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

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 companies for the year 2020.

Challenges in catalysing SMEs: Bridging missing link?

Developing small and medium enterprises (SMEs) has always been a priority for the government and there is a renewed push to catalyse SMEs to aid post-COVID-19 recovery. From directed credit to technical assistance programmes, successive governments and development agencies have tried many methods to develop SMEs.

COVID-19 and Sri Lanka’s labour market gaps: Permanent protection for temporary employees

The COVID-19 pandemic emerged as a public health crisis and morphed into a global economic crisis, with severe impacts on commercial activity, employment and trade. The International Labour Organisation (ILO) describes COVID-19 as the “worst global crisis since the Second World War”.

Govt. renews call for debt service standstill from multilateral lenders

Sri Lanka’s government renewed calls for suspension of debt service payments from multilateral lending agencies until at least 2021, as such could lift some burden off from its budget and ease pressure on the balance of payment to better respond to the pandemic-induced economic damage.

PM tells banks to go easy on borrowers

Prime Minister Mahinda Rajapaksa, who is also the Finance Minister, has told Sri Lanka’s bank chiefs to follow a lenient policy when giving out loans.

Altair clarifies court order to buyers

Indocean Developers has informed the buyers of Altair apartments that a recent Supreme Court decision, relating to a management rights dispute involving two groups of shareholders, was only a denial of a plea by one party to the dispute to dismiss a case filed by two purported directors on the grounds that the said directors had been fraudulently appointed.

Sri Lanka tea storm swirls around Lebanon president

Lebanon’s President Michel Aoun has come under fire after it emerged that tea donated by Sri Lanka for victims of the Beirut blast was distributed instead to families of his presidential guards.

IBM technology to assist Lankan biz to mitigate COVID impact

American multinational technology company IBM this week announced its ‘hybrid cloud’-driven strategy for Sri Lanka—an artificial intelligence (AI) solution that serves as a platform for businesses to reset their operations, following the impact faced from the global pandemic.

More investment and collaboration urged in rubber sector to capitalise on high demand

Sri Lanka’s rubber sector requires more investments and collaboration among industry players to capitalise on the high demand in the world market for the country’s high-quality natural rubber, a leading rubber product manufacturer in the country said.

Sierra Cables records highest ever group turnover in FY19/20

Sierra Cables PLC, with strong credentials in the manufacturing and supply of wire and cable in Sri Lanka and overseas, recently recorded the highest ever group turnover, registering a strong post-COVID-19 growth streak that speaks well for the country’s economic recovery.

Reassessment of systems preventing money laundering post COVID essential: Deloitte

As the changing consumer habits in the backdrop of the global pandemic could lead to an increase in the number of ‘false positives’ in the area of money laundering, multinational professional service network Deloitte advised the local financial sector to reassess their efforts in this regard.

RIL Property sets eyes on co-working space business

As the coronavirus pandemic has upended how people work to a greater extent among other things, RIL Property PLC, a leading ‘Grade A’ office space provider in the country, has set its eyes on venturing into co-working space business.

PM tells banks to go easy on borrowers

Prime Minister Mahinda Rajapaksa, who is also the Finance Minister, has told Sri Lanka’s bank chiefs to follow a lenient policy when giving out loans.

Altair clarifies court order to buyers

Indocean Developers has informed buyers of Altair apartments that a recent Supreme Court decision relating to a management rights dispute involving two groups of shareholders was only a denial of a plea by one party to the dispute to dismiss a case filed by two purported directors on the grounds that the said directors had been fraudulently appointed.

Lankagama connected with high-speed internet and voice services

Sri Lanka Telecom (SLT) and Mobitel have connected Lankagama, a village bordering the Sinharaja Forest Reserve, with high-speed 4G/LTE broadband and voices services.

People’s Bank June hampered by massive relief afforded to pandemic-affected clients

The massive relief afforded to a large number of its borrowers affected by the coronavirus-induced economic hardships and the provisions made for possible loan defaults had a notable bearing on the financial performance of People’s Bank during the period ended June 30, 2020.

Banks permitted to sell up to 20% stake to multilateral financiers

The licensed commercial banks can now invite multilateral financial organisations to purchase up to 20 percent of shares, as the Monetary Board has decided to relax certain rules pertaining to the maximum share ownership—a move that could enhance the capital profile of banks and thus benefit the entire banking system.

Fly Lankan applies for licence to operate domestic and int’l flights

Colombo-based Fly Lankan Asia (Pvt.) Ltd has requested permission from authorities to operate domestic and international flights carrying passengers as well as cargo and mail services.

July private credit reflects faster new loan disbursements by banks

The decline in private sector credit narrowed in July, signalling that the new loans by the banking sector to private individuals and businesses were just about to surpass the loan settlements by the borrowers, which could set stage for a net growth in credit since the coronavirus outbreak in the country.

Govt. to introduce new instruments to attract FDI: Cabraal

Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday that the government would introduce new instruments to attract foreign investments to re-energise the country’s economy.

NDB to raise Rs.6.5bn via Basel III debt issue

National Development Bank PLC (NDB) yesterday revealed the plans to raise up to Rs.6.5 billion via a Basel III-compliant debenture issue.

SL’s sovereign bonds seen regaining lost value

Sri Lanka’s international sovereign bonds (ISBs) are gaining after they lost value during April and May, as the yields have declined sharply from their highs reached during the worst of the pandemic, in a sign that the investor confidence is rebuilding, as market volatility triggered by the pandemic dissipates.

Govt. to hand over lands of loss-making tea plantation companies to smallholders

The government is planning to hand over the lands belonging to the loss-making plantation companies to tea smallholders, as a pilot project, a statement by the President’s Media Division (PMD) said.

New company applies for licence to operate domestic and int’l flights

Colombo-based Fly Lankan Asia (Pvt.) Ltd has requested permission from authorities to operate domestic and international flights carrying passengers as well as cargo and mail services.

Govt. to hand over lands of loss-making tea plantation companies to smallholders

The government is planning to hand over the lands belonging to loss-making plantation companies to tea smallholders as a pilot project, a statement by the President’s Media Division said.

FMCG players call for reasonable time frame to comply with sachet ban

The fast-moving consumer goods (FMCG) manufacturers in the country at the outset have endorsed the government’s decision to ban single-use sachets, an effort towards conserving the environment but stressed the need for an all-inclusive approach, one that would allow a seamless transition to alternatives.

SL records highest cryptocurrency mining encounters in Asia

Sri Lanka experienced the highest cryptocurrency mining encounters across the region last year, according to the Asia Pacific finding from the latest edition of Microsoft’s Security Endpoint Threat Report 2019.

Gem and jewellery industry welcomes removal of import duty on gold imports, income tax on profits

Sri Lanka’s gem and jewellery industry yesterday welcomed President Gotabaya Rajapaksa’s decision to remove 15 percent import duty on gold and 14 percent income tax on the profits of gem and jewellery manufacturers, enabling the industry to become globally competitive yet again.

Stockbrokers told to proactively engage local investors before going after foreigners

Instead of passively waiting for foreign investors to come, the stockbrokers at the Colombo bourse have been asked to proactively engage local investors, as there is a huge potential for share valuations to increase in the near future.

India’s Ajay Piramal Group to exit glass business

India’s Ajay Piramal Group has begun making offers to sell its glass business, which will include the Sri Lankan operations under Piramal Glass Ceylon PLC, according to multiple Indian news reports.