Not having PayPal costs Sri Lanka substantial loss of foreign income: Study

Further delays in getting the worldwide online payment system PayPal into Sri Lanka limits the country’s potential in facilitating inward payments, an area that requires urgent intervention, as the economy is in dire need of foreign exchange to improve its balance of payment (BoP) position.

Govt. to set up 400-acre pharma manufacturing zone in Hambantota

The Cabinet of Ministers this week approved a proposal to establish a 400-acre special pharmaceutical manufacturing zone equipped with modern facilities in Hambantota.

Banks asked to extend debt moratorium by further 6 months

The Central Bank yesterday directed banks to extend the debt moratorium to COVID-19-affected businesses and individuals for a further six months, commencing from October 1, 2020.

CSE launches action plan to revamp listing process

The Colombo Stock Exchange (CSE) has launched an action plan to address key areas relating to the process of listing a company on the CSE with the objective of enhancing its efficiency thereby better serving the funding requirements of companies belonging to both State and private sectors.

Momentum sustained; ASPI stays over 6,000-point mark

The indices at Colombo Stock Exchange gained further yesterday after the benchmark index crossing the 6, 000-point threshold on Thursday as local investors appeared to be determined to keep the momentum going despite new COVID-19 cases in the country.

Market regains ground; ASPI crosses 6, 000-point mark

The main All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) yesterday crossed the 6, 000-point threshold as investors reacted positively to the government’s decision to lift police curfew in the Western province on Monday and implying that further lockdowns unlikely despite continuous discovery of new COVID-19 cases.

Economic centres reopen

The Narahenpita Dedicated Economic Centre, along with the other economic centres in Ratmalana, Hokandara and Veyangoda, was reopened yesterday,

October export earnings resilient despite virus snags

Sri Lanka’s export sector has once again shown its resilience to help keep the economy humming, as it generated near billion dollar earnings for the fifth consecutive month, albeit some slowdown was seen compared to the previous couple of months.

1Q GDP underwhelmed by measurement lapses: CB

The disappointing first quarter gross domestic product (GDP) estimates were caused by large lapses in the measurement of the economic activities, as the lockdowns stymied data collection while the traditional collection methods were unequipped to capture the activities that went digital.

Moody’s expects fresh FDI wave for Port City, export zones

Moody’s Investors Service remains optimistic that the current lackluster record of foreign direct investment (FDI) flows to Sri Lanka would turn a corner with start-of-the-art affiliated projects in the Colombo Port City and the construction of investment and export zones near ports over the coming years, amid emerging signals that the two sites are already on investors’ radar.

Escalating freight charges pose fresh challenge for exporters

Sri Lanka’s struggling export sector is faced with an emerging challenge with freight charges reaching a new high, trimming the much-required foreign exchange fetched during the ongoing global health crisis.

United States support promised for SL’s development needs

US Secretary of State, Mike Pompeo, who met with President Gotabaya Rajapaksa yesterday at the Presidential Secretariat, has expressed the intent of the United States government to support Sri Lanka to fulfill its economic development needs, a media release issued by the President’s Media Division said.

INSEE Cement to buy dolomite from State Engineering Corp.

The leading cement manufacturer in the country, INSEE Cement Sri Lanka has signed a landmark agreement with the State Engineering Corporation (SEC) to purchase dolomite, which is used as raw material in the cement manufacturing process.

Tripartite deal to prorate wages extended till Dec. 31

The national tripartite agreement to prorate wages will be extended until December 31, 2020—a decision that was reached taking into account the recent spike in the number of COVID-19-infected persons in the country, leading to partial closure of businesses.

Prime lending rate falls below 6% for first time in recent history

The prime lending rate fell by a steeper 79 basis points (bps) last week, pulling the benchmark rate below 6.0 percent for the first time in recent history after the Monetary Board decided to keep policy rates unchanged last Thursday, while reiterating its commitment towards a dovish monetary policy.

MILCO now a profit making venture, says Chairman

MILCO (Pvt) Ltd, a State–owned business engaged in dairy production, has started to make profits after suffering annual losses for the past three years, its Chairman Lasantha Wickramasinghe said.

