Economic

The World Bank has changed Sri Lanka’s classification from a lower-middle income country to an upper-middle income country under its latest country income classifications for the 2020 fiscal year.

Sri Lankan government facing a cash crunch for implementing its budgetary programmes will be focused on collecting maximum revenue from excise duty much more than the budget estimate this year.

Expolanka Strategic Planning and Business Development Head Shiraz Imamudeen
Expolanka Holdings PLC yesterday rang the opening bell to commence trading at the Colombo Stock Exchange (CSE).

Reuters: Sri Lankan shares ended firmer for a third straight session on Tuesday, hitting their highest close in two weeks, while the rupee edged down on importer dollar demand, market sources said.

Sri Lanka is now compelled to make public investments only in selected priority projects due to financial constraints of the Treasury and the political instability in the country, official sources said.

Vehemently condemning President Maithripala Sirisena’s arbitrary action of resuming executions against convicted drug offenders, the European Union (EU) warns Sri Lanka of serious consequences even on GSP plus facility by sending a wrong signal to international community and investors.

By the end of April, the Government’s total outstanding external debt was $ 32.83 billion, the mid-year fiscal report released yesterday by the Finance Ministry revealed.

The Board of Investment of Sri Lanka recently signed a supplementary agreement with J and D Venture (Pvt) Limited.

A draft policy framework to promote artificial intelligence (AI) in Sri Lanka was unveiled yesterday by the Sri Lanka Association of Software and Services Companies (SLASSCOM). AI, a market which is expected to exceed more than $ 191 billion by 2024, will be introduced as a new pillar on top of the two predominantly-relied pillars which steered the IT/BPM sector’s growth over the last few years – software development and finance and accounting outsourcing (FAO).

Fitch Ratings has assigned Sri Lanka’s $ 500 million 6.35% bonds due 2024 and $ 1.5 billion 7.55% bonds due 2030 a final rating of ‘B’.

AFP: Sri Lanka’s tourism industry is recovering faster than expected after the Easter Sunday suicide bombings shook the island nation, giving a much-needed boost to the economy, Finance Minister Mangala Samaraweera told AFP.

The Securities and Exchange Commission of Sri Lanka (SEC) has filed action in the Magistrate’s Court Colombo Fort against two investors on charges of having committed the offence of market/price manipulation with regard to the shares of E-Channelling PLC. The action was filed on the basis of evidence elicited during the course of an investigation conducted by the SEC and upon receiving the formal opinion of the Attorney General.

REUTERS: Shares ended steady on Monday, hitting their highest close in more than a week, while the rupee edged up on dollar sales as month-end inward remittances surpassed greenback demand from importer, market sources said.

Taking a cue from the Business magnet multi billionaire, Dhammika Perera country’s new aspirant to become highest policy maker in the country, Sri Lanka takes the first step towards preparing a national strategy for Artificial Intelligence (AI)

A green garden,consisting of valuable trees and plants, developed in commemoration of the people who have lost their lives by the terrorist attack on 21st April 2019, was declared opened by., the Minister of Maweli Development and Environment Ajith Manapperuma on 11th June 2019, in Diwulapitiya, Pinnakele, under the name, “ManudamUyana”.

Sampath Bank PLC said on Friday it has successfully raised Rs. 12.1 billion via its Rights Issue, including the placement of unsubscribed shares to select long-term investors.

Fitch Ratings yesterday said expectation of continued pressure on banks’ financial profiles due to the challenging operating environment, which includes heightened risks, largely on the macro front, with a sharp rise in non-performing loans (NPLs) likely this year.

In a move that is set to revolutionise the telecom industry, Airtel Lanka yesterday introduced a new product offering unlimited voice calls.