Sanjaya Mohottala assumed duties yesterday as the 21st Chairman of the Board of Investment (BOI), the apex investment promotion agency of the Government of Sri Lanka.

State-of-the-art cement manufacturing facility Lanwa Sanstha Cement Corporation (Pvt.) Ltd, which is slated to be one of the largest in the region, is scheduled for commissioning in June 2021.

Fitch Ratings has downgraded Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength (IFS) Rating to ‘CCC+’, from ‘B’. Fitch typically does not apply Outlooks to ratings in the ‘CCC’ category or below. SLIC’s Natio

The uncertainties over the spread of coronavirus as well as its immediate and longer-term economic implications will continue to exert pressure on global public finances in 2021, according to Fitch Ratings.

Cargills Bank Limited cut losses by nearly half in the three months to September 30, 2020, predominantly aided by significantly lower loss provisions against the possible bad loans compared to the previous year.

The Cabinet of Ministers this week gave its nod to award the contract for the construction of 10MW wind power plant for the Trincomalee Grid Substation to Gnanam family-controlled Capital City Holdings (Pvt)Ltd.

Renuka Holding PLC (RHL) has announced plans to raise Rs.1.031 billion via a rights issue closing on the December 16 to carry out debt settlements and to fund future investments into group subsidiaries, according to a circular issued to its sharehold

Sri Lanka’s deposit rates further declined in November in response to continuous decline in lending rates.

The Cabinet of Ministers has approved a proposal to formulate a long-term ‘Human Resource Development Plan’ for the public sector with a broad stakeholder engagement to enhance the efficiency and productivity of the country’s public service.

Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘CCC’, from ‘B-’.

Sri Lanka has been placed on the agenda for the next Millennium Challenge Corporation (MCC) Board meeting scheduled for December 15.

THE EDITION: The Maldives Immigration last Friday revealed that over 35,000 tourists visited the Maldives during the month of November, marking the highest number of monthly arrivals since the country reopened its borders on July 15.

Foreign financing of the budget deficit during the eight months to August recorded a net repayment, underscoring the government’s commitment towards reducing its reliance on foreign debt in the years ahead.

Sri Lanka’s wage growth, measured by the Nominal Wage Rate Index (NWRI) of the informal private sector, gained by 1.5 percent in October from a year earlier levels, continuing a momentum set off months ago.

Kanishka Weerasinghe will step down as Director General/Chief Executive Officer of the Employers’ Federation of Ceylon (EFC), early next year.

Sri Lanka’s Dilmah Ceylon Tea came under fresh spotlight recently for being recognised by Forbes under ‘Asia’s Best Under A Billion 2020’, becoming the only company in the country to be listed in the category.

Sri Lanka’s Coconut Development Authority (CDA) has abandoned its regular coconut auctions since late September, amid the second wave of the COVID-19 virus and soaring farm gate prices of coconuts, due to shortages.

Lankem Ceylon PLC yesterday revealed plans to raise Rs.677 million from the shareholders, to support its working capital requirements.

The value of new commercial paper issuances during the nine months to September eclipsed the total amount issued during the whole of 2019.

Labour Minister Nimal Siripala de Silva has said that a programme will be implemented to ensure the plantation sector workers will receive the daily wage of Rs.1, 000 as promised in budget 2021.

The benchmark prime lending rate touched a new low last week indicating that interest rates have still more room decline in response to the monetary easing measures taken by the Monetary Board so far this year while the excess liquidity in the money

The National Chamber of Exporters of Sri Lanka (NCE) in a statement congratulated Suresh De Mel for his appointment as the Export Development Board (EDB) Chairman.

Following the COVID-19 pandemic the supply chain focus of global markets has shifted. Historically, there were four primary factors that were considered in developing the sourcing supply chain—cost, quality, quantity (bulk) and reliability.

Despite achieving economic growth for the past 15 years, Sri Lanka’s high-level of informal employment of 70 percent remains a concern, according to the World Bank (WB).

Samsung Sri Lanka has recorded its highest-ever sales turnover of Rs.3.5 billion for November 2020, further consolidating its position as the Number 1 smartphone brand in Sri Lanka.

Sri Lanka’s industrial production was up in September, the third month in a row that the country’s key manufacturing gauge recorded a gain against last year’s levels, reflecting the sector’s resilience amid the challenges and negative forecas

The government’s revenue shortfall during the first eight months through August is measured at Rs.298.6 billion compared to the same period in 2019, amid the coronavirus toll on the economy and the tax cuts introduced in December 2019.

Farmers take part in a protest against the central government’s recent agricultural reforms at the Delhi-Haryana state border

SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance has won the ‘World’s Leading Airline to the Indian Ocean’ title once again at the World Travel Awards Grand Final held in Moscow.

Global food commodity prices rose sharply in November to their highest level in nearly six years, the UN food agency said this week, due in part to adverse weather conditions.