Economic

The Colombo stock market continued to sustain the positive momentum for the sixth consecutive day amidst healthy turnover.

People’s Bank said yesterday it has introduced multiple loan schemes to boost the Government’s development program.

The Hayleys Group said yesterday its geographical and sectoral diversity enabled it to deliver earnings growth in an extremely challenging year, with profit-after-tax increasing by 5% y-o-y and profit attributable to equity holders growing by 40% in 2019/20.

SriLankan Airlines has secured a saving of $ 30 million per annum via multiple measures on human resource management amidst the impact from COVID-19.

Sri Lanka Gross domestic product (GDP) growth is expected to contract to around 1.0–1.5 percent in 2020

Shares closed higher for a fourth straight session on Friday, driven by gains in tobacco and beverage stocks as well as telecom and turnover crossing Rs. 1 billion.

Workers’ remittances declined by 32.3% in April year-on-year, amounting to $ 375 million as Sri Lanka underwent a curfew to reduce COVID-19 spread, the Central Bank said yesterday.

The present administration now mainly focuses on enhancing renewable electricity generation mix having considered not only the financial benefits but also the possible economic and environmental impacts emerged in the medium term.

වෙළඳපොලේ රත්තරං මිල ඉදිරියේදී තවදුරටත් ඉහළ යනු ඇති බව ජාතික මැණික් හා ස්වර්ණාභරණ අධිකාරිය පවසයි.

A net outflow of foreign investment amounting to $ 90 million was recorded from the rupee denominated Government securities market in April, resulting in a cumulative net outflow of $ 451 million during the first four months of 2020.

Import restrictions and high import levies will lead to a rise in a number of essential items including sugar, The Sunday Morning learnt.

The Ceylon Petroleum Corporation (CPC) is to develop 25 oil tanks in Trincomalee with an estimated investment of $ 20-30 million, a top official told the Daily FT.

State-owned industry leader Bank of Ceylon is stepping up support to the private sector especially the small and medium enterprises (SMEs) to spur revival of businesses impacted by the COVID-19 pandemic, thereby ensuring the country’s economy returns to normalcy at its earliest with the active support of the financial giant.

It is reported that members of political families (Politically Exposed Person) and high ranking officials of the government are subject to a number of restrictions on opening bank accounts.

Tea exporters yesterday welcomed the Government decision to suspend tea marketing and promotion levy for six months.

Secretary to the President Dr. P.B. Jayasundera has summoned the banking sector for another meeting this morning.

Despite being hit by import restrictions on maize, Sri Lanka’s poultry producers are planning to capture markets vacated by COVID-19-hit foreign companies to export to the Middle East and elsewhere spurred by Government promises to assist in finding new markets.

In line with the Government’s rapid development plans for SME, agriculture and society, the Bank of Ceylon yesterday said it would extend its facilities to a number of selected sectors as well as slash interest rates.