Auto industry says govt.’s latest vehicle permit move impractical

Local motorcar dealers, whose business has taken a hit due to the ban imposed on vehicle imports, asserted that the government’s decision to allow permit holders to purchase unregistered vehicles using the concession is impractical and unjust. Sharing the stance of the auto industry with Mirror Business, Ceylon Motor Traders Association (CMTA) Chairman Yasendra Amerasinghe said the industry does not welcome the government’s decision in this rega

Prime lending rate flirts with all-time lows with another 32bps decline

Continuing its descent further, Sri Lanka’s prime lending rate logged a sharp 32 basis points (bps) fall last week, bringing the popular benchmark rate used in pricing loans mainly for big and mid-sized corporates close to its all-time lows in over five years.

Singer partners Malaysia’s Signature to introduce leading kitchen solutions

Singer, Sri Lanka’s premier consumer durables retailer, has partnered with Signature Group, Malaysia’s largest kitchen cabinet and wardrobe manufacturer.

Ministerial committee appointed to assist import substitution, export promotion

President Gotabaya Rajapaksa will chair a high-powered ministerial committee consisting of both Cabinet and State Ministers, whose task is to promote investments for import substitution and exports in line with President’s ‘Saubhagya Dakma’ election manifesto.

Softlogic Life Insurance strikes big!

Softlogic Life Insurance PLC, a unit of Softlogic Holdings PLC and the country’s third largest life insurer, yesterday said it finalised two landmark deals to the tune of US $ 30 million (Rs.5.6 billion).

CIMA launches ‘Hundred & 10%’ first-ever virtual career festival

CIMA, the world’s leading and largest professional accountancy body, yesterday launched ‘Hundred & 10%’, CIMA Sri Lanka’s first-ever virtual career festival.

Govt. eyes US $ 1bn from coconut exports in five years

The government is planning to increase the export earnings of coconut up to US $ 1 billion during the next five years, Plantations Minister Ramesh Pathirana said yesterday.

Regulator suspends shareholder dividend payments by insurance firms

Sri Lanka’s insurance regulator has suspended dividend payments to the shareholders of insurance companies to minimise any potential near-term impact on insurers’ capital levels due to disruptions to their business by way of loss of premium income and thereby their earnings.

Virus plunges Australia into first recession in nearly 30 years

Australia tumbled into its first recession for almost three decades with its pandemic-crippled economy shrinking a record 7 percent in the second quarter, official data shows.

Importers urge govt. to release 1mn kg of turmeric lying at Colombo port

Leading turmeric importers in the country in a letter addressed to President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa had requested their assistance in releasing one million kilogramme of turmeric already imported to the country and lying at the Colombo port.

India’s economic growth hit by record slump following virus lockdown

India’s economic growth suffered a historic 23.9 percent decline between April and June, official figures showed Monday, as manufacturing and productivity were battered by a strict coronavirus lockdown.

Ceylon Graphite to invest US$ 6.2mn to develop new sites and upgrade product

Canada-based Ceylon Graphite Corp., which is involved in the exploration and production of graphite in historic resource jurisdictions in Sri Lanka plans to invest US$ 6.2 million to develop new sites and start upgrading its natural graphite.

Rubber product producers say import controls will give middlemen undue advantage

Manufacturers and exporters of rubber products in Sri Lanka charge that mafia middlemen are trying to artificially manipulate raw rubber prices by hoarding stocks and lobbying the government to control imports, so that their stocks could be sold at high prices.

Asite Talwatte joins Cargills board

Cargills (Ceylon) PLC has announced the appointment of Asite Talwatte as an Independent Non-Executive Director of the Company with effect from August 28.

NCE partners with Bureau Veritas to provide ‘Cove-Safe’ certification for exporters

The National Chamber of Exporters (NCE) being a strong advocate for sustainable and ethical trading practices, which also includes ensuring employee safety of exporting industries, safety of the clients and continuous hygienic practices, is of the view that Sri Lankan companies should be geared with the right tools to protect both their employees and clients, to fight COVID-19.

