Disillusioned, Sanjiva Weerawarana quits ICTA board

The Chief Architect and Founder of WSO2, Dr.Sanjiva Weerawarana has stepped down from the board of the Information and Communication Technology Agency (ICTA) after little over a six-monthperiod following his appointment to the board in December last year, citing his inability to become a typical board member.

Ranil calls for major restructuring of economy

Former Prime Minister Ranil Wickremesinghe called for a major restructuring of the Sri Lankan economy as a financially challenged future is foreseen for the country, and despite economic challenges faced, he stressed it was time for the island nation to learn to look after itself.

Thailand passes record stimulus package to combat virus impact

Thailand’s parliament approved yesterday a near US$ 60 billion stimulus package, the kingdom’s biggest-ever cash injection, to revive an economy that has been hammered by the coronavirus.

Cigarette Taxation: Rs. 20 billion extra revenue in 2020, if indexation implemented

The Sri Lankan government is facing a budget and revenue crisis triggered by the mitigation measures taken to reduce the spread of Covid-19.

Plan well for sustenance for your small business after Covid-19

Small and Medium Scale Enterprises make up a large part of Sri Lanka’s economy, accounting for 80 percent of all businesses.

Volkswagen invests 2 bn euros in Chinese electric vehicle sector

Volkswagen said yesterday it will invest around 2 billion euros (US$ 2.2 billion) in two Chinese companies in the electric vehicle sector, calling it “the world’s biggest market”.

Euro business loans up as firms seek cash to weather virus

Growth in lending to eurozone businesses continued to accelerate in April as companies sought funds to cope with the tough coronavirus lockdowns which hit activity, European Central Bank data showed yesterday.

HPB launches automated Messenger experience to aid Sri Lankans fight against COVID-19

Sri Lanka’s Health Promotion Bureau (HPB) has launched an automated Messenger experience, with support from Facebook and Arimac Digital, a digital product development company, to ensure that people in Sri Lanka are kept up-to-date, and have access to the right information during the current, COVID-19 health situation.

Tokyo stocks close lower on US-China tension

Tokyo stocks closed lower yesterday, snapping a four-day winning streak, with investor sentiment dampened by rising US-China tensions over Hong Kong.

US layoffs exceed 40 mn but some returning to work

The number of workers filing for jobless benefits since the coronavirus arrived in the United States passed 40 million this week while manufactured goods sales plunged even as signs emerged that people are returning to work.

Education Ministry enables digital and interactive classrooms with Microsoft

Microsoft and the Ministry of Education in Sri Lanka have signed a memorandum of understanding (MOU) on May 14 to advance remote pedagogy during a time when the health and safety of educators and students is paramount. The agreement will enable educators to embrace Microsoft Office 365 tools and build their IT competence, while efficiently engage students in virtual classrooms.

ILO calls for urgent and large-scale policy responses from governments

The International Labour Organisation (ILO) called for urgent and large-scale policy responses from governments across the world so that the long lasting damage to young people in terms of education, training, and labour market prospects can be prevented.

President appeals for “unconditional” budget support from intl. lenders to revive economy

President Gotabaya Rajapaksa this week appealed for “unconditional” support from the international community so that middle-income countries like Sri Lanka can maintain confidence in the private debt and equity market since the ongoing COVID crisis has spiraled out of control from the hands of governments and businesses.

Do fair-weather tech companies need regulating?

COVID-19 is creating a great deal of disruption in the market. Technology itself, which was seen as the great saviour for most companies, is having a reverse effect on some, which were founded on a tech base.

Reducing health costs and increasing govt. revenue beyond COVID-19

The susceptibility of smokers to contract COVID-19 has been recognised by the World Health Organisation (WHO) and other medical authorities. In Sri Lanka, concerned parties have called for a temporary ban of cigarette sales as a measure to contain the spread of the virus – a commendable move.

Operation COVID-19: Sixty-day battle to tackle food security

Sri Lanka has emerged as the ‘shining star’ in the efforts to tackle the COVID-19 pandemic. However, the global economic recession has started impacting the country at all levels.

