Pandemic caused ‘unprecedented’ emissions drop: study

Pandemic restrictions saw an unprecedented fall in greenhouse gas emissions in the first half of 2020 -- larger than during the 2008 financial crisis and even World War II -- experts said yesterday.

Lakdhanavi to rope in partner to fund 30% of project cost of Kerawalapitiya LNG plant

Lakdhanavi Limited, the country’s largest independent power producer, is expected to rope in a partner, who will infuse 30 percent of the project cost of the construction of the proposed 300MW diesel/LNG power plant in Kerawalapitiya, which was awarded to the company by the government this February.

CB’s NBFI Supervision Dept. to be overhauled

The Non-Bank Financial Institutions Supervision Department of the Central Bank is to go through a complete overhaul with a new institutional structure to regulate finance companies.

Export earnings top US$ 1bn in September

Sri Lanka’s earnings from merchandise exports crossed the US$ 1 billion mark again in September after July, indicating that the country’s export sector is recovering at a faster pace after the brief setback caused by the curfews imposed to contain the coronavirus outbreak in April and May.

Fresh US$ 500mn Chinese loan for Budgetary support

The government will use the US$500 million loan from the China Development Bank (CDB) for budgetary support, Money, Capital Markets and State Enterprise Reforms Minister Ajith Nivard Cabraal told Daily Mirror yesterday.

Spike in COVID-19 cases: Not the time to play blame game, says EDB Chief

Export Development Board (EDB) Chairman Prabhash Subasinghe yesterday asserted it is unethical to point fingers at companies and individuals for the jump in COVID-19 positive cases as it is not one segment, but the entire society that must take responsibility.

Market turnover crosses Rs.5bn mark amid retail and high net worth investor play

The Colombo Stock Exchange’s (CSE) turnover crossed Rs.5 billion mark yesterday, highest recorded since January this year, on local retail and high net worth investor play, although both indices lost ground.

Panic buying of food jars boosts Piramal Glass 2Q

Sri Lanka’s only glass bottle manufacturer Piramal Glass Ceylon PLC said the performance of July-September quarter (2Q21) was boosted by domestic market sales driven by COVID-19 fears.

Cabinet approves overhaul of CB’s Non-Bank Financial Institutions Supervision Dept.

The Non-Bank Financial Institutions Supervision Department of the Central Bank is to go through a complete overhaul with a new institutional structure to regulate finance companies as the Cabinet of Ministers this week approved a proposal to implement the recommendation of the Presidential Commission appointed to investigate, inspect and report on the alleged wrongdoings, irregularities and malpractices of the failed finance company, Edirisinghe

Govt. to set up Expressway Investment Company

The Cabinet of Ministers has approved a proposal to set up an Expressway Investment Company, a fully State-owned entity under the Treasury to own and self-finance ongoing and future expressway projects with revenues generated from toll collections and possible revenue streams by leasing valuable land parcels adjoining the highways.

Govt. to set up Expressway Investment Company

The Cabinet of Ministers has approved a proposal to set up an Expressway Investment Company, a fully state-owned entity under the Treasury to own and self-finance the ongoing and future expressway projects with revenues generated from toll collections and possible revenue streams by leasing valuable land parcels surrounding the highways.

FAAMA calls on public to be “respectful” during ongoing pandemic

As Brandix continues to come under harsh criticism for having COVID-19 positive cases among its staffers, leading to a spike in the number of infected persons in the country, the Fabric and Apparel Accessory Manufactures’ Association (FAAMA) urges the public to be “respectful” during the ongoing crisis.

Merchandise export earnings top US $ 1bn in September

Sri Lanka’s merchandize export earnings have surpassed the US $ 1 billion mark in September after July during this year, the Export Development Board (EDB) said.

Lankan apparel workers lost over 40% of their usual wages during March-May

Sri Lanka’s apparel workers have lost estimated 40.8 percent of their usual wages or total of Rs.4.64 billion during the March-May period, when the country went into a national lockdown to contain the threat of COVID-19, according to a recent report.

Flush with cash and low-cost credit, consumers shun credit card debt

The outstanding balance of credit cards slipped in August—although the private sector credit, a key gauge of the dynamism of economic activities, recovered in the same month—implying that people are either using cash to pay their credit card debt or shifting to more medium-term borrowings at single-digit rate cost than paying at nearly 20 percent for their credit cards.

