Corporates brace for up to 20% earnings decline as dismal second quarter comes to an end

Sri Lanka’s listed corporates are expected to report between 15 percent to 20 percent decline in their earnings, as they prepare to close books on one of the worst quarters on record. Analysts are parsing data to understand each company’s operating leverage as most businesses remained either completely or partially shut for nearly two months.

Confectionery industry steps up efforts to use locally-sourced coconut oil substitutes

Sri Lanka’s confectionary industry yesterday said it is actively exploring the avenues to shift towards using locally produced coconut oil substitutes and move away from palm oil fats in their production processes, as directed by the government.

SLT likely to invest US $ 60mn in upcoming SEA-ME-WE 6 submarine cable system

The country’s national telecommunication provider, Sri Lanka Telecom (SLT) PLC, is likely to invest US $ 60 million in the upcoming South East Asia–Middle East–Western Europe 6 (SEA-ME-WE 6) submarine cable system, which is scheduled to be completed by end-2021.

Sri Lanka’s private healthcare sector faces acute shortage of trained medical professionals

The acute shortage of doctors, consultants, trained nurses and other medical staff, has pushed Sri Lanka’s private healthcare sector towards intense competition among the handful of players operating in the sector, leading to poaching and thereby negatively affecting their margins.

HNB witnesses rapid increase in digital remittances

Sri Lanka’s most technologically innovative bank HNB PLC reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.

Six people killed in attack on Pakistan Stock Exchange

At least six people were killed when gunmen attacked the Pakistan Stock Exchange in Karachi yesterday, with a policeman among the dead after the assailants opened fire and hurled a grenade at the trading floor, police said.

Treasury and Central Bank should consider credit guarantees for COVID-19 distressed bank loans

Even though Sri Lanka’s economy has opened up, businesses are still recovering from the dual shock of the locally imposed curfew as well as the global fallback from the coronavirus. A vast majority of Sri Lankan businesses are in need of support if they are to survive the next few months.

Outgoing WB Country Director highlights strengths, opportunities, challenges ahead for Sri Lanka

Outgoing World Bank Country Director for the Maldives, Nepal and Sri Lanka Idah Z. Pswarayi-Riddihough speaks about the highlights of her four years in Colombo. She also shares her thoughts on the opportunities she sees for Sri Lanka and wishes the people of the country the very best as they contend with the impacts of the global pandemic.

Regional Plantation Companies celebrate 27th anniversary

The 27th anniversary of the establishment of Regional Plantation Companies fell on June 23.

Hilton owner to delist shares from CSE

Hotel Developers (Lanka) PLC, the owner of Hilton Colombo, has announced that the State-owned entity will delist its shares from the official list of the Colombo Stock Exchange (CSE) in compliance with applicable regulations and procedures.

Credit guarantee and interest subsidy scheme announced to boost lending

The Central Bank (CB) yesterday announced a credit guarantee and interest subsidy scheme with a view to further accelerate lending by the banking sector to COVID-19 hit businesses in the country.

CB settles over US$ 1 bn debt since April using foreign reserves

Sri Lanka has settled foreign currency loans up to US$ 1,007 million during the three months from April 8 to June 22 using foreign currency reserves as liquidity became challenging due to sour external market conditions and slower foreign earnings resulting from the COVID pandemic.

Dumith Fernando to succeed Ray Abeywardena as CSE Chairman

The Colombo Stock Exchange (CSE) yesterday announced the appointment of Dumith Fernando as the Chairman of CSE Board of Directors with effect from July 1, 2020.

BOC to ink deal with China Development Bank for US$ 140 mn facility

State-owned banking giant, Bank of Ceylon (BOC) and China Development Bank (CDB) are set to enter into a US$ 140 million long-term facility, where drawdown will be under tranches of US$ 70 million each.

Vajira Kulatilaka appointed to Sampath Bank board

Vajira Kulatilaka, who recently retired from the NDB Group, has been appointed as a Non-Executive, Independent Director of Sampath Bank PLC with effect from June 25.

