The document provides an overview of recent economic and business news in Sri Lanka based on a December 2021 issue of the Commercial Bank of Ceylon's Economic Capsule newsletter. Some of the key topics covered include:
- ComBank opening a new banking counter and winning several awards for its annual report and client engagement.
- Sri Lanka's inflation reaching double digits in November 2021 driven by food and non-food price increases.
- Fitch downgrading Sri Lanka's sovereign rating to 'CC' due to heightened default concerns over foreign reserves.
- Tourism arrivals to Sri Lanka surpassing 150,000 in 2021 as the sector continues recovering.
- Nine new sites being selected for sustainable tourism
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
2. C O N T E N T S
BANKING & FINANCE
ComBank opens banking counter at Dept. of Immigration and Emigration
ComBank first Sri Lankan bank to win IFC’s CAFI Climate Impact Awards
ComBank wins its 16th Gold for Best Annual Report in Banking sector with
three more awards
ComBank remains highest-ranked bank in Business Today’s ‘Top 40’
ComBank wins Daraz award for ‘Best Engaging Overall Cards Base’
ECONOMY & BUSINESS
Provincial Gross Domestic Product -(PGDP)- 2020
NCPI - Year on Year Inflation reaches double digit levels
Fitch downgrades SL to ‘CC’ on heightened default concerns
CSE makes constituent changes to S&P Sri Lanka 20 Index
External sector performance Jan-Oct 2021 (USD Mn)
Tourist arrivals to Sri Lanka top 150 ,000 this year
ECONOMY & BUSINESS (Cont.)
Nine more sites handpicked to be transformed into sustainable tourist
destinations
Sri Lanka’s Manufacturing PMI – Nov 2021
Sri Lanka’s Services PMI – Nov 2021
Raga’ branded ‘kithul’ toddy to be produced for local, global markets
News Snippets
INTERNATIONAL
Europe considers new curbs as Omicron sweeps world
Fitch says inflation is prompting global monetary policy normalization
Fitch says Asia Pacific Sovereigns to make headway on policy normalization
in 2022
Leftist Gabriel Boric to become Chile's youngest ever president
Global Economic indicators - 2021
4. ComBank opens banking counter at Dept. of
Immigration and Emigration
Research & Development Unit
The Commercial Bank of Ceylon has
opened a banking counter at the
Department of Immigration and
Emigration for the convenience of
visitors and staff.
Besides providing routine banking services,
the counter will provide advice on foreign
currency accounts, remittance services and other products offered by
Commercial Bank.
5. ComBank first Sri Lankan bank to win IFC’s
CAFI Climate Impact Awards
Research & Development Unit
Sri Lanka’s first fully carbon neutral Bank, the
Commercial Bank of Ceylon has emerged as one
of the top banks – and the only Sri Lankan bank –
to win two Climate Assessment for Financial
Institutions (CAFI) awards from the International
Finance Corporation (IFC).
These ground-breaking climate impact awards were conferred on
Commercial Bank in acknowledgement of the Bank’s estimated
greenhouse gas (GHG) reduction and for completing the highest
number of climate finance transactions in South Asia in 2020.
Commercial Bank’s climate finance achievement included the reduction of 208,400 tonnes of carbon dioxide
equivalent (tCO2e) of greenhouse gas which is equivalent to removing more than 40,000 cars from the roads, and
the disbursement of 416 green loans or climate finance transactions that meet the CAFI criteria.
6. ComBank wins its 16th Gold for Best Annual
Report in Banking sector with three more awards
Research & Development Unit
The Commercial Bank of Ceylon
won four awards for its 2020
Annual Report at the CA Sri
Lanka awards, including two
Gold Awards – the Bank’s 16th
Edmund J. Cooray Memorial
Trophy for the Best Annual
Report among Banking
Institutions since 2001, and the
Gold for Corporate Governance
Disclosure.
Reaffirming the Bank’s consistency in financial reporting excellence, the report – themed ‘A century of experience. A
year of reinvention’– was also recognized for ‘Overall Excellence in Annual Financial Reporting’ with a Bronze
award and won the Bronze for ‘Integrated Reporting: Best Disclosure on Capital Management.’ Incidentally, this is
also the 16th occasion that Commercial Bank has been ranked among the top three companies overall for financial
reporting since 2001.
