loss-making national carrier, SriLankan Airlines, to retire approximately 560 employees at an estimated cost of Rs.1.46 billion over next three years.

Govt. announces key measures to encourage M&A in financial sector

The government yesterday announced measures to encourage and promote mergers and acquisitions (M&A) in the country’s financial sector, starting with a merger among three State-owned financial entities.

Budget with proposals to boost revenue expected

Top economists in the country opine that the new government faces a daunting task in containing the rising fiscal deficit with credible revenue-enhancing measures while ensuring a speedier recovery of the coronavirus-battered economy, as it is scheduled to present its maiden budget for 2021 in Parliament today.

Hemas profits soar in September quarter

Robust economic rebound and increased focus on health and hygiene sectors post the first coronavirus wave helped Hemas Holdings PLC to pull off a stunning performance in the three months to September (2Q21), with group profits soaring.

Subdued credit growth weighs on NTB; but Sept. earnings up on tax benefits

Nations Trust Bank PLC (NTB) reported higher earnings for the three months to September (3Q20), on the absence of the Debt Repayment Levy and Nation Building Tax on financial services but the lack of growth and higher credit costs weighed on the operating results of the bank.

US $ 75mn SLDB issue oversubscribed by 15%

The latest Sri Lanka Development Bond (SLDB) offer of US $ 75 million was oversubscribed by over 15 percent, enabling the Central Bank to offer SLDBs to the tune of US $ 87 million.

Distilleries’ spirits give fillip to Melstacorp’s 2Q

Robust sales recovery at Distilleries Company of Sri Lanka PLC (DCSL) gave the needed fillip to its parent, Melstacorp PLC, while the aggressive cost cutting elsewhere in the group lifted its performance in the three months ended in September (2Q21).

Private credit growth expected to continue unabated despite virus snags

Rating agency ICRA Lanka Limited expects the private sector credit growth, which set off to a robust start in August and accelerated in September, will continue its momentum, in spite of the continuous hurdles posed by the resurgence of the virus to economic activities. Sri Lanka’s outstanding private sector credit, which fell into negative growth following the outbreak of COVID-19 in March, got off to a robust Rs.78.3 billion growth in August, w

Local real estate market still stable despite 2nd COVID-19 wave, says LankaPropertyWeb

Although Sri Lanka continues to be impacted by the ongoing COVID-19 crisis, the country’s real estate sector remains largely unaffected despite the shocks faced by the economy, a study revealed.

US $ 75mn SLDB issue oversubscribed by 15%

UK appoints climate change champion to support nations including SL

UK Prime Minister Boris Johnson yesterday appointed former Secretary of State for International Development, Anne-Marie Trevelyan MP, as the UK’s International Champion on Adaptation and Resilience for the COP26 Presidency.

Worker remittances record 6th consecutive monthly increase in Oct.

Workers’ remittances registered the sixth consecutive monthly increase in October despite earlier forecasts cautioning significant decline in such earnings due to COVID-19 resultant job losses.

SL’s outward labour migration down by over 57% in first half

Sri Lanka’s outward labour migration declined by over 57 percent in the first half of this year compared to the first half of 2019 while estimated 40,000 Sri Lankan migrant workers returned to the country amid COVID-19 infused crisis in their host countries.

CB wants banks’ credit loss provisioning to reflect more credible economic forecasts

The Central Bank of Sri Lanka (CBSL) has issued revised instructions to banks on projecting losses on their loans and other financial assets, which will effectively shun forecasts of the International Monetary Fund (IMF), the World Bank (WB) and the likes.

SLPA assures Colombo Port operations will normalise this week

Sri Lanka Ports Authority (SLPA) assured that the operations at Port of Colombo would return to its usual level of efficiency within this week after facing severe labour shortage at key terminals of the port with several employees testing positive for COVID-19 virus and some employees being unbale to report to work due to related travel restrictions.

