Economics of social media based business in Sri Lanka during crises

As of January 2018, there were six million active social media users in Sri Lanka, accounting for 30 percent of the population.

UN advises countries to adopt three-step approach to tackle socio-economic response to COVID-19

As the global economy enters a deep economic recession, with the possibility of a financial crisis, the United Nations (UN) asserted the governments across the world must adopt a three-step approach for the socio-economic response to the coronavirus (COVID-19) crisis.

Sri Lanka stands to lose German development aid

Sri Lanka stands to lose German development cooperation as Germany moves ahead with plans to realign its resources to a limited number of countries with good record in implementing reforms and where the commitment made a difference, several German online news platforms reported.

Majestic City makes rental free for tenants during curfew period

CT Land Development PLC, the owners of Majestic City, announced a rental-free policy for its tenants during the curfew period, with further plans to formulate a rental-free/reduced rental scheme for an additional period, until the shopping complex gets back to full operation.

Equities tumble as Trump revives trade war fears

Stock markets suffered steep losses yesterday, tracking a selloff in New York after Donald Trump sparked fears of a renewed trade war with China over its role in the coronavirus pandemic.

Sri Lanka ranked among emerging economies worst hit by COVID-19

Sri Lanka is among the worst-affected emerging economies by the COVID-19 pandemic, according to a ranking published by the international journal Economist, recently.

SEC extends string of relief measures for licensed and registered entities

In an effort to provide some relief to the stakeholders of the Colombo bourse, the Securities and Exchange Commission (SEC) said it would provide a series of measures that would assist the players in complying with certain mandatory regulatory requirements.

Banking sector sees deposit build up contrary to expectations

Contrary to the expectations that many would withdraw from their bank deposits to face the uncertain times created by the pandemic, the sector is seeing a build up of deposits, which the banks attributed to the limited spending opportunities available for people, although they received salaries for the months of March

Seylan Bank PLC staff contributed a days salary and the bank contributed the equal amount to fight COVID-19

Seylan Bank staff apart from delivering essential services, contributed a days salary and the bank contributed the equal amount to fight COVID-19 in the country.

March worker remittance income shows first signs of prolonged slowdown

Worker remittances to Sri Lanka fell sharply in March setting forth in what could be the beginning of a prolonged slowdown in the crucial foreign exchange income, which acted for decades as a buffer against massive foreign outflows on imports and the country’s fragile balance of payment (BOP).

Private sector rushes to facilitate remote working for employees as firms limp back to work

Sri Lankan private sector companies are saying that they are adapting fast to the social distancing required in the post-COVID-19 era, as some of them are now in the process of providing their staff with the necessary infrastructure to allow them work from home.

March tea production hits all-time-low

Sri Lanka’s tea production in March has plunged by over 50 percent compared to the corresponding month in 2019, the lowest recorded since February 2009.

SAGT introduces electronic container clearance

South Asia Gateway Terminal (SAGT), one of three terminal operators in the port of Colombo, recently introduced a paperless electronic clearance process for import containers.

Business interruptions, rising debt and fund raising delays weigh on Softlogic Holdings

Back-to-back business interruptions, rising debt, delay in raising cash caused by macro-political challenges and stretched liquidity conditions in light of current pandemic are weighing on Softlogic Holdings PLC (SHL) as ICRA Lanka revised the firm’s rating outlook to Negative from Stable.

Jobs and workers first, says the United Nations

As nations across the world are looking for avenues that would help their economies recover from the massive hit brought about by the COVID-19 pandemic, the United Nations (UN) stressed that governments should put much emphasis on protecting jobs and workers at this point of time.

Central Bank extends deadline to apply for loan moratoriums till May 15

The Central Bank has extended the deadline set to apply for loan moratoriums till May 15 as many business owners and individuals could not submit their requests to banks and other financial institutions on or before April 30 due to curfew.

