Govt. working towards securing up to US$ 700mn through currency swaps, loans

The government is working towards securing up to at least US$ 700 million from currency swaps and multilateral lenders within the coming few weeks to cushion the island nation’s foreign reserve buffers and support its budget.

Companies defer big investments as they rush to conserve cash amid liquidity drought

Companies are delaying their planned big capital investment projects and putting on hold ongoing projects as they are rushing to conserve cash at a time when revenues have dried up triggering a liquidity crunch.

“We need to make every investment count now more than ever,” says UNDP Economist

As Sri Lanka is in the midst of exploring all possible avenues to bounce back from the upheaval set in motion by the coronavirus pandemic, the UNDP advised that efforts should be carried in a manner that makes sure every investment counts.

Rent-free concession assured for all imported containers

Sri Lanka Ports Authority (SLPA) assures that all imported containers at Colombo Port are free of any terminal rent from March 16, 2020 to April 9 and in addition SLPA-operated Jaya Container Terminal has also exempted their imported containers from penal charges up to April 30.

Managing business through COVID-19 pandemic to transform from a global to a local economy

The COVID-19 pandemic has resulted in many countries having lockdowns, mainly to control the spread of the coronavirus. This pandemic, which started in Wuhan, China, has now spread worldwide, with Europe and America experiencing a major impact and huge loss of lives.

Robot to assist Iranawila hospital staff dedicated to combating coronavirus

Atlas Axillia PLC, a subsidiary of the Hemas Group, handed over another home-grown Automated Guided Vehicle (AGV) robot, to assist medical personnel in the remote monitoring and careof patients affected by the coronavirus.

Watawala Tea Ceylon supports island wide quarantine centres

Watawala Tea Ceylon Ltd (WTCL)–a subsidiary of the diversified conglomerate Sunshine Holdings PLC – recently commenced the donation of Ceylon Tea for the consumption of individuals and staff placed in quarantine centres located around the country, which have been set up to flatten the curve and speed up Sri Lanka’s recovery from COVID-19.

INSEE Sanstha Cement supports vital COVID-19 relief efforts

INSEE Cement Sri Lanka has extended vital support to the authorities towards dealing with the COVID-19 pandemic and helping to build a resilient nation.

Nations Trust Bank donates 4500 medical scrub suits

Priyantha Talwatte, Chief Executive Officer of Nations Trust Bank PLC symbolically handed over medical scrub suits for frontline healthcare workers combating the COVID-19 pandemic in Sri Lanka, to Director General of Health, Dr. Anil Jasinghe, in Colombo on April 11th.

NDB donates funds to battle COVID-19

NDB Bank recently made a donation towards the national ‘COVID-19 Healthcare and Social Security Fund’.

Reckitt Benckiser helps secure safety of healthcare and military personnel

Providing much-needed strength to the government in their effort to control the spread of COVID-19 in Sri Lanka, Reckitt Benckiser Lanka donated parcels containinghygiene products for the use of health professionals and military personnel at the forefront of the fight against the virus.

India probes alleged dumping of flat rolled copper products from Sri Lanka and 5 other countries

India has initiated a probe into an alleged dumping of copper alloy flat rolled products -- used by auto and electrical industries— from Sri Lanka, China, Korea, Malaysia, Nepal and Thailand, following a complaint.

Singer Sri Lanka’s rating downgraded on likely increase in leverage

Fitch Ratings has downgraded Singer Sri Lanka PLC by a notch from A+ to BBB+ and left its outlook at ‘Negative’ as worries mount over the firm’s leverage amid disruptions to its business and the pressure on the discretionary spending of the consumers.

EY advises financial services firms to exercise patience and avoid panic-driven investments

As the rapid spread of the coronavirus is impacting global economic growth and leading to market volatility, Ernst & Young (EY) advises the financial services sector to tread forward in a cautious manner, instead of taking a leap.

Oil prices tumble on demand collapse, Brent at 1999 lows

Oil prices slumped again yesterday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel, caused by the coronavirus outbreak.