Higher tax revenue likely to be crucial rating driver over next few years: Moody’s

The pandemic-induced economic damage could cause long-lasting revenue losses for emerging market (EM) sovereigns, including Sri Lanka, causing a stretched budget deficit but the constraints to cut spending amid the pandemic should amplify the need for generating more revenues, which will act as an important credit driver over the next few years, says Moody’s Investors Service.

SLTPB embarks on influencer campaign to keep destination Sri Lanka brand alive

Sri Lanka Tourism has partnered with travel influencers across the world to recreate content on social media platforms, an attempt to keep the ‘So Sri Lanka’ brand active during the ongoing global pandemic.

ICC calls for comprehensive emergency debt relief

In an open letter issued yesterday, the International Chamber of Commerce (ICC), the institutional representative of over 45 million businesses, International Trade Union Confederation (ITUC), the global voice of the world’s working people and Global Citizen, a movement of engaged citizens who use their collective voice to end extreme poverty by 2030, have urged G20 Finance Ministers to be bold in updating their Action Plan, at this week’s meetin

Dialog Axiata wins Customer Experience and Trust Award at TM Forum 2020

Taking a leap forward in establishing its identity as a global customer experience champion, Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in partnership with Axiata Digital Labs (ADL), was the recipient of the coveted Customer Experience and Trust Award, at the TM Forum 2020 Excellence Awards.

Malaysia imposes new coronavirus curbs as cases surge

Malaysia announced sweeping new curbs around the capital and worst-hit Sabah state yesterday, as the country fights a new coronavirus surge.

American duo wins Nobel Economics Prize for work on auctions

US economists Paul Milgrom and Robert Wilson won the Nobel Economics Prize yesterday for work on commercial auctions, including for goods and services difficult to sell in traditional ways such as radio frequencies, the Nobel Committee said.

American duo win Nobel Economics Prize for work on auctions

US economists Paul Milgrom and Robert Wilson won the Nobel Economics Prize today for work on commercial auctions, including for goods and services difficult to sell in traditional ways such as radio frequencies, the Nobel Committee said.

Covid-19 positive case at SriLankan Cargo division

SriLankan Airlines confirmed the media reports stating that an employee of the airline at SriLankan Cargo operations division at the Bandaranaike International Airport tested positive for the COVID-19 virus this morning.

Shevan Goonetilleke appointed MillenniumIT ESP Director/CEO

As part of its ongoing initiatives to strengthen the structure to deliver the next phase of strategy, leading conglomerate Ambeon Group today announced the appointment of Shevan Goonetilleke as Director/Chief Executive Officer of their technology subsidiary – MillenniumIT ESP.

Urgent need to raise foreign currency funding

It was reported that the trade deficit to end-August 2020 was US $ 3.8 billion, compared with US $ 4.8 billion to end-August 2019. There is no doubt that the current reforms will provide solutions to some of the structural issues in the economy. Yet, there is a need to address the country’s emerging macroeconomic vulnerabilities.

Maternity benefits are not a ‘cost’ and a ‘burden’ on employer

Following is a response to the article titled ‘The case for state-supported maternity leave benefits in Sri Lanka’, published on September 24, 2020, in Mirror Business, by Verité Research.

Lankan capital markets prove resilient to new COVID-19 cluster fears, says Asia Securities Research

Investors must not react impulsively to the news of the emergence of the new COVID-19 cluster in Sri Lanka. In a special report, leading stockbroking firm Asia Securities (Pvt.) Ltd, exploring the impact of COVID-19 resurgence in several regional emerging economies as well as developed economies, notes that equity markets have remained stable through the second waves of COVID-19.

JKSB optimistic over SL’s ability to return to dollar bond market

John Keells Stock Brokers (JKSB) remains optimistic about Sri Lanka’s ability to return to international capital markets to raise funds it needs as the economy normalises after the coronavirus-related lockdowns dealt a severe blow from April through May, though the fiscal condition remains a concern.

Deposit rates fall further in Sept. as banks re-price liabilities swiftly to maintain margins

Deposit rates offered to both corporate and individual customers are coming down faster as banks hasten to cut their funding cost in a bid to maintain margins, which are narrowing in line with the falling lending rates, exerting pressure on their bottom lines.

FDI in first half hits US$ 350mn; govt. eyes US$ 750 mn for full year

Sri Lanka has received foreign direct investment (FDI) worth US$ 345 million for the first six months of 2020 compared to US$ 535 million received in the same period last year.