Economic
Acting Ambassador for China Hu Wei met with State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal and the Central Bank Governor Professor W.D. Lakshman at the Finance Ministry.
The apparel industry has fallen victim to the COVID-19 pandemic with the total exports in the first nine months down by 21.97% to $ 3.1 billion compared to the same period last year.
Sri Lanka’s commercial banks have backtracked from the disbursement of concessionary loans granted by the government via Central Bank (CB)’s re-finance scheme among COVID-19-affected businesses including MSMEs (medium and small enterprises), a large number of MSMEs complained.
Sri Lankan exporters are hopeful of a moderate growth for their businesses and economic recovery over the next 12 months despite the growing number of COVID-19 cases, a survey from the Economic Intelligence Unit (EIU) of the Ceylon Chamber of Commerce said yesterday.
Sri Lanka is turning to its China for a financial lifeline in curing the ailing economy and a balance of payment crisis emerging over the massive debt situation
Prime Minister Mahinda Rajapaksa made a brief impromptu visit to Colombo’s iconic landmark and the single largest private-mixed development investment in Sri Lanka — the Cinnamon Life construction site, where he met with John Keells Holdings (JKH) Chairman Krishan Balendra yesterday.
Recent exemption of Withholding Tax (WHT) on dividend income received by foreigners has been welcomed by analysts.
The Government this week announced high CESS on imports of apparel following the lifting of the ban imposed in May this year.
Turnover and trades at the Colombo Stock Market soared to new highs as investors, especially retailers and high net-worth individuals remained upbeat on listed equities, despite a fresh COVID-19 scare in the country.
The Board of Investment (BOI) yesterday confirmed that all 14 export processing zones (EPZs) are in operation, adhering to the Health Ministry policy decision to conduct PCR test for the factory workers.
Asia Securities says move to give preference to local firms in Govt. procurement will boost capacity, encourage new players
Despite global and local challenges, Sri Lanka’s merchandised exports saw a continuous rise for the last four months and September has surpassed $ 1 billion mark once again, proving its resilience and rebound.
Sri Lankan Air lines, the national carrier is now planning to recoup lost revenues in Covid-19 crisis by focusing on its strongest markets especially in Far East and the Middle East.
The Air line expects the Far East market to recover fastest so Sri Lankan will treat it as a priority during its initial recovery, top official of the national carrier disclosed.
ECONOMYNEXT – Dialog Axiata of Sri Lanka and Axiata Digital Labs, a technology unit of Malaysia-based group said it won a global award for digital transformation given by industry association, beating Asian and European contenders.
The Government will soon be granting permission to state-owned Lanka Sugar Company Ltd to import molasses from India at a price of Rs.80 per kg to produce ethanol to meet the demand of local liquor manufacturers, informed industry sources said.
INSEE Cement, Sri Lanka’s leading and only 100% local cement manufacturer has issued an update and progress report of work completed towards the rehabilitation and reforestation efforts addressing the incident of illegal encroachment and forest clearing in its long-term leased land in Aruwakkalu.
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