Sri Lanka’s pension system ranked third worst among 70 nations

Sri Lanka has the third worst pension system among 70 nations, in terms of sustainability and adequacy, according to the latest Allianz Group Pension Index (API).

Asian markets mostly up as lockdown easing trumps profit-taking

Asian equities mostly rose yesterday as long-running optimism over the reopening of economies overcame early profit-taking to extend a rally across world markets. Sydney and Hong Kong were the standout performers, with traders picking up the baton from Wall Street where the Nasdaq ended at a record high and the S&P 500 wiped out all its losses for the year.

E-commerce in Sri Lanka – A legal overview

The COVID-19-related lockdowns and the continuing need to follow social distancing rules even once the lockdowns are lifted, mean that we will not be going back anytime soon to what it was like in the pre-pandemic days. For businesses, this means an urgent re-evaluation and overhaul of business models to meet the many challenges inherent in the post-COVID-19 economic environment, including a seismic shift in consumer behaviour.

Project company to pump in additional US $ 1bn to Port City

The Colombo Port City will witness the injection of an additional investment with its project developing company, China Harbour Engineering Company (CHEC), coming forward to pump in a further US $ 1 billion.

WB forecasts SL economy to contract by 3.2% this year

The World Bank (WB) Group projects Sri Lanka’s GDP to contract by 3.2 percent this year and to remain flat at zero percent next year, underscoring that a V-shaped recovery is unlikely for the country from the coronavirus-induced recession.

IFC provides US $ 50mn to ComBank to help SMEs amid COVID-19

IFC, a member of the World Bank Group, is providing a US $ 50 million loan to Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest private bank, to help small and medium businesses in the country deal with the adverse economic impacts of COVID-19.

Sunshine Holdings rating revised to ‘A(lka); Outlook Stable

Fitch Ratings has revised the National Long-Term Rating of Sunshine Holdings PLC to ‘A(lka)’, from ‘A-(lka)’ and has simultaneously affirmed its Outlook Stable.

Visas of foreigners in the country extended till July 11

The government has extended all visas of foreigners in the country till July 11, as many were unable to get an appointment before the previous deadline of June 11, the country’s immigration office said.

Chevron Lubricants eyes significant growth in exports to Bangladesh, Maldives

Sri Lanka’s lubricant market leader, Chevron Lubricants Lanka PLC, plans to grow its exports aggressively to Bangladesh and the Maldives, as the export volumes to Bangladesh hit an all-time high in 2019.

People’s Bank slashes agri loan scheme interest rate to 9.5%

People’s Bank has reduced the interest rate of the ‘Aswenna’ loan scheme, a unique product that is aimed at creating a self-sufficient nation, with immediate effect.

Sri Lanka’s economy after COVID-19

We implemented a proper methodology to defeat the threat of the coronavirus (COVID-19). Our next requirement is to win the economy by following an appropriate similar mechanism to overcome economic problems.

Sri Lanka’s response to COVID-19 has been noteworthy and needs to stay on course

Sri Lanka has reported 1730 cases of COVID-19 as of June 3. The authorities and the medical staff have responded effectively to the crisis and need to say on course. The effort is being acknowledged in the region as an example. The challenge from now on would be to stay on course and not lose the gains.

CB assures resilience of financial system

Central Bank Governor Prof. W.D. Lakshman issuing a special statement yesterday assured the resilience of Sri Lanka’s financial system and all possible measures taken by the Central Bank to ensure the safety of the deposits of the general public.

Supply chain disruptions, price controls spark demand for contract manufacturing of pharma

Coronavirus may have disrupted supply chains around the world and caused widespread economic pain but the pandemic is slowly re-setting the global world order which dominated manufacturing and trade for half a century, foreign entities have been forced to re-think of their business models as they are increasingly seeking local partners to sub-contract their manufacturing to serve local demand.

