Economic

Sri Lanka’s biggest apparel exporter Brandix Ltd., has reinstated staff salaries to its pre-COVID level, as per an internal memo seen by the Daily FT.

Tourism industry stakeholders on Thursday lamented that the Government has neglected the sector employees, many of whom have still not been vaccinated through the national Covishield vaccination program, despite the sector being identified as a priority.

The Colombo stock market yesterday produced what many called as a “spirited gain” amidst subdued investor activity.

The Colombo stock market began a fresh week on a positive note with indices up amidst improved turnover, but net foreign selling hit a new high bringing the year-to-date figure to over Rs. 17 billion. The All Share Price Index (ASPI) gained by 30 points or 0.4% and the S&PSL20 moved up 17 points or 0.6%. Turnover amounted to Rs. 2.18 billion, up 36% from Friday while crossings accounted for 49.82% of the turnover.

The Colombo stock market yesterday ended a tough week on the up as against a 5% decline the previous week.

Cabinet consent given to draw up new tax to cover alcohol, cigarettes,vehicles,telecommunications and betting

All land comprising the Area of Authority of the Colombo Port City (CPC) will be vested with the Commission once the CPC Economic Commission Act comes into operation.

Stuart Gibson, Co-Founder and Co-CEO of Hong Kong listed ESR Cayman Ltd., one of APAC’s largest logistics property platforms, visited Sri Lanka recently.

Sri Lanka’s export earnings have produced a 2.52% growth to a new high of $ 993.73 million in February from a year earlier, maintaining the growth momentum recorded during the past five months as per the provisional statistics released by Sri Lanka Customs.

Cinnamon Air, Sri Lanka’s premier domestic airline resumes its domestic charter flight operations from 1 April, after the months-long COVID-19-induced hiatus.

State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness Dr. Nalaka Godahewa dismissed allegations levelled by JVP MP Anura Kumara Dissanayake in Parliament yesterday regarding the UDA leasing the Arcade Independent Square commercial complex to a private company.

Speaking at the ‘Colombo Development Symposium’ organised by Biznomics, Dr. Jayasundera said that as a responsible Government it had approached debt servicing and management responsibly amidst multiple challenges.

Sri Lanka Telecom-Mobitel yesterday categorically denied allegations they were surreptitiously supporting installation of spyware and insisted they were safeguarding customer privacy as well as upholding the law.

Port City investor company CHEC Port City Colombo Ltd., yesterday welcomed this week’s Cabinet decision to establish the Colombo Port City Special Economic Zone, which will be an international business and services hub with specialised infrastructure facilities.

State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday told Parliament that Rs. 15.9 billion in revenue was forgone due to the reduction in the Special Commodity Levy on sugar from Rs. 50 to Rs. 0.25 last October but the measure was taken for the benefit of the public.

The Inland Revenue Department (IRD) has received 6,878 dishonoured cheques worth Rs. 2.4 billion, as at 31 December, the Committee on Public Accounts (COPA) was informed during a meeting held in Parliament with instructions being given for officials to take immediate action to recover dues.

Cabinet has approved legislation that once gazetted and passed in Parliament by President Gotabaya Rajapaksa, an Economic Commission will be established for the $1.4 billion Colombo Port City enabling it to attract investment and function as an international financial city, a top official said yesterday.

It is reported that the government has decided to change the external appearance of the second passenger terminal of the Katunayake Bandaranaike International Airport (BIA) to resemble the shape of a lotus leaf.