Jan-Sept. export earnings down 18%

Sri Lanka’s export earnings—both merchandise and services— fell 17.74 percent year-on-year (YoY) to US$ 9, 693 during January through September period, though the decline initially expected was sharper.

Eight out of 10 SMEs struggling to stay afloat in new normal: Survey

The ongoing global health crisis continues to present fresh challenges to businesses, particularly the small and medium-sized enterprise (SME) sector, with eight out of 10 such enterprises struggling to stay afloat, a recent survey carried out by the International Finance Corporation (IFC), the private sector arm of the World Bank, revealed.

Budget 2021 would reflect a ‘balanced partnership,’ says State Minister

As the newly elected government is gearing up to present its maiden budget next month, State Minister of Money, Capital Market, and State Enterprise Reforms, Ajith Nivard Cabraal said the Budget 2021 would reflect a “balanced partnership”.

Worker remittances inflow remains resilient

Sri Lankans working abroad sent in substantially more money to their kith and kin back home in September with cumulative remittances eclipsing the total amount of moneys remitted back to the country during the nine months in 2019, signaling the resilience and the relative stickiness of the crucial foreign exchange income earner to the country.

German envoy calls on BOI Chief

Holger Seubert , Newly appointed Ambassador for the Federal Republic of Germany to Sri Lanka paid a courtesy call on Susantha Ratnayaka, Chairman Board of Investment at his office in the WTC.

PM visits JKH’s Cinnamon Life project

Prime Minister Mahinda Rajapaksa yesterday visited premier blue chip John Keells Holings’ flagship project Cinnamon Life.

IMF forecasts Sri Lanka’s economy to shrink 4.6% this year

The International Monetary Fund (IMF) this week forecasted Sri Lanka’s economy to contract by 4.6 percent, significantly higher than a 0.5 percent contraction it predicted in April, as the coronavirus pandemic-related disruptions continuing to take a toll on the island nation’s fragile economy.

Export earnings top US$ 1bn in September

Sri Lanka’s earnings from merchandise exports crossed the US$ 1 billion mark again in September after July, indicating that the country’s export sector is recovering at a faster pace after the brief setback caused by the curfews imposed to contain the coronavirus outbreak in April and May.

Lankan apparel workers lost over 40% of their usual wages during March-May

Sri Lanka’s apparel workers have lost estimated 40.8 percent of their usual wages or total of Rs.4.64 billion during the March-May period, when the country went into a national lockdown to contain the threat of COVID-19, according to a recent report.

JKSB optimistic over SL’s ability to return to dollar bond market

John Keells Stock Brokers (JKSB) remains optimistic about Sri Lanka’s ability to return to international capital markets to raise funds it needs as the economy normalises after the coronavirus-related lockdowns dealt a severe blow from April through May, though the fiscal condition remains a concern.

‘Ghost island’ Phuket hunkers down in tourist-free Thailand

Phuket’s go-go dancers sit playing on their phones in empty bars lining deserted streets as the Thai tourist island reels from the ravages of the pandemic with little sign of any recovery soon.

Sri Lanka’s economy to shrink 6.7% this year: WB

Hit by COVID-19-related disruptions, Sri Lanka’s economy is projected to shrink by 6.7 percent this year, recording the third highest economic contraction among the South Asian region economies, after the Maldives (-19.5) and India (-9.6), the latest World Bank report titled ‘South Asia Economic Focus’, released yesterday said.

Pathirage confident of UL pushing Sri Lanka towards ‘regional airport’ status

SriLankan Airlines Chairman Ashok Pathirage expressed confidence in the national carrier SriLankan Airlines playing a key role in making Sri Lanka a ‘regional airport’, an effort that would require positioning Colombo as an economic centre and not just a tourist destination.

Sri Lanka not going for IMF bailout: Cabraal

The government has no intention of going for an International Monetary Fund (IMF) bailout programme as there is no need for such a move as the country’s debt services have been effectively managed, Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.