Sri Lanka adds more workers to agriculture sector in second quarter

Sri Lanka added more workers to the agriculture sector during April-June 2020 (2Q) period amid the urgent need to ensure food security and to bring in much foreign exchange as possible to the economy beset by the pandemic. According to Census and Statistics Department data,

H’tota Chamber to teach Chinese to local community

The Hambantota District Chamber of Commerce (HDCC) has joined hands with the Colombo University China Language Center and the Hambantota International Port to provide Chinese language lessons to Hambantota district residents.

Stocks mixed as United States stimulus hopes fade

Global stocks were mixed yesterday before a key deadline to agree a pre-election US stimulus package as concerns weighed over a fresh surge in coronavirus infections.

First Capital sees less chance for another rate cut tomorrow

First Capital Research (FCR) has lowered its bets on another round of monetary policy easing by way of a rate cut announcement tomorrow as the country’s macro-economic indicators point to an improved economic health with easing financial conditions.

CSE approves Softlogic Finance’s Rs. 1.9bn rights

Softlogic Finance PLC has received Colombo Stock Exchange (CSE) approval for its rights issue of Rs. 1.9 billion as the Extraordinary General Meeting of the company fixed for November 9, 2020, with the funds expected to be received by the company by end-November.

Fitch Ratings raises concerns on finance companies’ ability to withstand losses amid protracted stresses triggered by pandemic

Joining in the bandwagon of issuing cautionary signals on the country’s finance leasing company (FLC) sector, Fitch Ratings yesterday said the pandemic induced pressures on asset quality and profitability would test the companies’ loss absorption capacity while noting that most companies have the capital and profit buffers, sufficient enough to cushion against moderate asset quality shocks.

Close associates of COVID-19 patient from Hirdaramani Kahathuduwa facility tests negative

PCR tests of over 250 close associates of the COVID-19 positive employee at Hirdaramani Kahathuduwa facility have come out negative, the management of the apparel manufacturer said.

Hambantota Chamber partners with HIPG to teach Chinese to local community

The Hambantota District Chamber of Commerce (HDCC) has joined hands with the Colombo University China Language Center and the Hambantota International Port to provide Chinese language lessons to Hambantota district residents.

Reviving Sri Lanka’s economy beyond COVID-19

The Sri Lankan economy is likely to face a contraction in 2020, as a direct result of the COVID-19 pandemic but there is potential for this to be followed by a sharp V-shaped economic recovery.

Financial literacy among undergraduates – Research findings of concern

The proud Sri Lankan history has been nurtured by the scriptures and other systems since the visit of Arahat Mahinda and the literacy rate of Sri Lankans has been aptly proved by their ability to grasp modern technology in relation to main fields such as engineering, accounting, management and other disciplines.

Sri Lanka economy caught between a rock and a hard place: Yet a stitch in time could save nine

Like many countries, Sri Lanka continues to face a daunting economic landscape. The World Bank projects economic contraction of -6.7 percent, ADB -5 percent and IMF -4.6 percent for 2020. Even the most pessimistic of these projections is not unfavourable when compared with other countries in the region and beyond.

Flushed with liquidity, finance firms settle debt at record pace

Overabundance of liquidity caused by the lacklustre growth in loans in the sector, Sri Lanka’s non-bank lenders are settling vast sums of their borrowings to banks, with larger players leading the pack, as they appear to reduce their leverage in the absence of meaningful growth in the sector.

Free daily trade alerts for stock market investors via SMS

The Colombo Stock Exchange (CSE) now sends a customised daily trade alert to investors at the end of each trade day, notifying them of all transactions that are carried out through their securities accounts in CDS.

Melsta Labs gears to perform real-time PCR tests

The healthcare arm of Harry Jayawardena-controlled Melstacorp Group plans to perform real-time PCR (RT-PCR) tests with further plans to venture into retail pharmaceutical business.

HNB says head office cleared by health authorities

Hatton National Bank PLC (HNB) in a statement yesterday confirmed that further to one staff member having tested positive for the coronavirus on October 15, all staff working in the relevant area of level 19, HNB Towers and close associates, who underwent PCR testing, were all diagnosed as negative.

