Economic

The organisers of the Most Admired Companies Award – the Chartered Institute of Management Accountants (CIMA), the International Chamber of Commerce Sri Lanka (ICCSL) and Daily FT, are delighted to have AIA Insurance on board as the Platinum Sponsor.

Sri Lanka’s tea export earnings in the first half have increased by 14% to $ 650 million on the back of a 10% rise in quantity shipped, to 137 million kilos, in comparison to the corresponding period of last year.

The Colombo stock market remained positive for the fifth consecutive day with indices reaching new milestone levels though turnover remained below average and foreign selling persisted.

The Joint Apparel Association Forum (JAAF), yesterday expressed optimism over the possibility of securing an industry-critical extension of EU GSP+ program after its most recent round of discussions with the State Ministry of Regional Cooperation.

The Export Development Board (EDB), under a new three-year program, is stepping up efforts to encourage Sri Lankan entrepreneurs to develop and promote home-grown brands in the international market. The EDB has therefore introduced the National Export Brands Development Program 2021-2024, a financial assistance scheme for 100% Sri Lankan-owned brands. The initiative intends to encourage Sri Lankan entrepreneurs to develop and promote creative, innovative, high value-added products for the international market.

Penalty on tax in default to be written off if dues as at 31 December 2020 settled in full by 31 March 2022

Over Rs. 1 b of net selling yesterday pushing YTD figure to over Rs. 31 b; So far in July, over Rs. 4.5 b net selling
Surpassing of Rs. 26 b to Rs. 31 b threshold happened within past 10 market days, fuelling fresh concerns

Newly appointed Finance Minister Basil Rajapaksa has begun stakeholder discussions to assess their challenges and prospects. The initiative will be kicked-off today at the Temple Trees with separate meetings with seven sectors. They are textile and apparel; gem, diamond and jewellery; coconut; ICT; food and beverage; electrical and electronics; and boat building.

Sri Lanka Tourism Chairperson Kimarli Fernando yesterday commended the Government on its accelerated vaccination program with over five million jabs to date, noting that the inoculation of all citizens would help put the country back on the map of prospective holiday makers.

Pandemic-induced fiscal responses and economic contractions have led to a sharp rise in public debt among rated sovereigns in the Asia-Pacific (APAC) region, but there is significant variation between individual sovereigns’ performance, says Fitch Ratings.

Sri Lanka Tourism and SriLankan Airlines have partnered to attract more visitors from August with the launch of a ‘buy-one-get-one-free’ offer.

Says an independent Finance Minister can lead the way for better management of public finances

Global giant Barclays Bank in its latest credit research has sounded upbeat, saying Sri Lanka is making ends meet despite challenges.

Manufacturers dependent on imported inputs are frustrated over Customs charging demurrage on delayed clearance for no fault of firms but scarcity of US Dollars.

Issues over the gold import licence scheme remain unresolved, but industry and officials are hopeful of a swift resolution ahead of a meeting with new Finance Minister Basil Rajapaksa this week.

Market sees rare net foreign buying of modest Rs. 10 m after Rs. 103 m net buying in Sunshine Holdings

The Government has decided to attract ‘digital nomads,’ a fast-growing segment within the global travel and tourism industry, with long term one-year visas. A decision to this effect was approved by the Cabinet of Ministers at its meeting on Monday.

President Gotabaya Rajapaksa has kicked off the second phase of the highly beneficial digitalisation of the stock market an initiative jointly championed by the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE).