Govt. raises US$ 100 mn via development bonds as authorities ramp up borrowings

In another round of dollar funding, Sri Lanka raised US$ 100 million through Sri Lanka Development Bonds in multiple tenors, going up to 5 years at an auction held from June 19 to June 25 amid authorities ramping up borrowings as pandemic narrowed other options to tap in to foreign borrowings.

ADB retains top spot in aid transparency index of development organisations

The Asian Development Bank (ADB) retained its first place ranking in the 2020 Aid Transparency Index (ATI), an independent measurement of aid transparency released at the Brookings Institution in Washington, D.C.

BOC to raise Rs.5bn via bonds with equity characteristics to beef up Tier I capital

Bank of Ceylon (BOC) announced the issuance of bonds with near characteristics to shares to bolster its additional Tier I capital by up to Rs.5.0 billion.

Commercial Bank slashes lending rates further

The Commercial Bank of Ceylon has announced a further lending rate cut, slashing rates by up to 2 percent on all categories of loans in a continuing effort to bolster businesses affected by the COVID-19 pandemic by providing affordable access to desperately-needed funds.

People’s Bank offers 6% interest loans to SMEs

In line with the government’s development programme and with the aim of uplifting the small and medium businesses adversely affected by the COVID-19 pandemic, People’s Bank has introduced a special loan scheme with an interest rate of just 6 percent. The bank has allocated Rs.15 billion for this purpose.

Sri Lanka’s TVET sector plagued by massive shortcomings

There could have not been a more opportune time for the SME sector in Sri Lanka than today with historically low borrowing cost, liquidity support, lower taxes and eased regulations but they could still be held back if the country’s technical and vocational education and training (TVET) sector fails to produce the required machine operators, technicians and other specialised vocations required to power those industries.

Fitch optimistic about SL’s ability to meet foreign debt obligations this year

Sri Lanka will meet all its external debt obligations due in 2020 and would also regain access to international markets in the year that follows, albeit there could be some weaknesses persisting in the country’s external liquidity position even beyond the coming Parliamentary elections, says Fitch Ratings.

Sri Lanka Tourism eyes to leverage top healthcare system to attract tourists

Sri Lanka Tourism authorities said they were collaboratively exploring avenues of re-positioning the country as the world’s top destination with an excellent healthcare system, by introducing extensive health and safety protocols to ensure a ‘safe and secure’ traveller experience.

April trade data highlights SL’s stubborn reliance on imports for consumption

Sri Lanka’s April merchandise trade data reflected some harsh reality, showing the stubborn reliance of the country on imports for food and beverages as Sri Lanka could not cut down on such imports as the bill on such goods further increased in the period when people remained mostly in their homes.

Central Bank says Rs.28bn worth concessionary COVID loans approved

The Central Bank yesterday said it had so far approved 13, 861 loan applications under the Phase-I of Saubagya COVID-19 Renaissance Facility loan scheme, totaling Rs.27.9 billion.

Elpitiya Plantations partners Sim Leisure to begin ESCAPE theme park work in Galle

Elpitiya Plantations PLC, an associate company of Aitken Spence PLC recently entered into a shareholders’ agreement with Sim Leisure Group Ltd., a listed company in Singapore Stock Exchange, to develop and operate an adventure theme park under the ‘ESCAPE’ brand in Galle.

APB expresses concern over methodology adopted to remove CEOs of 2 State banks

Sri Lanka’s premier professional association for bankers, the Association of Professional Bankers (APB) has expressed grave concerns over the arbitrary methodology followed by the government in removing the chief executive officers/general managers of two State banks.

SL’s largest PCR lab funded by ADB opens

The Asian Development Bank (ADB) has funded the construction and equipment of a new molecular polymerase chain reaction (PCR) laboratory at the Colombo East Base Hospital to support Sri Lanka in its response against the coronavirus disease (COVID-19) pandemic.

National prices ease in May on base effects but core prices up

Sri Lanka’s consumer prices measured based on the broader National Consumer Price Index (NCPI) or national prices rose by 5.2 percent in the twelve months to May, marking a deceleration from 5.9 percent in April on the higher base that prevailed in the same month a year earlier, the data from the Census and Statistics Department (DCS) showed.

Jude Fernando resigns as Janashakthi Insurance CEO

Janashakthi Insurance PLC Chief Executive Jude Fernando had notified the company’s board of directors of his intention to resign from his position of Director/CEO with effect from August 31, a stock exchange filing by the insurer said.