ICRA Lanka highlights finance company liquidity concerns

The outlook for finance companies is expected to be more challenging compared to banks in the post-confinement period as asset quality, liquidity and higher capital standards could weigh on the sector’s recovery, but the regulatory response aimed at containing the full impact of the crisis could take some pressure off from the sector, ICRA Lanka said.

Sri Lanka ranked 8th cheapest country for mobile data in 2020

Sri Lanka is the 8th cheapest country for mobile data in 2020 while the average mobile data speed records a steep decline leading to the poor ranking of 79 among 100 countries.

DFCC Bank records robust loan growth; fair value re-classification buttresses earnings

DFCC Bank PLC had some robust growth in loans during the first three months of 2020 until lockdowns came into place mid-March while the re-classification of fair value losses on Commercial Bank shares it owned helped to generate higher profits for the quarter.

Gem & jewellery industry says post-COVID revival could depend on sapphire trade narrative

As coronavirus exacerbated the setbacks already faced by Sri Lanka’s gem & jewellery industry, required is a renewed narrative on the sapphire trade, capitalising on the country’s ethical mining practices, for the industry to think of any revival in the post-COVID landscape.

Fitch recalibrates Sri Lanka national rating scale

Fitch Ratings has recalibrated its Sri Lanka national rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating to ‘B-’ from ‘B’ on 24 April 2020.

Kotagala Plantations downgraded to ‘RD (lka)’ on payment default

Fitch Ratings has downgraded Kotagala Plantations PLC’s (Kotagala) National Long-Term Rating to ‘RD(lka)’ (Restricted Default) from ‘CC(lka)’.

Lion Brewery resumes exports after two-month hiatus

Sri Lanka’s largest exporter of alcoholic beverages, Lion Brewery (Ceylon) PLC was compelled to halt production and dispatch for nearly two months due to the curfew following the COVID-19 global pandemic.

Asian markets cheered by reopening moves, Hong Kong limits losses

Optimism over the reopening of major economies across the planet continued to push equities higher yesterday, as investors looked past building China-US tensions for now, though there remain worries about the uncertain global outlook.

Pathfinder suggests priorities for Sri Lanka’s post-COVID economic recovery

The Pathfinder Foundation (PF) recently presented a report to President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and Special Envoy of President and Chairman of Task Force on Economic Revival and Poverty Alleviation Basil Rajapaksa, containing a set of action-oriented recommendations from an eminent persons study group, aimed at steering Sri Lanka into a post-COVID-19 era of economic recovery.

Suggested revival plan for Sri Lanka’s economy in post-COVID-19 era

COVID-19 has battered the world with its viral and deadly impact, with millions of people being affected and hundreds of thousands dying. At the same time, the virus and its aftermath has wrecked the economies of almost all countries and is now leaving a devastating trail of bankruptcies, livelihood losses, evaporation of savings, debt defaults, economic and corporate collapses and hopelessness.

Stock markets mixed as China-US tensions return to fore

Equities were mixed yesterday as profit-taking and worries about deteriorating China-US relations were weighed against optimism over the gradual reopening of economies around the world.

Demand for small and medium enterprise loans heats up

As businesses across the country are suffering from the economic and financial fallout from the global pandemic, which is expected to continue beyond 2020, the demand for loans by the small and medium enterprise (SME) sector is heating up, a top official of the state-owned People’s Bank said.

Sunshine Group ups stake in consumer biz; delivers strong profits for FY20

Fuelled by the strong growth in its healthcare sector, diversified Sri Lankan conglomerate Sunshine Holdings PLC reported a notable growth in the bottom line performances during the year ended March 31, 2020 (FY19/20).

WTO’s Goods Trade Barometer sinks to red zone

The sharp contraction in global trade witnessed over the last few months has resulted in the Goods Trade Barometer of the World Trade Organisation (WTO) to sink to the red zone and shows no signs of the decline bottoming out in the near future.