Construction sector gets Treasury letters for unresolved bills to borrow from banks

The Treasury has started to issue letters of confirmation for unresolved bills payable by the government for the service providers, suppliers and contractors in order for them to obtain loan facilities from commercial banks against these unresolved payments.

May trade gap narrows amid sharp drop in imports

Sri Lanka’s trade deficit narrowed by US $ 416 million in May 2020 to US $ 407 million, as imports slumped to less than US $ 1 billion for the first time since March 2010, amid the government-imposed import controls put in place to ease the pressure on the exchange rate and foreign reserves from the adverse effects of the COVID-19 pandemic.

SL urged to formulate credible fiscal policy to avoid further downgrade

Sri Lanka may witness a further downgrade in its sovereign rating in the next cycle. However, a trigger can be avoided with the formulation of a credible fiscal policy that would help the country tackle the mounting external pressures, Fitch Ratings said.

Biz activities of ETI Finance, Swarnamahal Financial Services suspended

The Central Bank (CB) yesterday announced the suspension of business activities of ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP), which were formerly owned by the Edirisinghe family.

IFC supports ComBank to expand access to finance for women

IFC, a member of the World Bank Group, will support Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest commercial bank, to develop more specially-designed products and services for women, as part of a move to help boost access to finance for women, especially those who own small and medium-sized businesses (SMEs).

CB pays over Rs.5.1bn to TFC depositors as compensation payments

The Central Bank yesterday said little over Rs.5.1 billion has been paid to the registered depositors of the now defunct The Finance Company PLC (TFC), from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS).

Aitken Spence ready to reopen hotel properties

Aitken Spence Hotels is gearing to reopen its hotel properties, offering guests to experience unique hospitality and exemplary cuisine.

June vehicle registrations reach pre-pandemic levels as pent-up demand leads to heavy buying

Vehicle registrations in June picked up to pre-pandemic levels as pent-up demand kicked in with the gradual easing of lockdowns from mid May with people accelerating their vehicle purchases, mostly on their savings as bank credit in to vehicle purchases were largely restrained.

Committee proposes to abolish unauthorised leasing biz; avoid use of force when seizing assets

The committee appointed to look in to unauthorised finance and leasing companies has proposed to terminate the operations of leasing businesses, which operate without Central Bank license.

IFS recognised as Top Export Corporate Brand by Brands Annual

IFS, the global enterprise applications company, was recently recognised among the top five Export Corporate Brands for IT Services in the latest edition of the Brands Annual magazine.

SMEs mull bringing in Indian technology, machinery to revive local industries

Sri Lanka’s small and medium-sized businesses are mulling bringing in new technology and machinery from India to revive the country’s industrial base, according to the Confederation of Micro, Small and Medium Industries (COSMI).

Sri Lanka Tourism to establish branches island-wide

In an effort to uplift the overall experience of a foreign traveller in Sri Lanka, the Tourism Development Authority is gearing up to set up branches across the island that will improve the services extended.

ICCSL sets up Export Promotion Committee to assist SMEs 

The International Chamber of Commerce of Sri Lanka (ICCSL), the local of chapter of the International Chamber of Commerce (ICC) Paris, has set up an Export and Investment Development Committee to assist small & medium-sized enterprises (SMEs) and other sectors at large.

Retailers’ Association to host FAPRA Executive Directors’ Meeting

The Sri Lanka Retailers’ Association (SLRA) will organize its first event with the Federation of Asia-Pacific Retailers Associations (FAPRA) to host FAPRA Executive Directors’ Virtual Meeting 2020 on July 14th.

Seylan Banks hosts first fully-fledged virtual AGM

Seylan Bank PLC has successfully concluded its 33rd Annual General Meeting on a virtual platform on June 24th.

Dubai counts on pent-up demand for tourism comeback

After a painful four-month tourism shutdown that ended this week, Dubai is betting pent-up demand will see the industry quickly bounce back, billing itself as a safe destination with the resources to ward off coronavirus.

Asian markets tumble as infection rates jump

Asian markets sank yesterday as rising virus infection rates across the world put the brakes on the latest rally.

CBD completes refurbishment of landmark building in Fort

Cargo Boat Development Company PLC (CBD) - an associate company of the Renuka Hotels Group - has completed the refurbishment of its landmark building in Fort.

Senkadagala Finance receives US$ 25mn facility from FMO

Senkadagala Finance PLC recently announced that it received a US$ 25 million 5-year green investment facility from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO). FMO, a Dutch Development bank co-owned by the Dutch government and Dutch commercial banks, has a celebrated history of being the driving force behind investments that empower entrepreneurs globally. T

EU chief proposes 5 bn euro Brexit emergency fund

EU Council president Charles Michel yesterday proposed setting up a five billion euro reserve fund for any unforeseen consequences of Brexit on bloc member states.

People’s Bank and IDB join hands to uplift MSMEs

State-owned commercial bank, People’s Bank yesterday entered into a partnership with the Industrial Development Board (IDB) to uplift micro, small and medium enterprises (MSMEs) in the country.

Committee set up to expedite monetary policy transmission as lending rates lag policy rates

An internal committee has been set by the Central Bank to expedite the monetary policy transmission through the real economy and to smoothen out any bottlenecks, as some delay is observed in passing down the full extent of the rate cuts, specially to small business loans.

Nation Lanka Equities resumes stock broking activities

Nation Lanka Equities (Pvt) Ltd. has been re-admitted by the Colombo Stock Exchange as a Trading Member. This Securities and Exchange Commission (SEC) has also renewed Nation Lanka Equities’ licence to function in the capacity of a stockbroker. Nation Lanka Equities’ licence lapsed in 2017 following continued non-compliance with minimum mandatory capital adequacy requirements of the CSE.

Banking sector NPL ratio hits 5.6% in May

Sri Lanka’s banking sector asset quality measured by the gross non-performing loan (NPL) ratio increased to 5.6 percent at end-May from 5.1 percent at end-March, according to Central Bank provisional data.

Frontier market fund forecasts ‘lower-for-longer’ for Sri Lanka

Lower interest rates could stay for longer in Sri Lanka than in previous instances as Central Bank would be more cautious in changing track given the scale and magnitude of the economic shock dealt by the pandemic, says Tundra Fonder, the Swedish asset manager specialising in frontier and emerging market including Sri Lanka.

Aligning HR practices with new normal major challenge for local firms: PwC

The global pandemic pushed organisations to respond quickly to address the unforeseen changes and challenges, and restructuring human resource (HR) practices to align with the ‘new normal’ remains one of the biggest hurdles companies face, a PwC study revealed.

CB to pressure troubled finance firms to merge

The Central Bank (CB) plans to exert pressure on certain troubled licensed finance companies (LFCs) to merge with others under a new programme instead of cancellation of licences.

Tepid response for Special Deposit Account scheme

The Special Deposit Account (SDA), which was launched in April to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in Sri Lanka has attracted an unimpressive US$ 86.9 million during the three-month period.Central Bank Governor, Prof. W. D. Lakshman yesterday said that the trend seen so far has not been promising.

Over 35,000 Lankan migrant workers still remain stranded in Gulf countries

Over 35,000 Sri Lankan migrant workers still remain stranded mainly in the Gulf countries, awaiting return to the country amid the job losses triggered by the coronavirus (COVID-19) pandemic, according to the Sri Lanka Foreign Employment Bureau (SLFEB).

Import controls likely to further hamper economic growth: Advocata

The state-imposed import controls are likely to further hamper the country’s growth prospects while advisedly impacting the businesses that rely on imported raw materials, including exporters, Colombo-based policy think tank Advocata Institute said.