ADB urges government to revisit proposal to set up credit guarantee institution for SMEs

Private sector commits Rs.525mn to maintain operations of Suwa Seriya

As the 1990 Suwa Seriya ambulance service has run into a Rs.1.5 billion shortfall in funds this year, a number of leading corporates have stepped up to fill the void by committing Rs.525 million up to now, to maintain the operations of the critical service uninterpreted.

CB confident of sealing debt deal before IMF first review

The Central Bank officials expressed confidence in wrapping up the negotiations with both its bilateral and commercial creditors well prior to the first review of the International Monetary Fund (IMF)-assisted programme, which would come up in six months.

Timely and credible structural reforms key to resetting Sri Lanka’s economy: WB

Sri Lanka’s heightened fiscal, external and financial sector imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook, said the World Bank in its twice-a-year update, underscoring the need to address the root causes of the country’s economic crisis and build a strong and resilient economy to prevent future crises.

Softlogic Life decked up to catch eyes of potential investors

Softlogic Life, Sri Lanka’s second largest life insurer in terms of market share, was decked up this week to catch the eyes of potential investors that will help improve the future prospects of the entity.

Rules revised to ensure consistency with new SEC Act

Pursuant to the enactment of Securities and Exchange Commission (SEC) of Sri Lanka Act No 19 of 2021 (new SEC Act), the stockbroker rules of the Colombo Stock Exchange (CSE) and Central Depository Systems (CDS) have been revised.

US firm secures US $ 3.2mn tender to provide computer software solutions to SriLankan

Houston-based PROS Holdings Inc. has secured a US $ 3.24 million tender to provide computer software solutions for optimising the income generation in state-owned SriLankan Airlines.

Policy rates on hold as financial conditions ease

The Monetary Board of the Central Bank left the key policy rates unchanged at the current levels as financial conditions continue to ease since the government clinched the US$ 3 billion Extended Fund Facility (EFF) with the International Monetary Fund two weeks ago.

Sri Lanka to experience back-to-back economic contraction in 2023, tepid recovery in 2024: ADB

Sri Lanka is expected to witness a historic back-to-back contraction in 2023, which is likely to be followed by only tepid recovery in 2024, the Asian Development Bank (ADB) said in its latest economic outlook report.

Employees protest against sale of SLT

The employee trade union at Sri Lanka Telecom PLC (SLT) yesterday staged a protest against the proposed restructuring.....

Central Bank likely to hold rates today after 100 bps hike earlier

Sri Lanka’s Central Bank is expected to keep interest rates unchanged at a policy meeting today, a month after a 100-basis-point increase ahead....

Oil prices soar as producers unveil shock output cut

Oil prices soared yesterday after top producers unveiled a shock output cut of more than a million barrels per day, while equities mostly....

Week starts in red with poor turnover

Indices closed in red as a result of price losses in counters such as Commercial Bank, Sampath Bank and Hatton National Bank with the turnover....

SL records highest monthly tourist arrivals since pandemic

The tourist arrivals to Sri Lanka crossed the 125,000 mark in March, recording the highest influx of international visitors since the Covid-19....

March on track to record 125,000 tourist arrivals

Tourist arrivals to the country for the month of March is well on track to record 125,000, provisional data from Sri Lanka Tourism Development Authority shows.

Proposed agency succeeding BOI to be modelled after GCEC

Addressing the ambiguity concerning the future of the Board of Investment (BOI), the government assured that the proposed Agency for External Trade and Investment succeeding the BOI would be established....

COYLE urges govt. to engage biz leaders in policymaking

The Chamber of Young Lankan Entrepreneurs (COYLE) has urged the government to engage business leaders in policymaking process to ensure fair, sustainable and economically-sound decisions. This call was...

Local apparel makers confront liquidity and interest rate risks amid demand slowdown

The slowdown in demand in major apparel markets and the rising borrowing costs have begun to take toll on the local apparel makers’ financial profiles as they are facing tight liquidity, weak interest coverage...

BOP turns positive amid tepid demand, decline in imports

Sri Lanka’s balance of payment (BOP) which was at the center of the economic crisis that hit the country last year, has finally turned positive after nearly a year of demand destruction policies....

FTZMA calls for swift action from government to avoid mass-scale job losses, export sector closures

Free Trade Zone Manufacturers Association (FTZMA) last week called for swift actions from authorities to avoid mass-scale job losses and closures in the export sector amid looming global recession...

SL should ban sale of single-stick cigarettes if serious about reducing smoking prevalence: IPS

Sri Lanka should immediately look at banning sale of single-stick cigarettes if it is serious about reducing the smoking prevalence in the country, a new study by the Institute of Policy Studies (IPS) revealed.

ITC’s new electronic system cuts down processing time of ‘Certificate of Origin’ by 94%

Sri Lankan exporters will be able to obtain the ‘Country of Origin’ certification much faster with the International Trade Center (ITC) presenting to the Ministry of Trade and Commerce a new electronic system for the same.

Hemas looking for consumer and healthcare acquisitions

Hemas Holdings PLC is looking expand its presence in consumer and healthcare segments, as the corporate behemoth remains acquisitive in the two fields.

SL signals willingness to consider rupee debt for restructuring

In a major move to gain trust and cooperation of its foreign creditors, Sri Lanka yesterday expressed its willingness to include rupee debt in the debt restructuring exercise.

SIA launches Boeing B787-10 Dreamliner on Colombo-Singapore route

Singapore Airlines (SIA) commenced operation of Boeing B787-10 Dreamliner between Colombo and Singapore on March 27.

Reyaz Mihular appointed to SLT board

Sri Lanka Telecom PLC yesterday announced the appointment of Reyaz Mihular to its board as an independent non-executive director with effect from March 30, 2023.

Both Lankan and Indian traders saving over 50% in transaction costs by using INR

The use of Indian rupee (INR) in Sri Lanka-India bilateral trade is facilitating traders from both countries to cut transaction costs by over 50 percent while enabling same day trade settlements.

Sri Lanka hopes to finalise debt relief deal in six months

​Sri Lanka expects to conclude the discussions with its creditors-both official and private-and reach a debt relief deal by the first review of the International Monetary Fund (IMF) programme that received Executive Board approval early last week.

January credit card balance slips as cardholders turn cautious on spending

The credit card balance, a distant proxy for consumer spending, bucked the recent trend to show a decline in January, reflecting some pullback in spending amid higher interest rates and inflation.

SL seeks transaction advice from IFC to sell SLT, SriLankan Airlines and Lanka Hospitals

Sri Lanka is negotiating with the International Finance Corporation (IFC), a member of the World Bank Group, to seek its service as transaction advisor for the sale of the government’s stakes in several state-owned enterprises (SOEs).