Tourism sector loan moratorium extended till March

Considering the protracted disruptions to the tourism sector from the coronavirus pandemic and the resulting travel restrictions, the Central Bank has decided to afford the moratorium on loans to tourism sector entities and individuals engaged in the industry in different capacities, for a further six months starting from October 1, 2020.

Message by HE Tan Yang Thai, High Commissioner of Malaysia to Sri Lanka on the occasion of the 63rd anniversary of Malaysian independence

On this day, the 31st of August, Malaysians celebrate Hari Merdeka (Independence Day) to commemorate the nation’s independence from the United Kingdom 63 years ago. In many ways, Hari Merdeka also serves as a day for Malaysians to reflect upon how far we have progressed as a nation since then.

APHNH calls for greater support for Sri Lanka’s female healthcare workers

In commemoration of Women’s Equality Day, The Association of Private Hospitals and Nursing Homes (APHNH) has called for greater recognition and support towards female healthcare professionals and reiterated its commitment to enhancing the education and advancement of women in the healthcare sector.

Permit holders can buy vehicles already imported at reduced price

The Finance Ministry said vehicle permit holders who haven’t been unable to import vehicles due to import restrictions, can purchase unregistered vehicles already imported to the country from registered vehicle importers/sellers at market price minus the tax concession entitled for such permits.

Government urges UK to get back to work as job losses mount

Britain’s government yesterday urged people to return to work amid concern about the impact of the coronavirus lockdown on the economy and struggling high street businesses.

Tourism Alliance’s latest initiative ‘Love Sri Lanka Locals’ goes live

Sri Lanka Tourism Alliance announced the launch of ‘Love Sri Lanka Locals’, a domestic tourism initiative to assist the industry during these unprecedented times. Silver Members of the Tourism Alliance are given the opportunity to feature their amazing resident offers on this platform developed by Tourism Alliance’s web and digital partner Antyra Solutions.

EDB discusses ways to improve bilateral trade with China

Chairman of Sri Lanka Export Development Board (EDB) Prabash Subasinghe recently met Yang Zuoyuan, Economic and Commercial Counsellor of the Chinese Embassy in Colombo to discuss the opportunities available to enhance trade between the two countries.

Norwegian envoy calls on Prime Minister Rajapaksa

Norwegian Ambassador to Sri Lanka Trine Jøranli Eskedal called on Prime Minister Mahinda Rajapaksa at Temple Trees recently.

Most Asian stocks up on Fed rates news

Expectations US interest rates will stay ultra low for as long as needed helped lift Asian equities yesterday, though Tokyo tumbled on reports Japan’s prime minister was set to resign for health reasons.

Committee seeks info from public on State banks’ malpractices

A four-member committee appointed to probe malpractices and irregularities in state banks has decided to obtain public assistance to collect information on such incidents.

Permit holders can buy vehicles already imported at reduced prices: FinMin

The Finance Ministry today said vehicle permit holders who haven’t been unable to import vehicles due to import restrictions, can purchase unregistered vehicles already imported to the country from registered vehicle importers/sellers at market price minus the tax concession entitled for such permits.

Harsha Amarasekera new Chairman of Sampath Bank PLC

Sampath Bank PLC today announced the appointment of President’s Council (PC) Harsha Amarasekera as the bank’s new Chairman (Non-Executive, Non- Independent) with effect from 30 August 2020.

EDB and DCS collaborate to capture logistics sector data

In an effort to capture accurate and timely logistics industry data, the Export Development Board (EDB) and Department of Census and Statistics (DCS) have collaborated to set up a special data unit that will gather and analyse sector data.

Havelock city - a residential experience unlike any other!

SL told to frontload funds committed by official lenders to avoid foreign debt debacle

Frontloading of funds committed by Sri Lanka’s official lenders under a fresh International Monetary Fund (IMF) programme is a viable option for the country to ease significant external financing gaps expected to materialise in 2020-21 and to avert severe foreign reserve losses, according to the Institute of International Finance (IIF), the Washington-based global association of the finance industry.