7. ComBank remains highest-ranked bank in
BusinessToday’s ‘Top 40’
Research & Development Unit
The Commercial Bank of Ceylon has retained its long-
established status as the highest-ranked bank in the ‘Business
Today’ ranking of Sri Lanka’s best-performing companies in
2020-21 and is placed third in the overall ranking this year,
which for the first time comprises of 40 entities.
This is the 13th consecutive year that the Bank has been ranked
among the top five companies in the country by Business Today,
which assigned Commercial Bank a total score of 33.05 on a
scorecard that ranged from 7.35 for the 40th ranked company to 37.25 for the
company placed first in this latest edition of the ranking, released in December 2021.
8. ComBank wins Daraz award for ‘Best Engaging
Overall Cards Base’
Research & Development Unit
The Commercial Bank of Ceylon was
presented the award for ‘The Best Engaging
Overall Cards Base’ at the recent ‘Payment
Partner Performance Awards 2021’ of Daraz,
South Asia’s premier online shopping
marketplace.
The Bank was awarded this title for empowering the Daraz
platform by generating the highest number of transactions by
both credit and debit card bases and the highest number of
unique buyers’ engagement during the financial year 2020-
21.
This is the second consecutive year that the Bank was honored with this award.
10. Provincial Gross Domestic Product
(PGDP)- 2020
Research & Development Unit
Amidst outbreak of the COVID-19 pandemic, Western province continued to be the nerve center of
the economy whilst its share declined, contributing to an overall contraction
Western province secured the largest share (38%) of the country’s
nominal GDP. However, due to slow down in economic activities
due to the pandemic situation, the share declined by 1% from 2019.
Central (11.3%) and North Western (11.0 %) provinces were ranked
at second and third positions, respectively.
PGDP shares increased in North Western, Southern,
Sabaragamuwa, and North Central provinces while in
Western and Northern provinces, share decreases
could be observed year-on-year.
Source: CBSL
11. Provincial Gross Domestic Product
(PGDP)- 2020 (Cont..)
Research & Development Unit
All the provinces have contributed fairly in terms of the Agricultural activities
ranging from 7.7% to 17.6% whereas North Western, Southern and Central
provinces were the top contributors to the Agricultural activities of the country.
Western province has pioneered in the Industry activities with a contribution of
44.6% while Central and North Western provinces became second and third
largest contributors.
In terms of Services activities, Western province recorded the highest
contribution of 39.3% while Central and Southern provinces had the second and
third highest contributions.
Compared to the previous year, only Sabaragamuwa
province has increased its shares across the three activities.
On contrary, Western province shares in all the activities
have declined from the previous year while other provinces
have shown a mixed performance
12. NCPI -Year onYear Inflation reaches double
digit levels
Research & Development Unit
Headline inflation, as measured by the year-
on-year (Y-o-Y) change in the National
Consumer Price Index (NCPI, 2013=100),
increased to 11.1% in November 2021 from
8.3% in October 2021, the highest value since
the index was introduced.
Inflation was driven by monthly increases of prices of items in
both Food and Non-food categories.
Subsequently, Food inflation (Y-o-Y) increased to 16.9% in November 2021 from 11.7% in October 2021, while
Non-Food inflation (Y-o-Y) also increased to 6.2% in November 2021 from 5.4 % in October 2021.
Source: CBSL
13. Fitch downgrades SL to ‘CC’ on heightened
default concerns
Research & Development Unit
Fitch Ratings joined the list of global rating
agencies to downgrade Sri Lanka’s sovereign rating
for the second time in an year on the mounting
concerns of a debt default in the coming months
due to razor-thin external reserve buffers, which
depleted faster than what the rating agency had
anticipated a year ago.
Fitch Ratings cut Sri Lanka’s Long-Term Issuer Foreign Currency Issuer
Default Ratings (IDR) to ‘CC’ from ‘CCC,’ adding that they do not
assign Outlooks or amplify modifiers for sovereigns at or below ‘CCC’
rating.
“The downgrade reflects our view of an increased probability of a default event in coming months in light of Sri Lanka’s
worsening external liquidity position, underscored by a drop in foreign-exchange reserves set against high external debt
payments and limited financing inflows. The severity of financial stress is illustrated by elevated government-bond yields and
downward pressure on the currency,” – Fitch Ratings.
