Economic

The Hotels Association of Sri Lanka (THASL) is seeking urgent attention and action from the Government on what it described as seven key requests to prevent the collapse of Sri Lanka’s tourism industry.

Considering the current pandemic situation in the country, Board of Investment of Sri Lanka Chairman Sanjaya Mohottala has requested all factory administrations to ensure maximum safety of the staff in compliance with health guidelines during factory operations.

The Colombo stock market yesterday failed to take off from its Wednesday’s late rally as it closed negative for the second consecutive day.

SANASA Development Bank (SDB) has announced plans to raise Rs. 4.5 billion via a Secondary Public Offering (SPO).

Headline inflation as measured by the year-on-year (Y-o-Y) change based on the National Consumer Price Index (NCPI) has been compiled as 5.5% for April as against 5.1% in March.

The government has shot down a request by the private sector to pay for the importation of Astrazeneca vaccines for the corporate world as several are desperately awaiting the second jab, the Daily Mirror learns.

Commercial Bank has announced plans to raise Rs. 10 billion via a listed debenture issue.

The bearish run at the Colombo stock market persisted yesterday as both indices dipped sharply despite improved turnover.

Top diversified blue chip Hayleys Plc yesterday announced historic results in FY21 with consolidated post-tax profit up by near 400% to Rs. 14.05 billion whilst pre-tax figure was a staggering Rs. 19.2 billion, up 250% from the previous year.

Hemas Holdings PLC (HHL) has ended FY21 with a strong performance despite the challenges encountered in the macroeconomic environment, including the COVID-19 pandemic and the intensity of the competitive landscape.

A late yet strong recovery lifted the spirits of investors at the Colombo stock market yesterday, though it closed negatively ending a five-day winning streak.

Oxford study of American Airlines, British Airways and oneworld trial reveal pre-travel testing does catch those who have COVID-19 before they fly

Monetary Board says economy seeing renewed disruptions due to emergence of third wave of the COVID-19 pandemic after notable rebound in 2020 second half and early-2021
Estimates adverse effects on economic activity from third wave of COVID to be lesser than first two waves
Stresses need for continued fiscal and monetary support to place the recovery process on a firm footing
Says external sector remains resilient despite multitude of challenges
Emphasises accommodative monetary policy stance and high level of rupee liquidity aimed at supporting economic recovery through provision of affordable credit to productive sectors of the economy
Forecasts inflation to remain within 4-6% range in the near to medium term
Assures any pressures over medium term will be addressed with appropriate measures
Rupee depreciated by 6.6% against dollar thus far in 2021
End-April gross official reserves were estimated at $ 4.5 b (excluding Bank of China Swap facility)
The Monetary Board yesterday kept policy rates unchanged, as mostly expected, to continue with its support for the recovery of the economy amidst a worsening COVID-19 pandemic.

Dialog Axiata PLC has posted a robust first quarter with consolidated after-tax profit growth of 65% to Rs. 2.43 billion.

PickMe, the app-driven digital mobility company has taken several new measures to further strengthen safety measures for its drivers and customers.

The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI), whilst thanking the Government for its efforts in obtaining vaccines to tackle the COVID-19 pandemic, said yesterday it would continue to collaborate closely to ensure that imports are strictly from legitimate distributors registered with its principals, who are the global manufacturers.

The country's GDP would suffer an estimated loss of Rs 150 billion if a lockdown is imposed for 10 days, said State Minister of Money and Capital Market.