tag:blogger.com,1999:blog-26368298983910244092024-03-14T01:43:48.150-07:00Gazette.lk | gazette lanka | gazette sri lanka | sri lanka gazetteLanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comBlogger321125tag:blogger.com,1999:blog-2636829898391024409.post-73270527858884057082021-04-08T01:17:00.001-07:002021-04-08T01:17:05.328-07:00Central Bank continues its Accommodative Monetary Policy Stance<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/04/central-bank-continues-its.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="386" data-original-width="700" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO716B68JCfXYjbBi9Cu-77GkoeP-TN4_yHwQlJVmow8FGTgn2YTDVTGqcnTusi-GRCoNBAJr7xtbNuH5jgCMrRRlACA6PR2BdJptIDs3FPRdhB1pB38BMW2st67XNcUXbZneQbY9exfQ/s320/CBSL-3-e1588149662736.jpg" width="320" /></a></div><div>The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 07 April 2021, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 per cent and 5.50 per cent, respectively. The Board arrived at this decision after carefully considering the macroeconomic conditions and expected developments on the domestic and global fronts. <span><a name='more'></a></span>The Board remains committed to maintaining the low interest rate structure, thereby ensuring continued support for a sustained economic recovery, in the context of the prevailing low inflation environment and well anchored inflation expectations.</div><div><br /></div><div>The global economy is expected to recover faster than expected, supported by policy stimulus measures and the rollout of COVID-19 vaccines</div><div>As per the World Economic Outlook (WEO) of the International Monetary Fund (IMF) in April 2021, global growth in 2020 was estimated to have recorded a lower than expected contraction of 3.3 per cent, reflecting the faster recovery of economic activity during the second half of 2020 underpinned by extraordinary policy support. Global growth projections were revised upwards to 6.0 per cent in 2021 and 4.4 per cent in 2022. The pace of economic recovery varies across regions and countries, reflecting the differences in the speed of vaccine rollout, the degree of economic policy support, and structural features.</div><div><br /></div><div>The Sri Lankan economy rebounded notably from the effects of the COVID-19 pandemic</div><div>As per the GDP estimates published by the Department of Census and Statistics (DCS), the contraction of the Sri Lankan economy at 3.6 per cent in 2020 was lower than initial projections. Despite the second wave of COVID-19 in the country, the Sri Lankan economy grew by 1.3 per cent in the last quarter of 2020 from a year earlier. Supported by the growth-conducive environment made possible by the accommodative monetary and fiscal policies, the successful containment of the spread of COVID-19 locally, and the stronger-than-expected recovery of leading trading partners, the Sri Lankan economy is expected to record a high growth momentum in the medium term.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/central-bank-continues-its-accommodative-monetary-policy-stance/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-85121971339025256722021-03-31T00:24:00.005-07:002021-03-31T00:24:39.389-07:00Bangladesh’s HR Lines to launch Colombo-Chattogram feeder service in partnership with Clarion Shipping<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/03/bangladeshs-hr-lines-to-launch-colombo.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="557" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7yAEhR_oS8hiarvqa5dTchssh1rxIea_OwOfN6uwDdprGpPvGY94z6Qw4Z4JYbgHVW0RElJMQooBD33lJyAX2XOstj_QGjjL8jXuZet-0oeCrc4qR4tNOxWB3UosQlvU886cKq1Yh204/s320/Image-01-59.png" width="320" /></a></div><div>Bangladesh’s container ship operator HR Lines Limited, will be launching the Colombo-Chattogram feeder service on the 4th of April 2021, in partnership with, Clarion Shipping (Pvt) Limited, a subsidiary of Hayleys Advantis Limited. The operation will commence with two of the newest container vessels to be added to the fleet of HR Lines, MV HR Hera and MV HR Rhea with a capacity of 1,454TEU each.<span><a name='more'></a></span></div><div><br /></div><div>The Colombo-Chattogram Express service, expands Colombo’s transshipment connectivity to Bangladesh with a fixed day, weekly service. With Colombo being the only deep water port in the South Asian region that can accommodate even the largest VLCC vessels, the need for frequent transshipment connections to regional ports has increased in recent times. Taking advantage of its strength and stature in the field of shipping and logistics, Hayleys Advantis has constantly worked towards building capability across the region to help position Sri Lanka as a regional logistics hub.</div><div><br /></div><div>Commenting on the planned launch of the new service Tharanga Perera, Director/CEO of Clarion Shipping (Pvt) Ltd said that “this goes in line with the Government’s aspirations of establishing Sri Lanka as a regional logistics hub and frequent transshipment connections of this nature, will enable Colombo to attract more large vessels in the coming years. Our aim is to help establish Colombo as the largest transshipment cargo hub for the Asian region”.</div><div><br /></div><div>Meanwhile Hamdan Hossain Chowdhury, Director - HR Lines stated that “HR Lines will launch two more ships in August 2021, each with a capacity of 1,550TEU, which will also be deployed on the Colombo-Chattogram Express service, upgrading it to a twice weekly service”.</div><div><br /></div><div>Headquartered in Bangladesh’s capital city of Dhaka, HR Lines is a part of Karnaphuli Group, a diversified business house with interests in marketing, distribution, financial services, general insurance, telecommunications, print and electronic media, aviation, manufacturing, healthcare, retail, shipping and logistics. HR Lines is working towards expanding its connectivity with regional transshipment hubs with the procurement of up to six box-ships with a capacity of around 1,550TEU in the coming months.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/bangladeshs-hr-lines-to-launch-colombo-chattogram-feeder-service-in-partnership-with-clarion-shipping/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-17911442399457160342021-03-02T00:31:00.006-08:002021-03-02T00:31:51.523-08:00SriLankan Airline’s record-breaking upliftment to the Maldives<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/03/srilankan-airlines-record-breaking.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="682" data-original-width="1024" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHooptbNnVCf3XFEp8SWFIZ2avpL8sy3qpw2B0JZA7MfIiQ3fYBswkaD1EwVUPbI2JlH5hH_1sxoJ0IZBTi53AsHm3hmAOpbDlGJjPRFpW0ywVeDQxSb09jc_Sxm1CSylZemm0B1X0UcI/s320/Picture-3.jpeg" width="320" /></a></div><div>SriLankan Airlines carried a record-breaking 1.2 million kilogrammes of cargo from its network to Malé, Maldives, in February 2021.</div><div><br /></div><div>The Maldives is one of the few open, and highly popular, island destinations in the world for travellers. Since the pandemic, perishable goods have been in high demand. Its island neighbour Sri Lanka supplied a large share of perishable goods, with cargo carried from Colombo to Malé exceeding 500 metric tonnes in the last month. Exports from the Maldives to Sri Lanka amounted to 188 Metric Tons on the route.<span><a name='more'></a></span></div><div><br /></div><div>SriLankan remains firmly committed to supporting its neighbourhood hub - Maldives' - import and export needs, with a global cargo network that spans from London to Tokyo and Sydney.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/srilankan-airlines-record-breaking-upliftment-to-the-maldives/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-31544671688983874202021-02-22T22:54:00.005-08:002021-02-22T22:54:35.407-08:00Cess levy on pine timber imports<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcYRaTqRROOjlD7dECI79VNKg3e_FkllNZo_77Y5r-3ZQtbtOhih2XpunxGkCy_1pZI9dKsDP3ITgiSBI3sx2uHgX7V_Cxtl1AmukYdomGkOLf6pmIAyeAHDSPhVedDeA6kojdM0O5rkE/s670/84327d55321649e3ab2c1d083a28f3f9_L.