E-commerce giant JD raises US$3.9 bn in Hong Kong listing

Chinese e-commerce giant JD.com said yesterday it raised HK$30.1 billion (US$ 3.9 billion) in its Hong Kong initial public offering, making it the world’s second-biggest so far this year.

UK backtracks on post-Brexit import checks: reports

Britain will apply “light-touch” border checks on goods from the European Union when the Brexit transition period ends this year so as to help firms hit by the coronavirus crisis, reports said yesterday.

Heads of State to join biz leaders and UN chiefs to discuss crucial topics at Global Compact Leaders Summit

German Chancellor Angela Merkel and the Presidents of Botswana, Colombia, Costa Rica, Ethiopia will join dozens of Chief Executive Officers and UN chiefs at the United Nations Global Compact Leaders Summit next week to address the private sector’s response to three global crises – health, inequality and climate.

Equities stutter on economy, second wave fears

Equities and oil sank yesterday while the dollar rallied as investors ran for the hills following the worst Wall Street rout since March, fuelled by worries about the economic recovery and a second virus wave in the US.

ETI Investigation Committee meets President

The inquiring committee appointed to investigate alleged irregularities in the ETI Investments met President Gotabaya Rajapaksa at the Presidential Secretariat this week.

People’s Bank’s SDA to drive inward remittances, boost investments

People’s Bank has stepped forward to boost the government’s efforts to rebuild Sri Lanka while providing eligible individuals and organisations with a significant investment opportunity by introducing the People’s Bank Special Deposit Account (SDA).

SL among top ten travel destinations GCC keen to promote: Survey

Sri Lanka is among top ten destinations that the outbound tour operators of Gulf Cooperation Council (GCC) countries are planning to actively promote from July when air travel returns with the relaxation of COVID-19 related restrictions, a survey conducted by Germany based Aviareps showed.

Brewing a fresh Ceylon Tea cuppa: Private sector to lead way forward

Sri Lanka’s tea industry that has been in existence for over 150 years has certainly captured the world with its rich aroma. However, it continues to follow its old ways and that has led to a slowdown.

Monetary Board approves new law to regulate moneylenders

In what could be termed as a long overdue regulatory reform to the country’s financial system, the authorities are now working to enact new laws to regulate the informal money lending business to protect people who often fall victim to those individuals and firms referred to as loan sharks.

New study estimates massive social and environmental cost of Norochcholai power plant

The total externality cost (social and environmental damage) due to the emission of greenhouse gases by (GHGs) by Lak Vijaya Coal Power Plant (LVPP) in Norochcholai has reached Rs.36.6 billion (US$ 244 million) per annum, while burdening the local economy with a cost between Rs.15.7 billion to Rs.16.7 billion per annum, a study showed.

Build buffers to cushion against future disasters, stresses former CB Governor Coomaraswamy

As Sri Lanka is highly vulnerable to external shocks, such as those stemming from climate change and natural disasters, senior economist and former Central Bank Governor Indrajit Coomaraswamy stressed it is essential for the country to look at building buffers instead of choosing to continue to live on the edge.

Stocks sink on dark Fed outlook, second wave fears

World stock markets sank anew yesterday as the US Federal Reserve warned over the “highly uncertain” economic outlook due to the coronavirus pandemic -- and investors eyed fears of a second wave of the killer disease in the United States.

CB’s top researcher reveals how external agencies forecast doomsday scenarios

Central Bank’s top researcher recently revealed how external agencies, including that of the World Bank, International Monetary Fund (IMF) and rating agencies project doomsday scenarios for the Sri Lankan economy even when the country is rapidly returning to normalcy after the COVID-19 outbreak.

UN webinar on using data to better position SMEs in post-COVID-19 context

The immense health crisis created by COVID-19 has also rapidly caused a global economic crisis, threatening small, and medium sized enterprises (SMEs) and the livelihoods of workers in Sri Lanka and around the world.

Govt. nod for hotel industry wage support scheme and utility concessions

The Hotels Association of Sri Lanka (THASL) yesterday thanked the government and particularly Sri Lanka Tourism for granting a wage support scheme for employees of the hotel industry and concessions for the payment of utilities.

