Reimagining global value chains after COVID-19

COVID-19 is exposing the vulnerability of global value chains (GVCs). GVCs contribute to rapid economic growth by enabling multinational corporations to increase their efficiency through fragmented, task-based specialisation. But they are now quickly spreading the negative economic impacts of COVID-19 from China to many other countries.

A better focus towards a digital economy to revive business landscape

ACCA members have always played a key role in assessing the financial implications and risks faced by Sri Lanka in any crisis and now with the COVID-19 pandemic, they are helping to guide organisations through this challenge and playing a critical part in business continuity and planning for recovery.

Sri Lanka returns to lower middle-income status

The World Bank (WB) has downgraded Sri Lanka from an upper-middle-income country to a lower middle-income one as the country’s Gross National Income (GNI) per capita slipped below upper-middle income country threshold of US$ 4,046.

January-April vehicle registrations plunge

Vehicle registrations fell by nearly 40 percent during January through April as import controls went into effect from mid-March and the lockdowns prevented new registrations during April, according to Department of Motor Traffic data.

Finance company directors get regulator’s nod to serve beyond 70 years

Finance companies can now opt to retain their directors who reach 70 years of age while serving in their respective boards as the Monetary Board has eased rules on the maximum age of a sitting director as companies scramble to fill vacant board seats with fitting candidates.

HNB ranked among top 1, 000 world banks by The Banker again

Cementing an international reputation for excellence, Hatton National Bank PLC was ranked among the Top 1,000 World Banks 2020 for the fourth consecutive year by the UK’s The Banker magazine.

Tea Board pushes industry to adopt best practices to ensure no chemical traces in shipped tea

The global market will soon see zero pesticide residue in premium Ceylon Tea product range as the Sri Lanka Tea Board (SLTB) urges industry players to resort to best agricultural practices that would ensure no trace of chemicals in the final product.

Chiyo Kanda, new World Bank Country Manager for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

Listed firms’ dividend payments to reach shareholders faster with rules change

The recently approved amendments to the listing rules of the Colombo Stock Exchange (CSE) by the Securities and Exchange Commission of Sri Lanka (SEC) will enable shareholders to receive dividends declared by listed companies much faster.

WB announces new Country Manger for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

Reforms for our micro and small businesses

Last Saturday was the UN World Micro, Small, and Medium Enterprises Day, and in light of that, focus should be given to Sri Lanka’s small businesses and the challenges they face.

Ecommerce ecosystem –Example from China

This article is presented in appreciation of China, the world’s second largest economy that went through difficulties due to the epidemic outbreak and now in the process of recovery.

World Bank announces new Country Director for Sri Lanka

The World Bank yesterday announced the appointment of Faris Hadad-Zervos as the World Bank’s new Country Director for Sri Lanka, the Maldives and Nepal, effective from July 1, 2020.

SEC amends rules to woo SMEs, tech start-ups to stock market

The Securities and Exchange Commission (SEC) has relaxed some Listing Rules and introduced new rules, making the route less daunting for small and medium-sized enterprises (SMEs) and business start-ups to seek a listing on the Colombo Stock Exchange (CSE) to gain access to public capital.

Senkadagala Finance secures US $ 25mn FMO facility

Senkadagala Finance PLC yesterday informed the Colombo Stock Exchange (CSE) that it received a US $ 25 million financing facility from the Netherland-based FMO, on June 29, 2020, to enhance its green vehicle portfolio.

ComBank in US $ 50mn private placement deal with IFC

Commercial Bank (Ceylon) PLC, the country’s largest private lender in terms of assets, on Tuesday said it was going for a US $ 50 million private placement deal with International Finance Corporation (IFC), a member of the World Bank Group.

CMPort ropes in strategic investor for H’tota port development

The Hambantota port operator, China Merchants Port Holdings (CMPort), saw 23.5 percent of its shares acquired by Fujian Transportation Maritime Silk Road Investment and Management, a share transfer that took place via an online signing ceremony earlier this week.

IFC exits Cargills Food investment via ‘put’ option

IFC, a member of the World Bank Group, has decided to pull out from the investment made in Cargills Food Processing Company (Pvt.) Ltd (CFC), a subsidiary of Cargills (Ceylon) PLC (CCP).

Monetary Board to consider 3 shortlisted tech firms to develop PoC of blockchain-based shared KYC facility

The Monetary Board of the Central Bank (CB) will consider three shortlisted software development firms to develop a Proof of Concept (PoC) of a shared KYC (know-your-client) facility, based on blockchain technology, for the country’s banking sector.

SOE sector: Promises of change on horizon?

With the harsh reality of a global recession slowly descending on Sri Lanka, questions about government expenditure and its allocation of resources have begun to dominate dinner table discussions. Fears of higher taxation to cover the losses earned and to sustain the blows from the impending recession, have started to emerge.

Global debt and economic recovery

International Chamber of Commerce Chairman Paul Polman speaking at a top-level UN summit last week noted that a US $ 5 trillion trade financing capacity will be needed in 2021, to restore global commerce to its pre-COVID-19 trend.

BOC eyes fresh US$ 300 mn facility to strengthen balance sheet

State-owned banking giant Bank of Ceylon (BOC) is set to receive a fresh injection of US$ 300 million from multilateral lenders within the year, an influx that would assist in further strengthening the bank’s balance sheet.

First Capital forecasts substantial policy rate cut

First Capital Research sees a higher probability for a substantial policy rate cut by the Central Bank at its upcoming Monetary Policy Review scheduled for July 20 to discourage banks’ utilisation of Standing Deposit Facility Rate (SDFR)‎ to park their excess liquidity in order to accelerate lending to COVID-19 hit businesses and individuals.

K.R. Ravindran to head top int’l charity foundation, Rotary

Sri Lankan business leader K.R. Ravindran will assume the Chairmanship of the Board of Trustees of Chicago-based Rotary Foundation today (July 1st).

Sri Lanka Insurance posts record Rs.8.2bn profit before tax

Sri Lanka Insurance (SLI) at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note recording a phenomenal growth with exceptional service innovations.

Sri Lanka’s computer ownership continues to fall

Households owning a desktop computer or a laptop have continued to decline in Sri Lanka during the three years from 2017 to 2019, but the shifting to home working in the aftermath of the coronavirus pandemic may have reversed the trend with people setting up home offices.

June national inflation declines on base effect

Headline inflation as measured by the year-on-year (yoy) change in the Colombo Consumer Price Index (CCPI) declined to 3.9 percent in June 2020 from 4.0 percent in May 2020.

Renewed thinking and focus to revive SL tourism

Sri Lanka ticks all the boxes of an irresistible tourism destination but repeated uncertainties have kept the island nation off the itineraries of its target audience on and off, for decades.

Navigating through pandemic: Apparel sector confident of braving the storm

The start of the coronavirus (COVID-19) pandemic in China last December sent ripples across the global economy but it certainly took time to realise that even the strongest industries would receive a painful hit from the club.

Biz community confused over govt.’s trade policies

The businesses operating in the country are observed to be largely confused as to how they should chart their way forward in the post-lockdown scenario, as the relevant government authorities have failed to be clear in their directives and communication with the business community, with regards to international trade.