Economic

Economic and financial experts say that shipping rates, which have risen significantly so far, will continue for some time, leading to higher prices of imported goods.

The Government yesterday presented a Bill to Parliament to amend the Appropriation Act No. 7 of 2020 to increase the borrowing limit of Rs. 2,997 billion to Rs. 3397 billion.

In a surprise but welcome move to shareholders, Hemas Holdings PLC has announced a first interim dividend of Rs. 2.90 per share. The move entails a payout of Rs. 1.7 billion.

The Colombo stock market sustained its bullish sentiment with the benchmark All Share Price Index touching the magical 10,000-point level though closing lower amidst improved turnover.

ASPI crosses 9,800 points to close at a new high
CSE sees net foreign inflow of Rs. 41 m
ASPI and S&P SL20 up YTD by 45.87% and 35.43% respectively
Expolanka crosses Rs. 200 mark again

A record 7,096 tourists have arrived in the country between 1 and 13 October, boosting hopes for the crisis-ridden industry.

Consumer Protection State Minister says no decision taken to re-impose MRP
Sugar sold at higher prices, as retailers ignore MRP and stricter laws and fines
Rice prices up once again as per mill owners

The country’s manufacturing and services sector bounced back in September after suffering a sharp dip in August.

The besieged tea industry is to get a last-minute lifeline with the import of a critical source of nitrogen, albeit on an interim basis, amidst a chemical fertiliser ban that has threatened crop yield and export income.

Says SL’s public and external finances remain fragile; flags need for more enduring improvements
Revises down growth forecast for 2021 to 3.3% from 3.8%
Says SL can remain current on its foreign debt obligations through at least mid-2022
But tips foreign exchange reserves to decline to $ 2.5 b by 2023
SL faces $ 26 b in sovereign foreign-currency obligations due between now and 2026
Forecasts Debt-to-GDP ratio to rise to 113% by 2023 from 101% in end-2020
Fiscal deficit to widen to 12.1% of GDP by 2023 from 11.1% of GDP

Proposes extension of debt moratoriums, debt restructure for all industrialists in phased out manner
Claims loans to MSMEs in Asian and SAARC countries at over 50% but less than 15% in SL
Cautions Govt. will not be able to achieve desired goals if issues not resolved immediately

The Colombo stock market managed to close marginally on the up but ended the week negative for the first time in almost a month. The All Share Price Index inched up by two points whilst the S&PSL20 closed marginally negative. Turnover was Rs. 3.5 billion involving 143 million shares. NDB Securities said the indices recorded weekly losses for the first time in four weeks.

බූස්ටර් එන්නත් මාත්‍රාව මුලින්ම ලබාදෙන පිරිස මෙන්න

Sri Lanka Tourism is planning to appoint young singing sensation Yohani de Silva as a brand ambassador to promote the country.

The Colombo Port City will be opened to the public in December, its promoters announced via social media yesterday. Daily FT learns the marina, which is complete, is the first facility that the public will have access to.

Central Bank Governor Nivard Cabraal yesterday held what he described as a “fruitful discussion” with Qatar Central Bank Governor Sheikh Al-Thani, one of the longest-serving governors in the world.

ත්‍රීකුණාමල වරායට ආසන්න, වරාය අධිකාරිය සතු හෙක්ටයාර 2,000ක ඉඩම් ප්‍රමාණයක් ආයෝජකයින්ට ලබා දීම සඳහා යටිතල පහසුකම් සංවර්ධනයට අවධානය යොමුව තිබෙනවා.

Justice Minister Ali Sabry yesterday declared that the Port City Colombo was the most anticipated multi-faceted development project and it would serve as a first step in creating a compelling value proposition for Sri Lanka.