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="390" data-original-width="670" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcYRaTqRROOjlD7dECI79VNKg3e_FkllNZo_77Y5r-3ZQtbtOhih2XpunxGkCy_1pZI9dKsDP3ITgiSBI3sx2uHgX7V_Cxtl1AmukYdomGkOLf6pmIAyeAHDSPhVedDeA6kojdM0O5rkE/s320/84327d55321649e3ab2c1d083a28f3f9_L.jpg" width="320" /></a></div><div>The Minister of Wildlife and Forest Conservation, C.B. Ratnayake says that a Cess levy will be imposed on Pine timber imports in the future.</div><div><br /></div><div>This measure is to control pine timber imports in a backdrop where sufficient pine timber is available in the country, he says.<span><a name='more'></a></span></div><div><br /></div><div>Noting that a host of quality issues has been risen with regard to imported timber, the minister said that a committee would be appointed to regulate timber imports.</div><div><br /></div><div>Accordingly, imported timber is to be tested at the Timber Corporation's laboratory in the future.</div><div><br /></div><div>The annual demand for timber in the country is at 1.6 million cubic meters and between 15,000 - 18,000 cubic meters of pine timber is imported annually.</div><div><br /></div><div><a href="https://www.gazette.lankahotnews.com/2021/02/cess-levy-on-pine-timber-imports.html">Read More>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-57818429554583366972021-02-18T23:56:00.005-08:002021-02-18T23:56:52.285-08:00CSE to engage listed companies in a two-part series titled ‘Beyond Basics: Excellence in Corporate Governance’<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/02/cse-to-engage-listed-companies-in-two.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="394" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdkoe3bcQTJV6cHHv4EWZJdfVCyMLh1aEXiZFnqHoH9vaCbAE5HQLKxq1ZvEUOzzLkdUFX8tlL-5hpQyDZ4hFnE7xqiG2ui3kZ_TsXebM0WDjEnjNEig7vLtKrPcZzGJP1pSf9cApHn9c/s320/CSE-1200x630-A.jpg" width="320" /></a></div><div>The Colombo Stock Exchange (CSE) will be conducting a two-part series of online forums themed ‘Beyond Basics: Excellence in Corporate Governance’. The forums will offer participants an in-depth understanding on the importance of good corporate governance practices and how it would increase investor confidence through transparency and accountability. <span><a name='more'></a></span>The first session is set to take place on 3rd March 2021 from 3:30 p.m. onwards while the follow-up session is set for 18th March 2021 from 3.00 pm onwards. The platform anticipates bringing together listed company Chairpersons, Directors, C-level executives and other senior experts responsible for implementing best practice corporate governance.</div><div><br /></div><div>The first session will elaborate on a comprehensive discussion on the salient governance aspects set out in the CSE listing rules (corporate disclosures and related party transactions), responsibilities of directors, board sub-committees and their working (audit, remuneration and nominations committees) and panel discussions proceeded by Q&A sessions.</div><div><br /></div><div>Chief Executive Officer at CSE Mr. Rajeeva Bandaranaike, Chief Regulatory Officer at CSE Mr. Renuke Wijayawardhane, Head of Trading Operations Market Surveillance and Corporate Affairs at CSE Ms. Nilupa Perera, Chairman at Tokyo Cement Company (Lanka) PLC Dr. Harsha Cabral, Independent Non-executive Director at Ceylon Tobacco Company PLC Mr. Anil Tittawella, Independent Director/Senior Director at Seylan Bank PLC Ms. Coralie Pietersz, Chairman at Management Systems (Pvt) Ltd Mr. Asite Talwatte, Finance Director at Ceylon Tobacco Company PLC Mr. Umair Luqman and Partner & Head of Audit at KPMG Mr. Suren Rajakarier are expected to speak at the first session.</div><div><br /></div><div>The second session to be held on 18th March will focus on implementing internal standards of compliance and business conduct, managing conflict of interest, managing stakeholder relations and safeguards, the importance of maintaining a whistleblowing procedure and its implementation, and ESG performance reporting.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/cse-to-engage-listed-companies-in-a-two-part-series-titled-beyond-basics-excellence-in-corporate-governance/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-9288742783960779832021-02-17T00:50:00.001-08:002021-02-17T00:50:04.041-08:00The King of SPACs wants you to know he’s the next Warren Buffett<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/02/the-king-of-spacs-wants-you-to-know-hes.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="899" data-original-width="1248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-ezxj0Di6dYnD6ASeVmXw1cP7hHY4WTnaOxINurMimflwxA09MLXjzWZMvBtfjY63oE3repcM5EfYXul-AtegvG38UF1gKTqB5GvFhMvBUJ-vtSdJ6bf8wU-h4GHmve181_0_hsKx_34/s320/Chamath-Palihapitiya5.jpg" width="320" /></a></div><div>Bloomberg - Chamath Palihapitiya has already drafted the next chapter in his charmed-life story.</div><div><br /></div><div>The immigrant kid who bootstrapped his way into riches at Facebook Inc., made billions as a risk-hungry investor and became the pied piper of the current blank-check craze now envisions himself as nothing less than the Warren Buffett of the Reddit era.<span><a name='more'></a></span></div><div><br /></div><div>“Nobody’s going to listen to Buffett,” Palihapitiya, the founder of Social Capital, said in a Bloomberg “Front Row” interview. “But there has to be other folks that take that mantle, take the baton and do it as well to this younger generation in the language they understand.”</div><div><br /></div><div>The language, of course, is social media. That’s where the 44-year-old billionaire talks up his deals, trolls the establishment and hypes “all things Chamath.” Recently, he stoked speculation he might run for governor of California. Occasionally, he tweets out shirtless selfies to his 1.3 million followers. His feed is a digital stream of consciousness.</div><div><br /></div><div>With Twitter as his bullhorn, Palihapitiya has become the undisputed king of special-purpose acquisition companies, the hottest thing on Wall Street. Together with Ian Osborne, a public-relations soothsayer turned financier, he has sponsored six SPACs, raised a total of $4.34 billion and acquired businesses in space travel, health insurance, financial services and real estate.</div><div><br /></div><div>Lightning Rod</div><div><br /></div><div>Along the way, Palihapitiya has made a fortune for himself and his investors, and helped whip up a frenzy that has everyone from Colin Kaepernick to former House Speaker Paul Ryan racing to market their own SPACs. He’s also a lightning rod for skeptics who pooh-pooh his success as the product of relentless self-promotion and see blank-check companies as proof of a bubble inflated by massive government money-printing.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/the-king-of-spacs-wants-you-to-know-hes-the-next-warren-buffett/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-89763025161091183162021-02-15T01:26:00.005-08:002021-02-15T01:26:38.092-08:00Which countries would benefit most from an IMF SDR increase<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/02/which-countries-would-benefit-most-from.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="426" data-original-width="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEje5TQIPjQX7qndU5m8DToH-DLktJfVAbyZD2Ce5ZNfLbHI6CiqqA71lojNZQteeB7T_UrkXHBdYum2CwxQzPUQaY7J2FW3Kn00e9t_62JzE_LOxFsljUV2wh7sgW8BJ3unCbl80IJtTm8/s320/download-3.jpg" width="320" /></a></div><div><br /></div><div>LONDON (Reuters) - Group of Seven finance ministers are expected on Friday to back a new allocation of the International Monetary Fund’s own currency, or Special Drawing Rights, to help low-income countries hit by the coronavirus pandemic.