Seylan Bank’s degrowth in loans weighs on March performance

Seylan Bank PLC had turned cautious during the quarter ended March 31, 2020 (1Q20), amid the challenges expected a year ahead, as the bank reported a modest operating performance with a negative growth in new loans, the interim financial accounts released by the bank showed.

People’s Bank offers special COVID-19 loans up to Rs.20mn to CA Sri Lanka members

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) entered into a memorandum of understanding (MoU) with People’s Bank this week to facilitate the members of the institute to obtain a special loan of up to Rs.20 million.

apparel exporters jittery over possible bankruptcy of Victoria’s Secret

A potential bankruptcy filing by the US-based premium lingerie brand Victoria’s Secret (VS), which accounts for around 20 percent of Sri Lanka’s apparel exports, is threatening the country’s overall apparel export performance and the bottom lines of top apparel exporters.

Advocata recommends tariff removal on sanitary napkins this Menstrual Hygiene Day

Colombo-based free market think tank Advocata yesterday recommended the government to remove the tax levied on women’s menstrual hygiene products, on the Menstrual Hygiene Day, which falls today.

Legal dimensions of employer-employee relationship in the new normal

Along with the massive shock, the COVID-19 pandemic has brought in a series of uncertainties, particularly with regards to employment. With strict limitations being enforced on people’s movement by way of a two-month-long curfew to constraint the virus from spreading, the government called on the public and private sector to work from home to keep the ball rolling.

New face of hunger: Building a resilient food system in Sri Lanka in an age of pandemic

COVID-19 is dealing an unprecedented blow to economies around the globe and the health risk is only the tip of the iceberg. Among the many impending crises resulting from the pandemic, rising food insecurity, due to the lockdown measures, is one of the most critical.

EDB urges govt. to make exports national priority

As Sri Lanka looks to steer though the pandemic with lowest impact possible, the Export Development Board (EDB) called on the government to create a more enabling policy environment and place exports as a national priority.

CTC says Sri Lanka most expensive country for legal cigarettes

Sri Lanka has emerged as the most expensive country for legal cigarettes in 2019, based on purchasing power parity (PPP), causing a 6 percent year-on-year (YoY) decline in the tobacco market share of the country’s monopoly cigarette player, Ceylon Tobacco Company PLC (CTC), as price sensitive smokers shifted towards cheaper tobacco products such as beedi and smuggled cigarettes, according to CTC’s 2019 annual report.

Pepper prices record sharp drop as harvest season arrives

Sri Lanka’s pepper prices have sharply dropped from US$ 4,000 to US$ 3,000 per tonne with the beginning of the harvest season despite the ban on pepper imports into the country.

No revision to tea export target despite COVID-19 crisis

The Ceylon Tea export target for 2020 will not be revised despite the COVID-19 crisis having hit the global economy, and the Sri Lanka Tea Board (SLTB) said it is confident that the industry stakeholders would step up efforts, specially in value addition, to fulfill the earnings target for this year.

Kudabalage takes over as new Group MD/CEO at Laugfs

Laugfs Gas PLC has appointed Piyadasa Kudabalage as the Group Managing Director/Group CEO with effect from May 25, 2020 as a part of a group management succession plan, the company revealed filing a disclosure in the Colombo Stock Exchange yesterday.

Keells shelves plan to double number of stores

Ceylon Cold Stores PLC has shelved an ambitious plan to double the number of Keells supermarkets in two years in the wake of coronavirus induced business disruptions and the financial pain it inflicted on modern retail business with social distancing becoming the new norm.

Equities rally as reopenings trump geopolitical tensions

Further easing of countries’ coronavirus lockdowns pushed equities higher yesterday, with the reopening of bars, cafes, pools and beaches overshadowing China-US tensions that weighed on the dollar.

Overseas Realty majority owner opposes dividend payout

Probably in a first in the history of the Colombo Stock Exchange (CSE), the controlling shareholder of a listed company plans to vote against an already declared dividend payment by the firm’s board of directors, at the upcoming AGM.