Redefining e-commerce in Sri Lanka: Prospects post COVID-19

The COVID-19 global pandemic is likely the defining event of the decade, if not more and its implications are expected to change the way we work, socialise and behave. Rapidly evolving consumer buying behaviour and the pivot to online shopping is one such outcome of the pandemic and its associated social distancing measures.

How bad is COVID-19’s impact on Asian developing economies?

In its April World Economic Outlook, the International Monetary Fund (IMF) predicts a baseline case of negative 3 percent global ‘growth’ in 2020, rebounding to 5.8 percent in 2021.

Suren cooke launches electrostatic disinfection technology to combat COVID-19

In the infection prevention and control industry, environmental cleaning and disinfecting of surfaces is becoming more important than ever before. Research show that environmental cleaning and disinfection can play an important role in helping to prevent the spread of infection. A new, promising technology in this industry is the application of disinfectants utilizing electrostatic technology for proper surface disinfection.

French car market plummets 88.8 % in April

New car sales in France plunged 88.8 percent in April as the country’s coronavirus lockdown brought auto sales to a screeching halt, industry figures showed yesterday.

Confectionary industry under stress due to tax increase on imported palm oil

The recent increase of import taxes on palm oil, the essential fat required by confectioners and bakers in Sri-Lanka, is set to cause significant stress and impose additional burdens to both the manufactures and the consumers of these products.

Japanese stocks drop after Wall Street sell-off

Japanese and Australian stocks tumbled yesterday at the end of a healthy week across world markets, with traders tracking a sell-off on Wall Street as another huge jump in jobless claims underlined the impact of coronavirus on the global economy.

China’s grand e-currency experiment set to begin this month

China has claimed that the country is rolling out its digital currency in four cities starting next week.

April inflation subdued over base effect

Inflation for the month of April was recorded at 5.2 percent, as the prices measured for the 12 months to April was slightly lower than the 5.4 percent recorded in March as higher base prevailed a year ago took effect resulting in somewhat muted prices in an otherwise hotter month for prices due to seasonal demand.

Stock market to adopt three-tiered circuit breaker structure; market to close at 10% fall

The capital market regulator, the Securities and Exchange Commission (SEC) announced this week the introduction of a ‘three-tiered circuit breaker’ structure, which is to be attached to the S&P SL20 Index when the market reopens after six weeks.

SEC proposes joint committee to make stock market go fully digital

The Securities and Exchange Commission (SEC) is proposing to set up a joint committee with the Colombo Stock Exchange (CSE) to identify the mechanisms required for the country’s stock market to operate its core functions digitally and enable clearing and settlement activities electronically.

Budget delay could handicap fiscal measures required to soften COVID-19 impact: CB

The Central Bank (CB) has cautioned that the possible delays in presenting the government budget for 2020 would limit the space for implementing new fiscal measures for 2020, which are considered to be crucial to avert the adverse impact stemming from COVID-19 pandemic on fiscal policy and debt sustainability of the country.

Sri Lanka’s e-commerce space set to boom thanks to coronavirus

Sri Lanka’s ecommerce space is set to boom in the coming years, a consumer sector analyst said, as the prolonged curfew that is in place to control the on-going pandemic has led consumers to explore the online experience more aggressively, which otherwise would have taken longer to adapt given the strong offline retail presence.

JKH expects economic fallout from COVID-19 to overshadow first half

Sri Lanka’s largest listed firm, John Keells Holdings PLC (JKH) expects the COVID-19 pandemic to overshadow its first and second quarter performances of FY21, but assured that the diversified conglomerate has sufficient cash reserves and banking facilities in place to sustain all its operations even under extreme conditions over next 12 months.

Agripreneurs’ Forum calls for private sector-led approach to transform agriculture sector

Sri Lanka Agripreneurs’ Forum calls for President Gotabaya Rajapaksa’s intervention to implement ‘National Agri Enterprise Resource Planning (ERP) System under a proposed National Steering Committee for agriculture with majority private sector representation to transform the country’s agriculture sector by resolving key growth constraints in the sector.