<span><a name='more'></a></span></div><div><br /></div><div>We explain what SDRs are, how they are used and which countries could benefit the most.</div><div><br /></div><div>WHAT ARE SPECIAL DRAWING RIGHTS?</div><div>SDRs are the IMF’s reserve asset, and are exchangeable for dollars, euros, sterling, yen and Chinese yuan or renminbi. An allocation of SDRs requires approval by IMF members holding 85% of the total votes. Because the United States holds 16.5% of the votes, Washington’s view is decisive.</div><div><br /></div><div>So far, the IMF has allocated SDR 204.2 billion, equivalent to roughly $285 billion.</div><div><br /></div><div>HOW DO THEY WORK?</div><div>The IMF issues SDRs to its member countries’ central banks as a reserve asset – i.e., an asset they can easily exchange for hard currency with another central bank. Most central banks voluntarily carry out the exchange but, if not, the IMF has the power to decree who must accept the SDRs.</div><div><br /></div><div>The value of an SDR is set daily based on a basket of five major international currencies: the U.S. dollar (42%), the euro (31%), the Chinese yuan (11%), the Japanese yen (8%) and the British pound (8%).</div><div><br /></div><div>A new SDR allocation can be done very quickly. Once there is enough support among the international community, the formal IMF process only takes a couple of months. In 2009, the IMF officially proposed an SDR allocation to its board in early June and countries received their SDRs at the end of August.</div><div><br /></div><div>HOW MUCH IS THE INCREASE LIKELY TO BE?</div><div>Official sources have told Reuters the United States has signalled it is open to a new issuance of $500 billion - a clear shift in position under the administration of new U.S. President Joe Biden. Germany and Italy also back a $500 billion issuance, the sources say.</div><div><br /></div><div>Some reports, however, have suggested a larger SDR allocation of as much as $1 trillion in two tranches, one in 2021 and another in 2022.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/which-countries-would-benefit-most-from-an-imf-sdr-increase/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-70939590217445476542021-02-08T00:36:00.008-08:002021-02-08T00:36:53.855-08:00Global oil prices reach pre-pandemic levels at a one-year high<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/02/global-oil-prices-reach-pre-pandemic.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="532" data-original-width="900" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7LuClRDv4ThMUtFHz6ZCEOrh0qUfUV6IcxUDMNMwYFyJGdrTEGO8hBrYZyewoLzOM9sW_z6fKEcEmeMwwAQ6c1X0dKrLSAtMkLKMi9VOhB8R5o5ElBYH12NtGSPNfSM-rzrPsgoD8cvw/s320/Brent-crude.jpg" width="320" /></a></div><div>Oil prices made their biggest weekly gain this year, reaching pre-pandemic levels at a one-year high. The price of Brent crude is about to breach the important psychological mark of $60, closing the week at $59.34 per barrel. The price of West Texas Intermediate (WTI) crude closed the week at $56.85 per barrel.<span><a name='more'></a></span></div><div><br /></div><div>The declining crude oil inventories in the world’s two largest oil consuming nations and largest economies, the US and China, have led to an outlook of a tightening market.</div><div><br /></div><div>China’s crude oil stocks fell to their lowest level in nearly a year amid a global drawdown in inventories that is being driven by tighter supply strategies from OPEC+, which has read the market very well.</div><div><br /></div><div>Prices have reached a year high — the market never imagined that the price of WTI would breach $55 per barrel after going below zero 9 months ago or that Brent crude would reach nearly $60 per barrel after touching $16 per barrel. The credit goes to the successful market management of OPEC and its leadership role in implementing medium-term strategies to balance the market while maintaining the principle of global energy security.</div><div><br /></div><div>Tighter supplies from OPEC+ have successfully turned the Brent future curve to backwardation, which encourages oil traders to take oil out of storage, signaling a stronger market.</div><div><br /></div><div>In January this year, OPEC+ achieved high compliance in maintaining oil output cuts; an upward momentum in oil prices did not alter its output cuts of 7.2 million barrels per day (bpd).</div><div><br /></div><div>The price surge is due to OPEC’s effective market leadership despite the fragile market and uncertain oil demand recovery.</div><div><br /></div><div>Also, the outlook for a tightening physical crude market amid continuing stock draws, helped by colder weather, has led crude’s futures curve to further strengthening, offsetting the challenging short-term demand recovery amid concern that the new virus variants will lead to more lockdowns and that some countries are facing vaccine rollouts issues.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/global-oil-prices-reach-pre-pandemic-levels-at-a-one-year-high/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-24547862555052431392021-02-05T00:45:00.004-08:002021-02-05T00:45:55.932-08:00Trains without wheels taking the country forward<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/02/trains-without-wheels-taking-country.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="394" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVnQzD7hD2BdJeWcq3eEIKb55tsCocrOom7c6C1tUCr0p-OPVb1Sivlw2Npbu6jPLDhogEmCVOwGd1ntyx8knsueetZCcsSY0gDK1ZMNcactxRbJVaLKEwIWcOyA5pRPrAV2TIwYPIE6Q/s320/Trains-without-wheels-taking-the-country-forward.jpg" width="320" /></a></div><div>The world's first locomotive prototype using high-temperature superconducting magnetic levitation technology (HTS Maglev) was unveiled in Chengdu city in Sichuan Province. This prototype has been developed and constructed as a joint venture of the Southwest Jiaotong University, China Railway Group and CRRC Corporation. It will be the birth of the world's fastest trains so far.<span><a name='more'></a></span> These super trains are trains without wheels with zero friction on the track and can travel at speeds up to 620 kmph. The Peoples Republic of China (PRC) has the world’s longest high speed rail system spanning more than 120,000 kilometers by 2020 as per Chinese records. This achievement is a world first unfolding at time when the high speed transport is still on high demand to cater to the socio economic development needs taking place in the PRC. According to Chinese engineers the existing high speed trains can reach speeds up to 350 kmph. The world saw Japanese, German and French high speed trains operating within those countries and China’s Silk Road is now connecting Japan and Europe via rail with new technology developed by Chinese engineers ushering in a new era in ground transportation. Japanese auto makers entering into agreements with the Chinese Rail authorities to transport automobiles produced in Japan to Europe via Rail proves that Chinese trains are vital for global economic development. Chinese scientists have been testing the HTS Maglev technology for over twenty years and by now the PRC is the lead player focusing on the next generation high speed transportation systems. Japan and Germany also focused on Maglev technology but research has proved that only the Chinese technology could reach speeds up to 620 kmph.