Economic

Starting the year on a positive note, both Manufacturing and Services sectors improved with an uptick in new orders and improved prospects for future business, the Purchasing Managers Index (PMI) for January showed yesterday.

The Government decision to revoke the decision relaxing import restrictions on tiles and ceramic products within a day after making the announcement was prompted by requests from local manufacturers that such a decision would adversely affect them, State Minister Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.

In an effort to take factories to the provinces the Government will facilitate land allocations for investments worth over Rs. 24 billion in regional industrial zones.

In contrasting actions, State funds EPF has sold down in Hayleys PLC whilst Sri Lanka Insurance Corporation Life Fund has upped its stake in the quarter ended on 31 December 2020.

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) recorded the highest daily point gain ever of 387.19 compared to a day earlier, with shares closing 5.1% higher, data showed yesterday.

The Government has withdrawn several gazette notifications issued over the past four years to align prices after criticism that a new Trade Ministry effort to adjust costs of 27 essential items clashed with earlier price controls.

Kuwaiti budget carrier Jazeera Airways has announced the launch of a new service to the Sri Lankan capital, offering direct flights between Kuwait and Colombo twice a week.

Delivering an outstanding performance, the Singer Group yesterday announced a post-tax-profit of Rs. 869.38 million for the third quarter (Q3) for FY20.

Cabinet this week approved three suppliers of fertiliser for the Yala season starting in April.

GRI launched the first radial agricultural tire manufactured in Sri Lanka using locally sourced natural rubber on 4 February. The launch of the radial agriculture tire happens to be the only high-grade agricultural radial tire produced using locally sourced rubber. The launch event took place in collaboration with GRI’s distributor Perera Tire Services, at the DoubleTree by Hilton Hotel in Weerawila.

Regulator assures no extra pressure to curtail credit, but info sought weekly now given new dynamism in market

State Minister Ajith Nivard Cabraal yesterday told Parliament that the Government has no plans to sell the Bank of Ceylon headquarters in Fort to a foreign buyer.

The Sri Lanka Export Development Board (EDB) is forecasting a performance of $ 15.68 billion in merchandise and service shipments in 2021.

Army Commander General Shavendra Silva on Wednesday urged the private sector to grab unfolding business opportunities with a positive mind as it would have a significant role to play for the country’s Speaking as the Chief Guest at the CIMA-ICCSL-Daily FT organised Most Admired Companies 2020 Awards ceremony at the BMICH, Silva said with the new normalcy prospects, the Government had taken many important initiatives and policies to create a favourable trade environment and encourage businesses to support achieving inclusive and sustainable growth.

The Most Admired Companies Awards ceremony organised by the Daily FT, CIMA and ICCSL will be held today from 4 p.m. onwards at the Lotus Ballroom, BMICH Colombo.

Central Bank Governor Prof. W.D Lakshman yesterday slammed critics, referring to them as purveyors of “doom and gloom”; insisting that the Government has the economy well in hand and will ensure all debt repayments are met by focusing on “alternative” measures.

Eligible depositors of the failed The Finance Company (TFC) will be paid Rs. 500,000 from the liquidity fund in addition to the Rs. 600,000 they have been paid under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), State Minister Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.

Calls on officials to formulate policies, prioritise COVID-19 immunisation for industry employees