Niro Cooke appointed to CWEIC Board

The Commonwealth Enterprise and Investment Council (CWEIC) announced this month the appointment of Niro Cooke to its Board. Cooke, a Sri Lankan professional, is at present the youngest Board member appointed to the statutory board of the CWEIC.

Apple to open its first India online store

Apple will launch its first online store in India next week, the Silicon Valley giant said yesterday, hoping to cash in on the country’s festive season and grow its tiny share of the booming market.

Equity markets mixed as coronavirus dogs sentiment

Asian and European markets traded mixed yesterday with investors anxious over the reimposition of coronavirus restrictions, the stuttering global economic recovery, and US lawmakers’ failure to agree on new stimulus.

Govt. to support local automotive assembly with 30% locally made components

The Sri Lanka Automotive Component Manufacturers’ Association (SLACMA) recently announced that the government is actively seeking to promote automotive assembly with locally secured components, in order to boost the industry and create better job opportunities.

Govt. invites suppliers to register with e-GP System

The Government of Sri Lanka is inviting supplier community to register with Electronic Government Procurement System (e-GP System) that wishes to supply goods, work and consultancy and non-consultancy services to the government.

Motorcar registrations plunge in July; commercial vehicles steady

Sri Lanka’s vehicle registrations in August slumped across the board barring a few commercial vehicle categories as protracted controls in place on personal vehicle imports put a damper on an otherwise soaring sector at a time borrowing cost hovers at historically low levels.

NDB’s Rs.6.5bn debenture issue snapped up opening day

National Development Bank PLC (NDB), Sri Lanka’s fourth largest listed bank, successfully raised Rs.6.5 billion through a five-year Basel III complaint, tier II,listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at an issue price of Rs.100 each, via an initial public offering at the Colombo Stock Exchange yesterday.

Trade Minister wants to allocate part of export CESS tax revenue to support entrepreneurs

Trade Minister Bandula Gunawardana said he proposed to the President and the Cabinet this week to allocate half of the export CESS tax revenue to assist entrepreneurs through the Export Development Board (EDB).

Laugfs Terminals at H’tota Port celebrates 100th ship call

Laugfs Gas PLC fully owned subsidiary, Laugfs Terminals Ltd., yesterday celebrated the 100th ship call for loading of LP Gas at its port-based, all weather LP Gas storage and transhipment terminal complex located at the Hambantota port.

BOI eyes five new trade agreements with key trading partners

Sri Lanka’s apex investment promotion body, Board of Investment (BOI), is eyeing five new trade agreements with key trading partners—Japan, China, European Union (EU), United States and United Kingdom (UK)— over the next three years, a top official said.

E-commence in Sri Lanka remains “basic”, says report

An e-commerce readiness report on Sri Lanka has revealed that despite the general optimism among Sri Lankan businesses with regard to the use of e-commerce, the present state of e-commerce development in the country remains “basic”.

Sri Lanka ranked 83rd on Economic Freedom of World Index 

Sri Lanka has been placed 83 among 162 jurisdictions on the Economic Freedom of the World Index, a position the island nation secured by advancing 15 places over the last year.

JKH says winter bookings nearing pre-COVID levels

John Keells Holdings PLC (JKH) says winter forward bookings at its resorts and hotels in Sri Lanka and Maldives are reaching pre-COVID-19 levels indicating a pent-up demand.

Jaffna to get US$ 1.2mn sea cucumber processing plant

Sri Lanka will see the setting up of a sea cucumber processing plant in Jaffna with Board of Investment (BOI) having inked an agreement with a local entity.

Thomas Cook brand relaunches as online travel agency

The Chinese-owned Thomas Cook brand relaunched yesterday as an online travel agency following the British group’s collapse last year.

Piramal Glass parent’s sale narrows to 2 bidders

Blackstone Group Inc. and Partners Group Holding AG were said to be the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit, the parent of Sri Lanka’s Piramal Glass Ceylon PLC, according to a report by Bloomberg newswire.

Chevron Lubricants Lanka gets new MD/CEO

Muhammad Najam Shamsuddin is the newly appointed Managing Director & CEO of Chevron Lubricants Lanka PLC and Managing Director for Chevron Ceylon Limited (CCL).

Manufacturing and services activities expand in August

The Purchasing Managers’ Index (PMI) data for August showed both manufacturing and services activities expanding during the month indicating that the broader economy is maintaining the momentum it gained since May with the easing of restrictions, with a few sectors to spare.

Sri Lankan economy to shrink 5.5% this year: ADB

Sri Lanka’s output will contract by 5.5 percent in 2020 before recovering to 4.1 percent growth in 2021 as the country is recovering from the heavy economic toll caused by the pandemic on the livelihoods and businesses, according to Asia Development Bank (ADB).

Ceylon tea risks losing Iranian market to India

Ceylon tea risks losing Iranian market permanently as India makes significant gains in tea exports to Iran despite US imposed unilateral sanctions, a senior industry official warned.

Net foreign outflow tops Rs.970mn

The Colombo bourse yesterday saw little over Rs.970 million net foreign outflows with net foreign sales at John Keells Holdings PLC amounting to Rs.809.5 million, the stock market data showed.

Cement production and imports make rebound in June

Sri Lanka’s cement production and imports bounced back strongly in June by 42.6 percent year-on-year (YoY) indicating a considerable pick up in construction activities in the month emerging from COVID-19-induced disruptions, according to Central Bank (CB) data.

Competition among non-life insurers to intensify as premiums fall: Fitch

Price competition among non-life insurers is projected to intensify in the short-term amid the slowing down of new vehicle registrations, but the sector is expected to speed up expansion into non-motor business to make up for the lower motor insurance sales.

Govt.’s policy framework triggers ‘W-shaped’ recovery instead ‘V-shaped’: First Capital

The policy direction set out by the government would lead to another economic shock, preventing a ‘V-shaped’ recovery as anticipated and triggering a ‘W-shaped’ recovery path instead, a leading equity research house based in Colombo said.

Weaker reserves, debt repayments hinder SL’s ability to cut rates further: Moody’s

Moody’s Investors Service has flagged concerns about possible constrains to Sri Lanka’s ability to have continued flexibility in its monetary policy, as the country is set to settle a billion dollar bond next month, using its external reserves, which could spark greater depreciation pressure on the rupee, raising the cost of imports as a consequence.

Trade deficit narrows further in July

Sri Lanka’s trade deficit narrowed by US $ 509 million in July 2020 to US $ 209 million, from US $ 717 million in July 2019, as exports increased while imports recorded a decline.

CNBC to promote Sri Lanka Tourism in goodwill gesture

CNBC, the world’s leading channel for consumer and business news, extended its support to Sri Lanka Tourism by providing US $ 100,000 worth of advertising on CNBC, gratis.

UNDP and Brandix partner to promote sustainable biomass energy

The United Nations Development Programme (UNDP) has partnered with Brandix Apparel Limited to promote renewable energy in Sri Lanka through the facilitation of model fuelwood plantations for a sustainable energy supply in Sri Lanka.

Manufacturing activities reach pre-pandemic levels in July

Sri Lanka’s manufacturing sector is ploughing ahead, beating the odds of the pandemic-induced disruptions, as the Index of Industrial Production (IIP) has reached pre-pandemic levels in July, with major manufacturing activities advancing ahead despite a few still lagging.

EU funds 9 higher education capacity building projects in SL

The Delegation of the European Union (EU) to Sri Lanka and the Maldives in collaboration with the University of Peradeniya announced the EU-funded Capacity Building for Higher Education (CBHE) projects for 2020, on September 10, 2020.