Revenue decline puts pressure on govt’s fiscal management-by Sanath Nanayakkare Moves underway to strengthen gross official reserves Seeking support from IMF ruled out Source:Island As government revenues have fallen below expected levels, fiscal management of the government is under pressure, Ajith Nivard Cabraal, State Minister of Finance, Capital Markets and State Enterprise Reforms said in Colombo yesterday. He made this remark while speaking at a media briefing held at the Ministry of Finance. “Although a sovereign bond of USD one billion needs to be settled this month, the actual outflow would be USD 700 million as Sri Lankan citizens own a share of USD 300 million of it. The current reserves are at USD 4 billion. After making this payment, the reserves will technically remain at USD 3 billion. Agreements have been arrived at with People’s Bank of China for a SWAP loan of USD 1.5 billion. In addition, the ...
elanka Finance
A giant 3D cat has taken over one of Tokyo’s biggest billboards-by Megan C. Hills Source:Edition Agigantic 3D cat has appeared on a billboard in Tokyo, where it looms playfully over one of the city’s busiest railway stations. Shown between advertisements, the hyper-realistic feline comes to life on a 1,664-square-foot curved LED screen in the Shinjuku district. The 4K-resolution display shows the cat walking around high above the Japanese capital as it audibly meows Airing between 7 a.m. and 1 a.m., the video changes throughout the day. The calico cat is first startled awake in the morning, and by the afternoon it can be seen standing up and meowing at passersby. In the evening, it lies down and falls asleep with its head rested on its paws. Although the display doesn’t officially launch until July 12, test broadcasts have been taking place since last month. And the “Shinjuku cat” has ...
Floriculture export revenue could double with proper assistance-by Indunil Hewage Source:Dailynews An unprecedented increase in air freight rates to almost all destinations have badly affected the local Floriculture industry. “Cut leaves, which accounts for over 50% of the local exports, were the worst affected and saw an immediate decline in exports. Though the rooted plant sector too saw its costs escalating due to high freight, survived the initial impact through negotiated price revisions and other productivity measures. The export of tissue culture plants was the least affected since the increase in freight component per plant was less due to the high number of plants per unit weight,” said Dilip de Silva Chairman/CEO Serendib Horticulture Technologies. The local growers supplying the local demand too suffered due to regular lockdowns and pandemic guidelines. Though the local demand for plants increased significantly, non-availability of market places such as, local plant exhibitions etc has ...
ECCSL, CBB to discuss post-Brexit opportunities in UK and Europe with intl. experts panel Source:FT The UK’s exit from the European Union last year caused some significant shifts in trading relationships, not only between the UK and the EU, but also further afield. Some of these changes may not yet be fully apparent, as international commerce and trade have been severely impacted this past year by the global pandemic. As the pandemic recedes and global trade rebounds, will there be new opportunities for Sri Lanka? The UK is Sri Lanka’s second largest trading partner; however, adding together the countries of the European Union, the combined bloc is Sri Lanka’s largest trading partner. How is this being affected by Brexit? Will the UK look to grow trade with Commonwealth members? Can we expect new opportunities with the European Union? ...
Value addition of heavy mineral sands in Sri Lanka-by M.S Roshan Akther Source:FT ‘Mining’ is defined as the extraction of valuable minerals from the earth and it is undertaken mainly by using two techniques, namely surface mining and underground mining. Surface mining is the most common type of mining (85% of all mining is surface mining), and is the only technique used for heavy mineral mining. Sri Lanka, despite being a small country, is well known for its non-metallic mineral resources. When evaluating the mineral resources of Sri Lanka, it is apparent that black sands or heavy minerals stand out as being the group that has the greatest potential to deliver globally significant production. As revealed from mineral investigations performed by the Geological Survey and Mines Bureau, Sri Lanka’s mineral resource base consists primarily of industrial minerals. Of these industrial minerals, heavy minerals (mainly ilmenite, rutile, zircon, garnet, and monazite) ...
Jul 9, 2021
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Tagged Global minerals industry, Gross Domestic Product, Gross National Product
Home appliances from Hambantota Port Industrial Park in 12 months Construction of plug and play ‘park in park’ industrial facility begins at Hambantota Port Source:FT The Hambantota International Port Group (HIPG) has moved into top gear to accelerate the progress of its industrial park, combining its latest concept ‘HIPG Speed’ into the port’s Standard Operating Procedures (SOP). HIP with its partner Shenzhen Xinji Group with whom it recently signed an agreement will introduce the ‘plug and play’ concept soon and ‘HIPG Speed’ will play a vital part in its progress. ...
New Order issued under Foreign Exchange Act to Preserve the Foreign Exchange Position of Sri Lanka Download the PDF file . ...
Jul 6, 2021
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Tagged Foreign Exchange Position of Sri Lanka
Asia’s Highest Default Risk Spotlights Sri Lanka Debt Worry-By Anusha Ondaatjie and Lilian Karunungan Nation has to service $1 billion of debt maturing in July Sri Lanka says arrangements made to settle July bond Source:Bloomberg Sri Lanka’s risk premium for a default jumped, reflecting concern that the pandemic is damaging the nation’s ability to fill its foreign-exchange coffers ahead of at least $2.5 billion in dollar debt due in the next 12 months. The nation’s five-year credit default swaps rose to 1,553 basis points on Monday, the highest since March 1. A separate gauge of one-year default probability was at 27.9%, the steepest in Asia, up from around 13% over six months ago, according to a Bloomberg model where a reading above 1.5% signifies high risk of failure to pay. ...
Jul 6, 2021
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Tagged Anusha Ondaatjie, Lilian Karunungan
CSE Awareness Sessions on DVP English Download the PDF file . Sinhala Download the PDF file . ...
Jul 6, 2021
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Tagged CSE Awareness, John Keells Stock Brokers
JAT Holdings announces forthcoming IPO and Virtual Investor Forum Source:-bizenglish JAT Holdings, Sri Lanka’s trusted industry leader in finishing and furnishing, recently announced the firm’s intention to enter an Initial Public Offering (IPO) on the 20th of July 2021. Prior to the IPO, JAT Holdings will host a virtual forum scheduled for the 08th of July 2021, extending its invitation to the public to partake in the informative session. Following decades of redefining and transforming the local industry, JAT Holdings has successfully established a firm market presence as the leader in wood coatings in Sri Lanka and Bangladesh, while also being renowned as the world’s largest distributor for Sayerlack. JAT also offers a suite of products such as decorative paints, chemicals, brushes and other interior solutions. Proceeds from the company’s IPO will be used for the company’s near term objectives of investment in enhancing the existing R&D facility to a ...
Jul 5, 2021
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Tagged CNCI Achiever’s Awards 2019, Initial Public Offering, JAT Holdings, trusted industry leader in finishing
