Economic

The Cabinet of Ministers this week directed that the Bill to amend the Securities and Exchange Commission (SEC) Act be published in the Government Gazette and submitted to Parliament for approval.

With margins under pressure due to rising cost of commodities, logistic, foreign exchange and levies, the confectionery and bakery industry plans to increase prices going forward for its survival.

National Development Bank PLC said yesterday it would be the first company in Sri Lanka to commence the development of a Video Know-Your-Customer (vKYC) as a part of the significant strides the bank is making in Sri Lanka’s fast-evolving digital landscape.

The Government is to boost value-added agri exports by setting up a dedicated zone in the Southern Province whilst early investors too have been identified.

All leading private commercial banks have formally notified the closure of their branches for customers until next Monday (14 June).

Lanka IOC PLC, the country’s top listed energy company has jumped its brand position among Sri Lanka’s top 100 brands published by the LMD Brands Annual, a most renowned brand publication of the country compiled by Brand Finance (UK).

Secretary to the President Dr. P.B. Jayasundera yesterday assured global investors that Sri Lanka has put in place policies and strategies to unleash its next wave of high yet sustainable growth, despite challenges such as the pandemic.

The film industry yesterday said COVID-19 and travel restrictions had put several cinemas out of business, prompting fresh calls for help.

Uber has announced 50,000 free rides to the Sri Lanka Red Cross Society for transporting frontline healthcare workers, elderly and citizens from vulnerable communities to vaccination hubs for supporting the government’s drive to inoculate the nation.

Treasury Secretary S.R. Attygalle yesterday wooed global investors and companies, showcasing a few major policy reform areas the Government has taken to realign Sri Lanka’s future economic outlook for the better.

Reuters: Shares closed at their highest in over 1-1/2 months on Friday, boosted by gains in financial and industrial stocks.

The Securities and Exchange Commission of Sri Lanka (SEC) has given an extra calendar month for listed companies to release their annual reports and interim results respectively for the financial year ended on 31 December 2020 and 31 March 2021.

The Central Bank (CB) yesterday issued a new directive aimed at ensuring uninterrupted banking services amidst the COVID-19 pandemic after an uproar over notice of the closure of branches.

Sri Lanka’s State-Owned Bank of Ceylon is yet to terminate the Letters of credit (LCs) with respect to the importation of 399 vehicles.

Litro Gas Lanka Ltd. yesterday announced plans to venture into the manufacture of oxygen given the rising need for it as the COVID-19 pandemic spreads.

President Gotabaya Rajapaksa will inaugurate the much-anticipated Sri Lanka Investment Forum 2021 today at 8:30 a.m. A second session of the forum will commence at 1430 GMT/1000 EST to cater to audiences in Europe and the USA.

‘Making of the Iconic Ahasa One Sky Bridge,’ a TV documentary film that takes the audience on a behind-the-scenes journey of Colombo’s newest landmark, is set to be aired on Sunday, 6 June at 8:30 p.m. on HiTV.

Brought back the rule of mandatory conversion of 10% of workers remittances to rupees by banks on a weekly basis. The fresh directive to banks was issued last week (28 May).