Economic

Due to the current situation of COVID-19 pandemic and imposed restrictions under health guidelines, the Inland Revenue Department (IRD) has unveiled useful awareness programs via online.

The Lanka Coal Company yesterday rejected opposition accusations that it was procuring coal outside of the tender process at higher prices and denied any irregularities in purchases for the country’s only coal power plant.

Central Bank in its latest circular has reversed a decision given in May last year and allowed licensed commercial and specialised banks to pay dividends post-finalisation of annual accounts, which typically takes place around February.

People’s Bank has won Sri Lanka’s ‘Best Consumer Digital Bank’ while the People’s Wave App has been crowned the ‘Best Mobile Banking App’ at the World Finance Digital Banking Awards 2020. These accolades not only emphasise the bank’s success but further cement its position as Sri Lanka’s Most Digitalised Bank.

The Hotels Association of Sri Lanka (THASL) yesterday welcomed the reopening of the borders for foreign visitors, saying it would greatly benefit millions of livelihoods which were dependent on the tourism industry.

Ministry of Urban Development and Housing is to write off 50% of the arrears owed by shop owners at the Colombo Race Course Grounds, which have been disrupted due to the COVID-19 pandemic.

The Inland Revenue Department (IRD) has shared more information on the tax amnesty proposed in the 2021 Budget unveiled in and approved by Parliament late last year.

Business leader Dhammika Perera picked perhaps an auspicious 21.1.21 to unleash a sensational move of share splits of his flagship export-rich diversified blue-chip Hayleys PLC and several subsidiaries sending the stock market to dizzy heights with investors scrambling to grab stocks.

Joining the effort to propel Sri Lanka to 6% growth in 2021 the Central Bank has decided to keep policy rates unchanged and will introduce priority sector lending targets for Micro, Small and Medium

The Civil Aviation Authority (CAA) has approved over 20 charter flights to bring in tourists in February and March.

SriLankan Airlines said yesterday it will step up the country’s fresh push to woo tourists by starting twice weekly flights to Russian capital Moscow from February.

The Tourism Ministry yesterday confirmed that the foreign exchange earned from the pilot project of Ukrainian tourist arrivals was Rs. 420 million.

Chamber of Tourism and Industry thanks the Government, Tourism and Civil Aviation Minister Prasanna Ranatunga and relevant agencies for making arrangements to open the international airports to tourists.

Renewed buying by investors saw the Colombo Stock Market produce a strong late rally yesterday, helping the benchmark index close on the up after having dipped by 1.7% earlier on, in a development reinforcing the new resilience. Profit taking continued from Tuesday when market opened yesterday triggering a free fall in the first half of trading. However, having fallen by 136 points or 1.7%, fresh round of buying ensured a stellar late sustained rally. This enabled ASPI to rise by 212 points from its intra-day low to close on the up 75 points or 1%. The more active S&P SL20 was erratic earlier on but ended closing up 37 points or 1.22%.

Controlling shareholder Melstacorp PLC last week sold a small stake in Distilleries Company of Sri Lanka PLC (DCSL) for Rs. 18 million.

The Central Bank this week issued a public warning after it received information regarding several types of financial frauds and scams being operated through social media, internet-based applications and mobile payment applications.

The beleaguered COVID-hit tourism industry will start today with fresh hope for revival as Sri Lanka reopens its borders after a 10-month closure though actual leisure travellers to exotic destination may take bit longer.

The Colombo stock market yesterday became the world’s best performing among primaries as it soared to all-time level, breaking a 10-year-old record, with heightened bullish investor activity propelling turnover to over Rs. 12 billion for the second consecutive session.