Committee seeks info from public on State banks’ malpractices

A four-member committee appointed to probe malpractices and irregularities in state banks has decided to obtain public assistance to collect information on such incidents.

EDB and DCS collaborate to capture logistics sector data

In an effort to capture accurate and timely logistics industry data, the Export Development Board (EDB) and Department of Census and Statistics (DCS) have collaborated to set up a special data unit that will gather and analyse sector data.

SL to embark on R&D related to modern agriculture

Sri Lanka will soon embark on research and development (R&D) related to modern agricultural technologies with state patronage, as the focus is rapidly shifting towards building a robust domestic agricultural economy premised on achieving food security and exports of agricultural produce.

Import ban on maize threatens nutritional value of poultry products

Nutrition value and quality of locally farmed poultry and eggs are set to take a plunge with feed manufacturers pushed to substitute the key ingredient maize with other cereal grains.

Pearl Energy to set up US $ 97mn LNG trading facility at H’tota port

Pearl Energy (Pvt.) Ltd has signed an agreement with the Board of Investment (BOI) of Sri Lanka to set up a floating storage LNG trading facility at the Hambantota port, with an investment of US $ 97.2 million.

CB forecasts 15% decline in worker remittances for 2020

The Central Bank for the first time gave its forecast last week for the estimated decline in worker remittances expected in 2020 after the coronavirus related lockdowns around the world dampened the prospects for overseas jobs and such incomes.

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.

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.

July vehicle registrations strong, but momentum unlikely to continue

Vehicle registrations in the month of July remained strong, even though lower from June, driven by existing inventories but the momentum could slow in August due to potential stockouts in certain vehicle categories as the government has put a lid on vehicle imports.

Kotagala recognised for following COVID health guidelines

Sri Lanka’s Kotagala Plantations PLC has become the first tea manufacturer in the world to produce tea strictly following COVID-19 health guidelines issued by the World Health Organisation. The Mount Vernon Factory in Hatton, belonging to Kotagala Plantations, this week received the certification in this regard from Sri Lanka Standards Institute.

Finance Minister assumes duties

Prime Minister Mahinda Rajapaksa yesterday assumed duties as the new government’s Finance Minister, at the Finance Ministry premises in Colombo.

Lower costs and export biz help Hayleys navigate COVID-19 storm in 1Q

Diversified conglomerate and export major Hayleys PLC recorded higher operating profits for the quarter ended June 30, 2020 (1Q21) as the group managed to reduce its overheads while its export-oriented business performed strongly.

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.

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.

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.

Special gazette outlines ministries and functions

President Gotabaya Rajapaksa yesterday published a special gazette notification on the ministries and their specific functions. The ministers are expected to be sworn-in on Wednesday.

EDB gets new Director General

The Export Development Board (EDB) yesterday announced the appointment of Chitranjali Dissanayake as the new Director General (DG) with effect from August 4, 2020.

China exports see unexpected spike in July

China saw another surprise jump in exports last month as the global economy slowly reopened after virus lockdowns, data showed yesterday, but there were warnings that while the country is expected to get back on track by year’s end overseas shipments would likely struggle.

Sri Lanka’s national milk output tumbles in 2019

Sri Lanka’s national milk output tumbled in 2019 amid an outbreak of foot and mouth disease in certain parts of the country and closure of several large-scale farms operating with imported cows, leading to an increase in cost of production and lower profit margins for farmers with no improvement in quality.

Central Bank liquidity facility extended to pharmaceutical suppliers

The Central Bank (CB) has decided to expand its liquidity facility for the construction sector to include the government contractors and suppliers in the pharmaceutical sector, to let them borrow at concessionary rates against the unsettled bills from the government.

Apparel exports down by 30% in first half

Sri Lanka’s apparel exports contracted by US$ 785 million or 30 percent year-on-year (YoY) during the first half of 2020 hit by COVID-19 pandemic related economic malaise, Sri Lanka Apparel Exporters Association’s (SLAEA) data showed.

ADB forecasts 22% drop in worker remittances

The Asian Development Bank (ADB) forecasts a 21.9 percent drop in worker remittance inflows to Sri Lanka this year, under the worst-case scenario, driving many remittance recipient households into poverty.

Asian markets sink as dour US data reinforces worries over virus

Asian markets struggled and the dollar extended losses yesterday as data showing the US suffered its worst quarter on record highlighted the impact of the virus on the global economy.

Pro-rate wages pact likely to be further extended: EFC

The tripartite agreement applicable to all industries that was extended till September is likely to be further extended as private sector businesses that were dealt a crippling blow by the pandemic have appealed for further assistance in dealing with their workforce.

JKH 1Q succumbs to pandemic-related biz disruptions

John Keells Holdings PLC (JKH) succumbed to the pandemic-induced business disruptions during the April-June 2020 quarter (1Q21), as the lockdowns, which remained for half of the quarter, erased nearly a third of its revenues, plunging the group deep into red.

Slowdown in worker remittances puts dampener on growth: Moody’s

The slowdown in worker remittances resulted from the pandemic could weigh on economic growth of countries heavily dependent on the foreign income flow as it could cut into the incomes, consumption and thereby the investments of recipient economies raising their credit risk, cautioned Moody’s Investors Service.

Freight rates spike seen cooling off

The freight rates out of Colombo, which hit an all-time high during the islandwide lockdown, are observed to be tapering down close to pre-COVID-19 levels, the Sri Lanka Logistics and Freight Forwarders Association (SLLFFA) said.

Decline in private sector credit decelerates in June

The decline in the private sector credit in June decelerated from May indicating that the banking sector is ramping up fresh credit to the private sector under both the Central Bank’s refinance credit scheme and from their own funds.

Vying to become safe tourist destination

A woman sunbather sitting along a beach in the Gulf emirate of Dubai yesterday, while the Burj al-Arab hotel is seen behind.