Economic
The Colombo Stock Exchange (CSE) has requested a root cause analysis from the system provider Iron One Technologies Ltd., regarding a disruption to the order management system provided to four stockbroker firms during trading yesterday, which resulted in trading difficulties to clients of these firms.
Siyapatha Finance PLC’s Rs. 1.5 billion worth debenture issue has been oversubscribed and was closed on 26 August.
A day of lockdown in Sri Lanka causes a negative impact of Rs. 22.4 billion, or $ 112 million, according to the economic projection model developed by the Imperial College.
The Colombo stock market sustained its super momentum yesterday with new high turnover ending a memorable week.
LAUGFS Gas PLC yesterday said it was back in the retail market after a month of absence and reiterated it would continue to lobby for a fair price hike.
A combined release of over $ 200 million today to two State commercial banks is likely to ease pressure on the rupee, forex market sources said.
Maldives’ Sea Horse Yachts Ltd., (SHY) will invest $ 58 million (Rs. 11.5 billion) to set up and operate a state-of-the-art yacht building facility at the Hambantota International Port Group (HIPG) premises.
Financial services-heavy conglomerate LOLC yesterday regained the status as the most valuable stock in the Colombo bourse whilst achieving a price milestone after Expolanka closed lower after meteoric rise.
A special permit procedure will be introduced to import sugar required for the production of bakery and confectionery products, a top Minister confirmed yesterday.
India’s Adani Ports and Special Economic Zone (APSEZ) will commence construction of West Container Terminal (WCT) at Sri Lanka’s Colombo Port in December, according to a report in Ship Technology.
To attract long-stay travellers, the Government has decided to issue tourist visas valid for six months to those applying via the electronic system. The move is a follow-up to the Cabinet decision taken on 4 January to link the Sri Lanka Tourist Mobile App to the visa application process implemented under the Department of Immigration and Emigration through its ‘Online Electronic Tourist Visa Activation’ (ETA) system.
Recording its highest-ever profit for a period of six months with a Profit Before Tax (PBT) of Rs. 13.9 billion and a Profit After Tax (PAT) of Rs. 11 billion, National Savings Bank (NSB) shows strength and financial resilience in performance amidst the heightened uncertainty due to the COVID-19 pandemic which has triggered a wide range of shocks on the banking sector and the economy as a whole.
The Colombo bourse and investors yesterday proved their optimism despite the raging COVID pandemic and associated challenges, propelling the market to an all-time high with its gain in value crossing the Rs. 1 trillion mark so far in 2021.
Headline inflation as measured by the Year-on-Year change based on the National Consumer Price Index (NCPI) has been compiled at 6.8% in July as against 6.1% in June.
Reuters: While the financial world waits for the Federal Reserve to start reversing its ultra-loose policy stance, recent moves by a clutch of other central banks signal the days of pandemic-era accommodation are already numbered even as COVID-19 continues to impede smooth economic recoveries around the world.
Move follows anomalies observed in interest rates offered and paid by banks on the rupee and foreign currency deposits
Workers’ remittances continue to decline with July seeing a low of $ 453.3 million, down by a massive 35% from a year earlier.
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