Economic

The Rupee slumped to a new low yesterday as the US Dollar exchange rate touched a record Rs. 202.

Sri Lanka’s biggest apparel exporter Brandix Ltd., has reinstated staff salaries to its pre-COVID level, as per an internal memo seen by the Daily FT.

Tourism industry stakeholders on Thursday lamented that the Government has neglected the sector employees, many of whom have still not been vaccinated through the national Covishield vaccination program, despite the sector being identified as a priority.

The Colombo stock market ended March on a negative note, but fared better than the sharper slump experienced in February.

The Colombo stock market began a fresh week on a positive note with indices up amidst improved turnover, but net foreign selling hit a new high bringing the year-to-date figure to over Rs. 17 billion. The All Share Price Index (ASPI) gained by 30 points or 0.4% and the S&PSL20 moved up 17 points or 0.6%. Turnover amounted to Rs. 2.18 billion, up 36% from Friday while crossings accounted for 49.82% of the turnover.

The Colombo stock market yesterday ended a tough week on the up as against a 5% decline the previous week.

CEAT Kelani Holdings yesterday announced another significant increase in production that will more than double the number of Truck Bus Radial (TBR) tyres reaching the domestic market by June this year, further supporting the national effort to reduce dependence on imports and conserve foreign exchange.

All land comprising the Area of Authority of the Colombo Port City (CPC) will be vested with the Commission once the CPC Economic Commission Act comes into operation.

Stuart Gibson, Co-Founder and Co-CEO of Hong Kong listed ESR Cayman Ltd., one of APAC’s largest logistics property platforms, visited Sri Lanka recently.

Cabinet has given approval for land allocations in nine industrial zones around the country for the purpose of fresh investment projects, an official said yesterday.

Cinnamon Air, Sri Lanka’s premier domestic airline resumes its domestic charter flight operations from 1 April, after the months-long COVID-19-induced hiatus.

State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness Dr. Nalaka Godahewa dismissed allegations levelled by JVP MP Anura Kumara Dissanayake in Parliament yesterday regarding the UDA leasing the Arcade Independent Square commercial complex to a private company.

The Government yesterday defended the decision to give sweeping tax concessions and other incentives to attract investment to the $ 1.4 billion Port City, insisting it would be a catalyst for greater economic growth for Sri Lanka.

Sri Lanka Telecom-Mobitel yesterday categorically denied allegations they were surreptitiously supporting installation of spyware and insisted they were safeguarding customer privacy as well as upholding the law.

Port City investor company CHEC Port City Colombo Ltd., yesterday welcomed this week’s Cabinet decision to establish the Colombo Port City Special Economic Zone, which will be an international business and services hub with specialised infrastructure facilities.

National Savings Bank (NSB) yesterday announced impressive performance for 2020 despite unprecedented challenges both for the organisation and the country.

The Inland Revenue Department (IRD) has received 6,878 dishonoured cheques worth Rs. 2.4 billion, as at 31 December, the Committee on Public Accounts (COPA) was informed during a meeting held in Parliament with instructions being given for officials to take immediate action to recover dues.

Cabinet has approved legislation that once gazetted and passed in Parliament by President Gotabaya Rajapaksa, an Economic Commission will be established for the $1.4 billion Colombo Port City enabling it to attract investment and function as an international financial city, a top official said yesterday.