Tax policy uncertainties hit local automobile sector: United Motors

Uncertainties in the country’s tax framework over the last year have hindered progress in the local motor trade industry, where the ad-hoc policies have directly impacted the core business models of the sector, automobile entity United Motors PLC said.

Emirates delivers much needed emergency relief support to Lebanon

In the wake of the Port of Beirut explosions which devastated many parts of Lebanon’s capital city, Emirates is standing with Lebanon to provide critical emergency relief and aid to the hundreds of thousands of people affected by the blasts.

Asian markets struggle as US stimulus impasse drags on

Asian markets drifted yesterday as investors grew increasingly concerned about the stalemate in Washington on a new stimulus for the world’s top economy.

Banking sector extends good wishes to new govt.

The Sri Lanka Banks Association (SLBA) representing all licensed banks (30) in Sri Lanka congratulate President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the new government on receiving a strong electoral mandate to set the course for and to implement the country’s fullest development.

First cargo flights of Egypt’s national carrier land in BIA

The very first flights of Egypt Air Cargo, the national freighter of Egypt, landed in Bandaranaike International Airport on August 2nd and 5th.

SriLankan clarifies temporary suspension of Shanghai service

SriLankan Airlines wishes to clarify its position with regard to the temporary suspension of the Colombo-Shanghai operation by the Civil Aviation Administration of China (CAAC) for a period of four weeks.

Government to utilise all necessary tools to revive economy: Cabraal

The government is prepared to utilise all necessary tools to revive the country’s virus-hit economy and to restore the trust in the economy backed by clear-cut polices and their prompt implementation.

Finance Ministry Secretary assumes duties

Former Central Bank Deputy Governor S. R. Attygalle, who was reappointed to the position of Secretary to the Treasury and the Ministry of Finance assumed duties on Thursday.

Aitken Spence 1Q performance clouded by tourism sector woes

Diversified conglomerate, Aitken Spence PLC, which has extensive interests in travel and hospitality business, saw its June quarter (1Q21) revenues and profits eroded by the economic malaise created by the COVID-19 pandemic, though the group said it saw a strong pick up in business in the month of June, barring tourism.

Message by the High Commissioner of Pakistan in Sri Lanka Maj. Gen. (Retd) Muhammad Saad Khattak on the occasion of Independence Day

14th August is the most significant day in the history of Pakistan. On this day, seventy four years ago, Pakistan emerged as a sovereign state on the map of the world. Under the dynamic and inspiring leadership of Quaid-e-Azam Muhammad Ali Jinnah, the birth of Pakistan epitomized the successful culmination of a long and arduous struggle against seemingly insurmountable odds by Muslims of the Sub-continent.

Colombo commercial real estate market set to face supply glut

Colombo’s commercial real estate market is expected to face an oversupply of office spaces weighing down on rental yields and occupancy rates across both Grade A and B segments in the medium term with several large-scale projects nearing completion within the central business district (CBD), according to a leading company engaged in commercial real estate space.

Expolanka braves COVID-19 to report stellar 1Q amid strong logistics sector show

Amidst an external environment that continues to remain challenging, Expolanka Holdings has recorded stellar performance during the first quarter of the new financial year (1Q21).

Teejay records first net loss since going public

Teejay Lanka PLC has reported operating profit of Rs. 15.2 million and profit before tax of Rs. 13.9 million for the first quarter of 2020-21, but posted a net loss of Rs.31.5 million – its first since being listed on the Colombo Stock Exchange (CSE) – directly as a result of the loss of production and orders due to COVID-19 pandemic.

India seeks to counter China sway in Maldives with bridge project

India yesterday pledged US$ 500 million to build bridges and causeways in the Maldives, as New Delhi seeks to counter growing Chinese influence in the Indian Ocean.

Lankan blockchain firm secures Japanese funding

99X Technology yesterday said Tracified, a company incubated within its innovation center/accelerator StartupX Foundry, has received an equity investment from 360ip, a venture capital firm based in Tokyo.

NDB reports higher second quarter profits despite pandemic effects

The National Development Bank PLC (NDB), like any other lender felt the effects of the pandemic, that came by way of loss of revenues from loans subject to moratoria, compressed margins amid falling interests rates, higher provisions against possible bad loans and low business volumes as nearly half of the June quarter was in lockdown.

