Category: Economy and Markets
Low interest working capital loan scheme for SMEs under ADB credit line
Small and medium enterprises can avail of working capital loans from banks through a loan scheme facilitated under an existing ADB credit line, the Finance Ministry said. Sectors expected to provide loans: Agricultural, tourism, and export-oriented sectors Main conditions of the loan scheme: Maximum loan amount is Rs. 10 million. The loan amount can be […]
Colombo Stock Exchange extends trading hours from 01st Nov
The Board of Directors of the Colombo Stock Exchange (CSE), with the consultation of the Securities and Exchange Commission of Sri Lanka (SEC) have decided to extend the trading hours with effect from 01st November 2022 as set out below: Pre-open session – 09.30 a.m to 10.00 a.m Open Auction – at 10.00 a.m. Regular […]
10 Billion dollars recorded for Exports in 9 months of 2022
Earnings from the merchandise exports increased by 5.75 % y-o-y to US$ 1,093.98 Mn in September 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in export earnings from Apparel & Textiles, Tea, Gems & Jewellery, Electrical & Electronic Components and Spices & Essential Oils. Monthly […]
Free-Trade-Agreements essential to enhancing Sri Lankan apparel’s resilience
With fears of a global economic recession looming, the Joint Apparel Association Forum (JAAF) is actively stepping up engagement with top Government and Foreign Ministry officials to expedite negotiations on Free Trade Agreements (FTAs) to help boost exports and strengthen he industry’s resilience. Elaborating on the progress thus far, Deputy Chairman of JAAF and Chief […]
Mixed Impact on Rated Sri Lankan Corporates from Macroeconomic Challenges: Fitch Ratings
Rated Sri Lankan corporates in consumer-goods retail, power generation and homebuilding will be among the most affected if the economic crisis deepens or is sustained for a prolonged period, says Fitch Ratings. Significant cost inflation affecting demand and profitability, import restrictions disrupting operations, and high interest rates are key risks faced by domestic corporates in […]
Japan to organize Sri Lanka creditors’ meeting over debt crisis: report
Japan is working to organize a meeting of Sri Lanka’s creditors by the end of this year in hopes of solving the country’s debt crisis, the Japanese Yomiuri Shimbun newspaper reported. The meeting, which will discuss such issues as finding ways to reduce debt payments, aims to curb China’s influence by helping Sri Lanka cope […]
PwC discusses the path towards ESG for food and beverage industry
Committed towards supporting the local food and beverage sector adapt to initiating measurable ESG initiatives, help gain investor confidence and generate much needed foreign revenue, PwC Sri Lanka recently concluded a successful and thought-provoking webinar titled “ESG towards a responsible future in the Food and Beverage Industry”. Participated by decision makers in the food and […]
SL Purchasing Managers’ Index: Sept 2022 manufacturing PMI decline
Manufacturing PMI declined in September 2022, indicating a setback in manufacturing activities on a month-on-month basis. Accordingly, Manufacturing PMI recorded an index value of 42.6 in September 2022, with a decline of 7.0 index points from the previous month driven by the decreases in all the sub-indices, except Employment and Suppliers’ Delivery Time. The decline […]
Ceylon Chamber seeks acceleration of reforms and greater accountability for Govt spend
The Ceylon Chamber of Commerce acknowledges the rationale for the recently proposed tax changes and calls on the Government to show greater restraint, accountability and transparency on government spending. While the tax hike will invariably impact businesses and private sector employees adversely in the current context of high inflation and negative economic growth, it is […]
Hayleys Fabric strengthens biodiversity regeneration efforts, Partners with CEA and local universities
Strengthening its commitment to drive biodiversity regeneration and environmental conservation, Hayleys Group subsidiary and leading textile manufacturer Hayleys Fabric partnered with the Central Environmental Authority (CEA) and the Universities of Peradeniya and Wayamba to champion the protection of habitats connected to tributaries of the Bentota River. The Rs. 1.5 million initiative aims to stabilise the […]
PRCA APAC findings shed light to the state of the PR industry in Sri Lanka
The APAC chapter of the Public Relations and Communications Association (PRCA), the world’s largest and influential PR body, carried out a survey during October with the view of understanding and informing on the state of the PR industry in Sri Lanka. The survey was carried out among 33 leaders and senior executives from over local […]
Sri Lanka cabinet approves downgrade back to low income country
Cabinet has approved a proposal to downgrade Sri Lanka to “low income” category on the World Bank list with the aim of getting access to concessional funding from international organizations. “International organizations had informed the Finance Minister to downgrade Sri Lanka back to the lower income category as access to concessional funding would be easier,” […]