Economic

YOO Brand Managing Director Hemantha Perera and Chief Executive Officer Chamath Thanaweeraarachchi introduce the brand to President Rajapaksa during the inauguration

The Committee on Public Accounts (COPA) recommended to the Secretary to the Ministry of Transport to implement an expeditious action plan to streamline and promote the transportation of goods by rail in Sri Lanka after it was revealed that freight revenue of the Department has dropped drastically over the years.

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.

The Colombo stock market yesterday struggled its way to finish on a positive note on a choppy day for investor sentiment amidst low turnover.

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.

Sri Lanka Insurance Corporation (SLIC) has emerged as the market leader of the general insurance sector at the end of year 2020, reaffirming the supremacy of the State insurance giant.

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 bearish run at the Colombo Stock Market has seen Rs. 475 billion in value wiped off in just 10 market days so far in February with yesterday’s fall adding Rs. 143 billion.

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.

Sri Lanka’s economic situation, including high debt repayments, made lockdowns impractical and unfeasible, Cabinet Co-Spokesman Udaya Gammanpila said yesterday, backing doubling down on social distancing guidelines to help tackle the new variant.

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

The Government is planning to implement a 100 KW solar power generation program around the country to connect distribution to transformers utilising private sector investment.

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.