Economic

CBSL yesterday submitted its observations regarding the Forensic Audit report to the Committee on Public Finance yesterday in keeping with a directive given by the Committee to do so.

Operating profit before impairment and taxes up 1.1% to Rs. 34.8 b in 2019
PBT down 15.5% to Rs. 15.5 b on account of 39% increase in taxes on financial services and 12% increase in impairment charges

SriLankan Airlines Chief Executive Officer Vipula Gunatilleka says the focus is on to bring the loss-making National Carrier to a break-even stage.

Earnings from exports declined while expenditure on imports increased during December 2019, widening the trade deficit. During the year 2019, the trade deficit contracted significantly, driven by a sharp contraction in import expenditure, Central Bank announed

The temporary suspension on the registration of foreign companies in Sri Lanka has been lifted. This was confirmed by a senior official of the Department of Registrar of Companies .

The Colombo stock market yesterday experienced mixed fortunes with the two indices moving in opposite directions.

Sri Lanka’s tourism sector earnings were provisionally estimated at US dollars 3,592 million during 2019, compared to US dollars 4,381 million during the corresponding period of 2018, latest Central Bank statistics revealed.

The situation is moving from bad to worse for around 145,000 depositors and 400-odd employees of the crippled The Finance Company PLC (TFC) as it is facing a cancellation of its licence by the Central Bank (CB), with the banking regulator coming under heavy criticism and accusations.

The Government will present an amendment to the Vote on Account 2020 to Parliament next week, seeking Parliamentary approval to increase the debt ceiling from Rs. 721 billion to Rs. 1,078 billion.

The possibility of vesting the administration of the $ 1.4 billion Port City project under a new authority with direct oversight of President Gotabaya Rajapaksa is among several options being considered by the committee appointed by the Government to review the project.

In AIA’s quest to keep Sri Lankans financially secure, the insurance provider has introduced the AIA Suwa Diriya; a life insurance plan that helps people to be adequately armed in the battle against critical illness.

The revenue of Rs. 240.6 billion realized from tea exports for January to December 2019 is the highest ever surpassing the previous best of Rs. 233.3 billion realized in 2017, Chairman of the Tea Exporters Association Sanjaya Herath said.

The Dialog Axiata Group has concluded the 2019 financial year on a strong note, continuing its growth momentum across all business segments viz. Mobile, Fixed Line, Digital Pay Television, International and Tele-infrastructure businesses.

Sampath Bank this week announced the launch of ‘Sampath Dream Planner’, a personal investment plan which will serve as a tailor-made savings solution for their discerning customers.

The Hayleys Group, Sri Lanka’s most diversified conglomerate, demonstrated strong resilience in the third quarter of 2019/20 to achieve a 41% growth in profit-after-tax.

Year ends with $ 7.6 b reserves, rupee appreciated 0.6 % in 2019 and 0.1% in 2020

Sri Lanka is now striving to expand the economy allowing the commercial banks to make more loans to consumers and businesses in the face of a cash crunch during the week ending Friday 14, economic analysts said.

Reuters: The decision to cancel a major telecoms conference in Barcelona slated for later this month, after mass withdrawals due to fears over a coronavirus outbreak, was motivated only by a desire to protect people’s health and safety, organisers said on Thursday.