SL Tourism secures free ad campaign from CNN

In an effort to drive the hard-hit tourism sector towards recovery, the Sri Lanka Tourism Promotions Bureau (SLTPB) has secured another no-cost partnership with media giant CNN, an American news-based pay-television channel, owned by CNN Worldwide.

Keells Food Products cuts advertising as pandemic hurts sales

Keells Food Products PLC (KFP) on Monday kicked off the June quarter earnings season, providing a glimpse of the extent to which the coronavirus-related lockdowns have affected the financial performance of the listed entities, particularly in the consumer discretionary category.

Norway’s Adevinta buys eBay’s ad business for US $ 9.2bn

Norwegian online ad specialist Adevinta yesterday said it had reached a US $ 9.2-billion cash and shares deal to buy Ebay’s classified ad business and create the largest player in the field.

Return to import substitution won’t deliver rapid growth

Sri Lanka has imposed increasing levels of controls on imports since March 2020. While this was partly a reaction to a balance of payments crisis, the restrictions are also intended to promote domestic industrialisation.

Crisis has pushed banking industry to rapidly embrace digital future, says DFCC CEO

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

Lankan banks’ operating environment deteriorates

Fitch Ratings Lanka yesterday reminded that the operating conditions for the banking sector have weakened, exerting further pressure on banks’ ratings, after the rating agency downgraded the country rating in April, citing heightened public and external debt sustainability challenges caused by the pandemic-induced economic difficulties and the tax cuts late last year.

Construction sector dissatisfied how govt. handling payment issue

The local construction sector yesterday expressed dissatisfaction in the manner in which the government is handling the settling of funds due, amounting to over Rs.50 billion, for projects already completed.

Import curbs hurt furniture importers for houses and luxury apartments

The sudden imposition of restrictions on imports indiscriminately has caused immense difficulties to importers of luxury items for houses and luxury apartments, which is a niche market in the Sri Lankan context, Mirror Business learns.

Pandemic sparks digitisation drive among Asian firms, says HSBC

COVID-19 has forced Asian corporates to confront their business resilience in an unprecedented way, underlining the urgent need for greater digitisation in particular, according to HSBC’s Navigator report, Building Back Better, a survey of more than 1,400 Asian companies published today.

People’s Bank further slashes loan interest rates

As the bank of the people, People’s Bank has stepped forward to fulfil its obligations and assist the government’s ongoing efforts to restart the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives by reducing the interest rates to 9 percent onwards, across several loan schemes.

Market interest rates seen responding to policy rate cut faster than earlier

The market interest rates were seen responding to the most recent policy rate cut faster than earlier, as the Central Bank continues to push for adjustments in the bank lending rates while a committee meets daily to monitor and iron out any issues in the transmission process.

Stocks drop as virus spikes around world

Most equities fell yesterday as a spike in new coronavirus infections across the planet forced governments to impose fresh containment measures, fuelling fears about the stuttering economic recovery.

SLTDA gathering steam to turnaround tourism

Sri Lanka’s tourism sector witnessed a major setback being hit by the double whammy of the Easter Sunday attacks and coronavirus (COVID-19) pandemic, both within a year.

Anantaya Chilaw becomes first resort certified by SLSI for COVID-19 Safety

Anantaya Resort & Spa Chilaw, owned and managed by Laugfs Leisure Limited, has recently become the first resort in Sri Lanka to receive the Sri Lanka Standard (SLS) 1672:2020 certification from the Sri Lanka Standards Institution (SLSI) for COVID-19 Safety Management Systems.

Merchandise exports rebound in June as exporters rise up to occasion

Sri Lanka’s merchandise exports recovered strongly in June, staging what looks like a V-shaped recovery in most of the sectors, as the country’s exporter community responded to the call to ramp up their contribution to support the economy and employment.

Zero risk on banks’ capital on loans given under CB credit guarantee schemes and Treasury undertaking

Banks have been spared from the need to risk weight against their capital on loans granted under the recently launched credit guarantee scheme by the Central Bank and the subsequent scheme to provide loans to the construction sector under Treasury guarantee.

Chrishan Mendis elected to CIMA Council from the UK

Chrishan Mendis B.Sc (Hons) FCMA CGMA FCIM and Chartered Marketer, has been elected to the CIMA Global Council from June 2020, for a term of three years from the United Kingdom.

CB renews talks with PayPal

A top PayPal official based in India is expected to visit Sri Lanka shortly to resume discussions to open up the global payment platform’s inward payment services to the country after the Central Bank (CB) re-established its links with Paypal.

BoardPAC certifies over 150 governance professionals globally

Today, good governance is at the helm of discussion on corporate boards globally. In a hyper connected digital era, and post COVID-19, the importance of digital governance in an organisation’s sphere is in the limelight more than ever before.

Central Bank data shows notable fall in credit card spend during lockdowns

Sri Lankans appeared to have spent less on their credit cards as they had limited opportunities to spend while they sheltered-in-place for almost two months under COVID-19 lockdowns.

Industrial Asphalts embarks on ambitious expansion plan

Industrial Asphalts (Ceylon) PLC (IAC), the country’s pioneer in the bitumen business has embarked on an ambitious expansion plan banking on the government’s plans for rapid infrastructure development.

Americans keep spending, even as layoffs continue

Retail sales rose in the United States in June but weekly data indicated a steady flow of layoffs, and with the coronavirus outbreak worsening, analysts fear further deterioration in the economy’s health.

Cuba to eliminate dollar tax to boost economy

Cuba will eliminate Monday the 10 percent tax it has previously levied on the use of the US dollar and widen the categories of products for which it can be used to pay in response to the country’s economic crisis caused by the coronavirus pandemic and Washington’s ongoing embargo.

Asian markets mostly up after sell-off but caution lingers

Most Asian markets edged up yesterday following an across-the-board sell-off the previous day, but disappointing recent data has jolted optimism over the economic recovery that has helped drive gains for the past few months.

Singapore is now aspiring to increase its food self-sufficiency from less than 10 percent (2019) to 30 percent by 2030

Singapore is now aspiring to increase its food self-sufficiency from less than 10 percent (2019) to 30 percent by 2030

Uber appoints Prabhjeet Singh as President of India, South Asia

Uber announced the appointment of Prabhjeet Singh as President Uber India and South Asia, tasked with overseeing the next phase of growth in the company’s mobility business and ensuring safety for riders and drivers across India, Sri Lanka and Bangladesh. His appointment is effective immediately.

EU leaders debate virus rescue plan at face-to-face summit

The leaders of the European Union held their first face-to-face summit in five months yesterday, but the reunion seems unlikely to bridge their divide over a post-virus economic rescue plan.

EDB reiterates need for policymakers to focus on NES

As Sri Lanka needs to urgently look at realigning its international trade efforts to become a strong contender in the post COVID-19 global market,

Iran proposes to operate direct flights to Sri Lanka

The Ambassador of the Islamic Republic of Iran, Hashem Ashjazadeh called on the Chairman of Civil Aviation Authority of Sri Lanka (CAASL) Upul Dharmadasa at the Civil Aviation Authority recently.

China’s 2Q GDP grows 3.2%, beats expectations

China’s economy returned to growth in the second quarter after a deep slump at the start of the year, but unexpected weakness in domestic consumption underscored the need for more policy support to bolster the recovery after the shock of the coronavirus crisis.