SL Tourism post-COVID-19 revival to be executed in two stages

Sri Lanka’s tourism sector’s post-COVID-19 approach to revive the sector has been conceptualised to be carried out in two stages, the Sri Lanka Tourism Development Authority (SLTDA) said, where the initial focus would be ready for business come December.

Half of Fitch-rated Lankan firms have little headroom to weather prolonged downturn

Almost half of the Fitch-rated companies in Sri Lanka are less likely to weather a prolonged economic downturn without facing a rating downgrade triggered by the currency weakness, higher leverage or liquidity squeeze with the latter being the most immediate.

WB forecasts 19% decline in remittances to Sri Lanka this year

The worker remittance inflows to Sri Lanka this year are projected to decline by 19 percent year-on-year (YoY), driven by the global economic slowdown due to the coronavirus (COVID-19) pandemic as well as the steep decline in oil prices, according to the latest World Bank (WB) report.

Manning Market in Pettah remains closed

A Colombo Municipal Council worker sprays disinfectant at the Manning Market in Pettah, which now remains closed, in order to prevent the spread of COVID-19. Sri Lanka has so far reported over 320 confirmed coronavirus positive patients -Pic by Pradeep Pathirana

Tourism sector to embark on COVID-19 recovery plan

As tourism sector stakeholders are adopting measures to stay afloat, authorities have been capitalising on the time available to chart out comprehensive plans that aim at redefining the industry in the face of the COVID-19 outbreak that has dealt a crippling blow to the travel and tourism sector globally.

Easter Sunday attacks cost Rs.150bn to economy erasing 1% of GDP

The Easter Sunday attacks and the tremors felt across the economy in its aftermath cost the Sri Lankan economy a mammoth Rs.150 billion in 2019, translating into 1 percent of lost economic output with the services sector left reeling from the shock, said a special report on the economic toll of the attacks.

Government losing estimated Rs.15bn monthly tax revenue due to alcohol ban

The government is losing estimated Rs.15 billion monthly tax revenue due to the island-wide ban on the manufacture and sale of liquor while illicit liquor trade gaining ground with home breweries popping up across the country.

Year-long prices expected at mid-single digit levels; short-term pressure seen due to supply disruptions

Prices could see a short-term uptrend in April and May amid sputtered supply due to coronavirus-induced lockdowns, but overall prices in the economy for the year could broadly be benign through the year, according to analysts.

U.S. oil futures plumb historic lows below zero, Brent plunges

U.S. oil futures continued to trade in negative territory yesterday, after closing down nearly US$ 40 on Monday in their first ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.

Tea industry successfully closes second eAuction

Sri Lanka’s tea industry has stepped up efforts and evolved to move away from its traditional systems, which paved the way for the successful conclusion of the second eAuction within a shorter timeframe.

Fitch downgrades Sierra Cables’ rating on coronavirus risks

Fitch Ratings has downgraded Sri Lanka-based cable manufacturer Sierra Cables PLC’s National Long-Term Rating amidst expected sharp revenue declines and tight liquidity conditions due to COVID-19 impacts.

SE Asia stocks tumble about 2% on U.S. crude price crash

Southeast Asian stock markets were pummelled yesterday, after a historic plunge in U.S. crude futures to below zero highlighted the damage wreaked by the coronavirus pandemic.

COVID-19 and road ahead for Sri Lanka’s three-wheeler industry

Sri Lanka has been under curfew since mid-March to contain the spread of COVID-19. As a result, economic activities throughout the country have stalled. A recent Institute of Policy Studies (IPS) blog identified that non-agricultural, informal workers were highly affected by this pandemic.

Response to COVID-19 should also be a response to climate crisis

Now is the time to ramp up actions on resilience so that society can beat the COVID-19 crisis while reducing the impact of climate threats.

Over 50,000 migrant workers awaiting to return to country

Over 50,000 Sri Lankan migrant workers stranded mainly in the Gulf countries are anxiously awaiting to return to the country amid health risks, job losses and pay cuts caused by the coronavirus (COVID-19) pandemic, according to the latest reports.