Govt. says no change to senior citizen FD rates

The government refutes the claims on any changes to the special interest scheme for senior citizens’ fixed deposits while assuring the scheme would continue with the prevailed interest rate up to now.

SL Tourism receives fresh impetus with BBC no-cost partnership

Sri Lanka tourism has received a much-required impetus for revival with the British public service broadcaster, the British Broadcasting Corporation (BBC) having come on board to promote the island nation to the world.

Tourism authorities lobby for inclusion in travel corridors

Sri Lanka Tourism yesterday said they were working closely with the Foreign Affairs Ministry to include Sri Lanka in developing travel corridors for travel with no quarantine overseas, for returning tourists or visiting Sri Lankans.

Import controls - out of control?

As the COVID-19 virus forced much of the world into lockdown, the scale of interdependence and reliance on trade across nations was apparent by the global urgency to re-open economies as soon as possible.

How should governments regulate technology in post-pandemic world?

Even before the COVID-19 pandemic struck, a combination of technological breakthroughs had been rapidly reshaping the way we lived and worked.

India’s rising infections and falling economic growth

On 2 July 2020, India’s Ministry of Health announced 226,947 active cases of COVID-19, with 17,400 lives lost.

Dart Global to set up US $ 3mn logistics fulfilment centre in Muthurajawela

Dart Global Logistics (DGL) has signed an agreement with the Board of Investment (BOI) to set up a US $ 3 million state-of-the-art logistics fulfilment centre, at the Muthurajawela Industrial Zone, located in Kerawalapitiya, Wattala.

SL faces significant deterioration in debt affordability: Moody’s

Sri Lanka is facing the second most significant deterioration in debt affordability among the non-investment grade sovereigns, amid the erosion in its revenue base and upcoming external debt maturities, according to Moody’s Investors Services.

First half tourism earnings almost halve with zero arrivals for 3 months

Earnings from the tourism trade, Sri Lanka’s second largest foreign currency income after worker remittances, took nearly a 50 percent plunge during the first six months to June, as all forms of cross-border travel were suspended from mid-March since fears of foreign visitors could carry the deadly virus traced back to China.

Kenneth De Zilwa to head Central Bank’s FSSCC

Senior economist Dr. Kenneth De Zilwa has been invited to take over the Chairmanship of the reconstituted Financial System Stability Consultative Committee (FSSCC) of the Central Bank (CB) by CB Governor Prof. W.D. Lakshman, with effect from this month.

EU grant to tourism industry likely to go up to 4mn euros

Sri Lanka’s tourism sector is likely to have its 3.5 million euro grant by the Europe Union (EU) upped to 4 million euros, where the additional funds would be allocated to assist the revival of the tourism industry SMEs hit by the coronavirus pandemic.

Suspension on Perpetual Treasuries extended

The suspension of the business of controversial primary dealer Perpetual Treasuries Limited has been extended by another six months, the Central Bank said yesterday.

National study reveals MSMEs underserved by banking and insurance industry

The local micro, small and medium enterprises (MSMEs) continue to be underserved by the country’s banking and insurance industry, a national study revealed and the failure of an intervention along with the absence of the necessary stimulus during the ongoing crisis will result in a sizable proportion of these businesses to diminish.

Loans under CB liquidity support scheme gather steam

Loans under the Central Bank liquidity support scheme to assist pandemic-affected businesses gathered steam as of late as the banking sector regulator granted approval for 6,314 new applications for Rs.25.3 billion worth loans at 4 percent during the eight days from June 25 to July 2.

Private credit records Rs.70bn negative growth in month of May

Total credit to private individuals and businesses by the banking sector declined by Rs.69.6 billion in May as loan settlements by borrowers who were capable of continuing to service their loans overtook the new loans granted in the month where not much new economic activity happened.

Unemployment picks up in first quarter

Sri Lanka’s unemployment rate rose to 5.7 percent in the first quarter of 2020 from 4.5 percent in the fourth quarter in 2019 and 4.7 percent a year ago as the pandemic-induced business closures limited economic operations from the third week of March appeared to have left some people without jobs.

BOC successfully raises Rs.5bn via new type of bonds

Bank of Ceylon (BOC), the largest bank and the market leader in the financial services sector in Sri Lanka, launched a private placement of Basel III compliant, unlisted, unsecured, subordinated, perpetual, additional Tier I capital bond issue with non-viability write down features.

WSO2 to continue with WFH arrangement till end-2020

Open source technology provider, WSO2 said its employees would continue to work from home till the end of 2020 although the government has given the clearance for both the public and the private sector to resume operations from May 11.

ComBank makes history as only local bank in Top 1000 World Banks for 10 successive years

The Commercial Bank of Ceylon has brought honour to the country’s banking industry by moving up 51 places on the World’s Top 1000 Banks ranking for 2020, and become the only Sri Lankan bank to be on this prestigious list for 10 years in a row.

UK maintains Sri Lanka on travel advisory list

Sri Lanka is not among the list of 67 countries that has been exempted from the Global Travel Advisory or border restrictions for the British nationals against all but essential international travel at the initial stage, the British High Commission in Colombo said issuing a statement.

Tough times ahead but long-term outlook for Sri Lanka’s luxury real estate remains optimistic

The global pandemic is placing new pressure on the already challenging real estate market conditions in Sri Lanka, nevertheless the most elite luxury real estate projects have recommenced construction with vigour and reflect strong optimism despite obstacles ahead.

Virus hands Japan pension fund worst loss since 2008 crisis

Japan’s huge public pension fund, the world’s biggest, said yesterday it had suffered its largest annual loss since the global financial crisis, as markets tumbled amid the coronavirus pandemic.

Central Bank dismisses concerns over potential money laundering activities linked to Special Deposit Accounts

The Central Bank (CB) dismissed concerns over potential money laundering activities linked to the recently introduced Special Deposit Accounts (SDAs) while stressing that the exemptions granted from procedural requirements are provided under the provisions of the Foreign Exchange Act (FEA).

Cyprus to reopen to UK tourists on August 1

Cyprus decided yesterday to welcome tourists from Britain, its largest market, from 1 August if that country’s coronavirus outbreak remains on a downward trend.

Asian stocks extend gains as US jobs trump virus worries

Asian investors welcomed a forecast-busting US jobs report to send regional equities higher yesterday, though an acceleration in virus infections across the world’s top economy tempered big gains.

T.M.F. Packeer re-elected as TISC chairman at 3rd AGM

The 3rd Annual General Meeting of the Tourism Industry Skills Council (TISC) was held on June 11th at the NAITA Auditorium in the presence of senior officials from the respective associations and ex-officios from the public sector institutions.

Ukraine central bank head’s departure sparks global outcry

The IMF and the international business community expressed deep concern Thursday after the governor of Ukraine’s central bank resigned citing political pressure.

SL moves three spots up to 112th position in world Economic Freedom Index

Sri Lanka moved up in Heritage Foundation’s world Economic Freedom Index 2020 by three spots to 112th position, although, the country’s economy remains rated mostly unfree for the sixth year in a row. In the 2020 index, Sri Lanka’s overall score has increased by 1 point due to a higher fiscal health score.

President tells bankers to go grassroots

In order to develop villages, the banking service in the country should understand the rural economy and the needs of the people, President Gotabaya Rajapaksa emphasized.

Trade policy for Sri Lanka’s post-COVID Recovery and refocus

The pandemic is still in its early stages but the economic fallout is likely to be far worse than the global financial crisis of just over a decade ago. Initial data points to the worst slump since the Second World War.