The Board of Investment of Sri Lanka has signed an agreement with Suganth Seafood (Pvt) Ltd to set up a Sea Cucumber processing factory for the export market. The agreement was signed on behalf of BOI by Mr Susantha Ratnayake, Chairman of the Board and on behalf of Suganth Seafood (Pvt) Ltd by Mr Suganthaseelan…
Recovery of manufacturing activities continued in August 2020 as reflected by PMI, benefitting from the normalisation of business activities in the country. Both New Orders and Production sub-indices remained at expansionary levels in August 2020 while a noticeable development was observed in Employment sub-index. The expansion of manufacturing activities was mainly supported by the manufacturing…
As a result of import restrictions, non-food consumer goods imports declined with lower expenditure on all sub categories except telecommunication devices (mainly mobile phones) and medical and pharmaceuticals in July, the Central Bank said in its latest report. Meanwhile, import expenditure on food and beverages increased in July 2020, led by import of sugar, fats…
Bloomberg – Blackstone Group Inc. and Partners Group Holding AG are the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit, people familiar with the matter said. The investment firms have progressed to the final round of bidding for India’s Piramal Glass Ltd., the people said, asking not to be…
India on Monday (14) prohibited exports of onion after its crop was damaged and harvesting delayed by excessive rain, industry officials told Reuters. India is the world’s biggest exporter of onions, a staple of South Asian cooking. The surprise move, which took immediate effect on Monday, could help cut prices in India, but boost prices…
Construction of the Central Expressway section I from Kadawatha to Mirigama began yesterday (15), the Chinese Embassy in Colombo stated. The project will create 1,500 direct and indirect jobs for Sri Lankans, the Chinese Embassy tweeted yesterday (15). The main contractor is Metallurgical Corporation of China. The Export- Import Bank of China (EXIM Bank) agreed…
Price competition among non-life insurers in Sri Lanka is likely to intensify as a ban on auto imports and an economic downturn hinder premium growth, Fitch Ratings says. Fitch believes that new business premiums from motor insurance – which accounted for around 60% of the non-life insurance industry’s gross premiums – will contract in 2020…
A substantial increase was observed in workers’ remittances in July 2020, recording the highest amount of monthly remittances since January 2018, the Central Bank said in its latest report. Workers’ remittances continued to increase, recording a growth of 12.2% in July 2020, year-on-year, to US$ 702 million. However, on a cumulative basis, workers’ remittances declined…
Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report released by the Asian Development Bank (ADB) yesterday (14). The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s. Growth will…
CSE Chairman Dumith Fernando yesterday (14) stated that he expects better returns from the tourism sector and to post good corporate earnings in the coming quarters, stating that many areas of the economy have bounced back from the COVID-19. “Since the shutdown of the market in March 20, markets have gone up by about 20%….
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