Sri Lanka to open doors for tourists begining August

Coming August, Sri Lanka will open its doors to tourists from across the world, a step it will take by having in place strict safety guidelines and precautionary measures against the COVID-19 threat.

MarCom Collective commissions E&Y to study industry’s economic significance

The MarCom Collective has commissioned Ernst and Young Sri Lanka (EYSL) to undertake a comprehensive study on the country’s marketing communications industry and its contribution to the Sri Lankan economy.

Apparel sector worries deepen

Worries continue to deepen for the local apparel sector with the concessionary loans under the emergency COVID-19 refinance scheme not being released yet despite the government having made the announcement nearly two months ago.

Near-term life insurance growth to become subdued due to reliance on human interaction for policy sales: Fitch

If there has been any growth in Sri Lanka’s life insurance business so far, that is mostly owed to its agency network that relies on human interaction for policy sales, but that very human interaction has now tuned in to a potential deterrent to generate new business in the world of social distancing putting a dampener on the sector’s growth in the near term, according to Fitch Ratings.

Reduced volumes, supply chain disruptions hurt Expolanka March performance

Significantly reduced volumes from customers and disruptions to the supply chains due to the coronavirus, of which Expolanka began to feel from as early as January, undermined the company’s performance in the quarter ended March 31, 2020.

Voice of a Professional Educator and Peace Ambassador: Dr Varun Gupta on the global epidemic, Child Domestic Violence

The Peace Ambassador, Dr Varun Gupta believes that children of all genders, social backgrounds, nationalities, and ages are harassed, smacked, tortured, and also killed with an accelerated algorithm since recent past. Violence against children is taking the shape of a global epidemic. Today, child abuse and violence are not only limited to homes and families but also schools, colleges, offices, and societies.

MAS becomes first in SA to complete drawdown under StanChart’s US$ 1bn COVID-19 financing commitment

Standard Chartered announced this week that MAS Intimates (Pvt) Ltd., a division of MAS Holdings, became the first company in South Asia to complete a drawdown under the bank’s US$ 1 billion COVID-19 financing commitment.

Canned fish industry eyes exports with government backing

Encouraged by the recent move to re-impose special commodity levy on canned fish imports, Sri Lanka’s canned fish manufactures say that the country could commence exporting canned fish products within two years with the right backing of the government.

Asian stocks reach two-month high on economic recovery hopes

Asian shares rose to a two-month high yesterday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic.

Cinnamon Hotels & Resorts gears to resume operations after extensive safety protocols

Cinnamon Hotels & Resorts has implemented a series of safety protocols taking a holistic approach to sanitation across all hotel spaces.

Emirates offers flights for passengers to 29 cities, resumes transits through Dubai hub

Payments to The Finance depositors to begin on June 7

The Central Bank yesterday said the first phase of compensation payment for The Finance Company PLC (TFC) would start on June 7.

Payments to The Finance depositors to begin on June 7

The Central Bank yesterday said the first phase of compensation payment for The Finance Company PLC (TFC) would start on June 7.

BSL organises virtual dialogue to mark World Environment Day

In commemorating World Environment Day (WED), which falls today, Biodiversity Sri Lanka (BSL), in collaboration with its Initiating Partner - Dilmah Conservation (DC) and Associate Member - the United Nations Development Programme (UNDP), will host a virtual dialogue on the Post-2020 Global Biodiversity Framework and the Role of Business on June 9th.

CB should take responsibility for collapse of financial institutions under its supervision: PM

The Central Bank of Sri Lanka (CBSL) should take the responsibility when financial institutions approved by it and under its supervision go into bankruptcy, Prime Minister Mahinda Rajapaksa said.

Construction sector appears resilient as projects pick up pace

Sri Lanka’s construction sector appears largely resilient to the shocks reverberating from the coronavirus-related economic malaise compared to other sectors, as the projects are gradually gaining pace after the easing of curfew while the companies largely operate with secured funding, alleviating any serious liquidity issues, said ICRA Lanka Research.