14. CSE makes constituent changes to S&P Sri
Lanka 20 Index
Research & Development Unit
The Colombo Stock Exchange (CSE) has announced the annual changes in S&P Sri Lanka 20 index
constituents made by S&P Dow Jones Indices at the 2021 year-end index rebalance.
The exclusions and inclusions as announced by S&P Dow Jones Indices, effective from 20 December
(after the market close of 17 December) are presented below in alphabetical order.
Updated S&P SL 20 List
Source: CSE
15. Research & Development Unit
External sector performance Jan-Oct 2021
(USD Mn)
Source: CBSL
Category Jan-Oct 2020 Jan -Oct 2021 Growth %
Merchandise Imports 13,145 16,632 26.5
•Consumer Goods 2,818 3,124 10.8
•Intermediate Goods 7,393 9,923 34.2
•Investment Goods 2,921 3,576 22.4
•Unclassified 12 9 -30.0
Merchandise Exports 8,299 10,134 22.1
•Industrial Exports 6,319 7,853 24.3
•Agricultural exports 1,950 2,228 14.3
•Mineral exports 18 36 98.5
•Unclassified 12 17 36.7
Trade Balance -4,846 -6,498 -34.1
Tourism 682 82 -88.0
Worker’s Remittance 5,680 4,895 -13.8
Gross FDI (Jan – Jun) 351 398 13.4
Merchandise exports during the first ten months of
2021 ended with a growth of 22.1% compared with
the corresponding period of 2020*, while
merchandise imports grew by 26.5% for the same
period amid continuation of restrictions on non-
essential imports.
*However, Merchandise exports recorded its highest
monthly exports value in history in October 2021, as
the export earnings were recorded at USD 1.2bn, up
40.4% year-on-year (YoY), which also marked the
fifth consecutive month of above USD 1bn of export
earnings.
Overall, the trade deficit expanded significantly by
34.1% during Jan-Oct 2021 period compared to the
corresponding period in 2020.
Worker’s Remittances for the month of
October 2021 was USD 317Mn down by
49.7% YoY.
16. Research & Development Unit
External sector performance Jan-Oct 2021
(USD Mn) – Cont.
Source: CBSL
Highest growth % in Merchandise Exports
Category Jan-Oct
2020
Jan -Oct
2021
Growth %
Transport
Equipment
58.7 126.5 115.5
Mineral Products 18.1 36.0 98.5
Ceramic Products 18.2 31.0 70.3
Highest growth % in Merchandise Imports
Category Jan-Oct
2020
Jan -Oct
2021
Growth %
Other Investment
goods
2.6 4.7 78.7
Rubber and articles
thereof
182.7 323.4 77.0
Base Metals 385.4 655.8 70.2
Category Jan-Oct
2020
Jan -Oct
2021
Growth
%
Textile &
garments
3,645.0 4,403.9 20.8
Tea 1,031.8 1,096.1 6.2
Rubber products 644.8 861.3 33.6
Highest Contributors Merchandise Exports
Category Jan-Oct
2020
Jan -Oct
2021
Growth
%
Fuel 1,905.2 2,596.8 36.3
Textile & textile
articles
1,581.7 2,049.4 29.6
Machinery &
equipment
1,665.5 2,205.9 32.4
Highest Contributors Merchandise Imports
17. Research & Development Unit
Tourist arrivals to Sri Lanka top 150,000 this
year
Sri Lanka welcomed a total of 47,120
tourists in the first 20 days of December,
already surpassing November’s arrival
figures, which were the highest for the
year.
With the increase in tourist arrivals witnessed in
December, the number of international visitors entering
the country this year has crossed the 150,000 mark.
In an effort to increase the month-on-month growth rate of tourist arrivals, a joint promotion will be
implemented by the Tourism Ministry and national carrier SriLankan Airlines.
“These promotions will be implemented through social media and it has been decided to implement
these integrated promotions at international conferences, conferences and exhibitions in the field of
tourism and aviation in foreign countries,” Tourism minister said in a statement to the media.
Source: SLTDA
18. Research & Development Unit
Nine more sites handpicked to be transformed
into sustainable tourist destinations
The Tourism Ministry has selected nine more sites to be transformed and developed into
sustainable tourist destinations, which will be done with the support extended by the
United Nations Development Programme (UNDP).
The nine destinations that will receive a fresh facelift are Sigiriya, Pilikuttuwa Forest Monastery,
Wanathawilluwa Gangewadiya, Ellawala -Ella, Waulpane Limestone Cave, Delft Island, Madunagala
Hot Springs, Panama Village and Mihintale.
