Mount Lavinia Hotel says soft refurbishment underway before it reopens to public

Colonial heritage property Mount Lavinia Hotel is currently carrying out a series of soft refurbishments, an opportune time to uplift the premises before it opens doors to the public and tourists in the coming months, the hotel’s top management said.

SDB bank records strong 3Q; set to end year on a high note

Sanasa Development Bank PLC (SDB bank) reported strong financial results for the lender’s third quarter ended on September 30, 2020 (3Q20), the interim financial accounts released to the Colombo Stock Exchange showed.

BPPL Holdings records robust 2Q amid strong brush sales

Sri Lanka’s largest brush-ware maker and exporter, BPPL Holdings PLC, is seeing a strong demand for both its generic brushes and own-branded products while the company has also experienced its product and market diversification strategy yielding results.

Commercial paper market recovers to pre-COVID-19 levels

Money raised through commercial papers has reached near pre-pandemic levels in a short span, since the new issuances sunk amid the concerns over rollover challenges faced by the issuers and their likely preference towards cheaper bank borrowings over the debt instrument.

CSE says operated stock market successfully despite quarantine curfew

The Colombo Stock Exchange (CSE) and market intermediaries operated normally but completely based on remote functionality today with its offices and those of several market intermediary firms being located in areas subject to quarantine curfew.

Three ways Sri Lanka can deal with COVID-19-induced poverty

Global poverty is expected to increase for the first time in over 20 years, due to the COVID-19 pandemic. Up to 115 million people worldwide will fall into extreme poverty this year.

A long, uneven and uncertain ascent

The COVID-19 pandemic continues to spread with over one million lives tragically lost so far. Living with the novel coronavirus has been a challenge like no other but the world is adapting.

Prime lending rate falls below 6% for first time in recent history

The prime lending rate fell by a steeper 79 basis points (bps) last week, pulling the benchmark rate below 6.0 percent for the first time in recent history after the Monetary Board decided to keep policy rates unchanged last Thursday, while reiterating its commitment towards a dovish monetary policy.

Stock market indices record 3% loss amid spike in COVID-19 positive cases

Both indices at the Colombo Stock Exchange (CSE) lost 3 percent each during last week after a positive run with the discovery of higher number of COVID-19 positive cases throughout the country, though the government maintaining that there is no community level spread.

MMBL-Pathfinder joint venture portfolio earnings set to hit US$ 200 mn in 2020

Despite serious setbacks to its leisure and tourism investments, the MMBL-Pathfinder Group joint venture portfolio is expected to reach foreign exchange earnings of over US$ 200 million in the 2020 calendar year.

SLT now offers on the go Wi-Fi connectivity via community networks

Sri Lanka Telecom PLC (SLT) has once again put their customers first. With the launch of the sltgo Wi-Fi solution, SLT broadband customers and overall internet consumers of Sri Lanka will be able to enjoy Wi-Fi connectivity on the go via community Wi-Fi networks.

CIC Holdings delivers solid 2Q performance

CIC Holdings PLC reported some solid financial performance for the September quarter (2Q21), continuing the momentum as most of its business segments are either geared to weather the pandemic’s effects or they are in fact helped by the new conditions.

Government unlikely to raise taxes on alcohol in Nov. budget

The government is unlikely to raise excise duties on alcoholic beverages for the sake of revenue, and instead any move on taxing the sprits could be more gradual as steeper raise in duties could boomerang by way lower tax income as higher alcohol prices could dampen demand.

Foreign holdings in govt. securities slump most since mid-September

Foreign holdings in government securities fell the most last week as the Central Bank faces a difficult balancing act between offering higher returns for foreigners who hold Sri Lankan treasuries and supporting the domestic economy by keeping interest rates lower-for-longer.

MILCO now a profit making venture, says Chairman

MILCO (Pvt) Ltd, a State–owned business engaged in dairy production, has started to make profits after suffering annual losses for the past three years, its Chairman Lasantha Wickramasinghe said.

