CB officially launches LANKAQR eyeing less-cash society

With 50,000 merchants already onboard, the Central Bank (CB) yesterday officially launched LANKAQR, the national QR standard for local currency payments, which would be followed by a dedicated islandwide campaign, aiming to reduce currency printing costs, promote financial inclusiveness and to nudge the country’s large informal sector to the formal sector, ultimately leading towards a less-cash society. The CB in 2018 issued QR standards for the

CSE’s ASPI outperforms all other global indexes in September

The benchmark all share price index (ASPI) of the Colombo Stock Exchange (CSE) recorded significant gains outperforming all other main indexes around the globe during the month of September. The ASPI gained 12 percent in September and in value terms by Rs.279.6 billion.

Morison opens largest pharma manufacturing facility in Sri Lanka

Morison PLC, the largest oral solid dosage pharmaceutical manufacturer in Sri Lanka and a subsidiary of Hemas Holdings PLC, ceremonially opened their new state-of-the-art manufacturing plant and research & development facility in the presence of Prime Minister Mahinda Rajapaksa, yesterday.

PM reiterates SME support to fuel SL growth story

Prime Minister Mahinda Rajapaksa reiterated government’s support for the upliftment of small and medium enterprises (SME) so that the sector can be an active player in the country’s post-COVID-19 growth story.

Govt. says Moody’s failed to recognise SL’s recovery story

The government yesterday came up with a strong response against the recent sovereign rating downgrade by Moody’s Investors Service, stressing that the international rating agency had completely ignored the current ground realities and the ongoing economic recovery of the country, after the COVID-19-related lockdowns.

Moody’s rating action raises many eyebrows

A leading asset manager yesterday questioned Moody’s untimely downgrade of Sri Lanka’s sovereign rating by two notches to Caa1 from B2, while saying it could either be an over-reaction to remedy the rating agency’s failure to downgrade the country’s sovereign rating in May, when the other two international rating agencies did, or motivated by geo-political reasons.

Moody’s downgrades Sri Lanka; outlook changed to Stable

Moody’s Investors Service yesterday downgraded Sri Lanka’s long-term foreign currency issuer and senior unsecured ratings to Caa1, from B2 and changed the outlook to stable, after more than five months since the rating agency put the country’s sovereign rating under review for downgrade on April 17.

Passing the baton!

A fun-packed event themed ‘Passing of the Baton’ was held last week to mark Kasthuri Chellaraja Wilson taking over as the Group CEO of diversified conglomerate Hemas PLC from October 1, 2020. The picture shows the outgoing Group CEO Steven Enderby passing the baton to Kasthuri, signifying the handing over of responsibilities.

EDB proposes export stimulus reward scheme for exporters

The commendable performance of Sri Lankan exporters and the resilience shown during an unprecedented COVID-19 pandemic are to be rewarded by the Sri Lanka Export Development Board (EDB) of the Ministry of Trade, through a proposed export stimulus reward scheme.

USAID-funded SL@100 launched to assist Sri Lankan mid-market firms

In an effort to make Sri Lanka a high-income earning country within 100 years of Independence, the international development agency of the United States yesterday pledged its support launching the Sri Lanka@100 initiative that is expected to contribute to the ongoing efforts of the island nation achieving equitable and inclusive growth.

Foreign employment agencies seek access to govt.’s COVID-19 relief

Battling bankruptcy amid the coronavirus crisis, Sri Lanka’s foreign employment agencies this week urged the government to extend the COVID-19 relief package granted to the tourism industry to them as well, to ensure the welfare of 1.5 million Sri Lankan migrant workers, future sustainability of worker remittance inflows and job security of their employees.

Transhipment volumes recover to pre-pandemic levels at Colombo Port

The transhipment container volumes at the Port of Colombo recovered to pre-pandemic levels in July, ending the declining trend recorded since March and leading to an overall recovery of container volumes, according to Central Bank data.

National inflation in August edges up to 6.2% on higher food prices

Prices at national level trended up during August, as the prices of food items and to a lesser degree the prices of non-food items rose, albeit the average prices at the broader economy still remain largely benign.

RPCs to launch new campaign for productivity-based wage model

With multitude of challenges hampering the plantation sector, the Regional Plantation Companies (RPCs) last week vowed to launch a renewed effort to migrate into a productivity-based wage model linked to the commodity price replacing the current outdated model.

Capital market told to step out of comfort zone and think big

The government yesterday did not mince its words to clearly lay out what is expected from the country’s capital market as the stakeholders were told to venture out from their comfort zones and work judiciously towards the development and expansion of the market.

Govt. says import restrictions imposed to honour debt repayments will pay off in long-term

The government expects the “tough” decision to honour the country’s external debt servicing commitments imposing import restrictions, which has come at the expense of living standards of the people amid a shortfall in foreign inflows due to the COVID pandemic, would be recognised by the international community including international markets.

Palihapitiya in US$ 4.8bn SPAC deal to take SoftBank-backed Opendoor public

SoftBank-backed home-selling platform Opendoor is going public through a merger with a blank-check company led by venture investor Chamath Palihapitiya in a deal that will value the combined entity at US$ 4.8 billion, the companies said yesterday.

CB takes LANKAQR countrywide

The Central Bank, together with financial institutions and LANKAQR, last weekend launched the Ratapuraama LANKAQR public awareness campaign in Matale, under the theme of ‘Mataleta LANKAQR’ (Taking LANKAQR to Matale). The chief guest of this inaugural ceremony was Deshamanya CB Governor Prof. W.D. Lakshman.

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.

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

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.

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.

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.

Yala paddy harvesting season

With Yala paddy harvesting season slowly coming to an end, paddy farmers in Padaviya are seen drying their paddy harvest on the road. Based on the cultivated extent of paddy lands as at end-May, the Agriculture Department has said Yala harvest is expected to yield 1.72 million metric tonnes of paddy, a 13 percent increase over the 2019 Yala yield.

Breakfast Meeting with State Minister

Sri Lanka - Germany Business Council of the Ceylon Chamber of Commerce organised a Breakfast Meeting at Kingsbury hotel yesterday with State Minister Ajith Nivard Cabraal for its members to obtain an overview of the financial and economic policies of the government.

Cabraal wants “out of the box” thinking to develop capital market

State Minister of Finance, Capital Market Development and Public Enterprise Reforms Ajith Nivard Cabraal yesterday told Sri Lanka’s capital market officials to think “out of the box” to develop the island nation’s capital market.

Chinese builder says US blacklisting has no impact on Port City

Colombo Port City builder, China Harbour Engineering Company (CHEC), yesterday affirmed that Sri Lanka’s upcoming mega project would not be hindered by the United States (US) blacklisting 24 Chinese state-owned companies, including the ultimate parent of CHEC.

Govt. firm on import controls on certain food items

It is unlikely that Sri Lanka would roll back some of the controls in place on the import of food items even though their prices have risen in recent times such as in the case of turmeric as the government appears to remain firm on re-building the rural economy and durable growth.

UN delegation meets Cabraal

State Minister Ajith Nivard Cabraal received a delegation led by Hanaa Singer, Resident Coordinator, UN Sri Lanka at the Finance Ministry yesterday. State Secretary R.M.A Rathnayake also participated in the meeting.

StanChart donates US$ 500,000 to combat COVID-19

Standard Chartered Sri Lanka announced donations totalling US$ 500,000 (approximately Rs.92.5 million) to support the fight against COVID-19 in the local community.