The Minneriya and Yala National Parks have already been promoted as the first eco-friendly sustainable
tourist destinations – free of the use of plastics, according to the ministry.
The financing for the conversion of the selected tourist sites will come from the UNDP fund for
Biodiversity Financing.
19. Sri Lanka’s Manufacturing PMI – Nov 2021
Research & Development Unit
Benefitting from the normalising of economic activities in the country,
the Manufacturing PMI continued to expand in November 2021 and
recorded an index value of 61.9. The significant increases in Production,
New Orders, and Stock of Purchases sub-indices were mainly
contributed to this improvement in the PMI
A significant increase was observed in New Orders, particularly in the manufacture of food & beverages sector Many respondents in this sector mentioned that they secured more orders
in November 2021 than the previous month, for the upcoming festive season. Further, Production, especially in the manufacture of textile and wearing apparel sector increased during the
month. Many respondents in this sector highlighted that their production levels were able to increase in November 2021 catering to the seasonal demands. Meanwhile, Employment
expanded at a slower rate compared to the previous month.
The Stock of Purchases increased in line with the improvement in New Orders and Production, and some respondents in the manufacture of textile and wearing apparel sector highlighted
that they increased purchases, anticipating supply-side disruptions due to upcoming Chinese new year holidays. Meanwhile, Suppliers' Delivery Time lengthened at a slower rate in
November 2021. The continuous increase in the cost of imported raw materials, mainly due to rising global commodity prices, has been highlighted as a major concern by most of the
respondents in all sub-sectors. In the next three months, expectations for manufacturing activities remain at higher levels anticipating further improvements in economic condition locally
and globally
20. Sri Lanka’s Services PMI – Nov 2021
Research & Development Unit
Services sector PMI registered an index value of 62.1 indicating a
further solid performance in November 2021. This increase was
underpinned by the increases observed in New Businesses, Business
Activities, Employment and Expectations for Activity sub-indices.
The Index
PMI is calculated as a ‘Diffusion Index’, where it takes values between 0 and 100.
PMI = 50 - sector remained neutral on month-on-month basis
PMI > 50 - sector is generally expanding on month-on-month basis
PMI < 50 - sector is generally declining on month-on-month basis
21. ‘Raga’ branded ‘kithul’ toddy to be produced
for local, global markets
Research & Development Unit
Industries minister has declared open the Agri Deshiya
Ltd. factory in Kuruwita.
The factory manufactures canned toddy and ‘kithul’
related products for both local and global markets.
The factory manufactures canned toddy with the brand
name ‘Raga,’ while it also promotes ‘Kithul Ra’ and other
related products.
22. Research & Development Unit
Cabinet extends grace period for tourist
accommodations to settle electricity
bills
The hard-hit tourism industry will receive the much sought
after relief in the payment of utility bills with the Cabinet of
Ministers having approved a concession scheme put forward
by the Tourism Ministry.
In an effort to help the tourism sector revive from the dual
impacts of the 21/4 attack and the COVID-19 pandemic, the
Cabinet decided to extend grace period provided to tourist
accommodation providers to pay their utility bills.
News Snippets
CSE Developments
New CSE Listings
Kapruka.com
Co-operative Insurance Company Ltd
LOLC General Insurance Ltd
First Capital Treasuries PLC
Myland Development Ltd
Hsenid Business Solutions Ltd
Sarvodaya Development Finance Ltd
Meanwhile The Colombo Stock Exchange has formally approved the initial public offering
(IPO) of Hela Apparel Holdings Limited, the holding company of Hela Clothing Group,
with the offer set to open on Wednesday, January 12, 2022. This highly anticipated IPO,
by one of Sri Lanka’s leading social-capital-focused apparel supply chain solution
providers, will see 267,108,998 new ordinary voting shares offered to the public at a per-
share price of Rs.15.00.
Also a leading pest control company Exterminators announced its plans to list on the
Colombo Stock Exchange, subject to obtaining relevant regulatory approvals in the near
future.
Fuel price hike to result in 3% acceleration in inflation
Based on Central Bank projections, the government expects this week’s fuel price hike to
add to 3% acceleration to inflation given its multiplier effect on key sectors of the
economy.
