Lower sales impact Distilleries June performance

Distilleries Company of Sri Lanka PLC (DCSL), the country’s largest distiller with 60 percent market share in the alcoholic beverage market, reported revenues of Rs.14.6 billion for the April-June quarter (1Q21), compared to Rs.20.05 billion in the year earlier period, recording a decline of 27.4 percent.

National inflation in August edges up to 6.2% on higher food prices

Prices at national level trended up during August, as the prices of food items and to a lesser degree the prices of non-food items rose, albeit the average prices at the broader economy still remain largely benign.

Prime lending rate hits 5-year low

The prime lending rate or the rate at which loans to prime customers of banks are priced, touched its lowest level last week, breaking its previous lowest five years ago.

ID card particulars of those opening CDS accounts via CSE app to be verified digitally

The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) have entered into a memorandum of understanding (MoU) with the commissioner general, Department for Registration of Persons (DRP), to obtain digital verification of the National Identity Card (NIC) details available with the DRP, when a person wishes to open a CDS account via the CSE digital app, based on the consent obtained from the ID card holder.

BOI agreement signed for US $ 29mn Cinnamon Red Kandy

Indra Traders (Pvt.) Ltd has partnered John Keells Hotels PLC to build a 160-room, three-star, lean luxury hotel in Kandy, with an investment of US $ 29.32 million.

Tea production down 14% in August

Tea production in August fell 14 percent, compared to the corresponding month of the previous year, according to a leading Colombo-based tea brokerage.

Tyre producers request govt. not to allow two and three-wheeler tyre imports

The motorbike and three-wheeler tyre manufacturers in Sri Lanka have stated that there is no shortage of motorbike and three-wheeler tyres in the local market and therefore there is no need to import any.

Committee probing state-bank malpractices receives over 100 complaints

The committee appointed to look into the malpractices that were said to have taken place in state-owned banks under the previous regime, has received over 100 complaints, according to a Finance Ministry communiqué.

Pandemic hampers Colombo Dockyard 2Q performance

The financial performance at Colombo Dockyard PLC (DOCK) soured during the three months to June, as the firm’s shipbuilding operations significantly slowed amid the COVID-19 pandemic but the ship repairing business held up, albeit weaker compared to the year earlier period.

Major banks moved vast sums of illicit money: ICIJ

Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.

BOI agreement signed for US 30mn Cinnamon Red Kandy

Indra Traders (Pvt) Ltd. has partnered John Keells Hotels PLC to build a 160-room, 3-star, lean luxury hotel in Kandy with an investment of US $ 29.32 million.

SEC and CSE partner with DRP to boost identity verification process

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) announced this morning that a “progressive national digital initiative” has been embarked upon by entering into a Memorandum of Understanding (MoU) with the Department for Registration of Persons (DRP).

RPCs to launch new campaign for productivity-based wage model

With multitude of challenges hampering the plantation sector, the Regional Plantation Companies (RPCs) last week vowed to launch a renewed effort to migrate into a productivity-based wage model linked to the commodity price replacing the current outdated model.

Foreigners return to gilts after months accumulating close to Rs.2bn worth T-bills and bonds

Foreigners, who stayed away from rupee denominated government securities for months, have finally returned with some heavy buying.

BOI says US$ 1.5bn worth investment agreements signed in first 9 months

Despite COVID-19 related disruptions, Sri Lanka’s apex investment promotion body, Board of Investment (BOI) said it has approved agreements worth US$ 1.5 billion in the first nine months of this year.

SL’ first biotech insulin manufacturing plant launched with Rs.3.5bn investment

Privately owned Raddella Holdings recently began the construction of Sri Lanka’s first and only biotech insulin manufacturing plant.

Big three poultry producers to cash in from demand-supply mismatch post lockdown

The big three listed poultry industry firms, Ceylon Grain Elevators, Three Acre Farms and Bairaha Farms are expected to have a bounty earnings season for the three months through September and possibly a higher market share as they have received a windfall from the demand-supply mismatch created post the pandemic.

Credit card spend continues uptrend implying consumer spending recovery

The outstanding balance of total credit cards in Sri Lanka continued to add on during July, though at a slower pace compared to the previous month, implying that consumer spending continued to recover from their lows reached during April and May.

Labour force shrinks in 1Q20; agri sector labour expands

Persons employed in the broader agriculture sector have expanded from the first quarter of 2019 through the first quarter of 2020 amid a shrinking labour force, defying expectations that more people are migrating into industrial and service-oriented jobs when an economy advances.

Sri Lanka Tourism to celebrate World Tourism Day 2020

Under the guidance of the Ministry of Tourism, Sri Lanka Tourism Development Authority and the Department of Trade Commerce and Tourism of Central Provincial Council have organized a three-day special programme and several other events to celebrate the World Tourism Day 2020 in Kandy.

Mahesland BM achieves all-time record price at e-auction

At the e-auction held on September 15th & 16th, an all-time record price of Rs.760 was recorded for a BM grade manufactured by Mahesland Tea Factory.

ECB’s Lagarde says business needs more women leaders

European Central Bank President Christine Lagarde said yesterday that there are still too few women in top jobs, and that the coronavirus pandemic has exacerbated the problem.

Four wins for Ogilvy Digital at BestWeb.lk 2020

Ogilvy Digital of the Phoenix Ogilvy Group Sri Lanka won big at Sri Lanka’s pioneering web design competition, BestWeb.lk 2020, walking away with a tally of four awards in total.

Niro Cooke appointed to CWEIC Board

The Commonwealth Enterprise and Investment Council (CWEIC) announced this month the appointment of Niro Cooke to its Board. Cooke, a Sri Lankan professional, is at present the youngest Board member appointed to the statutory board of the CWEIC.

Apple to open its first India online store

Apple will launch its first online store in India next week, the Silicon Valley giant said yesterday, hoping to cash in on the country’s festive season and grow its tiny share of the booming market.

Equity markets mixed as coronavirus dogs sentiment

Asian and European markets traded mixed yesterday with investors anxious over the reimposition of coronavirus restrictions, the stuttering global economic recovery, and US lawmakers’ failure to agree on new stimulus.

Govt. to support local automotive assembly with 30% locally made components

The Sri Lanka Automotive Component Manufacturers’ Association (SLACMA) recently announced that the government is actively seeking to promote automotive assembly with locally secured components, in order to boost the industry and create better job opportunities.

Govt. invites suppliers to register with e-GP System

The Government of Sri Lanka is inviting supplier community to register with Electronic Government Procurement System (e-GP System) that wishes to supply goods, work and consultancy and non-consultancy services to the government.

Govt. to support local auto assembly with 30% locally made components

The Sri Lanka Automotive Component Manufacturers’ Association (SLACMA) says the government is actively seeking to promote automotive assembly with locally secured components, in order to boost the industry and create better job opportunities.

Capital market told to step out of comfort zone and think big

The government yesterday did not mince its words to clearly lay out what is expected from the country’s capital market as the stakeholders were told to venture out from their comfort zones and work judiciously towards the development and expansion of the market.