Economic

SriLankan Airlines achieved the remarkable feat of being named the World’s Most Punctual Airline yet again, with 90.75% of its flights in May 2019 being ‘on-time’ throughout its route network, the company said in a statement yesterday.

Sri Lanka will be making a budgetary review in the second half of this year as the government expenditure is expected to rise with payments for compensation and concessions and moratoriums granted mainly to tourism and other sectors affected by Easter terror attacks.

After 20 years in business, Nelna group of companies is targeting to achieve an annual production of 10 million fruits by the year 2022 becoming the leading supplier of best quality mangoes in the Sri Lankan market.

The Central Bank of Sri Lanka has provided some relief in connection with tax and loan payments to businesses, following a request made by the Colombo Business Association (CBA) in the aftermath of the Ester Sunday attacks.

The exploratory manuscript ‘Ek Theerayak Ek Mawathak’ (One Belt-One Road) authored by Kassapa Dewamitta Saparamadu was recently launched at the Sri Lanka Foundation Institute. This debut monograph of the author contains an in-depth discussion of China’s largest development programme One Belt One Road (OBOR). It was a trade, social and economic path that connected ancient China with the rest of the world that has now been resurrected to connect a majority of communities inhabiting the globe with the objectives of preserving peace, trade and services among the member states. This monograph discusses the base factors, strategies, the new opportunities and challenges of this programme, its benefits as well as the economic, political, social and environmental changes to member states that is envisaged through this programme.

Reuters: Shares ended weaker on Friday, snapping three straight sessions of gains, as foreign investors sold risky assets and the market shrugged off a widely-expected rate cut by the Central Bank.

Turyaa Chennai, part of the renowned Aitken Spence Hotels was recognised at the recently held India Travel Awards 2019-South as the ‘Best City Hotel’ further strengthening its position as an industry leader extending the best in service, product and offerings.

When Sri Lanka marches forward from the middle income status, it is the responsibility of the government to provide all required facilities and the necessary encouragement for the new inventors to help them in the creation of their inventions and innovations.

Sri Lanka ’s economic growth is likely to be further affected by the Easter Sunday attacks although it is premature to conduct a comprehensive revision to the Medium Term Macroeconomic Framework, Central Bank Governor Indrajit Coomaraswamy said.

The long-delayed tea Global Marketing Campaign is set to launch in the first week of August in Russia and Ukraine, with plans to carry out the program in China and Japan later this year.

The Financial Intelligence Unit (FIU) has been strengthening its activities in countering the financing of Terrorism sharing relevant information with top law enforcement authorities but its representation in National Security Council was considered as not required in the recent past

The Monetary Board of the Central Bank has suspended NatWealth Securities Limited from carrying out its business activities,CB announced.

Solely marketed and distributed in Sri Lanka by Carmart (Pvt) Ltd, world-renowned European vehicle brand Peugeot recorded an exceptional year in 2018 in terms of its vehicle sales.

Sri Lanka Fisheries Corporation has failed meet the customers demand of fish with online system customer service for the Fishermen Information Centre is still see the light of the day.

Reuters: Sri Lanka is planning to raise up to $1.5 billion via sovereign bonds, tapping global capital markets for the second time within three months as the Government seeks new funds to repay loans that are maturing following last month’s deadly bomb attacks.

Reuters: Sri Lankan shares ended weaker on Monday, falling for the second straight session in dull trade as the market shrugged off a widely expected rate cut by the Central Bank while the rupee closed steady, market sources said.

Sri Lanka's inflation, as measured by the change in the Colombo Consumers' Price Index (CCPI) increased to 5 percent in May 2019 from 4.5 percent in April 2019, Central Bank announced this week.

Tea auctions this week saw less demand and consequently lower prices with offerings totalling 6.8 M/kgs, Forbes and Walker said in its latest report.