</div><div><br /></div><div>Japanese engineers managed to reach 602 kmph with Maglev technology but the trains were not practical as they needed extremely low temperatures such as 250 degrees Celsius below zero to operate. Chinese Engineers have managed to reduce this need to practical levels. The PRC has so far invested more than 9.3 million USD for this research. The cost of building tracks for Maglev technology is estimated high but the maintenance cost will be extremely low according to engineers. The British left us the rail network. We destroyed the northern line during the war and reconstructed it with Indian assistance. When that was done some questioned whether it will help reconciliation. Political analysts say that the British did not extend the tracks to connect the Uva province with the rest of the country since we revolted in that region against the British.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/trains-without-wheels-taking-the-country-forward/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-83131070370956825112021-01-31T23:09:00.005-08:002021-01-31T23:09:37.857-08:00Inflation drops to 3% in January 2021<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/inflation-drops-to-3-in-january-2021.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="369" data-original-width="656" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdms2veMajCcFTCzlnfMYwKLjaiNH0njz5h8UBaNnUbmEbpUA4UrnGMy7GZ37hROQ09J22g3wQJnIrv34IfF4E8aKecAgBJ9DI2kGujctcLIYUyQz-E7UHtBzib6iAC1tCGco6lJdua-Y/s320/inflation2.jpg" width="320" /></a></div><div>Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 decreased to 3.0% in January 2021 from 4.2%in December 2020.<span><a name='more'></a></span></div><div><br /></div><div>This was due to the statistical effect of the high base prevailed during January 2020. Meanwhile, Food inflation (Y-o-Y) decreased to 6.8% in January 2021 from 9.2% in December 2020. Further, Nonfood inflation (Y-o-Y) decreased to 1.4% in January 2021 from 2.0% in December 2020.</div><div><br /></div><div>The change in the CCPI measured on an annual average basis decreased to 4.3% in January 2021 from 4.6% in December 2020.</div><div><br /></div><div>Monthly change of CCPI recorded at 0.51% in January 2021. This was due to price increases observed in items of both Food and Non-food categories. Moreover, monthly changes of Food and Non-food categories recorded at 0.29% and 0.22%, respectively, in January 2021.</div><div><br /></div><div>Accordingly, within the Food category, prices of red onion, coconut and sea fish increased in January 2021. However, price of big onion recorded a decline during the month. </div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/inflation-drops-to-3-in-january-2021/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-90540615240704995862021-01-28T23:54:00.001-08:002021-01-28T23:54:09.415-08:00Anchor handling tug Yevin joins GAC Sri Lanka fleet<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/anchor-handling-tug-yevin-joins-gac-sri.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="409" data-original-width="619" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPKJQJh5n2iH3fcI94dSL-1XtIfTp4aMOycQ78AzpqtWV-wv_ocn_Rq9AN7653ePZowe55Xfibf6z7FQlaMuJZatJ8BhAVJLfKA52W_pxL_xN1Ed8P6VDLQyOcB450j-r1hGgdbxcBSUY/s320/image-134.jpg" width="320" /></a></div><div>GAC Sri Lanka, a subsidiary of the McLarens Group, has welcomed the newest and largest addition to its fleet of support vessels, the Anchor Handling Tug Yevin.</div><div><br /></div><div>The vessel joins the company’s fleet of 12 vessels which includes tugs, crew and supply boats, the largest in the country. <span><a name='more'></a></span>Her maneuverability and versatility enable GAC Sri Lanka to undertake the most complex operations for a global clientele, in accordance with the highest international standards. Yevin is part of the company’s ambitious growth plan to meet the increasing demand for offshore services.</div><div><br /></div><div>The tug can operate under tough conditions, both in open waters and within port limits under the supervision of a handpicked experienced crew and has the endurance to operate well over 45 days at sea without a port call.</div><div><br /></div><div>Yevin will be used for towing, salvage, rescue and firefighting operations as well as other marine services such as bulk delivery of freshwater and lubricants. Her superior towing strength and handling allow her to serve large vessels calling all commercial ports of Sri Lanka.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/anchor-handling-tug-yevin-joins-gac-sri-lanka-fleet/">Read More>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-86467744716297787992021-01-27T01:00:00.005-08:002021-01-27T01:00:34.074-08:00The World’s Best Stock Rally Is in Sri Lanka<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/the-worlds-best-stock-rally-is-in-sri.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="394" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLy5vQhN1-Wr3vmLLwmdqp_FGPi8O4qg_4RvtQFg7hBLTjE3Z99GypcrYJPh4sRRwZ2T8X0yWGPQ1ed_cT8yHNUK_SFLDoJ992jLpYqq2Yus-RceWvtEAOVPeO4W1bcp0uoO5DNTF2AbU/s320/Bloomberg-27.01.2021.jpg" width="320" /></a></div><div>Bloomberg - Sri Lanka stocks have returned a world-beating 30% so far in 2021 as domestic investors get more active.</div><div><br /></div><div>Local individuals were responsible for 79% of total market turnover last year, according to the nation’s stock exchange, amid a 70% increase in new accounts from 2019.<span><a name='more'></a></span> At the same time, overseas investors were exiting -- they sold $272.8 million of shares, data compiled by Bloomberg showed.</div><div><br /></div><div>“As the pandemic rebound got underway, abundance of global liquidity, substantial rate cuts and domestic retail participation have helped fuel the rally,” Joshua Crabb, a Hong Kong-based money manager at Robeco, said in an interview. “Keep in mind the currency has also weakened, which makes exports more competitive, encourages tourism and introduces inflation, which helps nominal assets like equities.”</div><div><br /></div><div>The March selloff saw the CSE All Share Index plunge 32% as a dearth in tourism, increased political uncertainty and concerns about debt sustainability weighed on risk appetite. Since then, the central bank cut its key rate by 200 basis points and provided liquidity, helping the island nation beat a recession. The country has even reopened its airports for international tourism. Equities have now more than doubled to records from their 2020 lows, and trading volume on the Colombo Stock Exchange hit a record $77 million this week.</div><div><br /></div><div>Progress in accessing Covid-19 vaccines has also provided a tailwind. Sri Lanka approved the Oxford University-AstraZeneca PLC vaccine for emergency use last week after a surge in cases since October. Some 500,000 doses are scheduled to arrive from India on Jan. 28, the government said.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/the-worlds-best-stock-rally-is-in-sri-lanka/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-8203012720103447942021-01-25T01:30:00.005-08:002021-01-25T01:30:44.840-08:00SEC approves guidelines for stockbroker firms on good practices<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/sec-approves-guidelines-for-stockbroker.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="315" data-original-width="600" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdIJgMeMfW_9li5-1_DCl9AnK8TsxaaVxiVyTYp4KLY381bglg-zunadswKgXOagzRFhJEV64o2txG006OzAgytXo9Hvtp0vBxTUGZ_a0ITHFLjMTVpf8QvsI6E-3pOL-fCiy3TZXYyQs/s320/SEC-logo1-2.jpg" width="320" /></a></div><div>The Securities and Exchange Commission (SEC) has approved a set of guidelines for stockbroker firms on good practices at a meeting held on 13 January 2021, the Colombo Stock Exchange (CSE) said in a recent circular.