Motorcar registrations plunge in July; commercial vehicles steady

Sri Lanka’s vehicle registrations in August slumped across the board barring a few commercial vehicle categories as protracted controls in place on personal vehicle imports put a damper on an otherwise soaring sector at a time borrowing cost hovers at historically low levels.

NDB’s Rs.6.5bn debenture issue snapped up opening day

National Development Bank PLC (NDB), Sri Lanka’s fourth largest listed bank, successfully raised Rs.6.5 billion through a five-year Basel III complaint, tier II,listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at an issue price of Rs.100 each, via an initial public offering at the Colombo Stock Exchange yesterday.

Trade Minister wants to allocate part of export CESS tax revenue to support entrepreneurs

Trade Minister Bandula Gunawardana said he proposed to the President and the Cabinet this week to allocate half of the export CESS tax revenue to assist entrepreneurs through the Export Development Board (EDB).

Laugfs Terminals at H’tota Port celebrates 100th ship call

Laugfs Gas PLC fully owned subsidiary, Laugfs Terminals Ltd., yesterday celebrated the 100th ship call for loading of LP Gas at its port-based, all weather LP Gas storage and transhipment terminal complex located at the Hambantota port.

BOI eyes five new trade agreements with key trading partners

Sri Lanka’s apex investment promotion body, Board of Investment (BOI), is eyeing five new trade agreements with key trading partners—Japan, China, European Union (EU), United States and United Kingdom (UK)— over the next three years, a top official said.

E-commence in Sri Lanka remains “basic”, says report

An e-commerce readiness report on Sri Lanka has revealed that despite the general optimism among Sri Lankan businesses with regard to the use of e-commerce, the present state of e-commerce development in the country remains “basic”.

E-commerce in Sri Lanka remains ‘basic,’ says report

An e-commerce readiness report on Sri Lanka has revealed that despite the general optimism among Sri Lankan businesses with regards to the use of e-commerce, the present state of e-commerce development in the country remains “basic”.

Colombo bourse goes fully digital!

Capital market operator, the Colombo Stock Exchange (CSE) this morning kicked off its initiative to offer a fully digital on-boarding experience that would allow smoother and efficient operation of the bourse.

A foray into HR of mid-2020s and beyond

It has been nearly 70 years since Peter Drucker coined the phrase ‘human resource’. Human resources management or HR was a significant innovation over the more ancient practice of personnel management, which was essentially about job definitions, hiring and employment record-keeping.

Govt. says import restrictions imposed to honour debt repayments will pay off in long-term

The government expects the “tough” decision to honour the country’s external debt servicing commitments imposing import restrictions, which has come at the expense of living standards of the people amid a shortfall in foreign inflows due to the COVID pandemic, would be recognised by the international community including international markets.

Sri Lanka ranked 83rd on Economic Freedom of World Index 

Sri Lanka has been placed 83 among 162 jurisdictions on the Economic Freedom of the World Index, a position the island nation secured by advancing 15 places over the last year.

JKH says winter bookings nearing pre-COVID levels

John Keells Holdings PLC (JKH) says winter forward bookings at its resorts and hotels in Sri Lanka and Maldives are reaching pre-COVID-19 levels indicating a pent-up demand.

Jaffna to get US$ 1.2mn sea cucumber processing plant

Sri Lanka will see the setting up of a sea cucumber processing plant in Jaffna with Board of Investment (BOI) having inked an agreement with a local entity.

Thomas Cook brand relaunches as online travel agency

The Chinese-owned Thomas Cook brand relaunched yesterday as an online travel agency following the British group’s collapse last year.

Piramal Glass parent’s sale narrows to 2 bidders

Blackstone Group Inc. and Partners Group Holding AG were said to be the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit, the parent of Sri Lanka’s Piramal Glass Ceylon PLC, according to a report by Bloomberg newswire.

Chevron Lubricants Lanka gets new MD/CEO

Muhammad Najam Shamsuddin is the newly appointed Managing Director & CEO of Chevron Lubricants Lanka PLC and Managing Director for Chevron Ceylon Limited (CCL).

Manufacturing and services activities expand in August

The Purchasing Managers’ Index (PMI) data for August showed both manufacturing and services activities expanding during the month indicating that the broader economy is maintaining the momentum it gained since May with the easing of restrictions, with a few sectors to spare.

SL ranks in 83 Economic Freedom of the World index

Sri Lanka ranks 83 among 162 jurisdictions on the Economic Freedom of the World index, a position it has secured by gaining 15 places over the last year.

Jaffna to get US $1.2 mn sea cucumber processing plant

Sri Lanka will see the setting up of a sea cucumber processing plant in Jaffna with the Board of Investment (BOI) having inked an agreement with a local entity.

Why tourism industry will be the last to recover from pandemic

The tourism industry was one of the World’s largest and fastest growing industries just 9 months ago. Today, amidst the throes of the COVID crisis, it is all but devastated and gasping for breath.

Micro credit (finance): Facts and fallacies

Perhaps, micro credit to some and micro finance to others is the term used, misused and abused in many recent discourses on economic recovery following the COVID-19 pandemic.

Palihapitiya in US$ 4.8bn SPAC deal to take SoftBank-backed Opendoor public

SoftBank-backed home-selling platform Opendoor is going public through a merger with a blank-check company led by venture investor Chamath Palihapitiya in a deal that will value the combined entity at US$ 4.8 billion, the companies said yesterday.

Sri Lankan economy to shrink 5.5% this year: ADB

Sri Lanka’s output will contract by 5.5 percent in 2020 before recovering to 4.1 percent growth in 2021 as the country is recovering from the heavy economic toll caused by the pandemic on the livelihoods and businesses, according to Asia Development Bank (ADB).

Ceylon tea risks losing Iranian market to India

Ceylon tea risks losing Iranian market permanently as India makes significant gains in tea exports to Iran despite US imposed unilateral sanctions, a senior industry official warned.

Net foreign outflow tops Rs.970mn

The Colombo bourse yesterday saw little over Rs.970 million net foreign outflows with net foreign sales at John Keells Holdings PLC amounting to Rs.809.5 million, the stock market data showed.

Cement production and imports make rebound in June

Sri Lanka’s cement production and imports bounced back strongly in June by 42.6 percent year-on-year (YoY) indicating a considerable pick up in construction activities in the month emerging from COVID-19-induced disruptions, according to Central Bank (CB) data.

Competition among non-life insurers to intensify as premiums fall: Fitch

Price competition among non-life insurers is projected to intensify in the short-term amid the slowing down of new vehicle registrations, but the sector is expected to speed up expansion into non-motor business to make up for the lower motor insurance sales.

Govt.’s policy framework triggers ‘W-shaped’ recovery instead ‘V-shaped’: First Capital

The policy direction set out by the government would lead to another economic shock, preventing a ‘V-shaped’ recovery as anticipated and triggering a ‘W-shaped’ recovery path instead, a leading equity research house based in Colombo said.

‘The Street Food Festival’ to hit Colombo come October

Local foodies will be able to taste Sri Lanka’s food heritage come October with Lanka Exhibition & Conference Service (LECS) organising ‘The Street Food Festival’ to promote the nation’s cuisine.

Developing Asia to witness negative growth in 2020

Developing Asia will witness dampened economic growth this year, a contraction that will take place for the first time in six decades, the Asian Development Bank (ADB) said.