SPC to open 100 drug stores at Sathosa & Co-op Super outlets

State Pharmaceutical Corporation of Sri Lanka (SPC), the State-owned manufacturer and distributor of medicinal drugs is considering expanding its reach significantly by establishing 100 new drug stores within retail outlets of Sathosa and Co-op Supermarkets spread across the island.

Controlling NCDs in Sri Lanka in age of a pandemic

According to the World Health Organisation (WHO), non-communicable diseases (NCDs) accounted for 83 percent of all deaths in Sri Lanka in 2016. Even more concerningly, the WHO states that those with pre-existing NCDs, such as cardiovascular diseases, chronic respiratory diseases, diabetes or cancers, are at a higher risk of becoming severely ill with COVID-19.

Banning cattle slaughter: Need to look at all facets of matter

The media reported some days ago of a proposal by the prime minister, to bring legislation to stop cattle slaughter and apparently majority of the government MPs are supportive of his proposal. Many Buddhist monks have also risen vehemently supporting the proposal. Have the proponents and the supporters looked wisely into all facts of the matter before rushing into this decision?

Gunaruwan’s questionable MCC report hampers Sri Lanka’s economic and investment prospects

The future of MCC remains bleak. Last year, the government appointed an experts panel to review the content of the agreement and the panel report was presented to the members of the Cabinet for their recommendations before the last parliamentary election. The government now has a two-thirds majority in Parliament and is in a position to make a final decision on the signing of the agreement.

Enterprise Development Advisory Board established to support local industries

State Minister of Money, Capital Markets and State Enterprises Reforms Ajith Nivard Cabraal has appointed an Enterprise Development Advisory Board to make local industries competitive in the international market while protecting and empowering them.

Export earnings strike near US$ 1bn in August

Sri Lanka’s exporters appear to be chugging along vigorously in their respective fields since the coronavirus related restrictions eased, as they generated nearly a billion dollars in earnings in August, the third such consecutive month, despite some key segments such as textiles & garments were seen losing some momentum.

Sri Lanka’s foreign reserves position improves further in August

Sri Lanka’s official foreign reserves, often used to gauge the strength of a country’s external position, continued to accumulate assets during August as the Central Bank remained a net buyer of foreign exchange in the forex market, but the trend could lose momentum as country is set to settle part of its debt as early as next month.

Feeder operators increasingly looking at own NVOCC lines to grow regional trade: SLANA chief

Identifying the crucial role of non-vessel operating common carriers (NVOCC) in regional trade, feeder-shipping operators are increasingly looking at owning their own NVOCC lines to jointly develop regional business.

Government. raises Rs.97bn in bonds

Sri Lanka raised a fresh Rs.96.6 billion last Friday by offering bonds maturing in between 3 to 8 years as the government borrowed extended maturities to lock in lower borrowing cost for the medium to long-term.

Tobacco and alcohol regulation gets new lease despite COVID

Dr. Samadhi Rajapaksa took office as the third Chairman of National Authority on Tobacco and Alcohol (NATA) in January this year.

Resilient stock market progresses to beyond pre-COVID levels

The Colombo stock market has recorded a noteworthy turnaround in recent months, driven by a progress in the indices and improved investor interest.

US$ 2.1 bn Asiana Airlines takeover collapses

SEOUL (AFP) - A US$ 2billion-plus deal for a South Korean property developer to take over loss making Asiana Airlines collapsed yesterday in the wake of the coronavirus pandemic, with state-owned banks mounting a bailout to try to save 9,000 jobs. The global travel res

Stock markets mixed as traders brush off latest Wall Street retreat

HONG KONG (AFP) - Asia markets were mixed yesterday as investors largely brushed off another tech-led rout on Wall Street but they remain concerned about high valuations, while the failure of US la

German sustainability initiative in Sri Lanka facilitates market access to EU

The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and the Friedrich Naumann Foundation for Freedom (FNF) in Sri Lanka co-organized a Kick-Off conference on their initiative ‘Sustainable Supply Chains as driver for global competitiveness’. Already today, marke

President Christine Lagarde speaks during a press conference

European Central Bank (ECB) President Christine Lagarde speaks during a press conference at the Informal Meeting of Ministers for Economics and Financial Affairs in Berlin yesterday. (AFP)

