Prime Minister Mahinda Rajapaksa to Launch Day 2 and Participate in VVIP Session Sri Lanka’s Foremost Economic Summit will be inaugurated by the Chief Guest Gotabaya Rajapaksa, President of the Democratic Socialist Republic of Sri Lanka on the 1st of December 2020. The Summit is themed “Roadmap for Take-off: Driving a People Centric Economic Revival”. His…
First Capital Research believes that the Central Bank of Sri Lanka (CBSL) will maintain the same policy stance in this monetary policy review, but given the concerns around economic growth, the research arm stated that the CBSL is likely to retain the monetary policy stance at “accommodative”. “As per our view, CBSL either can choose…
The iconic new Manning Market Complex in Peliyagoda was inaugurated on 20 November 2020 by the Hon. Prime Minister Mahinda Rajapaksa. The complex will house 1192 shops and is part of the new commercial hub in Peliyagoda, bordering Sri Lanka’s most populous districts. Relocation of the Manning Market to its new home in Peliyagoda provides…
Despite the growth focus of the budget, ratings agency Moody’s said that it does not expect it to provide a meaningful boost to output, while increased spending will add to fiscal pressures, a credit negative. In a report published yesterday (23) Moody’s stated that the 2021 budget presented by Sri Lanka’s (Caa1 stable) Prime Minister and Minister of Finance Mahinda…
Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 decreased to 5.5% in October 2020 from 6.4% in September 2020. This was due to the statistical effect of the high base prevailed in October 2019. Meanwhile, Food inflation (Y-o-Y) decreased to 10.6% in October 2020 from 12.7%…
The mergers of Sri Lankan finance and leasing company (FLC) subsidiaries with their parent banks will not have an immediate impact on the banks’ ratings, says Fitch Ratings. The agency’s assessment of our rated banks is based on their consolidated credit profiles and already factors in the risks of having subsidiary FLCs. However, the extent…
Statement issued by George Steuart Health (Pvt) Limited on 23 November 2020 The Colombo District Court today issued an enjoining order against MTV Channel Private Limited in a defamation case filed by George Steuart Health (Pvt) Limited over defamatory news broadcast on its prime time news telecasts. The Plaint referred to several false and defamatory…
Embassy of Sri Lanka in Turkey and the Sri Lanka Export Development Board (EDB) jointly organized a Webinar and Business Networking Session last week in collaboration with the Turkish Economic Relations Board (DEIK). More than 85 participants attended the webinar. Three separate matchmaking sessions were also arranged for the Sri Lankan and Turkish participants for…
Tokyo Cement Company (Lanka) PLC recently entered into an investment expansion agreement with the BOI, reflecting their appreciation towards The Government’s farsighted decision to encourage the local manufacturing sector. The company recently announced plans to increase local production capacity by a further 1 million Metric Tons with an investment of US $ 12 Million. The…
By Dilani Hirimuthugodage Way back in 1945, renowned author Kumarathunga Munidasa wrote in ‘Virith Vekiya’: “A nation that does not invent and produce new things will not thrive”. The visionary Munidasa clearly understood the importance of innovation for economic and social progress. Today, it is telling that Sri Lanka ranks at 101 in the World Intellectual…
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