<span><a name='more'></a></span></div><div><br /></div><div>The approved guidelines have also been presented to the Chief Executive Officers of stockbroker firms on 19 January. The firms will be required to adopt these guidelines with immediate effect. </div><div><br /></div><div>Under these guidelines, stockbroker firms have to ensure that the brokerage commission applicable to registered investment advisors (RIAs) are at a maximum of 30% in order to maintain consistency within the industry. However, a grace period of three months have been given for the firms to implement this particular guideline.</div><div><br /></div><div>Furthermore, the guidelines include that; stockbroker firms should appoint a competent person to carry out the functions in relation to information technology (IT) and ensure the necessary IT infrastructure is available within the firm.</div><div><br /></div><div>Firms must ensure a RIA is allocated to every client and in the event a client is transferred to a different RIA within the company, the company must ensure that Know Your Client (KYC) procedures are verified by the subsequent RIA.</div><div><br /></div><div>Further, firms must take steps to ensure a succession plan is in place within the firm and that a satisfactory mechanism is in place to train, develop, and retain its employees in line with the current and projected business objectives. Firms should also ensure the key duties and functions of the persons acting in the capacity of compliance and finance are clearly segregated. They should also ensure instructions are recorded and maintained in relation to the orders received from clients in compliance with Rule 3.2 of the CSE stockbroker rules.</div><div><br /></div><div>The compliance officer will be responsible to ensure the stockbroker firm complies with the proposed best practices. Prior to extending credit to any client, stockbroker firms should take into consideration the value at risk margin of each security and assess the margins with the existing portfolios of each client. The firm should pay particular attention to high, medium, and low margins in deciding the extent of credit to be granted.</div><div><br /></div><div>The compliance officer should closely monitor the CDS accounts which constantly trade shares with the high VaR margin, accounts which generate high unusual turnover on a consistent basis, carry out the “running account” test on clients who trade excessively, assess the level of compliance with the credit extendable limit and the single client limit more frequently than on a monthly basis, closely monitor the activities of the investment advisor and the credit extended to each client by each investment advisor, and educate the investment advisors of the stockbroker firm with regard to the best practices and develop the ongoing learning culture within stockbroker firm.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/sec-approves-guidelines-for-stockbroker-firms-on-good-practices/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-89186009502877528662021-01-21T00:12:00.006-08:002021-01-21T00:12:38.636-08:00Stock market recovers. ASPI up by 75.48 points<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/stock-market-recovers-aspi-up-by-7548.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="525" data-original-width="1000" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMUDGdVyh4pqxtD9n6D5Gpi-oXyY2gf9jXIJBkQ51ddBbkfv5GHc65_2_1fYE5kaIZtBUMT0cBzg6BI4hN_UO5EVuLpsPQevyb7BNs6_QRoUzi-ZYWszU4SsO0m8lFK5NBSQyzYylJvr4/s320/CSE-20.01.2021.jpg" width="320" /></a></div><div>Colombo bourse closed on a positive note on Wednesday (20), with the benchmark All share Price Index (ASPI) recovering from a nosedive yesterday.</div><div><br /></div><div>The ASPI surged 75.48 points (or 0.97%) to close at 7,884.45 while the S&P SL20 index, which includes the 20 largest and most liquid stocks increased by 37.32 points ( or 1.22%) to close 3,096.35.<span><a name='more'></a></span></div><div><br /></div><div>The main index, which reached an all-time high of 7,922.66 points on Monday (18 January 2021), plunged by 113.09 points yesterday (19) to close at 7,808.97.</div><div><br /></div><div>The ASPI dropped to 7,676.73 points in the first few minutes of trading today, thereafter experienced an uptrend movement and closed at 7,884.45.</div><div><br /></div><div>Today, 124 companies contributed positively to the ASPI's gain. Stocks which contributed most to ASPI's gain were Hayleys, Vallibel One, LB Finance, Expolanka Holdings and EB Creasy.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/stock-market-recovers-aspi-up-by-75-48-points/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-56004455721766409782021-01-19T00:06:00.002-08:002021-01-19T00:06:20.076-08:00CSE’s ASPI sets new all-time high – among the best performing indices globally<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/cses-aspi-sets-new-all-time-high-among.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="394" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqN6pj82cfcWJgXAxPhjm8JrB_a9JfTN8AoOTRiPisPAd7zxvLP5vL-XNuyzSS9-E3vZwPP-sO0qpio82LH_czHR5jP2hih-T-Td5t_HOWPmLFykH7bGFmMrPX2vbipggAFXuku1JJU18/s320/CSE-1200x630-A.jpg" width="320" /></a></div><div>The All Share Price Index (ASPI) of the Colombo Stock Exchange reached its all-time high index tally today closing the 10th trading day of 2021 on 7922.66 points. The previous highest points figure recorded was 7811.80 points on 14 February 2011. The ASPI gained 188.09 points today recording the eighth highest points gain in CSE’s 35 year history.<span><a name='more'></a></span></div><div><br /></div><div>The S&P SL20 index which features the largest and most liquid stocks listed on the exchange, also continued its upward momentum, crossing 3000 points today and reaching its highest point since market close on 04 December 2019, gaining 100.32 points to end the day on 3,003.30 points.</div><div><br /></div><div>The market continued to showcase increased investor interest with the turnover crossing Rs.12 billion for the second consecutive day recording Rs.12.18 billion today. The consolidated turnover recorded 10 trading days into 2021 is Rs.83.6 billion which is 21% of the full year aggregate turnover figure recorded in 2020 and 48% of the aggregate turnover recorded in 2019. The total number of trades recorded today topped the previous record with 67,153 trades carried out within the day.</div><div><a href="http://bizenglish.adaderana.lk/cses-aspi-sets-new-all-time-high-among-the-best-performing-indices-globally/"><br /></a></div><div><a href="http://bizenglish.adaderana.lk/cses-aspi-sets-new-all-time-high-among-the-best-performing-indices-globally/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-41276090496398222892021-01-15T00:53:00.005-08:002021-01-15T00:53:37.371-08:00Fitch affirms SriLankan Airlines’ government guaranteed bonds at ‘CCC’<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJt9LhrDRpHchw4CnryBPELmVs047aIVDdOpMVppqZ5C3-euWalAZCHrQRipC0CVj_M5kcvQkJFARvqwughChljblEylDixU9Vlc9q-3zL7ztTbraVjbwIrjpnQVKroJeYUablbu0hkbA/s515/SriLankan-Airlines-image.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="372" data-original-width="515" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJt9LhrDRpHchw4CnryBPELmVs047aIVDdOpMVppqZ5C3-euWalAZCHrQRipC0CVj_M5kcvQkJFARvqwughChljblEylDixU9Vlc9q-3zL7ztTbraVjbwIrjpnQVKroJeYUablbu0hkbA/s320/SriLankan-Airlines-image.jpg" width="320" /></a></div><br />Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA) USD 175 million government guaranteed 7% unsecured bonds due 25 June 2024 at 'CCC'.<span><a name='more'></a></span><div><br /></div><div>KEY RATING DRIVERS</div><div><br /></div><div>The airline's bonds are rated at the same level as SLA's parent, the government of Sri Lanka (CCC), due to the unconditional and irrevocable guarantee provided by the government. The state held 99.5% of SLA as at end-December 2020 through direct and indirect holdings.</div><div><br /></div><div>DERIVATION SUMMARY</div><div><br /></div><div>Fitch has rated SLA's US dollar bonds at the same level as the sovereign due to the unconditional and irrevocable guarantee provided by the government. The rating is not derived from the issuer's standalone credit profile, and is therefore not comparable with that of industry peers.