SPC to open 100 drug stores in Sathosa and Co-op Super outlets

State Pharmaceutical Corporation of Sri Lanka (SPC), the state-owned manufacturer and distributor of medicinal drugs, is considering expanding its reach significantly by establishing 100 new drug stores within the retail outlets of Sathosa and Co-op Supermarkets spread across the island.

Export earnings strike near US$ 1bn in August

Sri Lanka’s exporters appear to be chugging along vigorously in their respective fields since the coronavirus related restrictions eased, as they generated nearly a billion dollars in earnings in August, the third such consecutive month, despite some key segments such as textiles & garments were seen losing some momentum.

Sri Lanka’s foreign reserves position improves further in August

Sri Lanka’s official foreign reserves, often used to gauge the strength of a country’s external position, continued to accumulate assets during August as the Central Bank remained a net buyer of foreign exchange in the forex market, but the trend could lose momentum as country is set to settle part of its debt as early as next month.

Feeder operators increasingly looking at own NVOCC lines to grow regional trade: SLANA chief

Identifying the crucial role of non-vessel operating common carriers (NVOCC) in regional trade, feeder-shipping operators are increasingly looking at owning their own NVOCC lines to jointly develop regional business.

Government. raises Rs.97bn in bonds

Sri Lanka raised a fresh Rs.96.6 billion last Friday by offering bonds maturing in between 3 to 8 years as the government borrowed extended maturities to lock in lower borrowing cost for the medium to long-term.

Tobacco and alcohol regulation gets new lease despite COVID

Dr. Samadhi Rajapaksa took office as the third Chairman of National Authority on Tobacco and Alcohol (NATA) in January this year.

Resilient stock market progresses to beyond pre-COVID levels

The Colombo stock market has recorded a noteworthy turnaround in recent months, driven by a progress in the indices and improved investor interest.

US$ 2.1 bn Asiana Airlines takeover collapses

SEOUL (AFP) - A US$ 2billion-plus deal for a South Korean property developer to take over loss making Asiana Airlines collapsed yesterday in the wake of the coronavirus pandemic, with state-owned banks mounting a bailout to try to save 9,000 jobs. The global travel res

Stock markets mixed as traders brush off latest Wall Street retreat

HONG KONG (AFP) - Asia markets were mixed yesterday as investors largely brushed off another tech-led rout on Wall Street but they remain concerned about high valuations, while the failure of US la

German sustainability initiative in Sri Lanka facilitates market access to EU

The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and the Friedrich Naumann Foundation for Freedom (FNF) in Sri Lanka co-organized a Kick-Off conference on their initiative ‘Sustainable Supply Chains as driver for global competitiveness’. Already today, marke

President Christine Lagarde speaks during a press conference

European Central Bank (ECB) President Christine Lagarde speaks during a press conference at the Informal Meeting of Ministers for Economics and Financial Affairs in Berlin yesterday. (AFP)

UK agrees first major post-Brexit trade deal with Japan

LONDON (AFP) - Britain yesterday said it had secured its first major post-Brexit trade agreement - a free trade deal with Japan - the day after bitter wranglings with the European Union. The Department for International Trade said the deal, which largely replicates the current EU-Japan deal, will be worth £15.2 billion (US$19.5 billion, 16.5 billion euros). The UK-Japan Comprehensive Economic Partnership Agreement was agreed in principle by Inter

Mastercard launches CBDCs testing platform enabling central banks to explore national digital currencies

With the global economy racing to embrace digital payments, central banks also are looking to the future and investigating how to support innovation while maintaining monetary policy and financial stability as th

India’s Reliance denies plans for Amazon mega-deal

MUMBAI (AFP) - Indian conglomerate Reliance denied a report this week that it was planning to sell a US$ 20-billion stake in its retail business to US rival Amazon in a deal that could upend the country

LMF Group eyes to double milk production with completion of Rs.3bn dairy farm

Harry Jayawardena-controlled Lanka Milk Foods (CWE) PLC (LMF) is planning to increase milk production from next year onwards with the completion of the construction of its Rs.3 billion dairy farm by end of first quarter next year, which can accommodate 2000 milch cows while doubling its yogurt production capacity.