Start-ups need re-evaluation of business models and government boost: KPMG

Local start-ups should critically re-evaluate current business models by taking into account the direction of the business in the short term, to add fresh impetus to the sector and greater emphasis from the government is required to position Sri Lanka as a start-up-friendly economy to move forward, advisory firm KPMG said.

Tea export earnings could potentially top US$ 1.5 bn this year: HVA Foods

Sri Lanka’s tea export earnings could potentially top US$ 1.5 billion this year, if the country’s banking sector and the government extends the required supportive measures to the industry including a competitive interest rate regime, according to one of the leading tea exporters in the country.

Pathfinder Foundation issues recommendations for Budget 2021

With the upcoming parliamentary elections in August, the government is urged to present a medium term budgetary framework balancing the contradictory objectives of an immediate need for counter-cyclical fiscal policy to bounce back from the COVID-19 infused economic downturn, and also with the compulsion to achieve fiscal consolidation over the medium term to improve the country’s deteriorating debt dynamics, a Colombo-based think tank recommende

CSE makes constituent changes to S&P Sri Lanka 20 index

The Colombo Stock Exchange (CSE) has announced changes in the S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices, at the 2020 mid-year index rebalance.

CB dismisses claims it succumbed to President’s ire

The decisions that were taken last week to further support the economy by way of Central Bank liquidity were neither instantaneous nor a case of being succumbed to the president’s outburst but were measures that were well underway after extensive discussions at the Monetary Board in the week earlier, the Central Bank governor said.

ASPI crosses 5,000-point threshold for first time in 3 months

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) yesterday crossed the 5,000-point threshold for the first time in three months.

Ranjith Kodituwakku new CEO/GM at People’s Bank

Ranjith Kodituwakku has been appointed as Chief Executive Officer/General Manager of People’s Bank, with effect from June 19, 2020.

China and Korea potential markets to revive tourism: SLAITO

As Sri Lanka’s regular target markets for tourism are showing slim chances of opening up for travel in the immediate future, due to being heavily impacted by the coronavirus (COVID-19) pandemic, the representatives of the sector stressed the need to increase focus on the markets that are already bouncing back from the crisis, to increase tourist arrivals to the country.

Rate capped at 7% on deferred instalments of loans qualify for moratorium

The Central Bank has capped the interest rate chargeable from those who become eligible for the moratorium at 7 percent on deferred instalments, as the banks raised concerns about the interest cost that they are compelled to make in respect of the deposits and other borrowings during the corresponding moratorium period, despite them having to forgo on the income during the same period.

EDB kicks off digital promotion programme to accelerate exports

Sri Lanka Export Development Board (EDB) has launched a digital export promotion programme to push the sector towards speedy recovery and iron out the negative impacts caused by the outbreak of the COVID-19 pandemic.

Port City beach to be opened for public next year

The project company, CHEC Port City Colombo (Pvt) Ltd., is planning to open the beach in the Colombo Port City to the public next year, the Urban Development, Water Supply and Housing Ministry said.

Banks granted leeway to buy sovereign bonds using new foreign inflows

Some leeway has been granted to commercial banks and the National Savings Bank (NSB) to buy sovereign bonds issued by Sri Lanka after three months of suspension, but such purchases should be made using new foreign currency inflows received by the banks.

HNB launches Rs.5bn SME relief fund to support post-COVID recovery

In an effort to finance a grassroots revival of the Sri Lankan economy in the wake of the COVID-19 pandemic, HNB PLC has announced the launch of a Rs.5 billion relief fund, which will be used to provide working capital support to the bank’s sizeable portfolio of Small and Medium Enterprise (SME) customers.

Pharma, consumer biz minimize virus impact on Hemas in 4Q

Pharmaceutical, FMCG and personal care sectors acted largely as a defence against the disruptions brought on by the coronavirus pandemic at Hemas Holdings PLC during the quarter ended March 31, 2020 (4Q20), as they to a larger degree blunted the negative impact coming from the leisure business on the group performance.

SEC advises public to be cautious of fake stockbrokers

The Securities and Exchange Commission (SEC) has cautioned the general public against the growing number of unsolicited phone calls from persons claiming to be agents of international stock broker firms, as an organised group appears to be coaxing gullible investors to invest in shares listed in foreign stock exchanges promising higher returns.