</div><div><br /></div><div>RATING SENSITIVITIES</div><div><br /></div><div>Factors that could, individually or collectively, lead to positive rating action/upgrade:</div><div><br /></div><div>- An upgrade of the sovereign rating</div><div><br /></div><div>Factors that could, individually or collectively, lead to negative rating action/downgrade:</div><div><br /></div><div>- A downgrade of the sovereign rating</div><div><br /></div><div>For the sovereign rating of Sri Lanka, the following sensitivities were outlined by Fitch in our Rating Action Commentary of 27 November 2020</div><div><br /></div><div>The main factors that could, individually or collectively, lead to positive rating action/upgrade are:</div><div><br /></div><div>- External Finances: Improvement in external finances, supported by higher non-debt inflows or a reduction in external sovereign refinancing risks from an improved liability profile.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/fitch-affirms-srilankan-airlines-government-guaranteed-bonds-at-ccc/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-42738076841614369982021-01-13T01:19:00.002-08:002021-01-13T01:19:20.805-08:00Policy rates to hold steady amidst sweeping measures to insulate economy: First Capital<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/policy-rates-to-hold-steady-amidst.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="339" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoocHY4u0mq-366L-zSapP7nK6oJp8eLibeR-5O3PCiCebae9L6s_K-cICBqCW3adTTfLQsGlfEBRMPKIMTwWvhGZTa0Pwsl37UitP5k0yuWs29Ctur21eRe1XArNvBOXDpSR06N4E0BU/s320/image-125-e1610513509478.jpg" width="320" /></a></div><div>First Capital Research believes that the Central Bank of Sri Lanka (CBSL) will maintain same policy stance in this monetary policy review, but given the concerns around economic growth, the research arm stated that there is a probability although to a lesser extent that CBSL is likely to further ease its policy rates.<span><a name='more'></a></span></div><div><br /></div><div>" The CBSL either can choose to hold policy rates steady or cut by a 25bps or 50bps while, hike is off the table due to the lackluster economic growth. We believe that there is a 60% probability to hold rates due to the considerable improvement in high frequency indicators and with fiscal and monetary measures implemented so far. However, there is a 20% probability each for 25bps and 50bps rate cut to support economic growth," First Capital Research said in its latest report.</div><div><br /></div><div>At the previous policy meeting held on November 2020, CBSL maintained its monetary policy stance, emphasizing the fact that overall market lending rates have witnessed a reduction during 2020 and there is a need for a continued downward adjustment in lending rates to boost economic growth. Moreover, introduction of maximum interest rates on mortgage- backed housing loans is expected to provide additional stimulus to the economy.</div><div><br /></div><div>The next CBSL’s monetary policy review is scheduled to be announced on 19th January 2021 at 07.30 am.</div><div><br /></div><div>Key Arguments by CBSL for maintaining its policy stance on 26 November 2020 as follows:</div><div><br /></div><div>The second wave of COVID-19 has destabilised global growth prospects, while all central banks across the globe adopted an accommodative stance. However, vaccine expectations have helped improve sentiment.</div><div>The impact of the second wave is not expected to be as distructive as in the first wave, as mobility restrictions were imposed only in selected areas. Measures already in place is expected to enable to rebound the economy in 2021.</div><div>External sector remains resilient amidst challenging global developments.</div><div>The expansion in money and credit supply continued.</div><div>The research arm further stated that excess liquidity prevailing in the domestic market requires no change in current policy stance.</div><div><br /></div><div>“As a response to the measures taken by the Government, market liquidity increased to an elevated level while recording a three-year high on 1 January 2021 amounting to Rs. 266.5 billion. Accordingly, this excess liquidity in the system is expected to retain market interest rates at single digit levels while inducing further credit expansion. This inquires the need of further policy easing at the upcoming review,” it said. </div><div><br /></div><div>It further stated that the gradual rebound in private credit to power economic growth.</div><div><br /></div><div>"Private sector credit increased by LKR 41.0Bn in Nov 2020 recording a growth for the fourth consecutive month indicating a revival in gross loan disbursements up to pre-pandemic levels in Dec 2019. The continuous uptrend in private sector credit till Nov 2020 reflects that both businesses and individuals are accelerating their economic activities to make up for the lost opportunities during lockdowns in the first wave of COVID, which could power decent growth in 4Q2020 and onwards,"</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/policy-rates-to-hold-steady-amidst-sweeping-measures-to-insulate-economy-first-capital/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-48040707045938198022021-01-11T00:04:00.005-08:002021-01-11T00:04:43.323-08:00Sri Lanka, India hold talks on ongoing development cooperation projects<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/sri-lanka-india-hold-talks-on-ongoing.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="364" data-original-width="650" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyeqpRdqIw5dWizVMqEJXpudhMvkTJvRBu31tNab_IaFRWBJmg3OFLcPzk62jZfApsHLtDB-GKg-KmzBJn4PGA9aF1-vgnqJeddJL2R_CkhrDaae73GWrDj-wKdaN0w4hHXjz7BaC7BVs/s320/India-Sri-Lanka2.jpg" width="320" /></a></div><div>The High Commission of India in Colombo and relevant authorities of the Government of Sri Lanka held a series of meetings during the last two weeks to review the status of select ongoing development cooperation projects.<span><a name='more'></a></span></div><div><br /></div><div>"The two sides paid particular attention to the impact of COVID-19 related restrictions and identified joint efforts to fast track the completion of the projects as they would benefit the people of Sri Lanka in the current juncture," the Indian High Commission said in a statement today (08).</div><div><br /></div><div>On 5 January 2021, Deputy High Commissioner Vinod K Jacob and Bhadrani Jayawardhana, Secretary, Ministry of Internal Trade, Food Security and Consumer Welfare co-chaired the Project Steering Committee meeting on design, construction and commissioning of the 5000 MT temperature controlled warehouse in Dambulla.</div><div><br /></div><div>Earlier, on 24 December 2020, Deputy High Commissioner and Dr. Kapila Perera, Secretary, Ministry of Education co-chaired the Project Steering Committee meeting on the Project for renovation of 27 schools in the Northern Province under Indian assistance.</div><div><br /></div><div>This meeting was held through virtual mode and also had participation from Secretary, Provincial Ministry of Education, Northern Province Ilangavon. Progress on finalization of the Project for construction of 3200 sanitation units in Batticaloa was achieved during the meeting between Deputy High Commissioner Jacob and A. Senanayake Secretary, State Ministry for Backward Rural Areas Development and Promotion of Domestic Animal Husbandry and Minor Economic Crop Cultivation on 17 December 2020.</div><div><br /></div><div>These projects are in continuation of Government of India’s people-oriented development cooperation partnership with Government of Sri Lanka. India’s overall commitment of development assistance to Sri Lanka stands at a total of around US$ 3.5 billion and among these, US$ 560 million is under grants.