HNB says head office cleared by health authorities

Hatton National Bank PLC (HNB) in a statement yesterday confirmed that further to one staff member having tested positive for the coronavirus on October 15, all staff working in the relevant area of level 19, HNB Towers and close associates, who underwent PCR testing, were all diagnosed as negative.

SLASSCOM gears up to launch ‘Startup Sri Lanka’

With the objective of taking local start-ups to commercial level and thereon to the global market, the Entrepreneurship and Innovation Forum of the Sri Lanka Association for Software Services Companies (SLASSCOM) recently kicked off an ambitious agenda, with the main highlight being a programme to mentor and uplift local start-ups.

LOLC enters Zambia to carry out finance business

Sri Lanka’s LOLC Group has commenced its operations in Zambia recently, with the official launch of its inaugural branch located in Lusaka.

Govt. must take lead in providing social welfare, not private sector: IPS

The ongoing health crisis saw the private sector step up efforts in extending relief to vulnerable groups but it is the government that must take the lead in the area of social welfare, the Institute of Policy Studies (IPS) stressed.

Positive July-Sept. earnings season could stoke next market rally: Analysts

With the July-September earnings season underway, stock market analysts believe that the corporate earnings have largely turned a corner—barring the sectors which were directly hit by the virus, such as travel and tourism—and thus could power the next round of market rally.

HNB says head office cleared by health authorities

HNB in a statement to media a few minutes ago confirmed that further to one staff member having tested positive for the coronavirus on October 15, all staff working in the relevant area of level 19, HNB Towers and close associates who underwent PCR testing were all diagnosed as negative.

Free daily trade alerts for stock market investors via SMS

The Colombo Stock Exchange (CSE) now sends a customized 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 the CDS.

Several MAS employees in high risk areas tested positive for COVID-19

Apparel manufacturing major MAS Holdings said a few of its employees living in the high risk areas have been found COVID-19 positive and hence the company is carrying out PCR tests at all its manufacturing facilities across the island.

LOLC enters Zambia to commence finance operations

The LOLC Group commenced its operations in Zambia recently with the official launch of its inaugural branch located in Lusaka.

Worker remittances inflow remains resilient

Sri Lankans working abroad sent in substantially more money to their kith and kin back home in September with cumulative remittances eclipsing the total amount of moneys remitted back to the country during the nine months in 2019, signaling the resilience and the relative stickiness of the crucial foreign exchange income earner to the country.

ASPI up over 2.5% last week; average turnover tops Rs.4.3bn

Buoyed by positive local investor sentiment, the main All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) rose 2.54 percent or 147.07 points last week to 5, 945. 79, while the more liquid S&P SL20 Index rose 0.93 percent or 21.93 points to 2, 370.43.

‘All doom and gloom for NBFIs,’ reveals First Capital Research report

The recovery in private credit and the broader economic revival post-coronavirus are expected to lift many economic participants and sectors other than finance companies, as they could be left behind due to intense competition from banks, while leasing—which accounts for more than two thirds of their loans—has significantly slowed amid import controls on vehicles.

Sri Lanka produces record paddy harvest in 2020

Sri Lanka produced a record paddy harvest in 2020 as both cultivation seasons gave a bumper crop as favourable weather, robust policy assistance and assurance of guaranteed prices gave hope and certainty to the farming community to cultivate a larger extent of paddy land than they did three years ago.

Over 15,000 PCR tests carried out at BOI factories

Following the Minuwangoda factory outbreak that has become the biggest COVID-19 cluster in the country, over 15, 000 PCR tests have been carried within factories under the Board of Investment (BOI) in the last few days.

COVID-19 positive case at Hirdaramani Kahathuduwa

Following a routine PCR testing at Hirdaramani Industry, an employee associate attached to the Kahathuduwa facility had tested positive for COVID-19.

CB approves Rs.178bn in loans for COVID-19 affected businesses, individuals

The Central Bank has approved Rs.178 billion worth of loans under its Saubagya COVID-19 Renaissance facility from April 1 through October 15, surpassing the originally determined limit of Rs.150 billion committed for businesses and individuals hurt by the pandemic.

Second quarter GDP estimates delayed till December

The release of the second quarter (2Q) gross domestic product (GDP) estimates are set to get further delayed till December 15 as the Department of Census and Statistics (DCS) is capturing economic activities carried out digitally while collecting data on new activities such as telemedicine services and running of quarantine centres as part of the country’s economic output.

COVID-19 positive case at Hirdaramani Kahathuduwa facility

Following a routine PCR testing at Hirdaramani Industry, an employee associate attached to the Kahathaduwa facility has tested positive for COVID-19.

Over 15,000 PCR tests carried out at BOI factories

Following the Minuangoda factory outbreak that continues to increase the number of Covid-19 positive cases, over 15000 PCR tests have been carried within factories under the Board of Investment (BOI) in the last few days.

German envoy calls on BOI Chief

Holger Seubert , Newly appointed Ambassador for the Federal Republic of Germany to Sri Lanka paid a courtesy call on Susantha Ratnayaka, Chairman Board of Investment at his office in the WTC.

Exporters’ outlook for business and economy improves: Survey

Sri Lankan exporters are more positive in their outlook with expectation for a moderate growth for export business and the economy over the next 12 months as the country rebounds from the impact of COVID-19, according to a leading business survey on trade and labour market impacts of COVID – 19 on Sri Lankan exporters.

Equity markets mixed as traders weigh lockdowns, stimulus

Stock markets were mixed yesterday, with gainers supported by bargain-buying after the previous day’s sell-off, with investors growing increasingly concerned about new lockdown measures in Europe as a second wave of coronavirus takes hold.

Philippines lifts ban on oil and gas exploration in South China Sea

The Philippines has lifted a moratorium on oil and gas exploration in the disputed South China Sea, which the government said yesterday could fast-track talks with Beijing on a joint energy project.

Hong Kong budget carrier joins ‘flights to nowhere’ trend

Hong Kong’s budget carrier HK Express joined airlines offering “flights to nowhere” on Thursday with an inaugural journey filled with media and influencers, sparking criticism from environmentalists.

Tea national sales average up Rs. 108.02 YoY in September

Although Ceylon Tea production dampened in the month of September, the sector has managed a Year-on-Year (YoY) increase of Rs. 108.02 in the national sales average.

Union Bank Finance announces Rs.1.6 billion rights issue

UB Finance Co. Ltd. a subsidiary of Union Bank of Colombo PLC is committing to a rights issue amounting to Rs.1.6 billion to strengthen its balance sheet and meet the capital guidelines of the Central Bank of Sri Lanka (CBSL) by 31st December 2020 as approved by the CBSL.

Adstudio.Cloud organises Programmatic Colombo 2020

Programmatic Colombo, the first event of its kind, was successfully held in Sri Lanka recently, organised by Adstudio.Cloud, at The Kingsbury Hotel, Colombo.

PM visits JKH’s Cinnamon Life project

Prime Minister Mahinda Rajapaksa yesterday visited premier blue chip John Keells Holings’ flagship project Cinnamon Life.

Strong case for another policy rate cut: ICRA Lanka

Contrary to the popular belief that Central Bank’s Monetary Board would stay pat at the next week’s policy meeting, ICRA Lanka observes more reasons are building up for the rate setting committee to consider a rate cut as opposed to why it should not do so.

Manufacturing and services activities expand in Sept.

Sri Lanka’s manufacturing activities expanded at a higher rate with an index value of 59.8 in September 2020, an increase of 1.9 index points from August, according to the Purchasing Managers’ Index compiled by the Central Bank.