Central Bank extends grace period of 4% working capital loans by three months

The Central Bank yesterday said the six-month grace period extended for 4 percent working capital loan scheme would be extended to nine months in light that most of the borrowers have experienced difficulties in revamping their businesses as expected due to the second wave of the COVID-19 pandemic.

Vision Care donates cold centrifuge to MRI

Vision Care, Sri Lanka’s pioneering eye care service provider, donated a cold centrifuge to the Medical Research Institute to contribute towards Sri Lanka’s battle against the COVID-19 pandemic.

EasyJet in talks with German govt. for virus aid

British budget carrier EasyJet is in talks with the German government for aid to manage the fallout from the coronavirus pandemic, its CEO said in an interview with a German business magazine.

Dialog Axiata’s Genie enhances e-payment security with tokenization

Offering customer’s greater avenues of convenience coupled with a future-fit payment security model Genie, Sri Lanka’s first PCI-DSS-certified payment app, powered by Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has adopted tokenization technology to eliminate friction in its payment process and provide a quick checkout experience.

SLIC Insurance payments made easier and safer

Sri Lanka Insurance (SLIC), the national insurer has facilitated an array of payment channels at this hour of need honouring customer needs while ensuring their safety and wellbeing.

HackaDev 2020 accelerates new innovations in new normal

The COVID-19 pandemic has in many ways compromised the meaningful engagement of youth in achieving the 2030 agenda for sustainable development.

Asian markets mostly up after week-long rally, eyes on US vote

Most Asian markets rose yesterday after the week’s strong gains with traders upbeat as the chances of Joe Biden winning the US election increased and after the Federal Reserve indicated it could provide further economic support.

UK faces ‘significant disruption’ from Brexit: Govt. watchdog

Government failures to prepare for Brexit mean the UK faces “significant disruption” when it is fully free of the European Union on January 1, an official watchdog said yesterday.

CB extends grace period of 4% working capital loans by 3 months

The Central Bank today said the six-month grace period extended for 4 percent working capital loan scheme would be extended to nine months given that most borrowers have experienced difficulties in revamping their businesses as expected due to the second wave of the COVID-19 pandemic.

Market regains ground; ASPI crosses 6, 000-point mark

The main All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) yesterday crossed the 6, 000-point threshold as investors reacted positively to the government’s decision to lift police curfew in the Western province on Monday and implying that further lockdowns unlikely despite continuous discovery of new COVID-19 cases.

JKH sees faster than expected recovery in 2Q barring leisure sector

Faster than anticipated recovery in business activities and strong consumer demand lifted performance at John Keells Holdings PLC (JKH) as most of its businesses reached pre-pandemic levels barring the leisure segment.

Hayleys group rubber glove maker sees surge in 2Q sales and earnings

Hayleys group subsidiary, Dipped Products PLC, emerged a winner during the September quarter (2Q21) with its revenues and earnings surging amid higher demand for rubber gloves due to health requirements necessitated by the COVID-19 pandemic.

LOLC credits impressive financial performance to global expansion

Diversified conglomerate LOLC Holdings PLC’s focus on overseas expansion has allowed the group to emerge as the most profitable listed entity for two consecutive years, a path that it would continue to explore as Sri Lanka’s economy looks to adjust to repetitive shocks faced since 2019.

Indian billionaire Adani set to develop Colombo Port’s ECT

India’s Adani Group is the front-runner to develop Sri Lanka’s stalled East Container Terminal in Colombo port, people with knowledge of the matter said, helping billionaire Gautam Adani expand his port business overseas.

CCC’s Sri Lanka Economic Summit to go virtual

Sri Lanka Economic Summit (SLES) 2020, organised by the Ceylon Chamber of Commerce (CCC), will be hosted as a virtual event for the first time, due to the ongoing global health crisis.

Deadline extended for filing income tax returns

The government has extended the last date to file income tax returns without a penalty to February 28, 2020, the Inland Revenue Department (IRD) said.

Oct. national tea sales average up despite production drop

National sales average for tea leaped by Rs.24.37 for the month of October from the previous month, an increase despite a dip in production.

CCC’s Sri Lanka Economic Summit to go virtual

Sri Lanka Economic Summit (SLES) 2020, organised by the Ceylon Chamber of Commerce (CCC), will be hosted as a virtual event for the first time, due to the ongoing global health crisis.

KICKASS Bootcamp 4th edition uplifts skills of women entrepreneurs

Amidst a backdrop of uncertainty, Hatch and London Stock Exchange Group (LSEG) SL successfully completed the fourth iteration of the KICKASS Bootcamp, a one-month long development program designed to address fundamental business development skills and gender-specific elements faced by women thereby empowering a whole new batch of future women leaders.

What can we learn from the int’l context?

Amidst the severe disruptions triggered by the COVID-19 pandemic, it is important for economies to formulate and implement effective policies to mitigate the negative impacts induced by the crisis. As noted by the International Monetary Fund (IMF), the pandemic has intensified the need for fiscal policy action at an unprecedented level.

Get down now to the business of development

Now that the executive and legislature have all that they asked for it is time to get down to the most critical aspect of business – meaningful action!

Economic centres reopen

The Narahenpita Dedicated Economic Centre, along with the other economic centres in Ratmalana, Hokandara and Veyangoda, was reopened yesterday,

EU unimpressed with Sri Lanka’s import ban

The European Union (EU) recently highlighted concerns with regard to Sri Lanka’s import restriction that is currently in place to prevent the outflow of foreign exchange, calling the ban “unfair”.

Crysbro lauds govt.’s initiative to strengthen local maize cultivation

Poultry company Crysbro has commended the government’s initiative to revive and reinforce Sri Lanka’s maize cultivation industry, in a bid to bolster the country’s food security agenda.

Deposit rates fall further as dovish monetary policy continues to adjust market rates

Deposit rates fell further in October, continuing its descent into the 10th consecutive month since the Monetary Board turned dovish in January, reflecting the highest level of monetary policy transmission efficacy in recent history.

Cargills puts up robust 2Q show amid pent-up demand

The pent-up demand drove Cargills Ceylon PLC to peak sales during the three months to September (2Q21), as the group more than recouped the lost sales during the pandemic-hit previous quarter to eclipse its last year’s performance.

Laugfs Gas back in black in 2Q riding on economic rebound

Laugfs Gas PLC returned to profitability in the three months to September (2Q21), as the company sailed on the economic rebound since the easing of the coronavirus lockdowns in May.

StanChart Sri Lanka clinches ADB’s prestigious Trade Finance Deal award

Standard Chartered Sri Lanka has won the Asian Development Bank’s (ADB) prestigious Trade Finance Deal of the Year 2020 (Confirming Bank) award, at the Trade and Supply Chain Finance Programme (TSCFP) Awards, hosted virtually on October 28, 2020.

Damro further expands showroom network in India amid slowdown in biz in SL

Damro, South Asia’s largest furniture manufacturer, has planned to set up 25 mega showrooms within next six months, further strengthening its showroom network in India.

October export earnings resilient despite virus snags

Sri Lanka’s export sector has once again shown its resilience to help keep the economy humming, as it generated near billion dollar earnings for the fifth consecutive month, albeit some slowdown was seen compared to the previous couple of months.