Banking sector NPLs decline slightly in June; but picks up in July again

Banking sector non-performing loans (NPLs) received some respite in June as the ratio fell to 5.4 percent after reaching a six-year high of 5.6 percent in May, but the provisional data for July pointed to a slight uptick again.

Mahaweli Minister wants all zones turned into worksites to support national economy

State Minister of Mahaweli Zones, Waterways, Settlements and Public Infrastructure Development, Siripala Gamlath stated that his sole aim is to turn the Mahaweli zones into fulltime worksites and extend support to strengthen the national economy.

Coordination between CB and DCS expected for future national economic data calculation

The Central Bank is currently in discussions with the Department of Census and Statistics (DCS) to arrive at mutually agreeable ways on the calculation of national economic data after the latter surprised the country and the Central Bank by reporting a contraction in the economy for the first quarter, which was closed only for 10 days due to coronavirus.

National inflation eases in July; CB expects further price deceleration

Sri Lanka’s headline inflation measured by the National Consumer Price Index (NCPO) rose 6.1 percent in the 12-months to July, recording a deceleration from 6.3 percent in the month earlier mainly due to a statistical effect of the high base prevailed a year earlier and the slightly eased food prices.

Deadline for application of loans under Saubhagya scheme extended to September 30

The Central Bank has extended the application deadline for loans under the Saubhagya refinance facility to provide concessionary working capital loans to those affected by the pandemic, from August 31 to September 30, as the scheme has more funds to run its full course.

Think tank hails statistics office’s proposal to launch e-registry for biz

The Advocata Institute has commended the decision taken by the Department of Census and Statistics (DCS) to launch an e-registry portal to register unregistered and registered businesses in Sri Lanka.

Asian stocks lifted by vaccine hopes, but new cases cause concern

Hopes for a vaccine helped push equities higher yesterday following another tech-inspired record on Wall Street, with investors brushing off a surprisingly weak US jobs report, though optimism remains checked by the spreading virus and the US stimulus stalemate.

Resounding mandate for growth and development: Indian CEO Forum

The Indian CEO Forum said the people on August 5 have given a resounding mandate for President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the Sri Lanka Podujana Peramuna to steer the country for growth and development over politics.

Second Group of 87 Lankans return from Thailand

The second group of 87 Sri Lankans, who were stranded in various cities in Thailand due to the COVID-19 pandemic situation, was repatriated to Sri Lanka from Bangkok-Thailand yesterday (21), via a special SriLankan Airlines charter flight UL 403, organized by the Embassy of Sri Lanka in Bangkok.

TAASL congratulates new govt., Prime Minister

The Travel Agents Association of Sri Lanka (TAASL) in a statement yesterday congratulated the new Prime Minister Mahinda Rajapaksa and the Sri Lanka Podujana Peramuna for the victory obtained during the general election held on August 5.

Mgt. owned travel & aviation group rebrands as ‘Acorn’

Acorn Group encompasses multiple businesses and leading international brands in the Travel and Aviation industry.

NCE partners with Bureau Veritas to provide special ‘Cove-Safe’ certification for exporters

The NCE has partnered with Bureau Veritas Lanka (Pvt) Ltd to provide ‘Cov-Safe’ certification which has international recognition.

Trade Minister meets EDB officials

Trade Minister Bandula Gunawardena made his inaugural visit to the Sri Lanka Export Development Board (EDB) recently since assuming office and met the key officials of the institution.

CB steps up efforts to address grievances of financial consumers

Stakeholders of the national financial system will witness their grievances receive due emphasis hereafter as the Central Bank of Sri Lanka (CBSL) has taken a progressive step towards establishing a single point of contact to handle complaints.

Emerging Asia: securing solid fundamentals for post-COVID future

Asia’s emerging economies are at different stages in combatting the Covid-19 pandemic. For some, the light at the end of the tunnel is getting brighter as social distancing measures are being eased and economic activity is starting to ramp up again. Others are still grappling with outbreaks and lockdowns.

A long journey: IFC’s 50 years in Sri Lanka

In the midst of a global pandemic, IFC steps up its work in Sri Lanka—aiming to help mitigate some of the worst economic impacts and deliver tangible long-term benefits.

Sharp 4Q rebound essential to avert economic contraction: CB

The Central Bank (CB) says a substantial rebound in economic activity in the fourth quarter is essential for Sri Lanka to avert an economic contraction this year following the “unexpected” contraction in the economy in the first quarter.

President firmly says ‘No’ to palm oil

Sri Lanka will halt the cultivation of oil palm in the country, while giving assistance to grow coconut in new areas, President Gotabaya Rajapaksa said in his address to the newly elected parliament.

Fitch Ratings to continue Kotagala Plantations’ coverage

Following the announcement of a withdrawal from issuing rating reports on Kotagala Plantations PLC in July, Fitch Ratings yesterday said it would continue the coverage on the plantation firm until further notice.

Three leading tech personalities appointed to ICTA board

With a view of strengthening the execution of Sri Lanka’s digital roadmap, three new strategic appointments have been made to the board of the Information Communication Technology Agency of Sri Lanka (ICTA).

Airtel Lanka appoints new CEO

Airtel Lanka yesterday announced the appointment of Ashish Chandra as Chief Executive Officer and Managing Director.

Lanka Sathosa launches online platform

Keeping up with the ongoing digital trend, State-managed retail chain Lanka Sathosa, launched its online shopping platform yesterday.

Lanka Sathosa achieves record revenue in first half; eyes break even by year-end

State-owned retail chain, Lanka Sathosa has posted record revenue of Rs.17.62 billion for the first half of 2020 (1H20), the highest-ever performance achieved since its establishment, senior officials of the entity said.

CSBA congratulates govt.; hails move to appoint minister for capital markets

The Colombo Stock Brokers Association (CSBA) yesterday congratulated the new government, Prime Minister Mahinda Rajapaksa, and newly-appointed State Minister for Finance, Capital Markets, and State Enterprise Reforms, Ajith Nivard Cabraal.

CB to launch housing loan scheme targeting low and middle-income groups

The Central Bank (CB) plans to launch a housing loan scheme targeting low and middle-income groups in the country as it explores fresh loan schemes to support the economy with the COVID-19 relief loan scheme inching closer towards its completion.

LVL Energy says its wind power plants lost connectivity to Norochcholai grid from late July

LVL Energy Fund PLC said two of its wind power plants connected to Norochcholai grid substation were unable to dispatch electricity since July 25 due to an equipment failure at the grid substation.

Tea exports up 13% YoY in July

Sri Lanka’s tea exports witnessed a 13 percent Year-on-Year (YoY) expansion for the month of July, recording the highest quantity shipped for the corresponding month over the last five years.

CBSL announces continuation of current monetary policy stance

The Monetary Board of the Central Bank of Sri Lanka (CBSL) announced its decision to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) at the current levels of 4.50 percent and 5.50 percent.

Royal Ceramics Lanka’s 1Q earnings hit by pandemic

Royal Ceramics Lanka PLC (RCL) reported a earnings of Rs 9.2 million or 8 cents a share for the June quarter (1Q21), recording a slump of 97 percent Year-on-Year (YoY), driven by lower sales resulting from COVID-19 related lockdown measures in the quarter.

First Capital says 50% chance for policy rate cut today

First Capital Research predicts a 50 percent probability for the Central Bank (CB) to cut policy rates for fifth consecutive instance for the first time in history to discourage the banking sector utilising the Standing Deposit Facility Rate (SDFR). The latest monetary policy review is scheduled to be announced at 7.30 a.m. today.