Economic

The Government has announced numerous tax exemptions for the dedicated Pharmaceutical Manufacturing Zone being built on 400 acres of land in Hambantota.

National Development Bank PLC said yesterday it posted solid financial results for the financial year ended 31 December 2020, demonstrating its strength, sustainability in generating operational revenue and resilience in withstanding unprecedented challenges.

Sri Lanka’s economic situation, including high debt repayments, made lockdowns impractical and unfeasible, Cabinet Co-Spokesman Udaya Gammanpila said yesterday, backing doubling down on social distancing guidelines to help tackle the new variant.

Two popular international banks last week confirmed their “underweight” position on Sri Lanka and its sovereign bonds flagging-off concerns over debt sustainability and external position amidst domestic and global challenges.

The Colombo stock market yesterday staged a strong recovery with a near 2% gain in indices thanks to a rebound in buying sentiment.

The Government is planning to implement a 100 KW solar power generation program around the country to connect distribution to transformers utilising private sector investment.

The tea industry witnessed an increase in production and began the year with lower export volumes, but with higher returns, brokers said yesterday.

YOO Brand Managing Director Hemantha Perera and Chief Executive Officer Chamath Thanaweeraarachchi introduce the brand to President Rajapaksa during the inauguration

The Committee on Public Accounts (COPA) recommended to the Secretary to the Ministry of Transport to implement an expeditious action plan to streamline and promote the transportation of goods by rail in Sri Lanka after it was revealed that freight revenue of the Department has dropped drastically over the years.

Years-long tripartite talks over the Rs. 1,000 daily wage for the plantations sector will drag into March after there were inadequate members to form a quorum at the Wages Board meeting yesterday to hear objections raised by Regional Plantation Companies (RPCs), a top official said yesterday.

The Colombo stock market yesterday struggled its way to finish on a positive note on a choppy day for investor sentiment amidst low turnover.

Starting the year on a positive note, both Manufacturing and Services sectors improved with an uptick in new orders and improved prospects for future business, the Purchasing Managers Index (PMI) for January showed yesterday.

Exporters yesterday raised concerns over a new Central Bank order to immediately convert 25% of forex earnings through licenced banks, insisting such a policy could increase costs and place more pressure on an already struggling sector.

Sri Lanka Insurance Corporation (SLIC) has emerged as the market leader of the general insurance sector at the end of year 2020, reaffirming the supremacy of the State insurance giant.

In contrasting actions, State funds EPF has sold down in Hayleys PLC whilst Sri Lanka Insurance Corporation Life Fund has upped its stake in the quarter ended on 31 December 2020.

Despite the adverse macro-economic challenges faced, DFCC Bank yesterday said it concluded the year ended 31 December 2020 with sound performance and growth. DFCC Bank PLC reported a profit before tax (PBT) of Rs. 3,398 million and a profit after tax (PAT) of Rs. 2,388 million for the year ended 31 December 2020. This compares with a PBT of Rs. 2,989 million and a PAT of Rs. 2,074 million in the previous year.

The bearish run at the Colombo Stock Market has seen Rs. 475 billion in value wiped off in just 10 market days so far in February with yesterday’s fall adding Rs. 143 billion.

Kuwaiti budget carrier Jazeera Airways has announced the launch of a new service to the Sri Lankan capital, offering direct flights between Kuwait and Colombo twice a week.