Eurozone business growth turns positive: IHS Markit

Business activity in the 19-nation eurozone is increasing for the first time since February, before the coronavirus lockdown, according to a survey of purchasing managers by IHS Markit.

India to establish fish processing plants in Maldives

India and the Maldives on Wednesday signed a contract to set up fish processing plants at two of the islands in the Maldives.

India may review some of its FTAs, hints External Affairs Minister Jaishankar

India may review some of its free trade agreements (FTAs) which have not yielded the desired results economically, the government has indicated.

Stocks hit by China-US tensions, jobs data, stalled stimulus talks

Asian equities took a beating yesterday on rising China-US tensions while a worse-than-forecast US jobs report and stalled stimulus talks in Washington fuelled fears about the economic recovery.

India holds talks with SL on debt moratorium

India’s Finance Ministry and Export Import Bank officials have held online talks with Sri Lanka’s Finance Ministry on structuring a debt moratorium for the country, the Delhi’s High Commission in Colombo said.

CB approves Rs.11.8 bn worth new loans in 10 days

The Central Bank of Sri Lanka (CBSL) has approved 3,985 new loan applications, amounting to Rs. 11,829 million, submitted by licensed banks under the Saubagya COVID-19 renaissance facility Phase II & III during the period 13-23 July 2020.

Vying to become safe tourist destination

A woman sunbather sitting along a beach in the Gulf emirate of Dubai yesterday, while the Burj al-Arab hotel is seen behind.

Turmeric sold at exorbitant prices due to massive shortage

Sri Lanka is currently facing a massive shortage in turmeric in the country leading traders to sell the processed spice via informal channels at prices that are over five fold higher than the government imposed maximum retail price (MRP).

Emirates covers customers from COVID-19 expenses

Emirates customers can travel with confidence, as the airline will cover medical expenses of up to EUR 150,000 and quarantine costs of EUR 100 per day for 14 days, should they be diagnosed with COVID-19 during their travel, while they are away from home. This cover is provided by the airline, free of cost to its customers.

CB caps interest rates on leases provided for public transport buses during moratorium period

In a bid to provide further relief to the pandemic affected businesses and self-employed individuals, the Central Bank has decided to cap the interest rate chargeable on leases already provided for buses providing public transport at 4 percent, applicable for the moratorium period and payable over a prolonged time.

Defensive nature of most biz lines propels CIC first quarter

If there were only handful of businesses, which could so successfully weather the economic destruction inflicted by the pandemic and emerge even stronger, CIC Holdings is certainly one of them as the health crisis and the circumstances that followed helped the company to deliver better performance.

CEB issued with enjoining order for violating PPA

On 22nd July 2020, the Commercial High Court issued an enjoining order against Ceylon Electricity Board (CEB) in respect of a dispute under the standardised power purchase agreement between Nirmalapura Wind Power (Pvt) Ltd and CEB which had been entered into in 2008.

Treasury plans to finalise US$ 500mn FCTFF after parliamentary polls

The Treasury is planning to finalise the announced foreign currency term financing facility (FCTFF) to raise up to US$ 500 million after the conclusion of the parliamentary polls next month, having received five proposals from domestic banks incorporated in Sri Lanka and international banks/investment houses.

Businesses presented with opportunity to pursue green growth despite COVID-19 pandemic: ILO

Businesses are presented with opportunities to change and pursue a future path of green growth, although the COVID-19 crisis continues to pose challenges for the economies, the International Labour Organisation (ILO) said in its latest policy brief released this week.

India’s State-run NTPC plans to set up solar power park in Sri Lanka

India’s largest power generation utility NTPC Ltd plans to set up a solar power park in Sri Lanka under the aegis of International Solar Alliance (ISA), according to an Indian media report.

Need for a global reset along a more sustainable path

There is no doubt that we are faced globally with a terrible pandemic but it seems that we, humans, have yet to gain the level of wisdom necessary to see through to the consequences of our current way of life, organisations and relationships and also the long-term damage it has dealt to prospects for economic growth.

Tea industry review for first quarter 2020

The first quarter of the Sri Lankan tea industry saw an upward momentum with an increase in elevational averages to the comparative period in 2019. Tea production saw a sharp decline in the period of review whilst exports witnessed a decrease.

First half tea production hits 20-year low

Sri Lanka’s tea output in the first half of 2020 hit a 24-year low amid severe drought, particularly in the first quarter, impacting the Low-Country tea production, which accounts for about 60 percent of the national tea output.

Consumer staples to see a shift away from premium categories until incomes recover

The demand for consumer staples or fast-moving consumer goods (FMCG) has recovered with the easing of lockdowns but people may increasingly look for value in their purchases amid slashed incomes, prompting the companies to offer discounts and promotions to lure consumers, specifically to their premium categories, Fitch Ratings said.

EDB exploring possibility to host wellness tourism summit next year

Sri Lanka’s wellness sector is slated to come under spotlight next year with the country’s apex export promotion authority, the Export Development Board (EDB) exploring the possibility of hosting a wellness tourism summit in 2021.

SLBA attributes delay in COVID relief disbursements to cumbersome processes

The local banking sector, which came under criticism for delaying the disbursement of the much sought-after stimulus package announced by the authorities, attributed the slow execution to the cumbersome processes that were in place.

SLTDA employee arrested on forgery

An employee of the Sri Lanka Tourism Development Authority (SLTDA) was arrested for allegedly forging the signature of a director and issuing work visa recommendation letters to the Immigration Department, for foreign nationals.

Compensation payments for ETIFL and SFSP depositors begin this Saturday

The Central Bank of Sri Lanka (CBSL) has taken measures to make the compensation payments to the depositors of ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP) from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), upon the suspension of the finance businesses of the two firms, with effect from July 13, 2020.

Vallibel Power enters into PPA with CEB

Vallibel Power Erathna PLC, the largest public quoted mini hydropower company in the country, has entered into a power purchase agreement (PPA) with the Ceylon Electricity Board (CEB), for the sale of electricity from its 9.9MW Erathna hydropower plant until 2024, according to a stock exchange filing.

Microsoft to help 25mn people worldwide acquire new digital skills

Microsoft recently announced a new global skills initiative aimed at bringing more digital skills to 25 million people worldwide by the end of the year.

To be or not to be: Emotional labour of fighting a virus

The current realities of grappling with COVID-19 encapsulate many an emotional challenge to society. The attempt herein is to identify the challenges and propose a philosophy of ‘emotional labour’ management to overcome or minimise the ill-effects of emotional ‘burnout’ identified.

Fitch-rated firms here estimated to lose Rs.30bn in revenue to pandemic

Fitch Ratings has estimated that the Sri Lankan corporates rated by it could lose up to 7 percent or Rs.30 billion in revenues during the financial year ending in March 2021 from a year earlier, with the COVID-19 pandemic taking a toll on industries and businesses leaving only a few unscathed, before staging a recovery in the following year.

Deepthi Lokuarachchi appointed as Lanka Hospitals CEO

Lanka Hospitals Corporation PLC yesterday announced the appointment of insurance industry veteran Deepthi Lokuarachchi as Group Chief Executive Officer of the company, with effect from July 20, 2020.

Moody’s extends review for downgrade on 3 Lankan banks

Moody’s Investors Service yesterday extended its review for downgrade on Bank of Ceylon’s (BOC), Hatton National Bank PLC’s (HNB) and Sampath Bank PLC’s (Sampath) long-term local currency deposit and foreign currency issuer ratings of B2.

June national inflation up on higher food prices

Sri Lanka’s countrywide inflation, as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI), accelerated to 6.3 percent in June 2020, from 5.2 percent a month ago.