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Last Updated = Sat, Jun 6, 2020, 12:40 pm SL Time

* Chevron Lanka PAT grows 5% to nearly Rs. 2.1 bn in 2019 despite weak economy

June 06 (CP) Colombo- Sri Lanka’s Chevron Lubricants Lanka Plc posted Rs. 2099 million rupees in profits after tax for the fiscal year 2019 despite weak economy in the country, the firm said in its Annual Financial report for 2019.
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* CPC manufactures lubricant oil for the first time in SL

June 06 (DM) The Ceylon Petroleum Corporation (CPC) has commenced manufacturing of Lubricant Oil for the first time in the history, Petroleum Minister Mahinda Amaraweera said. He said the annual local lubricant oil consumption in the country exceeded 65,000 Kiloliters.
[Full Story]

* Sri Lanka Tourism readies to welcome tourists from 1st Aug 2020

June 05 (CP) Colombo- Sri Lanka Tourism Development Authority today said Sri Lanka is readying to welcome travelers from across the world with safety guidelines and precautionary measures.
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* ComBank upgrades ‘ComBank Q+’ Payment App with biometric login and other features

June 05 (CP) Colombo- The Commercial Bank of Ceylon has announced an upgrade of both the Consumer and Merchant applications of the ComBank Q+ Payment App, with features including biometric authentication login for both applications and merchant self-registration.
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* Sri Lankan shares slip as realty, healthcare sectors fall

June 04 (Reuters) Sri Lankan shares fell marginally in low-volume trading on Thursday, as losses in real estate and healthcare stocks offset gains in financial and industrial sectors, while the rupee strengthened for a fifth consecutive session.
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* Standard Chartered Sri Lanka supports MAS Intimates’ combat against COVID-19

June 04 (CP) Colombo- Standard Chartered announced that MAS Intimates (Pvt) Ltd., a division of MAS Holdings, became the first company in South Asia to complete a drawdown under the Bank’s USD1 billion COVID-19 financing commitment.
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* CSE to keep market open today for reduced hours

June 04 (CP) Colombo-The Colombo Stock Exchange (CSE) has decided to keep the market open for a limited period in view of the island wide curfew imposed by the government on Thursday and Friday.
[Full Story]

* Canned fish industry eyes exports with government backing

June 05 (DM) Encouraged by the recent move to re-impose special commodity levy on canned fish imports, Sri Lanka’s canned fish manufactures say that the country could commence exporting canned fish products within two years with the right backing of the government.
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* Customs facing challenge of limiting 24x7 processes to 8 hours

June 04 (Island) Promoting cross border movement, establishing selectivity criteria to facilitate legitimate trade of cargo and limiting 24x7 processes to 8 hours are among the challenges currently faced by the Customs Department, a Sri Lanka Institute of Directors (SLID)-initiated Webinar was told recently.
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* Sri Lankan coir industry resilient in the wake of Covid-19 pandemic

June 04 (DN) Due to the growing popularity of coco substrates in the horticultural industry and the quality of the Sri Lankan coco products, the industry has seen rapid growth. That means that the effects of the lockdown were also very big
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* National tea sales average reaches record level in May

June 06 (Island) Ceylon Tea auction sales reached an all-time high in May 2020, recording a national average of Rs.697.57, surpassing last month’s record. The latest statistics from the industry showed that May 2020 recorded an Rs.8.39 increase
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* Car dealers request more time to clear vehicles from Port

June 06 (DN) Sri Lankan car sales dealers request the government to refrain from charging demurrages and other taxes for a further two month period for imported vehicles pile up in the Hambantota Port.
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* Central Bank to increase refinance facility to 150 mn to assist COVID-19 affected SMEs

June 05 (CP) Colombo- A proposal presented by the president Gotabaya Rajapaksa to increase the Central Bank’s refinancing facility as part of assisting the economic recovery of the small and medium scale businesses has received the approval of the cabinet of Ministers.
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* Sri Lanka EDB sets a revised target of $ 10 bn exports this year

June 05 (CP) Colombo- Sri Lanka has set a revised target of US$ 10.75 billion in exports from an initial target of $ 18.5 billion this year as the global coronavirus pandemic dealt a blow to the top export sector of the country.
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* Compensation payments to the depositors of The Finance Company to commence from June 7

June 04, Colombo: The Central Bank of Sri Lanka has taken steps to pay compensation to the depositors of the collapsed The Finance Company (TFC) from Sunday, 7th June, the Bank said. The compensation payments will be made through the People’s Bank
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* ICRA Lanka expects Sri Lanka’s construction sector to demonstrate resilience despite impact of COVID-19

June 04 (CP) Colombo- ICRA Lanka, a subsidiary of Moody’s Investors Service, expects Sri Lanka’s construction sector to demonstrate resilience and withstand the effects of COVID-19 pandemic compared with other economic sectors of Sri Lanka.
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* SLIM launches ‘Restart Sri Lanka’, national initiative to reengineer businesses

June 05 (Island) The unprecedented Covid-19 pandemic, and the consequent lockdown and curfew have disrupted the daily lives of people and brought all businesses to a virtual standstill. Businesses in Sri Lanka are facing the detrimental consequences of this catastrophe as their very survival is now being threatened.
[Full Story]

* Huawei completes marine survey for Maldives-Sri Lanka Cable project

June 04 (Global Times) Huawei Marine Networks (HMN) said on Thursday that it had completed the marine survey for the Maldives-Sri Lanka Cable (MSC) cable project that directly connects Hulhumale in the eastern Maldives and Mount Lavinia in the west of Sri Lanka, and the cable project is expected to be put into commercial use by the end of 2020.
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* Auditor General says govt. debt understated by over Rs.700bn

June 04 (DM) According to the Treasury, the public debt balance payable by the government stood at Rs.12.18 trillion, at the end of 2019. However, Auditor General W.P.C. Wickramaratne, making his observation to the 2019 annual report of the Finance Ministry, following an audit test check, pointed out that the Treasury understated the government debt by Rs.701.15 billion, for 2019.
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