Government urges UK to get back to work as job losses mount

Britain’s government yesterday urged people to return to work amid concern about the impact of the coronavirus lockdown on the economy and struggling high street businesses.

Tourism Alliance’s latest initiative ‘Love Sri Lanka Locals’ goes live

Sri Lanka Tourism Alliance announced the launch of ‘Love Sri Lanka Locals’, a domestic tourism initiative to assist the industry during these unprecedented times. Silver Members of the Tourism Alliance are given the opportunity to feature their amazing resident offers on this platform developed by Tourism Alliance’s web and digital partner Antyra Solutions.

EDB discusses ways to improve bilateral trade with China

Chairman of Sri Lanka Export Development Board (EDB) Prabash Subasinghe recently met Yang Zuoyuan, Economic and Commercial Counsellor of the Chinese Embassy in Colombo to discuss the opportunities available to enhance trade between the two countries.

Norwegian envoy calls on Prime Minister Rajapaksa

Norwegian Ambassador to Sri Lanka Trine Jøranli Eskedal called on Prime Minister Mahinda Rajapaksa at Temple Trees recently.

Most Asian stocks up on Fed rates news

Expectations US interest rates will stay ultra low for as long as needed helped lift Asian equities yesterday, though Tokyo tumbled on reports Japan’s prime minister was set to resign for health reasons.

SL told to frontload funds committed by official lenders to avoid foreign debt debacle

Frontloading of funds committed by Sri Lanka’s official lenders under a fresh International Monetary Fund (IMF) programme is a viable option for the country to ease significant external financing gaps expected to materialise in 2020-21 and to avert severe foreign reserve losses, according to the Institute of International Finance (IIF), the Washington-based global association of the finance industry.

DCS to conduct online survey to measure COVID-19 impact on economy

The Department of Census and Statistics (DCS), the main statistical organisation of the government, has initiated an online survey to measure the impact caused by the COVID-19 pandemic to the Sri Lankan economy.

Singer enters into JV with Malaysia’s Signature to penetrate local kitchen cabinet market

Singer Sri Lanka PLC has entered into a joint venture agreement with Malaysia’s largest kitchen cabinet and wardrobe manufacturer, the Signature group, opening up a sprawling marketplace for the company in the modern kitchen segment in Sri Lanka.

Relief provided to pandemic-affected borrowers weighs on BOC’s 2Q

The moratorium impact on interest income, slump in fee incomes and higher provisions made on possible loan defaults weighed heavily on Bank of Ceylon’s (BOC) June quarter (2Q20) performance as the bank led the government-announced relief package to the people and businesses affected by the pandemic.

UL continues to fly to selected int’l destinations

SriLankan Airlines continues to fly to selected international destinations during the current global lockdown period, the national carrier revealed in a statement yesterday.

Cabraal assures ‘V-shaped’ recovery

The government’s plan to enable a ‘V-shaped’ economic recovery in Sri Lanka is becoming a reality, Finance State Minister Ajith Nivard Cabraal told Parliament yesterday.

SimCorp wins contract to supply new data management system to CB for reserve management

SimCorp Pte. Ltd. Singapore has secured a contract to provide a new data management system for reserve management of Sri Lanka’s Central Bank.

Cabinet nod for proposed amendments to tax laws

The Cabinet of Ministers has approved the proposed amendments to a range of tax laws in order to give effect to the tax policy of the current government by law.

ICTA inks MoU with UNDP to design and implement National Digital Strategy

The Information and Communication Technology Agency (ICTA) and United Nations Development Programme (UNDP) in Sri Lanka signed a four-year memorandum of understanding (MoU) yesterday to support Sri Lanka’s aspirations for digital transformation.

LOLC records highest ever profits for 1Q

LOLC Holdings releasing its first quarter results (1Q21) yesterday said it has recorded the highest ever profit-after tax (PAT) of Rs.37.2 billion, compared with Rs.5.6 billion recorded for the corresponding quarter of the previous year.

SLINTEC and EDB partner to boost COVID medical product exports

The Export Development Board (EDB) and Sri Lanka Institute of Nanotechnology (SLINTEC) are joining forces to boost Sri Lanka’s COVID-19 medical product range supply to the world.

