Economic
First Capital Research’s June 2019 quarter recurring earnings dropped by 10.4%YoY for 271 companies. On a recurring basis June 2019 quarter earnings plunged by 10.4%YoY as subdued performance in banking (-20%YoY), consumer services (-92%YoY) and telecommunications (-27%YoY) sectors negated the positive performance of food, beverage and tobacco (+121%YoY) and diversified financials (+35%YoY) sectors.
Sri Lanka implements One Village One Product (OVOP) concept with the aim of changing lives and helping rural poor.
Land value in Colombo District has increased 13.6 percent on average according to the biannual Land Price Index compiled by Central Bank.
The Board of Investment of Sri Lanka signed an Agreement with Sugano Packing Materials Co., Ltd., a Japanese Company to establish a plant that will be manufacturing flexible packaging that will be utilized by, among other sectors, the local tea industry. The packaging produced in Ja-Ela, Sri Lanka would be mainly flat bottomed bags.
The Laksala handicraft boutique chain owned by the Sri Lanka Handicrafts Board has taken measures to regularise the commissions being paid to registered tour guides and tour operators.
Central Bank announced that Sri Lanka rupee appreciated against the US dollar, (1.2 per cent). Pound sterling (4.1 per cent), the Euro (4.8 per cent) and the Indian rupee (4.0 per cent) while depreciated against Japanese yen (1.9 per cent) last week.
Reuters: Rupee closed at its lowest level in over seven months as foreign fund outflows from government securities rose, while stocks extended losses for the third straight session.
Visa, the global leader in payments technology, has signed on as a strategic partner for Sri Lanka’s seventh annual Cyber Security Summit on 24 and 25 September at Cinnamon Grand.
Priority will be given to Jaffna products in duty free shop stalls in Palali airport, Petroleum Resources and Civil Aviation Minister Arjuna Ranatunge said in Jaffna.
The Consumer Affairs Authority (CAA) has decided to take legal action against Prima Ceylon Ltd. after they announced a price hike of a kilo of wheat flour by Rs. 5.50, effective since midnight yesterday, an official said.
Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding with Condominium Management Authority(CMA) and National Gem and Jewellery Authority (NGJA) in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).
Reuters: Rupee closed at its lowest level in over seven months as foreign fund outflows from government securities rose, while stocks extended losses for the third straight session.
Reuters: The rupee closed weaker on Tuesday, hovering near a seven-month closing low hit last week, as continued foreign fund outflows from government securities after a surprise rate cut last month weighed on the currency.
Sri Lanka’s provincial administration is about to crash as the now defunct Provincial Councils has no legal authority to collect revenue and make legitimate payments.
Central Bank Governor Dr. Indrajit Coomaraswamy yesterday said Cabinet approval had been given to appoint a Steering Committee and a Technical Evaluation Committee for the mobilisation of the issuance of a $ 500 million samurai bond.
Government emphasizes that the proposed amendments to the People's Bank Act never aims to privatize People's Bank. The only objectives are to increase the authorized share capital of People's Bank and to enable the Bank to issue debentures without the additional requirement of obtaining a treasury guarantee.
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