Economic

The Government is to amend the Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment Act, No. 22 of 1994 to increase the fine imposed on those found guilty of the offence of torture.

With Sri Lanka coming under flak for borrowing from Bangladesh, Money and Capital Markets State Minister Nivard Cabraal yesterday set the record straight over loans versus investments and some people’s misrepresentations.

Treasury Secretary S.R. Attygalle yesterday wooed global investors and companies, showcasing a few major policy reform areas the Government has taken to realign Sri Lanka’s future economic outlook for the better.

Reuters: Shares closed up on Friday, fuelled by financial stocks, even as cases of the alpha and delta variants of the coronavirus were found in the island nation. The CSE All-Share Index ended up 0.12% at 7,610.30. The index, which has fallen only during two sessions in June, is up 12.3% for the year.

Marriott International Inc. yesterday signed an agreement with Colombo City Centre, a member of the Abans International Group, which is one of Sri Lanka’s largest privately held conglomerates with diversified interests, to debut ‘The Courtyard by Marriott’ brand in Sri Lanka.

The Central Bank (CB) yesterday issued a new directive aimed at ensuring uninterrupted banking services amidst the COVID-19 pandemic after an uproar over notice of the closure of branches.

The Government has decided to enable ‘Safe and Secure Level 1’ hotels to serve liquor to guests despite the ongoing restrictions to curb the spread of COVID-19 pandemic.

Sri Lanka Tourism Chairperson Kimarli Fernando yesterday made a compelling case for the country’s growth decade, inviting global investors to explore investment opportunities in Sri Lanka, which she said is the place to be for travellers post-COVID.

President Gotabaya Rajapaksa will inaugurate the much-anticipated Sri Lanka Investment Forum 2021 today at 8:30 a.m. A second session of the forum will commence at 1430 GMT/1000 EST to cater to audiences in Europe and the USA.

Following representations made by the Joint Apparel Association Forum (JAAF) for the vaccination of the 350,000 apparel sector employees, a meeting was held with Minister Namal Rajapaksa to discuss this matter.

The Cabinet of Ministers this week directed that the Bill to amend the Securities and Exchange Commission (SEC) Act be published in the Government Gazette and submitted to Parliament for approval.

With margins under pressure due to rising cost of commodities, logistic, foreign exchange and levies, the confectionery and bakery industry plans to increase prices going forward for its survival.

The Colombo stock market showed its most emphatic recovery yesterday with higher gains by the indices on improved turnover.

The Government is to boost value-added agri exports by setting up a dedicated zone in the Southern Province whilst early investors too have been identified.

All leading private commercial banks have formally notified the closure of their branches for customers until next Monday (14 June).

With the likelihood of partial lockdown being extended in tandem with rising COVID-19 cases, State Minister Nivard Cabraal called for a finer balance between meeting health emergencies and economic development.

Secretary to the President Dr. P.B. Jayasundera yesterday assured global investors that Sri Lanka has put in place policies and strategies to unleash its next wave of high yet sustainable growth, despite challenges such as the pandemic.

The film industry yesterday said COVID-19 and travel restrictions had put several cinemas out of business, prompting fresh calls for help.