Sampath Bank 2Q subdued as bank provides moratoria for half of its loans

Sampath Bank PLC reported subdued performance for the three months ended June 30, 2020 (2Q20) as declining margins, moratoria and weak business volumes weighed on its revenues and profits.

Colombo Dockyard remains confident of global shipbuilding sector aiding its growth

Colombo Dockyard, Sri Lanka’s largest ship repair and building engineering facility said, it expects rapid changes in the global shipbuilding industry, where sector players would stand to benefit from the new direction.

COVID-19 in decline: Over by June 2021?

End of the COVID-19 pandemic? When? The responses map itself somewhere within a range from at least one year to 10 years plus. Wide agreement: it is something here to stay. There is no way out. Better get used to the ‘new normalcy’.

Minefield of economic uncertainty with no vaccine in sight

With more than 270,000 new cases daily and around 6,000 deaths daily, globally, most world leaders are pursuing a highly uncertain best-case scenario — the discovery of vaccines or a drug — while pushing for the pandemic-controlling options that are available and tested. They are however only part of a whole package of steps to save ourselves from the pandemic and the world economy contracting further.

Reclassification of ComBank shares lifts DFCC Bank June earnings

Reclassification of investments in the shares of Commercial Bank, from the earnings to comprehensive income, helped DFCC Bank PLC to lift its June quarter earnings but the impact from narrowing margins, loss of cash flows from moratoria, heavy provisions against possible loan defaults and overall muted business volumes, weighed on the company’s core banking performance.

Market lending rates continue to descend as banks vie for more biz

The lending rates continued their descend through last week, amid the borrowing cost reaching historically low levels, as banks are seen adjusting their lending rates in response to the aggressive monetary policy actions aimed at accelerating the country’s economic recovery.

Sri Lanka Insurance declares highest-ever life insurance bonus of Rs.8.2bn

Sri Lanka Insurance has declared a life insurance bonus of Rs.8.2 billion for the year 2020, to its life insurance policyholders, recording the largest life insurance bonus ever to be declared in the insurance industry of Sri Lanka.

SLPMA welcomes new state ministry for pharma manufacturing

The Sri Lanka Pharmaceutical Manufacturers’ Association (SLPMA) yesterday welcomed the newly-elected government’s decision to create a new state ministry for pharmaceutical manufacturing as a crucial positive step towards the strengthening of the local pharmaceuticals industry.

Ten-acre Beira Lake land to be handed over to UDA for a mixed development project

A ten-acre plot of land covering the Air Force Stadium, Slave Island Police Station and Helitours Ticket Office, reserved for a mixed development project, is to be handed over to the Management Board of the Urban Development Authority (UDA).

Apparel sector stands to benefit from US-China trade war: Teejay

The ongoing conflict between the USA and China could be in favour for nations such as Sri Lanka since global apparel companies are looking to expand their sourcing options, South Asia’s largest textile group and knit fabric provider, Teejay Group said. The textile group, which is also Sri Lanka’s only multinational mill, said that the trade war between the two giants has pushed the global apparel industry to actively look at alternate manufacturi

SL ranked 23rd riskiest country for money laundering and terrorist financing in Basel AML Index 2020

Sri Lanka has been ranked as the 23rd riskiest country for money laundering and terrorist financing, among 141 countries, according to Basel AML Index 2020.

ECONOMIC TEAM

Sri Lanka’s Rs.100mn Angel Fund accepts applications from startups

The Angel Fund, an initiative of the Lankan Angel Network (LAN), established with the support of ecosystem development partner Ford Foundation, has begun accepting applications from early-stage startups in Sri Lanka with regional and global growth potential which are not limited to the tech industry.

Govt. to introduce new refinance scheme as ‘Saubhagya’ set to expire

As the Central Bank-launched loan refinance scheme ‘Saubhagya’ nears expiration by the end of August, the Finance Ministry is gearing to introduce another refinance scheme targeted at the micro, small and medium-sized enterprises (MSMEs) starting from September in a sign that authorities stand ready to support the economy beset by the COVID-19 pandemic.