Economic

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The Government has withdrawn several gazette notifications issued over the past four years to align prices after criticism that a new Trade Ministry effort to adjust costs of 27 essential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).

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.

The country’s tiles and bathware sector yesterday insisted that the tax and duty regime still tilts in favour of imports contrary to popular perception, and a revert to pre-2015 structure will ensure interest of all stakeholders, including importers and investors.

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.

The Government is planning to roll out a special program to woo tourism-related investments, bundled with attractive incentives to encourage foreign direct investments (FDIs) in the post-COVID era.

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).

The Colombo Stock Exchange (CSE) has reassured stockbrokers and investors that its recent Circular does not in any way place any restrictions on the ability of firms to extend credit on any particular security, nor has it placed any limitations of any kind on the tradability of any security by any investor.

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.

The Colombo Stock Market bounced back yesterday to close on a positive note after the worst crash in terms of loss of value on Tuesday.