</div><div><br /></div><div>India has undertaken more than 70 people-oriented development projects in various fields including health, education, housing, skill development, infrastructure, vocational training among others, all across the country. About, 20 such projects are currently under progress.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/sri-lanka-india-hold-talks-on-ongoing-development-cooperation-projects/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-67679761477669639132021-01-08T01:11:00.005-08:002021-01-08T01:11:50.327-08:00SriLankan Airlines calls on members of the Airline Pilots’ Guild to put ‘country first’<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2JkMhitNPIQx59ZjIuw-PnYJ4xB1P3fXdDMWNKBrA4UWExFPravy4SKAH6Grm0lhm-Vdsr0jP9HN8Rvki8qFj5gPsEe4xyFtk3ObMirNugUVuRFfL5rwYHHDDYnY6AJdBNbNXxU_70IU/s750/SriLankan-Ada-Derana-Biz.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="394" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2JkMhitNPIQx59ZjIuw-PnYJ4xB1P3fXdDMWNKBrA4UWExFPravy4SKAH6Grm0lhm-Vdsr0jP9HN8Rvki8qFj5gPsEe4xyFtk3ObMirNugUVuRFfL5rwYHHDDYnY6AJdBNbNXxU_70IU/s320/SriLankan-Ada-Derana-Biz.jpg" width="320" /></a></div><div>SriLankan Airlines has been supporting the national economy and country since the closure of the Bandaranaike International Airport in March 2020 with the outbreak of COVID-19 by flying stranded Sri Lankans home and facilitating international trade by maintaining the vital link between Sri Lanka and the rest of the world.<span><a name='more'></a></span></div><div><br /></div><div>Nearly the entire fleet of the Airline was grounded due to the closure of airports and travel restrictions imposed by various countries in the past nine months. As a result, the Airline has had to cope with unprecedented revenue losses owing to the reduced number of flights being operated, namely for repatriation of fellow citizens and transportation of essential goods including medical supplies.</div><div><br /></div><div>The Airline has been adopting ad-hoc flight schedules due to the pandemic in addition to responding swiftly to the needs of the Government in relation to repatriation of Sri Lankans and the transportation of cargo as and when required. This necessitates all employees of the Airline to report to work on short notice in accordance with the guidelines stipulated by Authorities for the prevention of COVID-19. The precautionary measures taken, and the required personal protective equipment always provided by the Airline have protected the employees when they were on duty.</div><div><br /></div><div>The National Carrier has also relied on the support of the Government of Sri Lanka to get through this difficult period, and the Government led by His Excellency the President Gotabaya Rajapaksa has unhesitatingly extended necessary funds in spite of the budgetary and fiscal challenges faced by the Government. Therefore, it is the utmost duty of the employees to support the Government in their efforts to rebuild the country. The employees of SriLankan Airlines have endured many hardships since the onset of the pandemic from having to work in a tough and unpredictable working environment whilst foregoing a percentage of their income in salary cuts.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/srilankan-airlines-calls-on-members-of-the-airline-pilots-guild-to-put-country-first/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-27095218122296358962021-01-06T01:19:00.004-08:002021-01-06T01:19:26.378-08:00Sri Lanka’s economy to grow 3.3% in 2021: World Bank<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2021/01/sri-lankas-economy-to-grow-33-in-2021.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="316" data-original-width="800" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhShWybrTkvKezZ6zpOdW51EsZZ4mvK3Wj54RPxOin83F2gUrRQqzBGPCN3Dpa3TrIhPiZOQg3tMnbdpbFtc1xonTV7FpbMt064ACkoBbYwJrcFTy3tR2LSLzAddjbBEIA0kCAnWhMPZ9w/s320/world-bank7-e1609916049863.jpg" width="320" /></a></div><div>The World Bank projects Sri Lanka’s economy to grow 3.3% this year, and 2.2% next year.</div><div><br /></div><div>"In economies that rely on external sources of growth, such as manufacturing exports (Bangladesh) and tourism (Bhutan, Maldives, Nepal, Sri Lanka), the recovery is likely to be particularly modest," the World Bank said in the latest edition of the Global Economic Prospect.<span><a name='more'></a></span></div><div><br /></div><div>“Export growth is forecast to remain weak in Bangladesh, especially in the readymade garment sector. Demand as potential tourists remain wary of social interactions and continued restrictions on international travel."</div><div><br /></div><div>"So far remittances have been unusually strong. Some expatriate workers say they are saving more because travel, entertainment and shopping had been curtailed in host countries due to anti-pandemic measures."</div><div><br /></div><div>"The projected drag from remittances on the region’s economies (Bangladesh, Nepal, and Sri Lanka) is less certain given their recent strength,” the report said.</div><div><br /></div><div>The World Bank further stated that, although financial sectors in the region have benefited from the easing of global financing conditions, additional stress on domestic banks could be triggered by the economic consequences of a sharp and sustained resurgence of infections within the region or globally.</div><div><br /></div><div>"This could further increase corporate bankruptcies and weaken already-vulnerable balance sheets of the banking and nonbanking financial sectors in several regional economies (Bangladesh, Bhutan, India, Sri Lanka)," it said.</div><div><br /></div><div>According to the report, the global economy is expected to expand by 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.</div><div><br /></div><div>The South Asia region is projected to grow by 3.3% in 2021 and 3.8% in 2022. Weak growth prospects reflect a protracted recovery in incomes and employment, especially in the services sector, limited credit provisioning constrained by financial sector vulnerabilities and muted fiscal policy support.</div><div><br /></div><div>The forecast assumes that a vaccine will be distributed on a large scale in the region starting the second half of 2021 and that there is no widespread resurgence in infections. The report said risks to the outlook are tilted to the downside.</div></div><span><!--more--></span>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-80503357474760667982020-12-30T00:01:00.002-08:002020-12-30T00:01:12.453-08:00India to lift ban on onion exports from January 1<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2020/12/india-to-lift-ban-on-onion-exports-from.html" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="437" data-original-width="700" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhECx8VXmsaqNLB5h5JVT974lr_no9zyr-OMvbqshyPnuCXDZbuTpTgbI5rcaBpwWJ34MFGU5iQwETVyvaNRtO4H-3Htm8WwCJrA4dBCSTMnuImWg0s_ghx_c8kJ6me5K0HW8Qhr6Jpf74/s320/onion.jpg" width="320" /></a></div><div>MUMBAI (Reuters) - India has decided to lift a ban on onion exports from January 1, as prices have fallen sharply in the last few weeks on expectations of a big crop.</div><div><br /></div><div>Exports of all varieties of onion will be allowed, the Ministry of Commerce and Industry said in a notification.<span><a name='more'></a></span></div><div><br /></div><div>India banned exports of onions in September to preserve domestic supplies after flooding in several states worsened seasonal shortages, leading to a spike in local prices.</div><div><br /></div><div>India is the world’s biggest exporter of onions, a staple of South Asian cooking. Countries such as Bangladesh, Nepal, Malaysia and Sri Lanka rely on Indian shipments.