Sri Lankan Corporate Updates
The import of chicken, eggs, canned fish and dry-fish will soon be stopped, Fisheries Minister Wijith Vijayamuni Soysa said.
Sri Lanka’s government is considering imposing price ceiling on charges at private hospitals to ensure more affordable health care, government spokesman, Health Minister Rajitha Senaratne said.
In a bid to face any downturn in the tea sector, Plantation Industries Minister Navin Dissanayake on Tuesday said the setting up of a special fund of Rs. 5 billion within the next three months is under consideration.
Standard Chartered Bank will provide a loan supported by Export Development Canada, Canada's export credit agency,for Sri Lanka to buy 12 railway engines from the United States, a government spokesman said.
Enhancing economic corporation, the Government of Sri Lanka on Tuesday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors in addition to two private sector agreements on higher education and fertiliser.
Sri Lankans have mostly borrowed for consumption but borrowings for manufacturing and agriculture come at distant fourth and fifth positions, demonstrating the country’s increasing tilt toward a consumption economy at the expense of industrialization and food security—the key ingredients for a sustainable economy.
Sri Lanka is sending 20 industrialists to this week’s global exposition in Myanmar as part of the country’s revived efforts to hit $3 billion in rubber exports.
Tourism Development and Christian Religious Affairs Minister John Amaratunga said, some 316 new hotel projects have been granted the final approval so far while 130 projects are under construction and 161 are in operation.
Jetwing Hotels and Travels Chairman Hiran Cooray emphasized the need to implement a high-value, sustainable, low-impact form of tourism model to promote tourist attractions across the country, rather than over-promoting a single destination.
The Government has decided to set up a special Cost Estimate Review Committee, in a bid to avoid cost overruns and discrepancies in Total Cost Estimates (TCE) and actual cost in infrastructure projects.
Sri Lanka's 55 largest state-owned enterprises have lost 87 billion rupees in 2017, with energy enterprises again making big losses without a price formula, while big state banks whose governance was strengthened in the late 1990s were making profits.
Sri Lanka’s third largest private lender by assets, Sampath Bank PLC, which was recently included in the MSCI Frontier Market 100 Index, says the bank is ready to launch the first-ever blockchain-based product in Sri Lanka, this year.
Megapolis and Western Development Minister Champika Ranawaka yesterday urged President Maithripala Sirisena to appoint a Presidential Commission with extraordinary powers to investigate the alleged coal scams that took place from 2009 to 2016.
Reuters: The Sri Lankan rupee closed slightly lower in thin trade yesterday, hovering near an all-time low hit earlier this week, as importer dollar demand surpassed mild selling of the greenback by banks, dealers said.
Reuters: Sri Lankan shares ended lower for a sixth straight session yesterday to hit their lowest closing in nearly six months, as foreign investors sold banking shares such as Commercial Bank of Ceylon PLC.
The secondary bond markets remained active yesterday as yields were seen decreasing across the yield curve. Buying interest on the two 2023’s (i.e. 15.03.23 and 15.05.23), 01.08.25, two 2028’s (i.e. 15.03.28 and 01.09.28) and the 15.05.30 saw its yields decrease to intraday lows of 10.40%, 10.42%, 10.58%, 10.60% each and 10.72% respectively against its previous day’s closing levels of 10.42/45, 10.43/50, 10.52/62, 10.60/70, 10.62/70 and 10.70/80.