August 1 scheduled airport reopening likely to get delayed

The government is likely to delay the re-opening of the country’s borders as previously planned for August 1, to facilitate the return of Sri Lankan workers stranded abroad due to COVID-19 pandemic.

Worker remittances rebound in May

Income from migrant workers recorded a rebound from the depths it hit in April—may be an indication that the worst is over for the country’s largest source of foreign currency earnings— with work gradually returning to normalcy amid easing of lockdowns and lifting of restrictions on businesses and human movement.

Second stage of compensation payment to TFC depositors begins on July 2

The Central Bank of Sri Lanka (CBSL) has taken measures to commence the second stage of compensation payment to The Finance Company PLC (TFC) depositors with effect from July 2, 2020.

Post-COVID recovery depends on effective execution of public-private vision: CCC

As Sri Lanka looks for avenues to move towards a positive growth trajectory, the Ceylon Chamber of Commerce (CCC) stressed that an accelerated post COVID-19 recovery will be predicated on the effective execution of a public-private shared vision for economic revival and social sustenance.

UNDP provides COVID-19 protective gear to NPC

The United Nations Development Programme (UNDP) recently supported the National Police Commission (NPC) to provide protective equipment to Police officers engaged in COVID-19 tasks.

SLTDA in tussle with Lanka Realty Leisure over leased property in Yala

The Sri Lanka Tourism Development Authority (SLTDA) has got itself into a tussle with real estate and development company Lanka Realty Leisure Ltd, where the latter had filed for an enjoining order, which was issued by the Colombo District Court against the State entity.

Viber cuts business ties with Facebook

Rakuten Viber, one of the world’s leading messaging apps for free and secure communication, announced it will cut all business ties with Facebook.

Asian stocks mostly up after Wall St rally, eyes on second wave

Asian markets bounced back yesterday from the previous day’s steep losses following a strong lead from Wall Street, but an increase in infections across the planet is fanning worries about a second wave.

Vietnam PM warns of economic calamity at ASEAN summit

Vietnam warned yesterday the virus pandemic had swept away years of economic gains as Southeast Asian leaders met online for a summit also dominated by anxiety over Beijing’s moves in the flashpoint South China Sea.

Unilever’s ‘Fair & Lovely’ to get makeover after backlash

Unilever will drop the word “fair” from its “Fair & Lovely” skin lightening products, it said this week in the latest makeover of a brand in response to a global backlash against racial prejudice. Skin lightening cosmetics have a huge market in South Asia, but their promotion is being questioned, especially in the wake of the Black Lives Matter movement.

Colombo Tea Auction sees 6.5 Mnkg coming under hammer this week

The tea auction saw a total of 6.5 MnKg come under the hammer this week where the lot was met with fair general demand.

IT start-up Taloslogy opens new development centre

Taloslogy (Pvt.) Ltd, an information technology start-up company, declared open its new state-of-the-art development centre, in Moratuwa. Taloslogy is an agile organisation, which delivers rapidly changing IT services.

SriLankan converts wide-body passenger aircraft into dedicated cargo carrier

In its quest to continuously support Sri Lanka’s export industries and to keep the country connected with the global economy during the pandemic, the national carrier SriLankan Airlines has converted a wide-body passenger aircraft into a dedicated cargo aircraft.

Exchange controls extended by another 6 months

Cabinet of Ministers has approved to extend foreign exchange controls on outward remittances for another six months to limit outflows to preserve foreign currency reserves while rolling back relaxing of certain regulations on inward remittances amid concerns over money laundering and terrorist financing.

Kasturi Wilson to succeed Steven Enderby as Hemas Group Chief Executive Officer

Hemas Holdings PLC yesterday announced the appointment of Kasturi Chellaraja Wilson as Group Chief Executive Officer, effective October 1, 2020, succeeding Steven Enderby.