Local agri and processed food sector explores Mumbai for exports

The local agri and processed food sector is offered a platform to be showcased in India with the launch of the Sri Lanka Agri products and Processed Food Promotion Programme in Mumbai.

Global stocks bide time as U.S. election caution sets in

Global stocks remained within a tight range yesterday, less than two weeks before the U.S. presidential election, with traders looking for a breakthrough in stimulus talks in Washington.

Apple’s newest iPhone 12 hits stores in China

Two of Apple’s latest iPhone 12 models went on sale in China yesterday, after early pre-order data showed strong consumer interest in the 5G-enabled device in the firm’s second-largest market.

EY joins UBLC to help strengthen Lankan start-up eco system

Amongst many initiatives to support the expansion of the startup ecosystem in Sri Lanka, the catalyst that drives Sri Lanka’s digital economy, the Information Communication Technology Agency of Sri Lanka (ICTA) recently announced its Digital Economy Strategy. Its mission – to increase the number of tech and tech-infused startups in the country over the coming few years.

Japan and U.K. sign ‘landmark’ post-Brexit free trade agreement

Japan and the United Kingdom signed a post-Brexit bilateral free trade agreement yesterday, paving the way for its implementation Jan. 1 next year to ensure continuity in trade and investment beyond the end of London’s transition period out of the European Union.

Jan-Sept. export earnings down 18%

Sri Lanka’s export earnings—both merchandise and services— fell 17.74 percent year-on-year (YoY) to US$ 9, 693 during January through September period, though the decline initially expected was sharper.

CB keeps policy rates unchanged betting on short-lived COVID-19 outbreak

The Central Bank (CB) kept policy interest rates unchanged at the current levels yesterday with recent pick up in private credit and falling market lending rates while betting on a short-lived COVID-19 outbreak in the country.

Sri Lanka Tourism offers ‘Go on a Couch Safari’ experience

Sri Lanka Tourism yesterday announced the launch of a unique concept branded ‘Go on a Couch Safari’, an initiative taken to promote the island nation’s tourism product amid the global travel restrictions.

Cash-rich Melstacorp will stay acquisitive: Fitch

Fitch Ratings Lanka this week said its rating forecasts on Melstacorp PLC are based on the assumption that the company will remain acquisitive, particularly from 2023 as it generates strong cash from existing businesses, sufficient enough to launch an aggressive mergers & acquisition (M&A) drive worth at least Rs.5.0 billion a year.

Lanka IOC 2Q earnings overshadowed by pandemic

Lanka IOC PLC (LIOC), becoming one of the early filers of interim results for the July-September (2Q21) quarter, reported an operating loss for the period, largely due to elevate costs and somewhat downbeat revenues, as people pumped less gasoline into their cars as they cut down on their travelling amid the pandemic.

EDB says Gampaha district export firms able to operate during curfew

Export companies in the Gampaha district can continue to operate during the curfew period strictly following the COVID-19 health guidelines and all preventive measures for the pandemic, with consent from the relevant health authorities.

Richard Pieris Group invests Rs.1bn in finance subsidiary

Richard Pieris Group said it invested Rs.1 billion in its subsidiary, Richard Pieris Finance Limited, to help the latter to meet its regulatory capital requirements.

SL’s already low Insurance penetration likely to face further setback from pandemic

Sri Lanka’s insurance penetration, known for its extremely low levels by most standards, appears to be sticky as both long-term and general insurance businesses have made only insignificant gains in 2019, and the sector could face a further setback in making inroads as new coronavirus has clouded the prospects.

Hemas Thalawathugoda clarifies on COVID-19 positive patient

A patient who had visited the Emergency Treatment Unit (ETU) of Hemas Hospital Thalawathugoda has tested positive for COVID-19 after being transferred to Sri Jayewardenepura General Hospital (SJGH).

SL Tourism offers ‘Go on a Couch Safari’ experience

Sri Lanka Tourism yesterday announced the launch of a unique concept branded ‘Go on a Couch Safari’, an initiative taken to promote the island amidst the global travel restrictions.