IMF Resident Representative pays courtesy call on State Minister of Finance Cabraal

International Monetary Fund (IMF) Resident Representative to Sri Lanka Tubagus Feridhanusetyawan paid a courtesy call on the State Minister of Finance, Capital Markets and Public Enterprise Reforms Ajith Nivard Cabraal at the Finance Ministry.

Committee to probe into wrongdoings at state banks

Finance Minister Mahinda Rajapaksa received the nod of the Cabinet of Ministers today to appoint a committee to look into the irregularities and malpractices that were said to have taken place in the state-owned banks during the period the previous government was in power.

Depositors of failed finance firms paid Rs.850mn in 2019

Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) set up to redress to depositors of failed financial institutions has released Rs.851.8 million as compensation during 2019, while the Fund has grown by nearly Rs.11 billion to Rs.62.7 billion, the published audited financial statements showed.

Sri Lanka has US$ 300mn in foreign debt obligations due for Aug. and Sept.

Sri Lanka’s foreign debt obligations due for August and September stand at US$ 300 million before the country settles a billion dollars in debt it borrowed via a sovereign bond in October, data from ICRA Lanka showed.

Cigarette sales on path to recovery following sharp volume decline

Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC) says cigarette sales are set for a pre-pandemic level recovery after recording sharp 38 percent year-on-year (YoY) decline in volumes during the June quarter (2Q20).

Prices of locally manufactured confectionery items jacked up

Prices of locally produced confectionery products have undergone an upward revision in the recent months—a move taken by the industry to help ease the financial constraints faced since mid March.

Youth job losses set to top 100,000 this year due to COVID-19 crisis: study

Job losses among Sri Lanka’s youth is projected to top 100,000 this year as a result of the COVID-19-induced crisis, driving the country’s already high youth unemployment rate above 30 percent, according to a latest report.

Manufacturing and services activities continue to expand in July

Sri Lanka’s manufacturing and services activities continued to expand in July, as economic activities were seen normalising gradually, the Purchasing Managers’ Indices complied by the Central Bank (CB) showed.

Colombo Dockyard secures order to build 6 Eco bulk carriers for Norwegian firm

Colombo Dockyard PLC (CDPLC) is moving towards executing an already signed contract with Misje Eco Bulk AS (Misje), a Norwegian company, to build six firm plus four optional Eco bulk carriers.

Apparel sector sees improvement in orders

Sri Lanka’s apparel industry, which faced a major setback due to the global health crisis, is finally beginning to witness progresses, with buyer interest showing signs of improvement.

Fair value and capital gains from G-Secs and lower taxes cushion ComBank’s 2Q

Commercial Bank of Ceylon PLC reported subdued top line performance amid low business volumes and impacts stemming from the relief afforded to its clients affected by the pandemic but the gains made from its investments in government securities (G-Secs) and lower taxes softened the impact on its bottom line.

Softlogic group financial sector subsidiaries to raise Rs.2.9bn via rights

Two Softlogic group subsidiaries in the financial services sector yesterday revealed plans to collectively raise up to Rs.2.9 billion via rights issues, subject to regulatory and shareholder approval.

Daintee acquisition to boost Sunshine’s defensive cash flows: Fitch

Sunshine Holdings PLC’s (A(lka)/Stable) 100 percent acquisition of Sri Lanka-based confectionery maker Daintee Limited will increase the cash flow of the group’s fast-moving consumer goods (FMCG) segment, which is defensive in nature, as the lower-priced goods are considered essential, Fitch Ratings said.

Pressure grows on Norway’s new wealth fund chief to divest hedge fund stake

The businessman appointed to lead Norway’s US $ 1.1 trillion sovereign fund should not be allowed to take up the job unless he divests his holdings in a hedge fund, the opposition Labour Party told daily VG and broadcaster NRK on Friday.

Uber relaunches ‘24x7 Safety Helpline’ in SL to boost rider security

Taxi hailing app, Uber relaunched its on on-trip ‘24x7 Safety Helpline’ in Sri Lanka in an effort to ensure and boost the safety of riders.