SL’s first cable car project to reach
completion in 18 months: SLTDA
Sri Lanka’s first cable car project is gearing up to kick off soon
and will reach completion within 18 months from the date of
receiving all approvals, the Sri Lanka Tourism Development
Authority (SLTDA) said.
The Cable Car Project, which is an initiative of Outdoor
Engineering Lanka (Pvt.) Ltd and facilitated by the SLTDA, will
allow Sri Lankans to offer cable car experiences for the
first time.
24. Europe considers new curbs as Omicron sweeps
world
Source: economic times
Research & Development Unit
Countries across Europe were considering new curbs
on movement, with German scientists urging
maximum and immediate restrictions on social
contacts as the Omicron variant swept the world days
before the second Christmas of the pandemic.
Omicron infections are multiplying across Europe, the United States and Asia, including in Japan, where a single
cluster at a military base has grown to at least 180 cases.
Germany, Ireland, the Netherlands and South Korea are among countries to have re-imposed partial or full
lockdowns or other social distancing measures, in recent days.
British Prime Minister Boris Johnson said on Monday he was looking at all kinds of measures to keep Omicron
under control.
Sweden will urge all employees to work from home if possible and impose tighter rules for social distancing. In
neighboring Denmark, Omicron is now the predominant variant, Health Minister Magnus Heunicke said.
25. Research & Development Unit
Fitch says inflation is prompting global
monetary policy normalization
The scale and longevity of the global inflation shock has taken most forecasters and central banks by
surprise and is bringing forward the start of global monetary policy normalization, says Fitch Ratings in
its latest Global Economic Outlook (GEO).
A strong recovery in global aggregate demand in nominal terms over the past year has not been
matched by an equal recovery in output. Supply bottlenecks resulted in real GDP expanding by less than
expected in 3Q21, with prices increasing by more than anticipated.
Fitch has cut its 2021 growth forecasts for the US, Germany and Japan, reflecting recent supply-chain-
related disruptions to industrial production.
Global growth forecast for 2022 has also been cut, to 4.2% from 4.4%, but this primarily reflects a more
intense slowdown in China
26. Fitch says Asia Pacific Sovereigns to make headway
on policy normalization in 2022
Research & Development Unit
Fitch Ratings projects fiscal deficits to
narrow in nearly all APAC sovereigns in
2022, as relief measures unwind and
revenue ratios rise with the recovery of
domestic demand.
It said the narrowing of deficits would
generally be modest, however, as
governments exercise caution in
withdrawing support in view of fragile
recoveries and risks to the outlook.
Consolidation strategies were delayed in APAC emerging markets in 2021, as authorities grappled with further
outbreaks of COVID-19. For example, Malaysia (BBB+/Stable) rolled out a series of fiscal support packages in 2021.
Indonesia (BBB/Stable) relaxed budget targets for 2021 and 2022, even though the authorities aim to bring the
deficit back to within their 3% of GDP ceiling by 2023.
Fitch said consolidation efforts were proceeding more steadily in developed markets, where fiscal relief packages
were larger relative to GDP than in emerging markets and where vaccine rollouts were more advanced.
27. Leftist Gabriel Boric to become Chile's youngest
ever president
Source: BBC
Research & Development Unit
Leftist candidate Gabriel Boric has won Chile's presidential
election to become the country's youngest ever leader.
In what was expected to be a tight race, the 35-year-old
former student protest leader defeated his far-right rival
José Antonio Kast with a majority of 55.87%.
Mr Boric told supporters he would look after democracy, promising
curbs on Chile's neoliberal free market economy. He will lead a
country that has been rocked in recent years by mass protests
against inequality and corruption.
28. Global Economic indicators - 2021
Research & Development Unit
Source: Economist
Country GDP - 2021 Q3
(YoY%)
Consumer Prices –
Nov (YoY %)
Unemployment (%) Currency Units
(Per USD) as @
Dec 15
United States 4.9 6.8 4.2 (Nov) -
China 4.9 2.3 5.0 (Nov) 6.36
Japan 1.2 0.1( Oct) 2.7 (Oct) 114
Euro Area 3.9 4.9 7.3 (Oct) 0.89
Britain 6.6 5.1 4.2 (Sep) 0.76
Germany 2.6 5.2 3.3 (Oct) 0.89
India 8.4 4.9 7.0 (Nov) 76.2
29. The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC
The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information,
it should be noted that Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence
of using such information for whatever purpose.
< Research & Development Unit >