Oct. national tea sales average up despite production drop

National sales average for tea leaped by Rs.24.37 for the month of October from the previous month, an increase despite a dip in production.

CCC’s Sri Lanka Economic Summit to go virtual

Sri Lanka Economic Summit (SLES) 2020, organised by the Ceylon Chamber of Commerce (CCC), will be hosted as a virtual event for the first time, due to the ongoing global health crisis.

KICKASS Bootcamp 4th edition uplifts skills of women entrepreneurs

Amidst a backdrop of uncertainty, Hatch and London Stock Exchange Group (LSEG) SL successfully completed the fourth iteration of the KICKASS Bootcamp, a one-month long development program designed to address fundamental business development skills and gender-specific elements faced by women thereby empowering a whole new batch of future women leaders.

What can we learn from the int’l context?

Amidst the severe disruptions triggered by the COVID-19 pandemic, it is important for economies to formulate and implement effective policies to mitigate the negative impacts induced by the crisis. As noted by the International Monetary Fund (IMF), the pandemic has intensified the need for fiscal policy action at an unprecedented level.

Get down now to the business of development

Now that the executive and legislature have all that they asked for it is time to get down to the most critical aspect of business – meaningful action!

Economic centres reopen

The Narahenpita Dedicated Economic Centre, along with the other economic centres in Ratmalana, Hokandara and Veyangoda, was reopened yesterday,

EU unimpressed with Sri Lanka’s import ban

The European Union (EU) recently highlighted concerns with regard to Sri Lanka’s import restriction that is currently in place to prevent the outflow of foreign exchange, calling the ban “unfair”.

Crysbro lauds govt.’s initiative to strengthen local maize cultivation

Poultry company Crysbro has commended the government’s initiative to revive and reinforce Sri Lanka’s maize cultivation industry, in a bid to bolster the country’s food security agenda.

Deposit rates fall further as dovish monetary policy continues to adjust market rates

Deposit rates fell further in October, continuing its descent into the 10th consecutive month since the Monetary Board turned dovish in January, reflecting the highest level of monetary policy transmission efficacy in recent history.

Cargills puts up robust 2Q show amid pent-up demand

The pent-up demand drove Cargills Ceylon PLC to peak sales during the three months to September (2Q21), as the group more than recouped the lost sales during the pandemic-hit previous quarter to eclipse its last year’s performance.

Laugfs Gas back in black in 2Q riding on economic rebound

Laugfs Gas PLC returned to profitability in the three months to September (2Q21), as the company sailed on the economic rebound since the easing of the coronavirus lockdowns in May.

StanChart Sri Lanka clinches ADB’s prestigious Trade Finance Deal award

Standard Chartered Sri Lanka has won the Asian Development Bank’s (ADB) prestigious Trade Finance Deal of the Year 2020 (Confirming Bank) award, at the Trade and Supply Chain Finance Programme (TSCFP) Awards, hosted virtually on October 28, 2020.

Damro further expands showroom network in India amid slowdown in biz in SL

Damro, South Asia’s largest furniture manufacturer, has planned to set up 25 mega showrooms within next six months, further strengthening its showroom network in India.

October export earnings resilient despite virus snags

Sri Lanka’s export sector has once again shown its resilience to help keep the economy humming, as it generated near billion dollar earnings for the fifth consecutive month, albeit some slowdown was seen compared to the previous couple of months.

EDB ups online promotion efforts

Export promotions are set to continue despite the resurgence of COVID-19, as the Export Development Board (EDB) has embarked on a number of initiatives to shift the efforts online.

Sri Lanka can do more to utilise GSP Plus to fullest: ITC

Although Sri Lanka continues to explore avenues to expand its export market and basket, according to the International Trade Centre (ITC), the island nation has not capitalised enough on the available GSP Plus scheme to increase its foreign exchange earnings.

CICRA Solutions nominated for top global digital award

The Colombo Tea e-Auction platform developed by CICRA Solutions (Pvt.) Ltd has been selected as Sri Lanka’s Best National Digital Solution for World Summit Awards (WSA) 2020, under the Business and Commerce (Innovative Services) category.

Union Bank appoints top Central Banker to director board

The board of directors of Union Bank of Colombo PLC announced the appointment of veteran Central Banker C.J.P. Siriwardana as Independent Non-executive Director, with effect from November 2, 2020.

Tokyo Cement reports solid 2Q performance

Tokyo Cement Company (Lanka) PLC reported higher revenues and profits for the three months ended in September (2Q21), as the quick rebound in the country’s construction sector shortly after the easing of lockdowns helped the company to recoup the lost sales during the previous quarter.

Bain in fray for Piramal Glass with US $ 900mn bid

Bain Capital has made a US $ 900 million preliminary bid for a controlling stake in Piramal Glass (Pvt.) Ltd, two people directly aware of the development said.

EDB ups online promotions efforts

Export promotions are set to continue despite the ongoing pandemic as the Export Development Board (EDB) has embarked on a number of initiatives to shift the effort online.

1Q GDP underwhelmed by measurement lapses: CB

The disappointing first quarter gross domestic product (GDP) estimates were caused by large lapses in the measurement of the economic activities, as the lockdowns stymied data collection while the traditional collection methods were unequipped to capture the activities that went digital.

Kanrich Finance to raise Rs.2bn via private placement

Kanrich Finance Limited (KFL) will raise Rs.2 billion capital through a private placement, in order to fulfil the core capital requirement by the extended deadline of December 31, 2020.

Chevron Lubricants reports strong 3Q on robust lube sales

Chevron Lubricants Lanka PLC reported a robust performance during the three months ended in September (3Q20), as the company grew sales above both its previous quarter and the year earlier levels, indicating that it managed to recoup the depressed sales during the period affected by the pandemic, earlier this year.

Ceylon Grain Elevators feed mill unit records 4 COVID-19 cases

Ceylon Grain Elevators PLC (CGE) yesterday informed the Colombo Stock Exchange that four of its staffers at the feed mill business unit, located at No: 15, Rock House Lane, Colombo 15, tested positive for COVID-19, on October 31.

Milliman Inc. to begin Sri Lankan operations

Milliman, Inc., a premier global consulting and actuarial firm, announced that it would begin operations in Sri Lanka, after an agreement to acquire Colombo-based Spark Actuarial Private Limited came into effect yesterday.

Banks offered reprieve on classifying bad loans to COVID-hit sectors

The Central Bank last week sent fresh guidelines to banks to be followed when classifying loans as non-performing, as there are sectors, which are still suffering from direct restrictions on their businesses, due to the pandemic.

Taxes on imported fish, dried fish and Maldive fish increased

The Fisheries Ministry has decided to increase the taxes on imported fish, dried fish and Maldive fish.

Bodyline plant closed following detection of 35 COVID-19 cases

Apparel manufacturer MAS Holdings announced that its Bodyline plant in Horana is closed, following the identification of a COVID-19 outbreak in the facility.

EDB paves way for export industries in Western province to continue operations

The Export Development Board (EDB) said efforts are being taken to ensure that the operations of export industries located in the Western province continue without interruption.