Economic
Stronger private sector credit growth and gradual normalisation of economic activities has reduced the odds of the Central Bank of Sri Lanka (CBSL) changing rates, when it announces its latest monetary policy stance this week, First Capital Research said yesterday, projecting there was only a 50% probability of a rate cut. Releasing its latest pre-policy report, First Capital said that in its earlier report it had indicated a 60% probability for a rate cut when the monetary policy stance is announced in October and 75% when in November.
Acting Ambassador for China Hu Wei met with State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal and the Central Bank Governor Professor W.D. Lakshman at the Finance Ministry.
The apparel industry has fallen victim to the COVID-19 pandemic with the total exports in the first nine months down by 21.97% to $ 3.1 billion compared to the same period last year.
Investor focus for the first time in recent months shifted to the under-performing plantations stocks yesterday, as the Colombo Bourse began a fresh and important week positive though less convincing.
Sri Lankan exporters are hopeful of a moderate growth for their businesses and economic recovery over the next 12 months despite the growing number of COVID-19 cases, a survey from the Economic Intelligence Unit (EIU) of the Ceylon Chamber of Commerce said yesterday.
The Colombo stock market, which has remained resilient despite local and external shocks linked to the COVID-19 pandemic, is setting sights on new records this year.
Prime Minister Mahinda Rajapaksa made a brief impromptu visit to Colombo’s iconic landmark and the single largest private-mixed development investment in Sri Lanka — the Cinnamon Life construction site, where he met with John Keells Holdings (JKH) Chairman Krishan Balendra yesterday.
Distilleries Company of Sri Lanka (DCSL) Chairman and business leader Harry Jayawardena has decried what he called as “step-motherly” treatment to the coconut arrack industry and warned of serious health and tax revenue issues if the Government fails to urgently address measures to nab the thriving illegal and illicit liquor industry.
The Government this week announced high CESS on imports of apparel following the lifting of the ban imposed in May this year.
Turnover and trades at the Colombo Stock Market soared to new highs as investors, especially retailers and high net-worth individuals remained upbeat on listed equities, despite a fresh COVID-19 scare in the country.
Thousands of COVID-hit businesses have been supported so far with billions in cash combined under the concessionary working capital support scheme, the Central Bank announced on Friday.
Asia Securities says move to give preference to local firms in Govt. procurement will boost capacity, encourage new players
Despite global and local challenges, Sri Lanka’s merchandised exports saw a continuous rise for the last four months and September has surpassed $ 1 billion mark once again, proving its resilience and rebound.
The All Share Price Index (ASPI) gained 0.44% yesterday to end the week on a positive note, helped by LOLC Holdings, Distilleries and C.T. Holding with turnover crossing Rs. 3.6 billion, NDB Securities said.
ECONOMYNEXT – Dialog Axiata of Sri Lanka and Axiata Digital Labs, a technology unit of Malaysia-based group said it won a global award for digital transformation given by industry association, beating Asian and European contenders.
The Government will soon be granting permission to state-owned Lanka Sugar Company Ltd to import molasses from India at a price of Rs.80 per kg to produce ethanol to meet the demand of local liquor manufacturers, informed industry sources said.
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