KOICA initiates ‘LANKA’ landfill project

As a follow-up support to the project ‘Establishment of Integrated Waste Management System in Dompe’, where the Korea International Cooperation Agency (KOICA) established the first-ever sanitary landfill site in Sri Lanka, KOICA initiated project ‘LANKA’ (Landfill with Advanced and Nourishing Know-how and Alternatives), on April 18.

Janashakthi to raise Rs.2.0bn via unlisted debentures

Janashakthi PLC has announced plans to raise Rs.2.0 billion via an unlisted corporate debenture as the company seeks to refinance its debt.

SLT welcomes move to initiate number portability

The Sri Lanka Telecom (SLT) group yesterday welcomed the Telecommunications and Regulatory Commission’s (TRC) progressive move to introduce number portability to Sri Lanka while lauding TRC Director General Oshada Senanayake and his team for their forward thinking.

Access to soy flour major challenge in coming months, says Lankasoy producer

The on-going financial year (FY20/21) will be the most challenging one yet, particularly for those engaged in the manufacturing of soy-based food products as the prices of soy beans in processed form are expected to surge.

Dialog hails TRCSL’s move to implement number portability

The country’s largest mobile telecommunication services provider, Dialog Axiata PLC, yesterday welcomed Telecommunication Regulatory Commission of Sri Lanka’s (TRCSL) decision to take initial steps towards implementing number portability in Sri Lanka.

Oil palm industry expects fair hearing from President Rajapaksa

Sri Lanka’s oil palm industry plans to meet President Gotabaya Rajapaksa to discuss the industry’s future with expectations for a fair hearing and relief amid the recent policy announcement to completely ban the plantation of oil palm in the country.“President Rajapaksa being a pragmatic leader, we are hopeful he will give us a fair hearing and relief. It is a legitimate request to plant legitimate crops,” Palm Oil Industry Association of Sri La

Colombo land value growth decelerates to single digits in first half

The growth in land values in the Colombo district fell below 10 percent for the first time in years, decelerating to 7.1 percent year-on-year (YoY) in the first half of the year from 10.8 percent recorded in the second half of 2019, according to the Land Valuations Indicator (LVI) complied by the Central Bank (CB).

Bank loan disbursements surpass pre-pandemic levels

Although the outstanding private credit showed a slight contraction, the disbursements of new loans starting from July showed a rapid acceleration, reaching beyond the pre-pandemic levels pointing to expansion in the economy.

Sharp fall in proxy lending rate for SMEs in July

The proxy rate for small and medium-sized enterprise (SME) loans fell by the most during July, indicating that the interest rates for small businesses are now easing faster than earlier, while also moving in tandem with the rates offered for their larger counterparts.

Central Bank considering liquidity support for 4 troubled finance firms

The Central Bank (CB) is considering liquidity support for four troubled non-bank financial institutions (NBIFs) in the country while mulling on a plan to promote consolidation within the sector, targeting mid to long-term sustainability of NBIFs.

Arosha-led Lakma Holdings to acquire MTD Walkers

In a disclosure to the Colombo Stock Exchange (CSE), the board of MTD Walkers PLC yesterday informed that Lakma Holdings (Pvt.) Ltd led by Dr. Arosha Fernando has signed a share sale and purchase agreement to acquire 90 percent of the shareholding of the company from its Malaysian parent MTD Capital BHD.

TRCSL says preliminary work initiated on mobile number portability

The Telecommunication Regulatory Commission of Sri Lanka (TRCSL) yesterday said it is initiating preliminary measures to implement number portability in Sri Lanka.

Oil palm industry calls for urgent engagement with govt. over cultivation ban

The Palm Oil Industry Association (POIA) yesterday said in a statement that while it respects the decisions relating to the industry contained in the policy statement of President Gotabaya Rajapaksa, it trusts that a pragmatic solution would be provided in respect of the oil palm saplings imported into the country, following a Cabinet decision taken in 2014 by the government of President Mahinda Rajapaksa.

Tyre scarcity feared as govt. continues with import ban

Sri Lankan tyre dealers, traders and buyers are faced with a looming tyre scarcity in the country, owing to the prevailing restrictions on importation.