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Saturday May 18th, 2024

Sri Lanka bond yields down at open

ECONOMYNEXT – Sri Lanka’s bond yields were down at open on Tuesday, following the policy rate hike on Friday dealers said.

A bond maturing on 01.07.2025 was quoted at 31.70/32.00 percent on Tuesday, down from 32.00/75 percent on Friday.

A bond maturing on 15.05.2026 was quoted at 28.70/25 percent, down from Friday’s close at 29.00/75 percent.

A bond maturing on 15.09.2027 was quoted at 28.00/90, down from 28.25/29.25 percent.

The Central Bank’s stopped the daily guidance peg for interbank US dollar transactions from March 07 onwards after the spot market operations reinitiated since last week.

The CBSL last quoted guidance peg stood at 346.17 rupees against the US dollar. (Colombo/Mar 07/2023)

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Sri Lanka’s ‘Sancharaka Udawa’ tourist fair seeks to involve universities

ECONOMYNEXT – Sri Lanka’s ‘Sancharaka Udawa’ tourism fair kicked off this week to promote interaction between industry stakeholders and relevant Government bodies, including the Tourist Police, and also universities.

“Several universities, including Colombo, Uva Wellasa, Kelaniya, Sabaragamuwa and Rajarata were given free stalls to facilitate student interaction with industry professionals,” Chairman of the Sancharaka Udawa Organising Committee, Charith De De Alwis said in a statement.

The event takes place today (18) at the BMICH and houses stalls for hoteliers, tour and transport services, with a goal of attracting 10,000 visitors.

Organized by the Sri Lanka Association of Inbound Tour Operators (SLAITO) and the Sri Lanka Tourism Promotion Bureau (SLTPB), the 11th edition of Sancharaka Udawa offers a platform for both B2B and B2C sectors.

“Sancharaka Udawa houses over 170 exhibitors and a footfall of more than 10,000 visitors,” De Alwis said.

This year’s edition will include participants from outbound tourism sectors to facilitate capacity building. The event provides networking opportunities for industry newcomers and veterans.

“The networking platform offers opportunity for small and medium-sized service providers integrating them into the broader tourism landscape. The anticipated outcome is a substantial increase in bookings particularly for regional small-scale tourism service providers.” (Colombo/May18/2024)

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Sri Lanka’s CEB sells LTL shares to West Coast IPP for Rs26bn

ECONOMYNEXT – Sri Lanka’s state-run Ceylon Electricity Board has sold shares of an affiliate to West Coast Power Company Limited, an independent power producer giving profits of 25.9 billion rupees in the March 2024 quarter, interim accounts showed.

The sale has been carried out as a transfer.

“Twenty-eight percent (28-pct) of share ownership of CEB within LTL Holding’s equity capital has been transferred to West Coast Power Company Ltd for a total consideration of Rs 26 billion as part of a partial settlement of outstanding dues…” the March interim accounts said.

“This transaction resulted in a net gain of Rs25.9 billion rupees which has been recognized and reflected in the ‘Gain from Share Disposal’ in the individual financial statement in CEB.”

LTL Holdings is a former transformer making unit of the CEB set up with ABB where the foreign holding was sold to its management.

The firm has since set up several IPPs.

West Coast Power operates a 300MW combined cycle IPP in Kerawalapitiya promoted by LTL group liked firms in which both the Treasury and Employees Provident Fund also have shares.

Its operational and maintenance contract is with Lakdhanavi, another private IPP. The firm has been paying dividends.

The capital gain from the transfer of shares helped the CEB post profits to 84 billion rupees for the March 2024 quarter.

CEB reported gross profits of 62.7 billion rupees from energy sales and 30.6 billion rupees in other income and gains in the March 2024 quarter. Other income was only 3.1 billion rupees in last year. (Colombo/May18/2024)

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Sri Lanka mulls mandating prices for shopping bags in supermarkets

ECONOMYNEXT – Sri Lanka may end the practice of supermarkets giving free shopping bags, as part of efforts to contain plastic use according to deliberations at a parliamentary committee following a supreme court decision.

Sri Lanka’s courts many years ago barred supermarkets from charging for plastic bags from customers after activists went to court.

However a Supreme Court ruled in March this year to overturn that.

The parliament Sectoral Oversight Committee on Environment, Natural Resources and Sustainable Development said it could not reverse the gazette issued under the Consumer Affairs Authority Act until it had received a copy of the ruling.

The committee said the ruling might prompt shoppers to bring their own bags, which would lead to a reduction in polythene waste.

It may only apply to supermarkets and not to smaller merchants, however. (Colombo/May18/2024)

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