Economic

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.

State Minister Nivard Cabraal last week requested the capital market regulator and promoter to expedite the demutualisation of the Colombo Stock Exchange (CSE) pending for many years.

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 Government is preparing to amend legislation and formulate an agreement with India to allow Employees Provident Fund (EPF) access to an estimated 10,000 Sri Lankan workers employed in India.

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.

The Colombo Stock Exchange (CSE) said yesterday the All Share Price Index (ASPI) has retained its position as the best performing primary stock market index in the world with the index closing trading on 5 February at 8,275.37 points, marking a 22.16% growth year-to-date (YTD).

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

Aitken Spence Travels, the leading DMC in Sri Lanka working in partnership with TUI Kazakhstan, will welcome the country’s first charter from Kazakhstan on Saturday, 6 February after the airports reopened for tourist arrivals.

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.

The Colombo stock market began a new week on a negative note with both indices down amidst below average turnover whilst net foreign outflow crossed the Rs. 10 billion mark year-to-date.

The Colombo stock market yesterday gained but couldn’t prevent finishing the week on a negative note for first time 14 weeks.

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.

The Government has suspended the surcharge on import of fuel as relief to loss-incurring Ceylon Petroleum Corporation (CPC) and the listed Lanka IOC PLC, though there won’t be a change in prices at retail level.

The Indian High Commission yesterday clarified that Sri Lanka’s Central Bank had settled a $ 400 million swap from India as per an agreement in July 2020, dismissing reports that repayment had been demanded following the Government’s decision over the East Container Terminal (ECT).