Economic

CPC Chairman Sumith Wijesinghe and HIPG CEO Johnson Liu with the MoU as Energy Minister Udaya Gammanpila looks on

The Export Development Board (EDB) yesterday expressed concerns over the resolution adopted by the European Union (EU) Parliament calling on the EU Commission to consider the temporary withdrawal of Sri Lanka’s Generalised Scheme of Preferences Plus (GSP+) status and the benefits that come with it.

Following representations made by the Joint Apparel Association Forum (JAAF) for the vaccination of the 350,000 apparel sector employees, a meeting was held with Minister Namal Rajapaksa to discuss this matter.

Fitch Ratings said yesterday it has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’.

Economist Nishan de Mel has said that increasing the cost of cigarettes rather than fuel prices would make better economic sense.

The Colombo stock market showed its most emphatic recovery yesterday with higher gains by the indices on improved turnover.

SPAR International, in a statement, said that three-quarters of the Sri Lankan goods that were exported recently to SPAR Oman under the initiative by the Sri Lankan Embassy in Oman had been sold after just 15 days, highlighting the demand and success of this initiative.

Despite travel restrictions, motorists rushed before midnight to fuel sheds to top up their tanks ahead of the price hike. Here, motorists at the LAUGFS 24-hour station at Koswatte whilst some of the 24x7 outlets of CPC and Lanka IOC, including the latter's flagship at Colombo 7, were conveniently kept closed to make a quick gain later on, much to the disappointment of their regular customers

With the likelihood of partial lockdown being extended in tandem with rising COVID-19 cases, State Minister Nivard Cabraal called for a finer balance between meeting health emergencies and economic development.

The Colombo stock market began a fresh week on a negative note as analysts pinned it on the fuel hike and its impact weighing-in on investor sentiment.

The Government is to amend the Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment Act, No. 22 of 1994 to increase the fine imposed on those found guilty of the offence of torture.

With Sri Lanka coming under flak for borrowing from Bangladesh, Money and Capital Markets State Minister Nivard Cabraal yesterday set the record straight over loans versus investments and some people’s misrepresentations.

Not linked to the fuel hike but for sheer survival, the full cream milk powder importers are urging for a 37% increase in price, first in two years, a formal request for which the Consumer Affairs Authority (CAA) has not yet responded favourably.

Reuters: Shares closed up on Friday, fuelled by financial stocks, even as cases of the alpha and delta variants of the coronavirus were found in the island nation. The CSE All-Share Index ended up 0.12% at 7,610.30. The index, which has fallen only during two sessions in June, is up 12.3% for the year.

Marriott International Inc. yesterday signed an agreement with Colombo City Centre, a member of the Abans International Group, which is one of Sri Lanka’s largest privately held conglomerates with diversified interests, to debut ‘The Courtyard by Marriott’ brand in Sri Lanka.

The call for an LPG price hike that was made a few months ago becomes inevitable following the upward revision in fuel prices on Saturday, industry analysts said.

The Government has decided to enable ‘Safe and Secure Level 1’ hotels to serve liquor to guests despite the ongoing restrictions to curb the spread of COVID-19 pandemic.

Sri Lanka Tourism Chairperson Kimarli Fernando yesterday made a compelling case for the country’s growth decade, inviting global investors to explore investment opportunities in Sri Lanka, which she said is the place to be for travellers post-COVID.