Small savings will trigger unexpected benefits

Savings itself is an education. A person who has practised saving will develop many virtues, such as patience, thrift, financial discipline, order, planning, self-control, etc. without much effort. Spending less or being thrifty is not a mere concept. It is a habit to be developed by each person. It helps to gain financial security at individual level while contributing to the development of one’s country.

Moody’s expects fresh FDI wave for Port City, export zones

Moody’s Investors Service remains optimistic that the current lackluster record of foreign direct investment (FDI) flows to Sri Lanka would turn a corner with start-of-the-art affiliated projects in the Colombo Port City and the construction of investment and export zones near ports over the coming years, amid emerging signals that the two sites are already on investors’ radar.

Foreign reserves close to US$ 6bn after bond payment: Cabraal

In a statement to allay fears about Sri Lanka’s capacity to service its debt obligations, State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal said the country’s foreign reserves remain close to US$ 6 billion after settling the US$ 1 billion sovereign bond payment in October.

People’s Bank wins ADB’s ‘Trade Deal of the Year Award’

The Asian Development Bank (ADB) has recognized People’s Bank by awarding it the ‘Trade Deal of the Year’ at the ADB Trade Finance Programme Awards 2020 (TFP Awards 2020) jointly with Standard Chartered Bank.

Sinhaputhra and Nation Lanka in merger talks

Sinhaputhra Finance PLC and National Lanka Finance PLC have sought an amalgamation of business subject to valuations and approval from Central Bank’s Monetary Board.

October inflation unchanged at 4%

Inflation in Colombo district remained stable in October from a month earlier as food prices eased while non-food prices edged up.

NSB to issue equity-like bond to bolster capital by Rs.5bn

National Savings Bank (NSB) has proposed to raise Rs.5.0 billion via an equity-like bond to bolster its additional Tier I capital and the affiliated capital adequacy levels, which are already at comfortable levels compared to the regulatory minimums.

Pent-up demand boosts Ceylon Cold Stores 3Q

Ceylon Cold Stores PLC (CCS) tripled its profits in the quarter ended in September (2Q21) as robust consumer spending during the period lifted the company’s performance even beyond its pre-pandemic levels.

Private sector credit growth continues in Sept.

Preliminary estimates have shown that growth in private sector credit that recovered in August had continued unabated in September.

Cabraal issues statement to allay undue fears on SL’s ability to pay debt

In a special statement State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal reiterated Sri Lanka’s ability to service its debt obligations.

BOI issues curfew passes to enterprises to continue operations

The Board of Investment (BOI) of Sri Lanka will facilitate the BOI enterprises within and outside BOI zones to operate without interruption in the quarantine curfew-imposed areas.

Stock market to resume and operate as normal

The Colombo Stock Exchange (CSE) said all stock market operations would continue tomorrow and onwards despite the extension of the police curfew.

Escalating freight charges pose fresh challenge for exporters

Sri Lanka’s struggling export sector is faced with an emerging challenge with freight charges reaching a new high, trimming the much-required foreign exchange fetched during the ongoing global health crisis.

Tougher new rules for tech giants, more power to enforcers: EU’s Vestager

Tech giants will have to do more to weed out illegal and harmful content while online gatekeepers will be bound by a list of dos and don’ts under new rules aimed at reining in their power, Europe’s antitrust chief said yesterday.

Females in SL’s private sector more productive working from home: IFC study

Almost two-thirds of 140,000 employees in Sri Lanka’s leading companies are struggling to meet personal and family financial obligations due to the impact of COVID-19, reveals a new report.

AirAsia X to revise US$ 15.3 bn debt reform plan

Malaysia’s AirAsia X Bhd plans to revise its US$ 15.3 billion debt restructuring plan to address concerns raised by a creditor as its cash is running out fast, people with direct knowledge of the matter said.

Sovereign default risks to rise further in 2021: Goldman Sachs

Sovereign default risks are on course to rise further in 2021, with Iraq, Sri Lanka, Angola and Gabon at high probability of default, say Goldman Sachs analysts.

Oil extends losses with 4% slump on renewed lockdowns

Oil prices fell 4 percent yesterday to their lowest since mid-June, extending the previous day’s sharp decline on the potential impact renewed coronavirus lockdowns will have on oil demand.

IPS releases comprehensive report on SL’s historical and current tobacco tax policies

The Institute of Policy Studies of Sri Lanka (IPS) has released a report, which provides a comprehensive assessment of Sri Lanka’s historical and current tobacco tax policies to assess whether they are in line with the World Health Organisation’s (WHO) recommended best practices.

Pandemic recovery in urban settings: Planning for the unplanned

Urbanisation has intensified many of the most pressing global challengesover the last few decades. Today, responding to the COVID-19 pandemic has become top priority for the vast majority of towns and cities across the world, which account for over 95 percent of total reported COVID-19 cases according to the UN-Habitat COVID-19 Response Plan.

Banning cattle slaughter: Dilemma of ethics and reality

The Prime Minister’s proposal to ban cattle slaughter has been apparently endorsed by the government MPs. Have they considered in depth its consequences on animal and milk production? Moreover, the self-deceptive and ridiculous rule of banning selling of meat but not fish on Poya days only portrays the wisdom of our legislators! Perhaps they believe that fish are mere edible, inanimate, floating objects!

United States support promised for SL’s development needs

US Secretary of State, Mike Pompeo, who met with President Gotabaya Rajapaksa yesterday at the Presidential Secretariat, has expressed the intent of the United States government to support Sri Lanka to fulfill its economic development needs, a media release issued by the President’s Media Division said.

People’s Bank opens Service Centre at SLIC Head Office

People’s Bank and Sri Lanka Insurance (SLIC) continued their growing partnership with the official opening of the People’s Bank Service Centre at SLIC Head Office premises.

Statistics office says 2Q national accounts release could be further delayed

Keells Food Products sees recovery in sales in 2Q

Keells Food Products PLC (KFP) reported higher revenues and profits for the three months ended September (2Q21) with consumption in the economy recovering after a two-month lockdown, which ended mid-May.

Sri Lanka’s bonds hammered as U.S. dubs China “predator”

Sri Lanka’s government bonds fell heavily yesterday as the United States ratcheted up pressure on the country’s government over its ties with China.

Softlogic 1Q goes deep into red as virus bites

Softlogic Holdings PLC (SHL) suffered revenue and profit losses during the April-June quarter (1Q21) as coronavirus related lockdowns forced people to remain inside for nearly half of the period while doors for tourism business remained closed.

Ceylon Chamber to run 24x7 online documents verification service

The Commercial Documents Registration Division (CDRD) of the Ceylon Chamber of Commerce with the purpose of providing an uninterrupted service to its customers is now geared to service 24x7 via its online documents verification service https://e-co.lk and is now open on Saturdays for manual documents verification. Extended services are provided from Monday to Saturday from 8.00 a.m. to 5.30 p.m.

Time ripe to innovate traditional HR models: KPMG survey

The tectonic shift across the globe due to the ongoing COVID-19 pandemic has pushed corporates to rethink the approach towards human resources management (HRM) since the health crisis has led to significant skill gaps, shifted priorities and accelerated digital transformation.

EDB says export industries will continue operations during curfew

The Export Development Board (EDB) yesterday said it was taking necessary measures to ensure that the operations of export industries remain uninterrupted during the curfew period in the country.