Economic

The Colombo stock market yesterday notched up another record – the highest number of trades in its history.

The Central Bank will release regular quarterly medium term inflation projections from this month so that businesses and other economic actors can make up their projections on prices and gauge the trajectory of future monetary policy actions much better than what speculation suggests.

The Government is working to revamp the Industrial Dispute Act to allow future Employees Provident Fund (EPF) non-payment cases to be heard by Labour Tribunals, which authorities hope will reduce the burden of over 15,000 outstanding cases worth an estimated Rs. 12 billion.

The Civil Aviation Authority of Sri Lanka (CAASL) has issued new operating guidelines to airlines ahead of the reopening of the airports from next week.

Controlling shareholder, the Malaysia based investor Vijayeswaran S. Vijayaratnam, yesterday bought out the Japanese investors in Asia Capital PLC for Rs. 160 million.

Sri Lanka Development Lottery has created two new multi-millionaires in super lottery draws at the dawn of the New Year 2021.

A total of seven airlines have so far announced plans to operate scheduled flights once the airport reopens on 21 January, a top official said.

The Financial Intelligence Unit (FIU) has imposed penalties of Rs. 2.3 million on three financial institutions for failing to meet regulations in 2020, the Central Bank said in a statement yesterday.

The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd, the bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.

Despite private sector protests Cabinet this week gave approval for the upper limit of compensation under the Termination of Employment of Workman Act (TEWA) to be increased from Rs. 1.25 million to Rs. 2.5 million.

Prime Minister Mahinda Rajapaksa has given approval to waive off the entertainment tax on the local cinema industry for this year and the next to provide support to a sector hard-hit by COVID-19, his office said yesterday.

Leading stockbroking firm Asia Securities Ltd. has maintained that all signs point to a strong GDP growth trajectory in 2021.

The Central Bank yesterday said Swarnamahal Financial Services PLC (SFSP) has been allowed to partially resume its business operations for three months for the sole purpose of repaying 50% of the remaining deposits of the company.

Colombo Bourse is seeing a bull run on what some are claiming as the ‘blue eyed” Browns Investments PLC (BIL) catapulting the loss making diversified entity to fifth most valuable listed company last week, up from ninth in December and 19th in November.

Reuters: Shares closed higher on Friday and logged their best week in two months, as industrial and consumer stocks gained amid a global rally on hopes of economic recovery.

The Central Bank will be making an application to court to wind up operations of ETI Finance after the company remained insolvent despite requests having been made to put forth a viable recovery plan, the monetary authority said yesterday.

Cinnamon Life, Colombo’s most iconic upcoming mixed development project, marked the dawn of the New Year with a message of optimism, lighting up its residential tower (The Suites at Cinnamon Life) with ‘Hope 2021’. This is the first development in Sri Lanka to light up a building in a unique way to dawn the New Year, and it was visible from most parts of the city.

Giving the economy a rosy diagnosis, State Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal yesterday assured Parliament that Sri Lanka’s growth prospects were positive, underscored by a stable currency and sound debt repayment capacity, adding the Government was readying to start investment projects with construction permits and other support to be given soon to revive key sectors.