WB supports Sri Lanka with US$56mn to lessen COVID-19 impacts

The World Bank has reallocated US$ 56 million from ongoing projects in Sri Lanka to protect the most vulnerable in the agriculture sector, improve COVID-19 protection measures on public transport, facilitate tele-education for school children, and provide digital solutions to improve delivery of public services. This new financing complements the US$ 128.6 million Sri Lanka COVID-19 Emergency Response and Health System Preparedness Project, whic

UK agrees first major post-Brexit trade deal with Japan

LONDON (AFP) - Britain yesterday said it had secured its first major post-Brexit trade agreement - a free trade deal with Japan - the day after bitter wranglings with the European Union. The Department for International Trade said the deal, which largely replicates the current EU-Japan deal, will be worth £15.2 billion (US$19.5 billion, 16.5 billion euros). The UK-Japan Comprehensive Economic Partnership Agreement was agreed in principle by Inter

Mastercard launches CBDCs testing platform enabling central banks to explore national digital currencies

With the global economy racing to embrace digital payments, central banks also are looking to the future and investigating how to support innovation while maintaining monetary policy and financial stability as th

India’s Reliance denies plans for Amazon mega-deal

MUMBAI (AFP) - Indian conglomerate Reliance denied a report this week that it was planning to sell a US$ 20-billion stake in its retail business to US rival Amazon in a deal that could upend the country

Lankans return to savings in record pace during pandemic

Sri Lankans have returned to save more during and in the immediate aftermath of the pandemic-induced lockdowns as they appeared to have become little more frugal in spending habits, restrained by the limited mobility and social distancing practiced to contain the virus spread.

LMF Group eyes to double milk production with completion of Rs.3bn dairy farm

Harry Jayawardena-controlled Lanka Milk Foods (CWE) PLC (LMF) is planning to increase milk production from next year onwards with the completion of the construction of its Rs.3 billion dairy farm by end of first quarter next year, which can accommodate 2000 milch cows while doubling its yogurt production capacity.

Foreigners investing in G-Secs to be offered swap deals

State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal informed Parliament yesterday that the Central Bank would provide swap agreements to foreign investors who invest in Sri Lankan government securities (G-Secs) to allay any uncertainties due to fluctuations of the Sri Lankan rupee.

Government bodies told to advertise in State media to cover losses

The government has decided to make it mandatory for government and semi government institutions to allocate 25 percent of their advertising budgets to State-run media institutions so that that government doesn’t have to allocate moneys from the national budget to support these media establishments.

Cabinet nod to purchase US$ 3.8mn worth new cylinders for Litro

The Cabinet of Ministers has given its nod to State-run Litro Gas Lanka Limited to purchase US$ 3.76 million worth of new empty metal cylinder containers for liquid petroleum gas (LPG) from two Thailand-based companies for the year 2020.

Baring Private Equity Asia affiliated funds to acquire Virtusa in US$ 2bn deal

Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for US$ 51.35 per share in an all-cash transaction valued at approximately US$2.0 billion, US media reports said.

Asia Capital to undergo restructuring to bring value to Malaysian, Japanese investors

Amidst ongoing negotiations between key Japanese and Malaysian investors of Asia Capital PLC (ACAP), the company has recently stepped into appoint a legal and financial consultant to restore confidence among the investors to undergo a restructuring process of the group’s assets in order to create more value for investors.

Coronavirus tracing app goes live in Scotland

Scotland yesterday launched a smartphone app for tracking coronavirus cases using technology developed by Apple and Google, while neighbouring England is still struggling to roll out its own troubled version.

BPEA affiliated funds to acquire Virtusa in US $ 2bn deal

Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for US $ 51.35 per share in an all-cash transaction valued at approximately US $2.0 billion.

Asia Capital to undergo restructuring to bring value to Malaysian, Japanese investors

Govt. bodies told to advertise in State media to cover losses

The government has decided to make it mandatory for government and semi government institutions to allocate 25 percent of their advertising budgets to State-run media institutions so that that government doesn’t have to allocate moneys from the national budget to support these media establishments.