Foreigners investing in G-Secs to be offered swap deals

State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal informed Parliament yesterday that the Central Bank would provide swap agreements to foreign investors who invest in Sri Lankan government securities (G-Secs) to allay any uncertainties due to fluctuations of the Sri Lankan rupee.

Government bodies told to advertise in State media to cover losses

The government has decided to make it mandatory for government and semi government institutions to allocate 25 percent of their advertising budgets to State-run media institutions so that that government doesn’t have to allocate moneys from the national budget to support these media establishments.

Cabinet nod to purchase US$ 3.8mn worth new cylinders for Litro

The Cabinet of Ministers has given its nod to State-run Litro Gas Lanka Limited to purchase US$ 3.76 million worth of new empty metal cylinder containers for liquid petroleum gas (LPG) from two Thailand-based companies for the year 2020.

Baring Private Equity Asia affiliated funds to acquire Virtusa in US$ 2bn deal

Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia, and Virtusa Corporation, which employs over 3, 000 software engineers in Sri Lanka, yesterday announced a definitive merger agreement under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for US$ 51.35 per share in an all-cash transaction valued at approximately US$2.0 billion, US media reports said.

Asia Capital to undergo restructuring to bring value to Malaysian, Japanese investors

Amidst ongoing negotiations between key Japanese and Malaysian investors of Asia Capital PLC (ACAP), the company has recently stepped into appoint a legal and financial consultant to restore confidence among the investors to undergo a restructuring process of the group’s assets in order to create more value for investors.

Coronavirus tracing app goes live in Scotland

Scotland yesterday launched a smartphone app for tracking coronavirus cases using technology developed by Apple and Google, while neighbouring England is still struggling to roll out its own troubled version.

Govt. renews call for debt service standstill from multilateral lenders

Sri Lanka’s government renewed calls for suspension of debt service payments from multilateral lending agencies until at least 2021, as such could lift some burden off from its budget and ease pressure on the balance of payment to better respond to the pandemic-induced economic damage.

Altair clarifies court order to buyers

Indocean Developers has informed the buyers of Altair apartments that a recent Supreme Court decision, relating to a management rights dispute involving two groups of shareholders, was only a denial of a plea by one party to the dispute to dismiss a case filed by two purported directors on the grounds that the said directors had been fraudulently appointed.

Sri Lanka tea storm swirls around Lebanon president

Lebanon’s President Michel Aoun has come under fire after it emerged that tea donated by Sri Lanka for victims of the Beirut blast was distributed instead to families of his presidential guards.

IBM technology to assist Lankan biz to mitigate COVID impact

American multinational technology company IBM this week announced its ‘hybrid cloud’-driven strategy for Sri Lanka—an artificial intelligence (AI) solution that serves as a platform for businesses to reset their operations, following the impact faced from the global pandemic.

More investment and collaboration urged in rubber sector to capitalise on high demand

Sri Lanka’s rubber sector requires more investments and collaboration among industry players to capitalise on the high demand in the world market for the country’s high-quality natural rubber, a leading rubber product manufacturer in the country said.

Sierra Cables records highest ever group turnover in FY19/20

Sierra Cables PLC, with strong credentials in the manufacturing and supply of wire and cable in Sri Lanka and overseas, recently recorded the highest ever group turnover, registering a strong post-COVID-19 growth streak that speaks well for the country’s economic recovery.

Reassessment of systems preventing money laundering post COVID essential: Deloitte

As the changing consumer habits in the backdrop of the global pandemic could lead to an increase in the number of ‘false positives’ in the area of money laundering, multinational professional service network Deloitte advised the local financial sector to reassess their efforts in this regard.

RIL Property sets eyes on co-working space business

As the coronavirus pandemic has upended how people work to a greater extent among other things, RIL Property PLC, a leading ‘Grade A’ office space provider in the country, has set its eyes on venturing into co-working space business.

People’s Bank June hampered by massive relief afforded to pandemic-affected clients

The massive relief afforded to a large number of its borrowers affected by the coronavirus-induced economic hardships and the provisions made for possible loan defaults had a notable bearing on the financial performance of People’s Bank during the period ended June 30, 2020.