Nepalese billionaire Chaudhary’s CG Group acquires majority stake in Union Bank

The Colombo Stock Exchange (CSE) was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC.

LOLC Group to raise US $ 100mn via sustainability bonds

Sri Lanka’s LOLC Group is raising US $ 100 million through the iissuance of sustainable bonds, which will be listed on the Frankfurt Stock Exchange.

Indigo becomes first Indian airline to offer Hyderabad-Colombo direct flights

IndiGo yesterday announced the introduction of new direct flights between Hyderabad and Colombo from 2 November.

Emirates and SriLankan establish reciprocal interline partnership

Emirates and SriLankan Airlines have signed a reciprocal interline agreement to boost connectivity for passengers of both airlines. The partnership will enable access to new points on each other’s networks via Colombo and Dubai, utilising a single ticket and enjoying the convenience of baggage transfers.`

Cathay Pacific to resume Colombo flights after four years

Hong Kong-based airline Cathay Pacific will resume its flights to and from Colombo beginning February 2, 2024, after a hiatus of four years.

Chinese swap becomes usable when reserves reach US $ 4.2bn: CB chief

The US $ 1.4 billion equivalent yuan swap with the People’s Bank of China will become usable when Sri Lanka’s foreign reserves reach about US $ 4.2 billion, the Central Bank Governor Dr.Nandalal Weerasinghe said.

Central Bank cancels Bimputh Finance licence

The Monetary Board of the Central Banetary Board has decided to cancel the licence issued to Bimputh Finance PLC (BFP)under the Finance Business Act to carry on finance business, with effect from September 1, 2023.

Colombo inflation eases to 4% in August

Inflation in the Colombo district as measured by the Colombo Consumer Price Index (CCPI) decelerated to 4 percent in August on year-on-year (YoY) basis, from 6.3 percent in July, the Department of Census and Statistics said.

The Tigers Onboard SriLankan Airlines

The National Cricket Team of Bangladesh, popularly known as The Tigers, became the latest international cricket stars to fly SriLankan Airlines.

Prefabricated terminal to be constructed at BIA to tackle congestion

In an effort to alleviate the current severe congestion at the Katunayake Bandaranaike International Airport (BIA), which is experiencing nearly 25,000 passenger arrivals and departures a day, Airport and Aviation Services (Sri Lanka) (Private) Limited has opted to swiftly construct a prefabricated terminal.

India set to ban sugar exports for first time in 7 years

After slapping 40 percent tax on onion exports with immediate effect, India is expected to ban mills from exporting sugar in the next season beginning October, Reuters reported.

CB slaps banks with administrative caps to push interest rates down

The Monetary Board of the Central Bank has decided to impose administrative caps on certain lending products of financial services institutions, as interest rates charged on these products still remain at extremely high levels despite the sharp decline in policy interest rates

SriLankan Airlines resumes flights to Jeddah

SriLankan Airlines has relaunched direct flights from Colombo to Jeddah with a thrice-weekly service every Tuesday, Wednesday and Sunday.

WindForce-led consortium to undertake SL’s largest private sector solar power project

A consortium led by renewable energy player WindForce PLC is set to undertake Sri Lanka’s largest private sector renewable energy project.

IMF first review from Sept.14 to 27

The first review of Sri Lanka’s US $ 3 billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF) will be held between September 14 and 27.

China slips into deflation as post-Covid recovery falters

China slipped into deflation for the first time in more than two years in July, official data showed Wednesday, as slowing domestic spending weighs on the post-Covid economic recovery.

SRR slashed by 2% to boost liquidity, lower lending rates

The Monetary Board of the Central Bank has decided to reduce the Statutory Reserve Ratio (SRR)—the portion of deposit liabilities commercial banks are required to keep as cash deposits with the Central Bank— by 200 basis points, from 4 percent to 2 percent with effect from August 16, 2023.

Pakistan to privatise loss-making national airline

Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines, the government said this week, as the country also seeks to outsource its airport operations in line with an IMF deal.

Uma Oya hydro project to be commissioned this year

Uma Oya hydro-electricity project could be commissioned in the latter part of this year, Prime Minister Dinesh Gunawardena was informed today by the Iranian Ambassador in Colombo. Hashem Ashjazadeh.

July witnesses highest monthly tourist arrivals so far this year

Sri Lanka recorded 143, 039 tourist arrivals for July, the highest monthly arrivals recorded so far this year, the data released by Sri Lanka Tourism Development Authority said.

Chamber of Mineral Exporters launched to advance the sector

In an effort to bring fresh focus to Sri Lanka’s mineral resource industry, stakeholders of the sector today launched the Chamber of Mineral Exporters (CME) as a collaborative initiative.

Inflation drops to single-digit levels in July

The headline inflation in Colombo district as measured by the Colombo Consumer Price Index (CCPI) reached single-digit levels to 6.3 percent in July, easing from 12 percent in June.

Govt. relaxes limitations on outward remittance

The government has relaxed certain limitations on outward remittances for capital transactions and removed restrictions on current transfers of emigrants with the current and expected developments in the domestic foreign exchange market.

SL secures EUR 9.8mn grant to strengthen public finances

Sr Lanka has signed financing agreements to secure a grant of EUR 9.8 million from the World Bank, European Union (EU)and Française de Développement (AFD) to strengthen the country’s management of public finances.

European Commission proposes 4-year extension to GSP+

The European Commission has proposed a four-year extension to the current GSP+ scheme until 31 Dec 2027, so that countries, such as Sri Lanka, do not lose their preferential access in the interim.

Financial assets unlikely to come under proposed wealth tax

Financial assets are unlikely to come under the proposed wealth tax, which is set to come into effect in 2025, due to practical difficulties and complex nature in administration and tax collection, according to a top tax expert.

India’s HCL eyes Eastern province for major IT facility

India’s HCL Technologies (HCL), a leading global technology company, which already has a strong presence in Sri Lanka, is exploring....

SL, Nepal look to deepen economic partnership

Sri Lanka and Nepal are currently exploring the possibility of having an exchange of high-level visits and business delegations, in an effort to firm up ties between the two countries, Minister of Foreign Affairs Ali Sabry said.

Fitch revises Outlook on CEB to Positive; affirms at ’B(lka)’

Fitch Ratings has revised the Outlook on Ceylon Electricity Board (CEB) to Positive from Stable while affirming its rating at (B)lka.

Assessment of ‘Aswesuma’ appeals and objections to kick-off

The assessment of 968,000 appeals and 17,500 objections received for ‘Aswesuma’ will kick off, the Ministry of Finance announced today.