June trade gap narrows to 11-year low on robust exports, decline in imports

Sri Lanka’s trade deficit fell to US$ 161 million in June compared to US$ 316 million in the same month last year, recording the lowest monthly deficit in the country’s merchandise trade since August 2009 as exporters continued to push ahead while the imports plummeted.

Prime lending rate logs steepest weekly fall; market expects further cut in policy rates this week

The average weighted prime lending rate (AWPR) fell by 40 basis points (bps) last week, logging the steepest weekly decline in recent times while the market weighs in on another round of monetary policy easing this week as the Monetary Board of the Central Bank meets to asses the country’s monetary policy for the sixth time.

First consignment of locally produced vegetables and fruits flown to Oman

A special programme to export local vegetables and fruits has been launched through the Mattala Rajapaksa International Airport (MRIA).

HNB reports subdued second quarter; deposits swell

Hatton National Bank PLC (HNB) reported subdued performance for the three months ended June 30 (2Q20) as the pandemic brought the growth in new loans to a standstill while the bank had to forgo income on loans provided with payment holidays amid massive provisions for possible bad loans.

Pharma and consumer biz back Hemas1Q performance

Gradual recovery in healthcare and domestic consumer segments of Hemas group helped to soften the impact stemming from the pandemic as its logistics and marine sector suffered a big volume slump while the pandemic nearly decimated its leisure sector, although the latter’s impact on the group is less.

Tax policy uncertainties hit local automobile sector: United Motors

Uncertainties in the country’s tax framework over the last year have hindered progress in the local motor trade industry, where the ad-hoc policies have directly impacted the core business models of the sector, automobile entity United Motors PLC said.

Emirates delivers much needed emergency relief support to Lebanon

In the wake of the Port of Beirut explosions which devastated many parts of Lebanon’s capital city, Emirates is standing with Lebanon to provide critical emergency relief and aid to the hundreds of thousands of people affected by the blasts.

Asian markets struggle as US stimulus impasse drags on

Asian markets drifted yesterday as investors grew increasingly concerned about the stalemate in Washington on a new stimulus for the world’s top economy.

Banking sector extends good wishes to new govt.

The Sri Lanka Banks Association (SLBA) representing all licensed banks (30) in Sri Lanka congratulate President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the new government on receiving a strong electoral mandate to set the course for and to implement the country’s fullest development.

First cargo flights of Egypt’s national carrier land in BIA

The very first flights of Egypt Air Cargo, the national freighter of Egypt, landed in Bandaranaike International Airport on August 2nd and 5th.

SriLankan clarifies temporary suspension of Shanghai service

SriLankan Airlines wishes to clarify its position with regard to the temporary suspension of the Colombo-Shanghai operation by the Civil Aviation Administration of China (CAAC) for a period of four weeks.

Government to utilise all necessary tools to revive economy: Cabraal

The government is prepared to utilise all necessary tools to revive the country’s virus-hit economy and to restore the trust in the economy backed by clear-cut polices and their prompt implementation.

Colombo commercial real estate market set to face supply glut

Colombo’s commercial real estate market is expected to face an oversupply of office spaces weighing down on rental yields and occupancy rates across both Grade A and B segments in the medium term with several large-scale projects nearing completion within the central business district (CBD), according to a leading company engaged in commercial real estate space.

Expolanka braves COVID-19 to report stellar 1Q amid strong logistics sector show

Amidst an external environment that continues to remain challenging, Expolanka Holdings has recorded stellar performance during the first quarter of the new financial year (1Q21).

Teejay records first net loss since going public

Teejay Lanka PLC has reported operating profit of Rs. 15.2 million and profit before tax of Rs. 13.9 million for the first quarter of 2020-21, but posted a net loss of Rs.31.5 million – its first since being listed on the Colombo Stock Exchange (CSE) – directly as a result of the loss of production and orders due to COVID-19 pandemic.