Sri Lankan smEs need some introspection

Many small and medium-sized enterprises (SMEs) complain about lack of access to finance, lack of government support, insufficient customer preference for local products and services and so on. While these may be true, these are not the only reasons some SMEs are unsuccessful.

Rebooting the economy: Restoring travel and tourism in COVID-19 era

A harmonised set of industry-wide health and safety protocols are necessary for travel and tourism to recover.

Rebooting Sri Lanka post COVID-19

The current economic slowdown in South Asia comes against the backdrop of a global public health crisis that has halted economic activities across many economies in the region and beyond. Growth in South Asia is expected to average 2-3 percent in 2020 and then improve to 4-6 percent in 2021.

Port City beach to be opened for public next year

The project company, CHEC Port City Colombo (Pvt) Ltd., is planning to open the beach in the Colombo Port City to the public next year, the Urban Development, Water Supply and Housing Ministry said.

Merchandise exports bounce back in May

Merchandise exports for the month of May 2020 has bounced back to US$ 602 million, compared to the previous month of April, which was only US$ 277 million, according to Customs provisional statistics.

Banks granted leeway to buy sovereign bonds using new foreign inflows

Some leeway has been granted to commercial banks and the National Savings Bank (NSB) to buy sovereign bonds issued by Sri Lanka after three months of suspension, but such purchases should be made using new foreign currency inflows received by the banks.

HNB launches Rs.5bn SME relief fund to support post-COVID recovery

In an effort to finance a grassroots revival of the Sri Lankan economy in the wake of the COVID-19 pandemic, HNB PLC has announced the launch of a Rs.5 billion relief fund, which will be used to provide working capital support to the bank’s sizeable portfolio of Small and Medium Enterprise (SME) customers.

Pharma, consumer biz minimize virus impact on Hemas in 4Q

Pharmaceutical, FMCG and personal care sectors acted largely as a defence against the disruptions brought on by the coronavirus pandemic at Hemas Holdings PLC during the quarter ended March 31, 2020 (4Q20), as they to a larger degree blunted the negative impact coming from the leisure business on the group performance.

SEC advises public to be cautious of fake stockbrokers

The Securities and Exchange Commission (SEC) has cautioned the general public against the growing number of unsolicited phone calls from persons claiming to be agents of international stock broker firms, as an organised group appears to be coaxing gullible investors to invest in shares listed in foreign stock exchanges promising higher returns.

Sapphire Residences - #StrongerTogether

Sri Lanka’s construction sector has come together, stronger and more determined than ever to recommence projects that signify economic renewal, and which promise to reshape Colombo’s skyline

IEA floats ‘green recovery’ plan to boost economies, cut emissions

Australia under cyberattacks from state actor

Australia’s prime minister revealed yesterday his country was under a broad cyberattack from a “state-based actor” targeting government, public services and businesses, with suspicions falling on China.

US seeks ‘reset’ of WTO: official

US President Donald Trump is pursuing a “reset” of the World Trade Organization which he believes has treated American interests unfairly, US Trade Representative Robert Lighthizer said this week.

Asian markets rise as traders focus on the positives

Asian equities rose yesterday as investors went into the weekend on an upbeat note, with an eye on the easing of lockdowns and mostly improving economic data, which offset geopolitical tensions and second wave worries.

DTW in partnership with UPL donates ULV fogging equipment to IDH

DTW International (Pvt) Ltd (DTW) in partnership with UPL Limited (UPL) donated a high tech ULV fogging equipment to combat the COVID-19 pandemic in response to the immediate need at the Infectious Disease Hospital (IDH) of Sri Lanka, the main nerve centre of treating COVID-19 patients in Sri Lanka.

Fitch revises Seylan Bank rating upwards to ‘A(lka)’

Seylan Bank has been endorsed as a financially stable organisation with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised upward, from ‘A-(lka)’ to ‘A(lka).

Developing Asia to grow just 0.1% in 2020: ADB

Developing Asia will barely grow in 2020 as containment measures to address the coronavirus disease (COVID-19) pandemic hamper economic activity and weaken external demand, according to a new set of forecasts from the Asian Development Bank (ADB).

President seeks new investments from EU to revive post-COVID economy

President Gotabaya Rajapaksa this week met EU ambassadors at the Presidential Secretariat for discussions centered on rebuilding the Sri Lankan economy after passing the COVID-19 crisis.

The Finance depositors stage protest

The depositors of The Finance Company PLC (TFC) staged a protest outside the Presidential Secretariat yesterday urging authorities to settle their payments immediately. The Central Bank on May 22 cancelled TFC’s licence to operate as a finance company owing to serious erosion of liquidity.

Exporters cautiously optimistic of business continuity

Sri Lankan exporters are cautiously optimistic on business continuity as a large number of firms have identified new business opportunities arising from the needs combating the COVID-19 pandemic, a survey carried out by USAID revealed.

Tourism biz to get concessionary loan scheme to fund salaries of next six months

The Tourism Development Authority (SLTDA) has announced a concessionary loan scheme for struggling tourist establishments to fund salary payments of estimated 144,000 employees during next six months based on 2019 EPF payment records.

Hayleys group delivers profit growth in challenging year

The Hayleys group’s geographical and sectoral diversity enabled it to deliver earnings growth in an extremely challenging year, with profit-after-tax increasing by 5 percent year-on-year (YoY) and profit attributable to equity holders growing by 40 percent in 2019/20.

SMEs praise credit rollout, call for speedier outlay

Sri Lanka’s latest credit and refinancing support for private sector has been lauded by the country’s micro and SME sectors.

BOC slashes rates for lending facilities with immediate effect

In line with the government’s rapid development plans for SME, agriculture and social development, the Bank of Ceylon (BOC) will extend its loan facilities to a number of selected sectors.

Carson Cumberbatch supports fight against COVID-19

Business conglomerate, Carson Cumberbatch PLC, extended support to Sri Lanka’s healthcare sector over the past few months in its effort to combat and contain the spread of COVID-19 in the country.

European stocks ease as BoE to unveil more stimulus

European stock markets eased yesterday after recent gains, with the Bank of England set to unveil more massive cash stimulus for Britain’s virus-hit economy. Earlier, Asian equity indices closed mixed after a two-day rally, with traders weighing concerns about a new wave of coronavirus infections against massive monetary easing and stimulus measures.

First phase of initiative to digitise CSE launched

As the first course of action of the joint committee between the Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE), it has been decided to convert the paper-based statements to electronic form and to facilitate the companies listed on the CSE to pay dividends electronically to shareholders.

Condominium sector picking up fresh interest from homeowner segment

Sri Lanka’s condominium sector is observed to be gradually moving towards a positive growth trajectory, after a few months of slowdown and is witnessing fresh interest from the homeowner market segment.

Softlogic Capital launches 2 unit trusts

Softlogic Invest, the asset management arm of Softlogic Capital PLC, recently launched two unit trusts or mutual funds — Softlogic Equity Fund and Softlogic Money Market Fund, after obtaining the licence from the Securities and Exchange Commission (SEC) of Sri Lanka.

Three-member committee appointed to probe into irregularities at leasing and finance companies

Central Bank Governor Prof. W.D. Lakshman has appointed a three-member committee to probe into the alleged irregular and unlawful activities at finance and leasing companies.