Aitken Spence achieves 33% PBT growth in 2Q from non-tourism operations

Diversified blue chip, Aitken Spence PLC, which has extensive interests in travel and tourism sector in Sri Lanka and overseas, saw its revenue almost halving during the quarter ended in September (2Q21) as the impact of coronavirus weighed on the group’s leisure sector operations.

SL to receive same benefits of EU GSP Plus from UK from 2021

Since the UK is the main market for Sri Lanka’s exports to the EU region and the second largest export market after the USA, it is important for Sri Lanka to receive the same tariff preferences it was enjoying prior to Brexit when trading with the UK in the post-Brexit period.

BIA phase II development to kick off this month with Rs.107bn from Japan

The second phase development of the Bandaranaike International Airport (BIA) in Katunayake will kick off from November 18 with a funding of Rs.107 billion from Japan, making it the largest development project since 2014.

April-June quarter corporate earnings slump 58% as virus bites

The earnings of listed companies plunged 58 percent year-on-year (YoY) in the quarter ended in June 2020 as businesses suffered the worst-ever disruption caused by the coronavirus pandemic while only a few in sectors such as transportation and materials recorded growth, as there was increased demand for seamless logistical services to power the country’s exports.

Seylan Bank 3Q weighed down by subdued loan growth

Subdued loan growth, a large deposit pile and higher credit costs weighed on Seylan Bank performance in the three months to September (3Q20), but the bank was beginning see some pick up in its net loans in a sign that the rebound in economic activities are finally beginning to re-shape the bank balance sheet.

BIA phase II development to kick off this month with Japanese funding

The second phase development of the Bandaranaike International Airport (BIA) in Katunayake will kick off from 18 November with a funding of Rs.107 billion from Japan, making it the largest development project since 2014.

COVID-19 second wave stalls export run

Earnings from merchandise exports fell 14.9 percent in October to US$ 831.72 million compared to US$ 977. 3 million in October 2019 due to adverse impact of the second wave of COVID-19 pandemic that began in early October.

Thumbs up from JAAF on Cabinet decision to set up fabric park as strategic venture

The Cabinet decision to set up a Fabric Processing Park in Eravur as a Strategic Development Project, under the Ministry of Industries was welcomed by the apparel sector which acknowledges that the establishment would help iron out issues faced in the sourcing of raw materials.

Economic revival finally visible: Cabraal

Sri Lanka’s economic revival has finally become visible as the year 2020 comes to an end with many companies increasing their profit levels during the second and third quarters, State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament this week.

Dialog Axiata gifts ICU to Homagama Base Hospital

Dialog Axiata PLC (Dialog), on the request of the Ministry of Health gifted a fully functional 10-bed Intensive Care Unit (ICU) to the Homagama Base Hospital recently.

UN Migration Network launched in Sri Lanka

The UN Network on Migration in Sri Lanka was formally launched virtually on November 11 by the International Organization for Migration (IOM), the UN Resident Coordinator and 11 UN entities in Sri Lanka in partnership with the Government of Sri Lanka. Foreign Minister Dinesh Gunawardena, officiated as the Chief Guest.

INSEE Ecocycle initiates waste mgt. solutions for used electrical, electronic equipment

INSEE Ecocycle Lanka (Private) Limited, which is a fully owned subsidiary of Siam City Cement (Lanka) Limited, and part of the INSEE Group initiated a vital programme recently to provide the nation with sustainable waste management solutions for used electrical and electronic equipment.

Uber Eats delivers essential supplies in Colombo district

Uber Eats announced it has partnered with grocery chains and stores to deliver essential items to residents in the Colombo district as the country grapples with a second wave of COVID-19 cases.

Dampened export performance for October

Sri Lanka’s export performance for the month of October witnessed a dip, primarily due to the adverse impacts of the second wave of the pandemic, both locally and globally.

Colombo Port ranked as world’s 18th best-connected port

The Port of Colombo has improved five spots onthe United Nations Conference on Trade and Development’s (UNCTAD) Port Liner Shipping Connectivity Index becoming the 18th best-connected port in the world in the third quarter of this year.