China’s experimental COVID-19 vaccine appears safe

A Chinese experimental coronavirus vaccine being developed by the Institute of Medical Biology under the Chinese Academy of Medical Sciences was shown to be safe in an early stage clinical trial, researchers said.

DIMO Lanka head office closed

DIMO Lanka said it closed its head office located on Jethawana Road, Colombo 14, today, as a precautionary measure to contain the possibility of spreading COVID-19 among staffers.

Shopping mall owner feels COVID pinch as tenants leave

C T Land Development PLC, the owner of shopping mall Majestic City, said it lost tenants during the pandemic outbreak and its immediate aftermath, as the mall’s retail occupants found their businesses being challenged by the pandemic-induced business disruptions,

DIMO Lanka head office closed

DIMO Lanka said it closed its head office located at Jethawana Rd, Colombo 14 today as a precautionary measure to contain the possibility of spreading COVID-19 among staffers.

Sri Lanka not going for IMF bailout: Cabraal

The government has no intention of going for an International Monetary Fund (IMF) bailout programme as there is no need for such a move as the country’s debt services have been effectively managed, Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.

Internet subscribers grow faster in 2Q with coronavirus shifting work online

The number of internet subscribers has grown sharply in the second quarter of 2020 as people and firms transitioned most of their work virtual, triggering more demand for hig- speed broadband internet connections in Sri Lanka.

Government to set up export exhibition centre

Trade Minister Bandula Gunawardane said an export exhibition centre would be established in the country soon for exporters to display their sample products for prospective foreign buyers.

ComBank takes receipt of US$ 50mn equity from IFC

The Commercial Bank of Ceylon yesterday announced the completion of all formalities relating to the private placement of shares with the International Finance Corporation (IFC) and the receipt of US$ 50 million (Rs.9.215 billion) from the latter for 115,197,186 ordinary voting shares in the bank.

Pandemic weighs on Lankan banks’ capital; but Moody’s says creditworthiness remains broadly intact

Adding to the drumbeat of warnings coming out from rating agencies on developing economies and their banking systems from the pandemic-induced economic damage, Moody’s Investors Service said risks will grow in Asia Pacific banks as asset quality deteriorates and profitability weakens from increases in credit costs and contraction of margins, weighing on their capitalisation.

Special Deposit Account receives over US$ 200mn in less than six months

The Special Deposit Account (SDA) introduced by the government at the height of the pandemic to collect foreign currency from Sri Lankans living here or abroad had surpassed the US$ 200 million mark by end-September.

Renuka Holdings to raise Rs.1bn via rights issue

Diversified entity, Renuka Holdings PLC, on Monday announced its plans to raise Rs.1.03 billion via a rights issue to settle debts and for future investment purposes.

ComBank receives US $ 50mn equity from IFC

The Commercial Bank of Ceylon today announced the completion of all formalities relating to the private placement of shares with the International Finance Corporation (IFC) and the receipt of US$ 50 million (Rs.9.215 billion) from the latter for 115,197,186 ordinary voting shares in the Bank.

Sri Lanka not going for IMF bailout: Cabraal

The government has no intention of going for an International Monetary Fund (IMF) bailout programme as there is no need for such a thing as the debt services have been effectively managed, Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament today.

Weathering disasters: Why it pays to be prepared

The world economy is predicted to contract by -4.9 percent in 2020 (International Monetary Fund, 2020). The performance of individual countries during the COVID-19 pandemic varies widely.

Stax helps corporates through uncertain times using data analytics

During these unprecedented times, businesses need data to forecast potential outcomes and navigate market turbulence and project ‘the bottom’. If it’s a corporate or a credit situation, companies are trying to figure out how bad things will be and modelling out the data is critical.

CB officially launches LANKAQR eyeing less-cash society

With 50,000 merchants already onboard, the Central Bank (CB) yesterday officially launched LANKAQR, the national QR standard for local currency payments, which would be followed by a dedicated islandwide campaign, aiming to reduce currency printing costs, promote financial inclusiveness and to nudge the country’s large informal sector to the formal sector, ultimately leading towards a less-cash society. The CB in 2018 issued QR standards for the

Deputy Governors Weerasinghe and Karunaratne retire

Deputy Governors Dr. Nandalal Weerasinghe and H.A. Karunaratne have retired from the Central Bank.

Stock market indices plunge amid virus fears

The indices at the Colombo Stock Exchange plunged yesterday with the discovery of a new COVID-19 cluster in Divulapitiya, in the Gampaha district, triggering fears that the virus, which was earlier thought to be well under control, has reached community level.

Monetary Board issues revised rules on derivative transactions to banks

The foreigners, who will invest in Sri Lankan government securities, assisted by swap arrangements to safeguard them from foreign exchange risk, will receive the marked-to-market gain, if they choose to unwind or terminate the contract prior to its maturity.

NDB’s Dimantha Seneviratne wins Best Banking CEO of the Year 2020 Sri Lanka

The International Business Magazine recently named NDB Group CEO Dimantha Seneviratne as the ‘Best Banking CEO of the Year 2020’ in Sri Lanka, at its International Business Magazine Awards 2020.

Sri Lanka Tourism partners Aussie’s MDF to chart 5-year roadmap

The Sri Lanka Tourism Development Authority (SLTDA) yesterday announced its partnership with Australia’s Market Development Facility (MDF) to develop a research roadmap, which would pave the way for Sri Lanka to be positioned as Asia’s foremost tourism destination.

India’s new paper COVID-19 test could be a ‘game changer’

BBC: A team of scientists in India has developed an inexpensive paper-based test for coronavirus that could give fast results similar to a pregnancy test.

MTD Walkers yet to settle Rs.36mn SEC fine

The Securities and Exchange Commission (SEC) yesterday revealed that engineering and infrastructure company, MTD Walkers PLC is yet to settle the aggregate fine imposed for not complying with the listing rules.

Deputy Governors Weerasinghe and Karunaratne retire

Deputy Governors Dr.Nandalal Weerasinghe and H.A. Karunaratne have retired from the Central Bank.

Reform of international debt architecture is urgently needed

The COVID-19 pandemic has pushed debt levels to new heights. Compared to end-2019, average 2021 debt ratios are projected to rise by 20 percent of GDP in advanced economies, 10 percent of GDP in emerging market economies and about 7 percent in low-income-countries.

Why sale of single stick cigarettes must be banned

The National Authority on Tobacco and Alcohol (NATA) has announced the drafting of legislation to ban the sale of single cigarettes this month. It is a welcome move, given that Sri Lanka lags behind 107 countries that have banned the sale of single stick cigarettes

CSE’s ASPI outperforms all other global indexes in September

The benchmark all share price index (ASPI) of the Colombo Stock Exchange (CSE) recorded significant gains outperforming all other main indexes around the globe during the month of September. The ASPI gained 12 percent in September and in value terms by Rs.279.6 billion.

SL’s remaining foreign currency debt falls under US$ 500mn this year

Sri Lanka’s remaining foreign currency denominated debt due for repayment during the remainder of the year falls below US$ 500 million as the Central Bank last week settled its US$ 1.0 billion sovereign bond, which was due on October 4, including the coupon payments due at the time of settlement.

CB extends relief on liquid assets for finance companies by further six months

The Central Bank has extended relief measures afforded to licensed finance companies (LFCs) on mandatory liquidity standards by further six months to ride pandemic-induced business challenges.

Kanchana Ratwatte appointed MBSL Chairman

The incumbent Bank of Ceylon (BOC) Chairman Kanchana Ratwatte has been appointed as the Chairman of Merchant Bank of Sri Lanka (MBSL) with effect form September 30, 2020.