Economic

The Financial Intelligence Unit (FIU) has imposed penalties of Rs. 2.3 million on three financial institutions for failing to meet regulations in 2020, the Central Bank said in a statement yesterday.

The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd, the bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.

Sri Lankan Airlines yesterday called on the Airline Pilots' Guild (ALPG) to put the ‘country first’, whilst vehemently condemning their untimely and selfish actions.

Prime Minister Mahinda Rajapaksa has given approval to waive off the entertainment tax on the local cinema industry for this year and the next to provide support to a sector hard-hit by COVID-19, his office said yesterday.

Leading stockbroking firm Asia Securities Ltd. has maintained that all signs point to a strong GDP growth trajectory in 2021.

The Government on Tuesday ruled out concessions at Bandaranaike International Airport (BIA), despite airlines calling for the same to boost post-COVID traffic and tourism.

Colombo Bourse is seeing a bull run on what some are claiming as the ‘blue eyed” Browns Investments PLC (BIL) catapulting the loss making diversified entity to fifth most valuable listed company last week, up from ninth in December and 19th in November.

Reuters: Shares closed higher on Friday and logged their best week in two months, as industrial and consumer stocks gained amid a global rally on hopes of economic recovery.

Twinery, Innovations of the apparel giant, placed among top 28 winners of Annual Clarivate Award

Cinnamon Life, Colombo’s most iconic upcoming mixed development project, marked the dawn of the New Year with a message of optimism, lighting up its residential tower (The Suites at Cinnamon Life) with ‘Hope 2021’. This is the first development in Sri Lanka to light up a building in a unique way to dawn the New Year, and it was visible from most parts of the city.

Giving the economy a rosy diagnosis, State Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal yesterday assured Parliament that Sri Lanka’s growth prospects were positive, underscored by a stable currency and sound debt repayment capacity, adding the Government was readying to start investment projects with construction permits and other support to be given soon to revive key sectors.

The benchmark All Share Price Index (ASPI) crossed 7000 points level yesterday for the first time since 24 November 2015 closing the trading day on 7,036.76 points, the Colombo Stock Exchange (CSE) said in a statement.

The Government is working to revamp the Industrial Dispute Act to allow future Employees Provident Fund (EPF) non-payment cases to be heard by Labour Tribunals, which authorities hope will reduce the burden of over 15,000 outstanding cases worth an estimated Rs. 12 billion.

The Colombo Stock Market is gaining more traction as it achieved a new record turnover of Rs. 9.14 billion on top of Rs. 7 billion on Wednesday.

State-imposed temporary import restrictions, to save on foreign exchange, are to be extended for another six months commencing from January 2, informed official sources said. The earlier 6-month period ends on January 2.

Sri Lanka Development Lottery has created two new multi-millionaires in super lottery draws at the dawn of the New Year 2021.

Pasan Wanigasekara assumed duties yesterday as Director General of the Board of Investment of Sri Lanka.

The Government yesterday expressed confidence in attracting 1.5 million tourists this year with the opening of the airports in two weeks’ time with due compliance with COVID-19 health and safety guidelines.