Maldives brings forward reopening date to July

The Maldives is reopening to visitors but while anyone with a super yacht or private jet can already head to the Indian Ocean destination, normal travellers will have to wait a few more weeks.

ADB study shows dampened employment prospects for Sri Lanka due to COVID-19

Businesses across all sectors in the country have massively cut down or completely frozen job postings in the recent months and despite the economy being reopened for nearly four weeks, no real recovery is seen in industries creating job opportunities.

Piramal Glass incurs Rs.450mn sales loss due to production stoppage

Piramal Glass Ceylon PLC (PGC) said it incurred a loss of sales to the tune of Rs.450 million, including exports worth of Rs.200 million, during the month of March, due to the closure of operations amid COVID-19 lockdowns.

ADB approves US $ 3mn grant to assist SL’s response to COVID-19

The Asian Development Bank (ADB) has approved a US $ 3 million grant from its Asia Pacific Disaster Response Fund (APDRF), to further assist Sri Lanka in its response to the novel coronavirus disease (COVID-19) pandemic.

Lankan gig economy lacks level playing field as foreign players not subject to local regulations and tax laws

The Sri Lankan gig platforms are at a disadvantage over their foreign counterparts, who have their operations here, as the former comes under regulatory scrutiny and local tax laws while the latter is not, says the Central Bank.

SL gets euro 11mn technical assistance grant from German govt.

An agreement was signed by the Government of Sri Lanka with the Government of Germany yesterday to obtain a technical assistance grant of euro 11 million, to implement two projects pertaining to vocational training and SME development.

Port City to resume construction in full swing from mid-July

The construction activities of the multibillion dollar Colombo Port City (CPC) is expected to resume work in full swing from mid-July onwards, as more workers return to work with the gradual easing of COVID-19-related restrictions in Sri Lanka.

Covid-19 impact on Sri Lanka’s advertising industry

Advertising is the meaningful connecting bridge of brands and consumers! Building familiarity, awareness, increase sales and brand building are some of the key responsibilities of advertising. Even in an era when the media landscape is getting fragmented with fast innovation of digital media touch points, traditional media still becomes the choice of many brand owners as well as advertisers.

Shavendra addresses Ceylon Chamber committee on managing COVID-19

Lieutenant General Shavendra Silva, Chief of Defense Staff, Commander of the Sri Lanka Army, and Head of the National Operational Center for Prevention of COVID -19 addressed the monthly committee meeting of the Ceylon Chamber of Commerce on ‘The successful Management of COVID-19 pandemic in Sri Lanka and the way forward,’ recently.

No school, no meals: Sri Lanka’s battle against child malnutrition amidst COVID-19

Although Sri Lanka performs well in most health indicators, child nutrition remains a major issue. According to the Demographic and Health Survey (DHS) 2016, in Sri Lanka, more than 20 percent of children under five years, are underweight.

Ban it or approve it: Planters cannot wait as plants are already two years over matured

The plantations industry continues to offer employment to about 140,000 directly employed and to almost 1.5 million dependents during the countrywide shut down, owing to the COVID-19 pandemic.

Banking sector non-performing loan ratio edges up in first quarter to 5.1%

Sri Lanka’s banking sector asset quality measured by the gross non-performing loan (NPL) ratio edged up to 5.1 percent during the first three months of 2020, from 4.7 percent at end-2019, broadly in line with the expectations, the latest Central Bank data showed.

Central Bank defends money printing

The Central Bank flat out rejected the notion propagated by certain parties with ideological bias that attempt to always showcase money printing as bad and said those were the ones who were ignorant of the role of the Central Bank.

Apparel sector shows signs of recovery from pandemic; but worries persist beyond June

Sri Lanka’s apparel sector is showing signs of recovery from the impacts of the pandemic, with the lockdowns being carefully lifted world over but the industry players expect to receive a new hit come July, as demand for safety gear, which has helped many manufacturers stay afloat, is likely to decline.

Expo 2020 Dubai postponed by one year

Expo 2020 Dubai is gearing up to help shape a post-pandemic world and create a better future for all, after a two-thirds majority of the Bureau International des Expositions (BIE) member states voted in favour of postponing the next World Expo by one year.