</div><div><br /></div><div>Wholesale prices of onions have more than halved in the last four weeks, according to data compiled by the National Horticultural Research and Development Foundation, a government agency.</div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-44249974956115910512020-12-26T00:38:00.006-08:002020-12-26T00:38:55.527-08:00CBSL takes steps to stem undue depreciation of Rupee<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2020/12/cbsl-takes-steps-to-stem-undue.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="285" data-original-width="510" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6tWmnacsM2BQvB0Ynl5P8dDMhfYZSCG3D9LriU-V_MLIbd_3Vs1YNS_kkcBLk7pbFSalQekZABGEccnKT_gTqqGu8jIdWhhMrBuCSwkY8G8vEDPEChN80wpzVn6sRssrZXTirKWOJpuE/s320/central+bank+of+sri+lanka.jpg" width="320" /></a></div><div>The Central Bank (CBSL) is of the view that the recent increase in volatility of the exchange rate is unwarranted and unacceptable.</div><div><br /></div><div>Accordingly, among other measures, the Central Bank will take appropriate action aggressively hereafter to contain this volatility in the domestic foreign exchange market.<span><a name='more'></a></span></div><div><br /></div><div>The Central Bank expects that these actions, together with the continuation of the curtailment of non-essential imports, will enable the Rupee to appreciate within the next few days towards the levels of below Rs. 185 per US dollar observed in November 2020.</div><div><br /></div><div>The Central Bank reiterates that official reserves remain at sufficient levels. At present, gross official reserves are at US dollars 5.6 billion. Discussions with the Central Bank’s domestic and foreign counterparts to boost the level of reserves are also reaching an advanced stage of conclusion.</div><div><br /></div><div><a href="http://www.dailynews.lk/2020/12/25/finance/237114/cbsl-takes-steps-stem-undue-depreciation-rupee">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-61787918879633142492020-12-24T00:45:00.002-08:002020-12-24T00:45:33.956-08:00Selling rate of US dollar exceeds Rs.193 mark<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2020/12/selling-rate-of-us-dollar-exceeds-rs193.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="263" data-original-width="500" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLzB6eBUELQV214XvVxH7Rpt32ehthr77HXYTTNOQXf4iXxVO4MxQgY-1vBN_wYvbPlouAx38wuTru3PS5mu2rR8Z1oyS_TybgmwWRu-yC3MiWwyp8ffikaqKxHdJVEEpiPSZV4VA0h-0/s320/US-Dollar-500x263.jpg" width="320" /></a></div><div>According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US Dollar today (23) stands at Rs. 188.01 and selling rate of the US dollar stands at Rs. 193.05.<span><a name='more'></a></span></div><div><br /></div><div>This is highest buying and selling rate recorded for a US dollar since, May 4, 2020. During that day, the buying rate of the US Dollar stood at Rs. 188.37 and selling rate of the US dollar stood at Rs.194.11</div><div><br /></div><div>The Sri Lankan rupee, which remained broadly stable in the month of January 2020 as well as until the first week of March, depreciated sharply with the speculative behavior in the market with the spread of COVID-19 outbreak. Accordingly, on April 8, 2020 the selling rate of a US dollar exceeded Rs.200 mark.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/selling-rate-of-us-dollar-exceeds-rs-193-mark/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-44431043672206319482020-12-23T01:12:00.003-08:002020-12-23T01:12:12.214-08:00Ukraine keen to further enhance trade with Sri Lanka<div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVyW8-nkzQUBF4U6AHbJckelDexbp2jN5GBRDO3n1hKfoOzz20oYshDirJAYqoIwbPRren6X_PsqHEKCWIcKmT-jaMrNUGZvocpnGwTHtXGmG8AEYlD1IT-XFZSDPQIC8JCFZjtCh-YVo/s600/image-1-29.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="409" data-original-width="600" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVyW8-nkzQUBF4U6AHbJckelDexbp2jN5GBRDO3n1hKfoOzz20oYshDirJAYqoIwbPRren6X_PsqHEKCWIcKmT-jaMrNUGZvocpnGwTHtXGmG8AEYlD1IT-XFZSDPQIC8JCFZjtCh-YVo/s320/image-1-29.jpg" width="320" /></a></div><div>Sri Lanka Embassy in Ankara organized a virtual meeting “prospects for cooperation” in collaboration with the Ceylon Chamber of Commerce and the Ukrainian Chamber of Commerce & Industry on 11 December 2020. Deputy Minister of Foreign Affairs of Ukraine Dmytro Senik, Ambassador of Ukraine to Sri Lanka based in New Delhi Igor Polikha, President of the Ukrainian Chamber of Commerce & Industry Gennadiy Chyzhykov and CEO / Secretary General of the Ceylon Chamber of Commerce Manjula de Silva attended at the event.<span><a name='more'></a></span></div><div><br /></div><div>The Deputy Minister of Foreign Affairs of Ukraine during his remarks highlighted the importance of expanding the trade between two countries and showed their keen interest to explore potentials of both countries.</div><div><br /></div><div>Ambassador M.R. Hassen speaking during the session highlighted the diversification of current products basket and importance of signing of proposed bilateral instruments which facilitates trade and investment between Sri Lanka and Ukraine.</div><div><br /></div><div>Ambassador of Ukraine to Sri Lanka Igor Polikha invited business community to join hands with two countries on the promotional activities to increase the trade volume.</div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.comtag:blogger.com,1999:blog-2636829898391024409.post-23320412276195920842020-12-18T03:08:00.004-08:002020-12-18T03:08:45.761-08:00Browns Investments signs MoU with CHEC for $1bn mixed development project in port city<div style="text-align: left;"> <div class="separator" style="clear: both; text-align: center;"><a href="https://www.gazette.lankahotnews.com/2020/12/browns-investments-signs-mou-with-chec.html" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="422" data-original-width="750" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMYiNstLQUkkVhDz4DmRa_fbA2Gq77N2JW8XyaYTeF-ixttpALCO-dEavnE7j8LfrxorCL9EZdOuTvcKIItfj-7-vnG7uVIGPuiL3ut0nTtA8w2Nb333uPVt8FvWUEWDbrWCd_pk63bj4/s320/Port-City-2020.jpg" width="320" /></a></div><div>LOLC Holdings PLC's strategic investment arm, Browns Investments PLC announced today (17) that it has entered into momentous memorandum of understanding (MoU) to partner with China Harbour Engineering Company Limited ( CHEC) to commence the Colombo International Finance Center (CIFC) mixed development project in the Colombo Port City (CPC).<span><a name='more'></a></span></div><div><br /></div><div>"China and Sri Lanka have long established and enduring relationship characterized by economic cooperation and societal collaboration and hence, this partnership further underlines the confidence and the commitment to development in the country through the combination of a world-renowned Sri Lankan conglomerate and a distinguished Chinese enterprise," the company said in a stock exchange filing.</div><div><br /></div><div>This is a milestone project comprising a land area under development of 6.8 hectares with an investment value totalling US$ 1 billion.</div><div><br /></div><div>The CIFC mixed development project will be piloted over two phases, whereby Browns Investments is partnering with CHEC for phase one via the incorporation of a Special Purpose Vehicle (SPV) company.</div><div><br /></div><div>The total investment in phase one amounts to US$ 450 million with a buildable land area spanning 3.06 hectares, which is leased from CHEC Port City Colombo (Private) Limited to the new SPV that will be jointly owned and managed by Browns Investments and CHEC.</div><div><br /></div><div><a href="http://bizenglish.adaderana.lk/browns-investments-signs-mou-with-chec-for-1bn-mixed-development-project-in-port-city/">Read More>>></a></div></div>Lanka Hot Newshttp://www.blogger.com/profile/02895632811453034577noreply@blogger.com