Export companies in Gampaha district can operate during curfew: EDB

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.

Are licensed finance companies the missing link in Sri Lanka’s financial inclusion quest?

Financial Inclusion is essential for continuous and sustainable economic development, according to IFC. This is no exception for Sri Lanka despite showing strong numbers in bank penetration.

Eight out of 10 SMEs struggling to stay afloat in new normal: Survey

The ongoing global health crisis continues to present fresh challenges to businesses, particularly the small and medium-sized enterprise (SME) sector, with eight out of 10 such enterprises struggling to stay afloat, a recent survey carried out by the International Finance Corporation (IFC), the private sector arm of the World Bank, revealed.

Airtel Lanka gears to launch 4G services soon

Airtel Lanka yesterday said that it has been allotted the 4G spectrum by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) and will soon launch its high-speed mobile broadband services across the country.

Factory work in Gampaha dist. to continue unhindered despite curfew: BOI

The Board of Investment (BOI) yesterday said the operations of the BOI industries located within the Gampaha district would be carried out without any interruption during the curfew-imposed period.

Wage growth slips in August while continuing to underperform inflation

Sri Lanka’s wage growth, which accelerated in July, slipped in August and continued to remain under the headline inflation, weighing on the purchasing power of the people.

Sept. national inflation accelerates to 6.4% on higher food prices

Inflation measured by the broader National Consumer Price Index (NCPI) increased for the third month in September, amid higher food prices while non-food inflation remained largely unchanged.

January-March corporate earnings record worst slump in recent times

The long overdue earnings report card of listed corporates for the January-March quarter is finally here, with only 266 companies filing interim results so far,

Market continues to lose steam amid spike in COVID-19 cases

Signalling a loss in steam after a belligerent positive run, the Colombo Stock Exchange (CSE) ended in negative territory for the second day in a row, amid Sri Lanka recording a higher number of COVID-19 cases and the key Gampaha district going into a temporary lockdown.

Central Bank keeps policy rates unchanged

The Central Bank has kept key policy rates unchanged at the latest monetary policy review citing overall decline in market lending rates, pick up in private credit and benign inflation.

BOI says factory operations in Gampaha district will continue unhindered despite curfew

The Board of Investment (BOI) of Sri Lanka said operations of the BOI industries located within the Gampaha district will be carried out without any interruption during the curfew imposed period.

Twenty three COVID-19 positive patients at Colombo Dockyard so far

A total of 23 employees attached to the Colombo Dockyard PLC have tested positive for COVID-19 as of today, the company announced.

UK Prime Minister appoints new Trade Envoy for Sri Lanka

UK Prime Minister Boris Johnson has appointed Lord Davies of Abersoch CBE as the new Prime Minister’s Trade Envoy for Sri Lanka on 5th October 2020.

‘DFCC One Loan’ encompasses all financial requirements

DFCC Bank is renowned as a national icon, with a legacy of over 65 years of contributing to the nation. With DFCC it is not just about banking but it believe in partnerships and it is most heartening to note that these relationships have lasted throughout generations. In the aftermath of the global crisis DFCC Bank has forged ahead with financial solutions enabling customers to overcome challengers thereby contributing to the Economic revival of

Budget 2021 would reflect a ‘balanced partnership,’ says State Minister

As the newly elected government is gearing up to present its maiden budget next month, State Minister of Money, Capital Market, and State Enterprise Reforms, Ajith Nivard Cabraal said the Budget 2021 would reflect a “balanced partnership”.

National Development Bank to raise up to Rs.8bn via rights

National Development Bank PLC (NDB) yesterday revealed its plans to raise up to Rs.8 billion via a rights issue.

Sri Lanka adds more workers to agriculture sector in second quarter

Sri Lanka added more workers to the agriculture sector during April-June 2020 (2Q) period amid the urgent need to ensure food security and to bring in much foreign exchange as possible to the economy beset by the pandemic. According to Census and Statistics Department data,

H’tota Chamber to teach Chinese to local community

The Hambantota District Chamber of Commerce (HDCC) has joined hands with the Colombo University China Language Center and the Hambantota International Port to provide Chinese language lessons to Hambantota district residents.

Stocks mixed as United States stimulus hopes fade

Global stocks were mixed yesterday before a key deadline to agree a pre-election US stimulus package as concerns weighed over a fresh surge in coronavirus infections.

First Capital sees less chance for another rate cut tomorrow

First Capital Research (FCR) has lowered its bets on another round of monetary policy easing by way of a rate cut announcement tomorrow as the country’s macro-economic indicators point to an improved economic health with easing financial conditions.

CSE approves Softlogic Finance’s Rs. 1.9bn rights

Softlogic Finance PLC has received Colombo Stock Exchange (CSE) approval for its rights issue of Rs. 1.9 billion as the Extraordinary General Meeting of the company fixed for November 9, 2020, with the funds expected to be received by the company by end-November.

Fitch Ratings raises concerns on finance companies’ ability to withstand losses amid protracted stresses triggered by pandemic

Joining in the bandwagon of issuing cautionary signals on the country’s finance leasing company (FLC) sector, Fitch Ratings yesterday said the pandemic induced pressures on asset quality and profitability would test the companies’ loss absorption capacity while noting that most companies have the capital and profit buffers, sufficient enough to cushion against moderate asset quality shocks.

Close associates of COVID-19 patient from Hirdaramani Kahathuduwa facility tests negative

PCR tests of over 250 close associates of the COVID-19 positive employee at Hirdaramani Kahathuduwa facility have come out negative, the management of the apparel manufacturer said.

Hambantota Chamber partners with HIPG to teach Chinese to local community

The Hambantota District Chamber of Commerce (HDCC) has joined hands with the Colombo University China Language Center and the Hambantota International Port to provide Chinese language lessons to Hambantota district residents.

Reviving Sri Lanka’s economy beyond COVID-19

The Sri Lankan economy is likely to face a contraction in 2020, as a direct result of the COVID-19 pandemic but there is potential for this to be followed by a sharp V-shaped economic recovery.

Financial literacy among undergraduates – Research findings of concern

The proud Sri Lankan history has been nurtured by the scriptures and other systems since the visit of Arahat Mahinda and the literacy rate of Sri Lankans has been aptly proved by their ability to grasp modern technology in relation to main fields such as engineering, accounting, management and other disciplines.

Sri Lanka economy caught between a rock and a hard place: Yet a stitch in time could save nine

Like many countries, Sri Lanka continues to face a daunting economic landscape. The World Bank projects economic contraction of -6.7 percent, ADB -5 percent and IMF -4.6 percent for 2020. Even the most pessimistic of these projections is not unfavourable when compared with other countries in the region and beyond.

Flushed with liquidity, finance firms settle debt at record pace

Overabundance of liquidity caused by the lacklustre growth in loans in the sector, Sri Lanka’s non-bank lenders are settling vast sums of their borrowings to banks, with larger players leading the pack, as they appear to reduce their leverage in the absence of meaningful growth in the sector.

Free daily trade alerts for stock market investors via SMS

The Colombo Stock Exchange (CSE) now sends a customised daily trade alert to investors at the end of each trade day, notifying them of all transactions that are carried out through their securities accounts in CDS.

Melsta Labs gears to perform real-time PCR tests

The healthcare arm of Harry Jayawardena-controlled Melstacorp Group plans to perform real-time PCR (RT-PCR) tests with further plans to venture into retail pharmaceutical business.