Economic

The Adani Ports and Special Economic Zones (APSEZ) Ltd., yesterday announced that it has received a Letter of Intent (LOI) from the Ministry of Ports and Shipping and the Sri Lanka Ports Authority (SLPA), acting on behalf of the Government of Sri Lanka, pursuant to approval from the Sri Lankan Cabinet of Ministers, for the development and operations of West Container Terminal (WCT) in Colombo, Sri Lanka.

Reuters: Shares ended higher on Friday, posting their best weekly gain in seven days, driven by gains in industrial and financial stocks.

Shares ended lower yesterday driven by a slide in financial services and consumer discretionary stocks, brokers said with the Colombo Stock Exchange (CSE) All Share Index ending 1.15% lower at 7,212.66.

¤ 5 million (around Rs. 1.15 billion) in Tier II qualifying capital, strengthening its capital ratios aimed at supporting its business growth. The Tier II qualified subordinated loan which has a tenure of five years, has been extended by Triodos Microfinance Fund and Triodos Fair Share Fund which are two financial inclusion funds managed by Triodos Investment Management.

The first phase of the city’s iconic residential apartment complex — the elegantly designed Altair, will be opened today (12).

Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal yesterday said the country›s economic growth in the first quarter will be around 3.5% to 4% given the rebound of economic activities.

Indian tycoon Gautam Adani has added more billions to his wealth than anyone else in the world this year on the back of investor excitement around his ports-to-power plants conglomerate.

The apparel industry yesterday expressed reservations over achieving the $ 6 billion export target set by the Government for 2021 given the challenges, and insisted that focus should be to revert to pre-COVID performance.

People’s Bank yesterday announced the results for its year ended 31 December 2020, reporting consolidated net loan growth of Rs. 315.7 billion; representing a 21.6% growth year on year and accounting for close to one-third of overall net sector credit extended during the period.

The banking sector›s Return on Equity (ROE) has been diminishing over the past years, proving wrong the misperception that the industry is making hefty profits.

Sri Lanka’s technology sector is set to receive a vital boost as several local banks come forward to offer debt facilities without the need for tangible collateral.

The reduction of the Special Commodity Levy on sugar from Rs. 50 per kilo to 25 cents per kilo in October last year allowing bulk imports by one importer had resulted in a loss of Rs. 16 billion in tax revenue, a report submitted by the Finance Ministry to the Committee on Public Finance has revealed.

Long-term loans to the Government recorded a net outflow of $ 156 million in January, the Central Bank said yesterday in its latest external performance report.

China has approved the long-awaited $ 1.5 billion swap that is expected to boost the country’s flagging reserves, State Minister of Money, Capital Markets, and State Enterprise Reform Ajith Nivard Cabraal said yesterday.

The Colombo Stock Exchange (CSE) yesterday withdrew what was dubbed as a ‘contentious’ circular issued in January 2021, followed by a clarification in early February.

The Ceylon Institute of Builders (CIOB) recently said that small and medium scale contractors and the public building their houses have been hit hard by increasing prices of tiles and bathroom sets, appealing to the Government to resolve the issue.

Cabinet Co-Spokesman Dr. Ramesh Pathirana said the decision was made in line with policies of the Government, where the State Pharmaceutical Corporation (SPC) is adopting strategic measures to increase its local production of pharmaceuticals.

The Colombo stock market yesterday powered its way to a strong rise thanks to confidence boosting by investors and policy makers.