SLASSCOM gears up to launch ‘Startup Sri Lanka’

With the objective of taking local start-ups to commercial level and thereon to the global market, the Entrepreneurship and Innovation Forum of the Sri Lanka Association for Software Services Companies (SLASSCOM) recently kicked off an ambitious agenda, with the main highlight being a programme to mentor and uplift local start-ups.

LOLC enters Zambia to carry out finance business

Sri Lanka’s LOLC Group has commenced its operations in Zambia recently, with the official launch of its inaugural branch located in Lusaka.

Govt. must take lead in providing social welfare, not private sector: IPS

The ongoing health crisis saw the private sector step up efforts in extending relief to vulnerable groups but it is the government that must take the lead in the area of social welfare, the Institute of Policy Studies (IPS) stressed.

Positive July-Sept. earnings season could stoke next market rally: Analysts

With the July-September earnings season underway, stock market analysts believe that the corporate earnings have largely turned a corner—barring the sectors which were directly hit by the virus, such as travel and tourism—and thus could power the next round of market rally.

HNB says head office cleared by health authorities

HNB in a statement to media a few minutes ago confirmed that further to one staff member having tested positive for the coronavirus on October 15, all staff working in the relevant area of level 19, HNB Towers and close associates who underwent PCR testing were all diagnosed as negative.

Free daily trade alerts for stock market investors via SMS

The Colombo Stock Exchange (CSE) now sends a customized daily trade alert to investors at the end of each trade day notifying them of all transactions that are carried out through their Securities accounts in the CDS.

Several MAS employees in high risk areas tested positive for COVID-19

Apparel manufacturing major MAS Holdings said a few of its employees living in the high risk areas have been found COVID-19 positive and hence the company is carrying out PCR tests at all its manufacturing facilities across the island.

LOLC enters Zambia to commence finance operations

The LOLC Group commenced its operations in Zambia recently with the official launch of its inaugural branch located in Lusaka.

Worker remittances inflow remains resilient

Sri Lankans working abroad sent in substantially more money to their kith and kin back home in September with cumulative remittances eclipsing the total amount of moneys remitted back to the country during the nine months in 2019, signaling the resilience and the relative stickiness of the crucial foreign exchange income earner to the country.

ASPI up over 2.5% last week; average turnover tops Rs.4.3bn

Buoyed by positive local investor sentiment, the main All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) rose 2.54 percent or 147.07 points last week to 5, 945. 79, while the more liquid S&P SL20 Index rose 0.93 percent or 21.93 points to 2, 370.43.

‘All doom and gloom for NBFIs,’ reveals First Capital Research report

The recovery in private credit and the broader economic revival post-coronavirus are expected to lift many economic participants and sectors other than finance companies, as they could be left behind due to intense competition from banks, while leasing—which accounts for more than two thirds of their loans—has significantly slowed amid import controls on vehicles.

Sri Lanka produces record paddy harvest in 2020

Sri Lanka produced a record paddy harvest in 2020 as both cultivation seasons gave a bumper crop as favourable weather, robust policy assistance and assurance of guaranteed prices gave hope and certainty to the farming community to cultivate a larger extent of paddy land than they did three years ago.

Over 15,000 PCR tests carried out at BOI factories

Following the Minuwangoda factory outbreak that has become the biggest COVID-19 cluster in the country, over 15, 000 PCR tests have been carried within factories under the Board of Investment (BOI) in the last few days.

COVID-19 positive case at Hirdaramani Kahathuduwa

Following a routine PCR testing at Hirdaramani Industry, an employee associate attached to the Kahathuduwa facility had tested positive for COVID-19.

CB approves Rs.178bn in loans for COVID-19 affected businesses, individuals

The Central Bank has approved Rs.178 billion worth of loans under its Saubagya COVID-19 Renaissance facility from April 1 through October 15, surpassing the originally determined limit of Rs.150 billion committed for businesses and individuals hurt by the pandemic.