DCS to conduct online survey to measure COVID-19 impact on economy

The Department of Census and Statistics (DCS), the main statistical organisation of the government, has initiated an online survey to measure the impact caused by the COVID-19 pandemic to the Sri Lankan economy.

Singer enters into JV with Malaysia’s Signature to penetrate local kitchen cabinet market

Singer Sri Lanka PLC has entered into a joint venture agreement with Malaysia’s largest kitchen cabinet and wardrobe manufacturer, the Signature group, opening up a sprawling marketplace for the company in the modern kitchen segment in Sri Lanka.

Relief provided to pandemic-affected borrowers weighs on BOC’s 2Q

The moratorium impact on interest income, slump in fee incomes and higher provisions made on possible loan defaults weighed heavily on Bank of Ceylon’s (BOC) June quarter (2Q20) performance as the bank led the government-announced relief package to the people and businesses affected by the pandemic.

UL continues to fly to selected int’l destinations

SriLankan Airlines continues to fly to selected international destinations during the current global lockdown period, the national carrier revealed in a statement yesterday.

Cabraal assures ‘V-shaped’ recovery

The government’s plan to enable a ‘V-shaped’ economic recovery in Sri Lanka is becoming a reality, Finance State Minister Ajith Nivard Cabraal told Parliament yesterday.

SimCorp wins contract to supply new data management system to CB for reserve management

SimCorp Pte. Ltd. Singapore has secured a contract to provide a new data management system for reserve management of Sri Lanka’s Central Bank.

Cabinet nod for proposed amendments to tax laws

The Cabinet of Ministers has approved the proposed amendments to a range of tax laws in order to give effect to the tax policy of the current government by law.

Online survey to measure COVID-19 impact on economy

The Department of Census and Statistics (DCS) the main statistical organization of the government, has initiated an on line survey to measure the impact caused by COVID-19 pandemic to the Sri Lankan economy.

Cooperative movement can be used to give MSMEs new lease of life

COVID-19 has made an adverse impact to our economy, where many businesses fall into the micro small and medium enterprises (MSME) category and some in the small and medium enterprise (SME) category. A majority of Sri Lanka’s businesses fall into both the MSME and SME category.

Key economic sectors’ resurgence to bring fresh challenges to banks

This is part of an interview series titled ‘Mirror Business S&P SL2 - Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features Hatton National Bank PLC Managing Director/CEO Jonathan Alles. Following are excerpts from the interview.

SL to embark on R&D related to modern agriculture

Sri Lanka will soon embark on research and development (R&D) related to modern agricultural technologies with state patronage, as the focus is rapidly shifting towards building a robust domestic agricultural economy premised on achieving food security and exports of agricultural produce.

ICTA inks MoU with UNDP to design and implement National Digital Strategy

The Information and Communication Technology Agency (ICTA) and United Nations Development Programme (UNDP) in Sri Lanka signed a four-year memorandum of understanding (MoU) yesterday to support Sri Lanka’s aspirations for digital transformation.

LOLC records highest ever profits for 1Q

LOLC Holdings releasing its first quarter results (1Q21) yesterday said it has recorded the highest ever profit-after tax (PAT) of Rs.37.2 billion, compared with Rs.5.6 billion recorded for the corresponding quarter of the previous year.

SLINTEC and EDB partner to boost COVID medical product exports

The Export Development Board (EDB) and Sri Lanka Institute of Nanotechnology (SLINTEC) are joining forces to boost Sri Lanka’s COVID-19 medical product range supply to the world.

KOICA initiates ‘LANKA’ landfill project

As a follow-up support to the project ‘Establishment of Integrated Waste Management System in Dompe’, where the Korea International Cooperation Agency (KOICA) established the first-ever sanitary landfill site in Sri Lanka, KOICA initiated project ‘LANKA’ (Landfill with Advanced and Nourishing Know-how and Alternatives), on April 18.