CSE extends trading hours from today

The Colombo Stock Exchange (CSE) yesterday said trading hours would be extended to 2:30 p.m., with effect from today, with pre-open sessions from 10:30 a.m. to 11:00 a.m. and open auction starting from 11:00 a.m.

SLT board decides to restructure subsidiaries and ride-hailing venture

National telecommunications services provider, Sri Lanka Telecom PLC (SLT), has decided to restructure two of its subsidiaries and its ride-hailing venture, SLT muve, after evaluating the past performances and considering the opportunities and challenges in the post-COVID-19 environment,

Ceylinco Life pays Rs.2.87bn in claims and benefits to policyholders in 1Q

Ceylinco Life has announced the payment of Rs.2.87 billion in gross benefits and claims to policyholders in the three months ending March 31, 2020, an increase of 17.7 percent over the first quarter of 2019.

Asia stocks up as lockdowns eased, Hong Kong reverses early loss

Most Asian markets rose yesterday as a further opening up of economies from lockdown offset worries over worsening China-US tensions, while Hong Kong traders stayed cautious following weekend protests over a controversial proposed security law.

Tourism business weighs on Aitken Spence March performance

The well-diversified nature helped Aitken Spence PLC to weather two back-to-back crises within one financial year but its leisure sector tilt still had a bearing on the group’s performance, as its tourism business weighed on the group’s revenues and profits.

Worker remittances plunge over 32% in April; cumulative decline at 9%

Worker remittances to Sri Lanka in April declined close to a third in what could be the most pronounced fall recorded in a single month, according to the Central Bank data.

Central Bank expects V-shaped recovery amid pent-up demand

Fresh Hong Kong fears spark stocks sell-off

Hong Kong led a sell-off across world equities yesterday after China introduced proposals to enact a national security law for the city, fanning geopolitical tensions and overshadowing optimism about a further easing of virus lockdowns across Europe and the US.

No annual growth target for virus-hit China, a first in years

China’s communist rulers avoided setting an annual growth target for the first time in decades yesterday, as they struggle to deal with the “immense” economic challenges caused by the coronavirus pandemic.

Eurozone economy has ‘likely bottomed out’: PMI survey

The eurozone’s economic slump has “likely bottomed out” after the bloc suffered a disastrous collapse under lockdowns to contain coronavirus, a closely watched survey by IHS Markit said this week.

ADB Governors approve corporate financial matters in first virtual annual meeting

The Board of Governors of the Asian Development Bank (ADB) yesterday approved ADB’s financial statements and the allocation of its 2019 net income in its first-ever virtual Annual Meeting held amid the novel coronavirus disease (COVID-19) pandemic.

Uber commits Rs.10 mn for safety supplies, partners with Dettol

To step up safety standards for riders and drivers during the ongoing Covid-19 pandemic, Uber Sri Lanka has procured and started distributing safety supplies such as masks and sanitisers worth Rs.10 million, free of cost to driver and delivery partners.

Lanka IOC reduces petrol price

Lanka IOC has decided to restore the prices of petrol 92 on par with CPC petrol sheds by reducing Rs.5 per litre from midnight yesterday (22).

Central Bank cancels The Finance licence

The Monetary Board of the Central Bank yesterday announced the cancellation of licence of The Finance Company PLC (TFC) with effect from May 22, 2020 as the company failed to lure in credible investors to rectify its serious erosion of liquidity.

Countrywide inflation slows to 5.9% in April on lower food prices, base effect

Headline inflation as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI, 2013=100) decreased to 5.9 percent in April 2020 from 7.0 percent in March 2020.

Global stocks retreat as virus uncertainty tempers lockdown easing

Stock markets mostly fell yesterday after rallying for much of the week, with any gains dragged by profit-taking amid concerns over the long-term impact of the virus and worsening China-US relations.