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Last Updated = Mon, Nov 29, 2021, 01:51 pm SL Time

* HNB focused on remittances as an engine for development

Nov 29 (CP) Colombo- Underpinning the power of remittances to drive development and in support of Central Bank of Sri Lanka’s (CBSL) efforts to optimize inward remittances to Sri Lanka, leading private sector bank HNB PLC, recognized and rewarded their top achieving customers, at a special ceremony at their premises.
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* Assets of the Employees Provident Fund reach Rs 3.1 trillion amid the Covid crisis

Nov 29 (CP) Colombo- The Central Bank of Sri Lanka says that the assets of the Employees Provident Fund (EPF), the largest retirement fund in the country, have exceeded Rs. 3.1 trillion despite the Covid crisis. According to the Central Bank, the EPF is the largest superannuation fund in Sri Lanka which operated with an asset base of Rs. 3.1 trillion as at end August 2021.
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* Sale of Unilever’s global tea business unlikely to have immediate impact on Ceylon Tea

Nov 29 (DM) The proposed disposal of Unilever’s global tea business including Lipton brand to CVC Capital Partners is unlikely to impact Sri Lanka’s tea industry in the short-term, but it may pose challenges and opportunities for the industry in the long run depending on future directions of the new owners, experts say.
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* Brandix secures 7th Exporter of the Year Award

Nov 28 (CP) Colombo- Leading Sri Lankan apparel manufacturer Brandix was named ‘Exporter of the Year’ for the 7th time, winning the Award for 2019/20 at the 25th Presidential Export Awards 2019/20 and 2020/21.
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* Hirdaramani Group launches ‘Future First’ Sustainability Roadmap 2025 laying out meaningful business impact

Nov 27 (CP) Colombo- Hirdaramani Group has launched its Sustainability Roadmap, ‘Future First’ – a unified and holistic sustainability plan with ambitious targets for 2025. The Group’s ‘Future First’ roadmap collates and builds on several years of sustainability efforts
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* SriLankan Airlines committed to serve India as the Airline continues to consolidate operations to pre-COVID-19 levels

Nov 26 (CP) Colombo- SriLankan Airlines, today, assured to Indian travelers that the Airline is committed to increase the flights to destinations that were temporarily halted due to the pandemic, restore operations to pre-COVID-19 levels, and offer Indian travelers a wide range of connections to Sri Lanka.
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* Sri Lankan shares end higher as industrials, financials gain

Nov 26 (Reuters) Sri Lankan shares ended up over 1% on Friday at a record high, boosted by gains in industrial and financial stocks, marking their best week since early October.
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* Target for $3 b ICTA industry as planned

Nov 28 (ST) The target to make US$ 3 billion ICT industry in three years from the current $ 1.5 billion is underway with the Information and Communication Technology Agency (ICTA) incubating 450 start-ups by year-end, officials said. “In the next year, we aim to have 600 start-ups and bring it to 1000 more start-ups.
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* Sri Lanka’s textile garment exports on path to cross $5bn this year

Nov 27 (F2F) After registering a steep fall of 21 per cent year-on-year to $4.423 billion last year, textile and garment exports from Sri Lanka are likely to cross $5-billion mark in 2021, as the island nation has already earned $3.893 billion until September, growing at 18.5 per cent year-on-year, according to the statistics released by the Central Bank of Sri Lanka.
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* ‘IMF bailout viable option for mounting debt repayment’

Nov 26 (DN) Whichever government is in power they would have to face the current dollar crunch, escalating global commodity prices, pandemic and most of the other current issues and one way out of this is to look for a IMF funding Chair of LIRNEasia, Prof. Rohan Samarajiwa at The Advocata Institute organized building political consensus for economic reforms event at BMICH on Wednesday.
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* Central Bank to clamp down on unofficial moneychangers such as ‘Hawala’

Nov 26 (DM) The Central Bank will soon start cracking down on informal money exchangers such as ‘Hawala’ as the country continues to lose a significant amount of foreign exchange received via migrant worker remittance which started slowing down from around June this year as the people chose the unofficial channels which changes foreign currency at a much higher rate than the formal banks.
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* ADB honors ComBank as Leading Partner Bank for Trade and Supply Chain Finance

Nov 29 (CP) Colombo- The Commercial Bank of Ceylon has been adjudged the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank in Sri Lanka’ at the 2021 edition of its Trade and Supply Chain Finance Program (TSCFP) Awards that recognize banks that support trade in Asia and the Pacific.
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* Suspension of raw material imports: Half a million jobs at stake in footwear industry

Nov 29 (Island) Jobs of around 500,000 locals involved in the footwear and leather products industry were at stake owing to a decision by ministry officials to suspend imports of essential raw materials, warns Sri Lanka Footwear and Leather Products Manufacturers Association.
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* Sri Lankan stocks soar even as economic alarm bells ring

Nov 29 (Nikkei AR) Two weeks ago, Sri Lanka’s share index hit 11,000 for the first time, capping a busy trading day at the Colombo Stock Exchange. But outside on the capital’s streets, thousands marched in protest against the country’s spiraling cost of living amid shortages of gas, sugar, milk powder and other essentials.
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* Central Bank dismisses rumors that migrant workers’ remittances forcibly converted into Sri Lankan Rupees

Nov 27 (CP) Colombo- The Central Bank of Sri Lanka has stated that rumors that remittances sent to Sri Lanka by Sri Lankan workers abroad will be forcibly converted into Sri Lankan Rupees are completely false.
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* SLT-MOBITEL appoints Cricketing Star Wanindu Hasaranga as Brand Ambassador

Nov 26 (CP) Colombo- Wanindu Hasaranga, the explosive all-rounder making strides in International Cricket, was recently appointed as Brand Ambassador for SLT-MOBITEL, the National ICT Solutions Provider recently.
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* ComBank partners with PayHere to offer Q+ users a unique eCommerce experience

Nov 26 (CP) Colombo- The Commercial Bank of Ceylon has partnered with PayHere, Sri Lanka’s largest Aggregated Internet Payment Gateway Service, to offer users of its Q+ Payment App a unique, user-friendly and secure eCommerce experience.
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* INSEE Cement signs MOU with Hambantota International Port to improve supply chain efficiency

Nov 26 (CP) Colombo- The Hambantota International Port Group (HIPG) Thursday signed an agreement with INSEE Cement, the leading cement manufacturing company in Sri Lanka, to ensure the efficient transfer of raw materials to their factory in Galle, via the Hambantota Port. This will have a positive impact on the operational efficiency.
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* Govt looks for potential investors

Nov 28 (SO) The Government is looking for potential investors to develop identified state land and properties under the Public-Private Partnership (PPP), State Minister of Urban Development, Waste Disposal and Community Cleanliness, Dr. Nalaka Godahewa said
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* Sri Lanka sovereign debt default appears increasingly likely

Nov 26 (Capital.com) Beth Morrissey, recently received a phone call from a client who said they must be reading fake news about Bangladesh providing a $200m currency swap to the Central Bank of Sri Lanka.
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* LOLC retains the top spot in the LMD 100 as the Most Profitable Listed Entity, three years in a row

Nov 26 (Island) Having recorded a whopping post-tax profit of Rs. 53 billion, LOLC retains the No. 1 spot in the 28th edition of the LMD 100 as Sri Lanka’s ‘Most Profitable Listed Company’ in 2020/21.
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