Economic

The recovery at the Colombo stock market continued for the second consecutive day with indices on the up on improved turnover.

The first-ever formal discussion on the proposed and controversial new Tourism Act will be held tomorrow.

The country’s fiscal deficit as a percentage of GDP in 2020 had swelled to high of 11.1% from 9.6% in the previous year.

Last year’s figure is also unprecedented considering the fact that the average between 2016 and 2018 was around 5%.

The Inland Revenue Department (IRD) has met 98% of the tax revenue target of Rs. 575.5 million given by the Ministry of Finance for the first three months of this year, the Committee on Public Finance informed.

SLAITO says facilities provided were quite expensive, claims Indian inbound traffic has come to a standstill

Fitch Ratings, the international credit rating agency, has assigned the Capital Alliance Investment Grade Fund a first-time rating of A [Af(lka)], making it the only unit trust fund in Sri Lanka to currently be recognised by the institute.

The Colombo Stock Exchange (CSE) has performed exceptionally well in the past 12 months with the All Share Price Index (ASPI) appreciating more than 55% and the S&P SL 20 Index appreciating more than 44%. In 2021, the Average Daily Turnover of the CSE stands at Rs. 4.8 billion as against Rs. 1.8 billion in 2020.

Deferment follows P’ment having not received Supreme Court’s determination on the Bill as yet

The Central Bank has renewed its call for consolidation within the banking sector to address existing weaknesses and boost resilience, although the sector saw higher growth in assets, deposits and profits in 2020.

Sri Lanka Tourism yesterday notified all ‘Safe and Secure’ travel agents and Level 1 hotels of the ‘limited’ excursions for international travellers considering the spike in COVID-19 cases in the country.

The pandemic impacted salaries in dualistic ways last year, with real wages of formal private sector workers showing a reduction of 4.2% but in contrast nominal wages of public sector workers increased 9.2% and real wages 2.9% in 2020, the Central Bank said.

Government revenue took a nosedive in 2020, recording a decline of 27.7% to Rs. 1.36 billion from Rs. 1.89 billion with tax earnings also dropping 29.9% to Rs. 1.2 billion from Rs. 1.7 billion the previous year, the Central Bank said yesterday.

The Colombo Stock Exchange (CSE) said yesterday that total market turnover in April demonstrated a growth of 29.43% compared to the previous month.

The Consumer Affairs Authority (CAA) and Litro Gas Lanka yesterday locked horns over the new hybrid 18-litre cylinder, with the former insisting the product was in violation of multiple regulations and was misleading the public, while a company official contended they were within legal parameters.

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index, decreased to 3.9% in April 2021 from 4.1% in March 2021, the Central Bank said yesterday.

HSBC yesterday said it has become the first to offer ‘LiveSign,’ a cloud-based service that replaces the paper and ink signature process, in Sri Lanka.

Reuters: Shares ended marginally higher on Monday, driven by gains in financial and consumer staples’ stocks.

Reuters: Shares ended lower on Friday, hurt by losses in industrial stocks.