Pelwatte Dairy backs President’s pledge to meet domestic liquid milk demand

Pelwatte Dairy Industries, Sri Lanka’s leading local dairy producer, is on a renewed mission to meet the domestic milk demand and uplift the socio-economic status of local dairy farmers.

KOICA supports estate communities to strengthen COVID-19 response capacity

The Korea International Cooperation Agency (KOICA) in partnership with Korean NGO ‘The Lamp Lanka’ helps estate communities in Central Province to strengthen COVID-19 response capacity by providing essential food items and hygiene products.

Hànyu Services expands to address growing interest in Chinese language services

In a global climate where China has established its standing as the second largest and fastest growing economy in the world, the extent of the country’s scale and integration has meant that proficiency in Chinese has become a coveted asset.

EDB proposes export stimulus reward scheme for exporters

The commendable performance of Sri Lankan exporters and the resilience shown during an unprecedented COVID-19 pandemic are to be rewarded by the Sri Lanka Export Development Board (EDB) of the Ministry of Trade, through a proposed export stimulus reward scheme.

Pirate Life and Dilmah partners to produce alcoholic beverages

SL’s first ever homegrown electric bicycle ‘Rhoda’ hits local streets

Sri Lanka’s first ever homegrown electric bicycle made its debut last evening with local startup ‘Rhoda’ unveiling the first of the 50 ‘founder’s edition’ in Colombo.

USAID-funded SL@100 launched to assist Sri Lankan mid-market firms

In an effort to make Sri Lanka a high-income earning country within 100 years of Independence, the international development agency of the United States yesterday pledged its support launching the Sri Lanka@100 initiative that is expected to contribute to the ongoing efforts of the island nation achieving equitable and inclusive growth.

Banks pile up G-Secs as growth in loans lags surge in deposits

Banks have significantly increased their holdings in government securities (G-Secs) in recent times as loans haven’t kept pace with the surge in deposits, leaving massive amounts of excess liquidity, which otherwise would have gone into the hands of private borrowers.

President Rajapaksa restores Export Development Council after 28-year lapse

After a lapse of 28 years, the Export Development Council (EDC) was convened under the patronage of President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa this week.

Innovations should enter market with investor support: President

President Gotabaya Rajapaksa this week advised officials to divert both institutional and independent innovations to market production immediately, with the assistance of investors.

Govt. will remove import restrictions if situation demands: Cabraal

The government may possibly remove the current import restrictions gradually as and when the situation demands such a move, State Minister for Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.

Nawaloka Air Services appointed Maldivian Airlines’ GSA

Nawaloka Air Services (Pvt) Ltd, a subsidiary of Nawaloka Holdings has been appointed the General Sales Agent (GSA) for Maldivian Airlines in Sri Lanka for passenger and cargo, effective from September 15, 2020.

Asia Asset Finance to raise up to Rs.1bn via listed debentures

Asia Asset Finance PLC yesterday revealed plans to raise Rs.1 billion via debentures.

Jayamin Pelpola appointed to BOI board

President Gotabaya Rajapaksa has appointed investment banker turned tech entrepreneur Jayamin Pelpola as a board member of the country’s apex investment promotion body, the Board of Investment (BOI) with immediate effect.

The case for State supported maternity leave benefits in Sri Lanka

In Sri Lanka, employers are required to bear the full cost of providing maternity leave benefits (MLBs) to their employees for 12 weeks.

Regional collaboration can help SA nations rebuild and strengthen tourism industry

After months of empty beaches and deserted hotels in Maldives, tourism operator Ahmed Waheed says he is eager to help affluent travellers trade their COVID-19 masks for snorkeling or scuba gear.

Proposed ban on cigarette stick sales needs rethinking

Recent media reports cites the Tobacco Regulatory Authority making an overture to a ban on single sticks of cigarettes, stating it is a gateway to other narcotic drugs and continuous smoking. The proposal adds that retailers would only be allowed to sell cigarette packs containing 20 sticks to customers.

Foreign employment agencies seek access to govt.’s COVID-19 relief

Battling bankruptcy amid the coronavirus crisis, Sri Lanka’s foreign employment agencies this week urged the government to extend the COVID-19 relief package granted to the tourism industry to them as well, to ensure the welfare of 1.5 million Sri Lankan migrant workers, future sustainability of worker remittance inflows and job security of their employees.

ICRA Lanka explains possible reasons for anaemic private credit growth

Sri Lanka’s private sector credit growth shrank three months consecutively, albeit the gap was seen narrowing each month until end-July but the rating agency ICRA Lanka offered reasons as to why the growth remained negative, although the gross loan disbursements reaching pre-pandemic highs.

Carson Cumberbatch Group enters deal to sell private equity investment arm

Guardian Capital Partners PLC (GCP) and its immediate parent Ceylon Guardian Investment Trust PLC (CGIT) — units of Carson Cumberbatch Group — yesterday said they had entered into a share sale and purchase agreement (SSPA) with Gazelle Asset Management Pte Ltd, for the sale of 21.6 million shares or an 84 percent stake held by CGIT in GCP to Gazelle.

Sumal Perera’s son joins Access Engineering board

Access Engineering PLC yesterday announced the appointment of Shamal Joseph Shavindra Perera to its board, as a Non-Executive Director, with immediate effect.

Sri Lanka Tourism offers virtual safaris

The Sri Lanka Tourism Promotion Bureau (SLTPB) has embarked on a fresh initiative to promote the island nation’s wildlife on a virtual platform.

Foreigners get 2-year hedge against forex risk on G-Sec investments

The foreigners who will invest in rupee bonds will get a forex risk cover up to two years from the Central Bank, as the government is working towards wooing dollar investments into Treasury bills and bonds, in a bid to lessen the reliance on commercial borrowings and supporting the currency.

Sri Lanka Tourism offers virtual safaris

Sri Lanka Tourism Promotion Bureau (SLTPB) has embarked on a fresh initiative to promote the island nation’s wildlife on a virtual platform.

Sumal Perera’s son appointed to Access Engineering board

Access Engineering PLC today announced the appointment of Shamal Joseph Shavindra Perera to its board as a Non-Executive Director with immediate effect.

Transhipment volumes recover to pre-pandemic levels at Colombo Port

The transhipment container volumes at the Port of Colombo recovered to pre-pandemic levels in July, ending the declining trend recorded since March and leading to an overall recovery of container volumes, according to Central Bank data.

Raw rubber prices set to gain amid import ban

Sri Lanka’s raw rubber prices, which remained depressed for many years, could see a rebound from the current import controls in place for rubber-based products, enhancing prospects for plantation companies and smallholders alike.

Tourism accommodation providers assured of relief

The tourist accommodation owners, who have registered with the Sri Lanka Tourism Development Authority (SLTDA), will be given the opportunity to pay their electricity and water bills in instalments, beginning from September 1, 2020, Tourism Minister Prasanna Ranatunga told Parliament yesterday.

Govt. eyeing 1% economic growth this year: Cabraal

Sri Lanka is targeting an economic growth of one percent, end of this year, as such a rate would push the country to the path of recovery, Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday.

Agriculture and services sectors push private sector wages up

The wages of the private sector gained in July led by the agriculture and services sectors, defying the expectations that the coronavirus-related economic damage could leave jobs and wages depressed for a prolonged period.