Italy plunges into recession as virus bites

Italy posted a record economic contraction yesterday as household spending and investment crashed during the country’s coronavirus lockdown, driving the eurozone’s third-largest economy deep into recession.

Only exports can salvage economy from debt crisis: Bandula

Trade Minister Bandula Gunawardena declared that it is only through increasing exports the Sri Lankan economy, which has been challenged by foreign debt servicing, can be salvaged in order to realise a better future for the country’s next generation.

Uber launches package delivery service in Colombo

Taxi hailing app, Uber launched in Colombo its new package delivery service ‘Uber Connect,’ which will allow residents of Colombo to send and receive parcels within city limits.

NEDA looks to take CAN Market across Sri Lanka

State enterprise facilitation agency, National Enterprise Development Authority (NEDA) affirmed its commitment to take the newly launched Ceylon Artisan Network (CAN) Market across the island so that budding entrepreneurs are able to effectively launch their products and services regardless of their location.

Fonterra Brands Lanka accelerates value-added dairy export efforts

Aligning with the vision and the imperatives set out by the Presidential Task Force for Economic Revival and Poverty Eradication, Fonterra Brands Lanka is accelerating its export efforts of value-added dairy.

JKH ranked Sri Lanka’s Most Respected Entity for record 15th year

For a record 15th year, John Keells Holdings PLC (JKH) was ranked as the Most Respected entity in Sri Lanka in the recently released edition of LMD’s Most Respected Entities issue.

Colombo consumer prices ease in Aug.

Consumer prices in the mostly urban Colombo district decelerated in August from July as non-food prices eased, while the prices of the food basket continued its ascent.

Fiscal deficit up Rs.214bn in 1H as pandemic hurts

Sri Lanka’s budget deficit for the first six months of 2020 expanded by Rs.214 billion in comparison to the same period in 2019 as the pandemic put a heavy damper on tax incomes as curfews imposed for nearly two months took a heavy toll on incomes of businesses and individuals.

CB mulls setting up SME development bank and permanent credit guaranteeing unit

The Central Bank (CB) is currently considering the establishment of a national entrepreneurship development bank and a permanent credit guaranteeing institution to support domestic industries, while bearing in mind the country’s poor record in development banking.

Harsha Amarasekera assumes duties as Sampath Bank Chairman

Harsha Amarasekera PC was appointed as the Chairman (Non-Executive, Non- Independent) of Sampath Bank PLC with effect from 30th August 2020.

Worker remittances up in July for third consecutive month

Worker remittances rose in July continuing its ascendency for the third month in row after the coronavirus pandemic put a damper on the key foreign exchange income to the country, which helps a great deal to ward off serious challenges in the external sector.

SLASSCOM launches platform to encourage tech products creation

The Sri Lanka Association of Software and Services Companies (SLASSCOM) recently launched a Product and Platform Council (PPC), which aims to become an important catalyst in inspiring and encouraging innovation and creation of technology-centric products in Sri Lanka for the local and global market.

Tourism sector loan moratorium extended till March

Considering the protracted disruptions to the tourism sector from the coronavirus pandemic and the resulting travel restrictions, the Central Bank has decided to afford the moratorium on loans to tourism sector entities and individuals engaged in the industry in different capacities, for a further six months starting from October 1, 2020.

APHNH calls for greater support for Sri Lanka’s female healthcare workers

In commemoration of Women’s Equality Day, The Association of Private Hospitals and Nursing Homes (APHNH) has called for greater recognition and support towards female healthcare professionals and reiterated its commitment to enhancing the education and advancement of women in the healthcare sector.

Permit holders can buy vehicles already imported at reduced price

The Finance Ministry said vehicle permit holders who haven’t been unable to import vehicles due to import restrictions, can purchase unregistered vehicles already imported to the country from registered vehicle importers/sellers at market price minus the tax concession entitled for such permits.