Asian markets swing as inflation, rates worry investors

Wall Street closed relatively flat following mixed corporate results, and as a Federal Reserve report said that the US economy was “little changed” in recent weeks.

Monthly producer prices decline breaking months-long streak of increases 

People’s Bank self-banking units facilitate over Rs.7.5tn worth transactions during Avurudu season

People’s Bank recently announced that it had facilitated over 8 million transactions worth over Rs.7.6 trillion during this year’s Sinhala and Tamil New Year festivity period from April 1 to 15, through its island-wide network of self-service automated machines.

March workers’ remittances record sharp increase to US$ 568mn

Workers’ remittances to Sri Lanka crossed the US$ 500 million mark for the first time since April 2021, data released by the Central Bank last evening showed.

SLAITO partners with Travelife to help members embrace sustainable tourism practices

In an effort to promote sustainable tourism in Sri Lanka, the Sri Lanka Association of Inbound Tour Operators (SLAITO) and Travelife, an internationally recognised sustainability certification programme for the tourism industry, entered into a partnership to bring best practices into the local sector.

Visa applications from Sri Lanka on course to reach pre-pandemic levels this year 

Indicating a full recovery of outbound travel, visa applications from Sri Lanka is on course to reach pre-pandemic levels this year after reaching 68 percent of pre-pandemic levels in 2022 driven by pent-up demand, opening of international borders, and eased COVID protocols.

Visa tells Sri Lanka to improve acceptance of digital payments to boost tourism 

Visa, a leader in digital payment technology, expressed confidence in the local tourism sector playing an active role in helping Sri Lanka’s economy revive, provided the proper digital payment infrastructure is in place.

Apple set to open first retail store in Mumbai as it bets big on India

The company teased the opening of its retail outlet in a brief statement Wednesday, saying it was preparing to greet customers in the financial and commercial hub of Mumbai. Its previous plan to open a store in the country in 2021 was derailed by the coronavirus pandemic.

Sunshine Holdings appoints Reyaz Mihular to Director Board

With the new appointment, the Board of Sunshine Holdings will comprise of 12 directors, eight of whom are non-executive, independent directors.

Argentina facing US$1.46 bn bill after losing case over GDP-linked bonds

Four hedge funds, holding around 48 percent of the GDP-linked securities issued between 2005 and 2010, sued the South American republic in 2019, seeking damages of up to 643 million euros.

Bond markets price in rate cuts expected as early as next monetary policy meeting

Bond markets have already priced in rate cuts as early as the next policy meeting in June as yields fell sharply across government securities even before this week’s monetary policy meeting.

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....