Exchange controls extended to preserve foreign reserves

In a bid to preserve foreign reserves amid slowdown in foreign inflows from trade and services, and upcoming debt repayments, the Monetary Board and the government have jointly decided to extend the current controls on capital account transactions for a further six months effective from July 02, though with certain exemptions.

As NPLs build up, finance companies call for regulatory forbearance

Non-bank finance company sector asset quality hit a fresh low even before the full effects coming from the pandemic had a bearing on the repayment capacity of borrowers as non-performing loans (NPL) in the sector rose to a new high in the three months to March.

Marine Hope becomes largest vessel to call at Hambantota International Port

Crude oil tanker ‘Marine Hope’ sailing under the Marshall Islands flag called at the Hambantota International Port (HIP) for repairs recently.

Lanka IOC offers contactless payments at fuel stations with HNB SOLO

Catering to the rapidly increasing demand for digital payment solutions Hatton National Bank PLC(HNB) and Lanka IOC PLC recently launched phase 1 of contactless payment options via the Solo Digital Payment App by HNB at 41 Lanka IOC petrol sheds across the island with phase 2 set to offer the facility at a further 167 sheds.

Melsta Hospitals staff members, first line of contact test negative for COVID-19

Following the recent update from Melsta Hospitals – Ragama, where a staff member was tested positive for Covid-19, it has now been confirmed that all other staff members of the hospital who were identified as the first line of contact have tested negative in their PCR tests.

Almas and Carlines up stake in Sierra Cables over 10%

Almas Organisation (Pvt) Ltd. along with its connected party, Carlines Holdings has increased their combined stake in Sierra Cables PLC to over 10 percent with the recent purchase of 2.25 million shares of Sierra Cables, according to a stock exchange filing.

CB extends moratorium on tourism loans by further six months

Taking into consideration the potential adverse impact of COVID-19 pandemic on the country’s tourism sector, the Central Bank (CB) has extended the six-month moratorium on loans of tourism sector businesses and individuals by a further six months.

Stocks pull back, weighing vaccine hopes against virus fears

Stock markets pulled back yesterday as investors, weighing hopes for a coronavirus vaccine against fears of new waves of infections, consolidated recent gains.

A digitally transformed Sri Lanka

The aim of creating a digital ideology for Sri Lanka has at its roots the empowerment of its people. The purpose of this exercise is to develop an indispensable medium where individuals can live out their relations, according to a social structure which encourages novel ideas, norms and values. A medium that would help us understand how we can localise and culturally fine-tune our systems and government into affecting lives positively.

Hatch ‘Open House’ mentorship programme supports 50 plus startups in Sri Lanka

Since the outbreak of the pandemic, Hatch began offering its services online, including the Hatch Open House mentorship programme.

Economic activity ploughs ahead defying coronavirus snags

Since the lockdowns were lifted in mid-May, Sri Lanka’s economy appeared to have gathered steam with the recommencement of manufacturing activities amid improving order books and pent-up demand.

SLTDA creates provisional licensing method to assist SMEs

The Sri Lanka Tourism Development Authority (SLTDA) has created a provisional licensing method to assist SME tourist service providers, enabling them to obtain the COVID-19 health certification to host tourists once Sri Lanka opens its borders.

Three new Monetary Board members assume duties

The Central Bank yesterday announced the assumption of duties of three new members—Sanjeewa Jayawardena PC, Dr. Ranee Jayamaha and Samantha Kumarasinghe— as serving members of the Monetary Board of the Central Bank of Sri Lanka (CBSL).

Non-bank financial institutions urge authorities to recognise their role facilitating growth, financial inclusiveness

Sri Lanka’s non-bank financial institutions (NBIFs) yesterday urged the policymakers and regulators to recognise their role facilitating economic growth and financial inclusiveness, particularly with regard to the country’s SME sector.

SLT to deploy Nokia technology to provide ultra-fast broadband access

National telecommunication services provider Sri Lanka Telecom PLC (SLT) will deploy a fibre-to-the-home (FTTH) network, based on Nokia’s fibre technology.

Mutual fund seeks to delay exit till equities recoup losses triggered by pandemic

A mutual fund, which invests primarily in the shares listed on the Colombo Stock Exchange (CSE), has sought the consent of the unit holders to delay the exit date of the fund, as the pandemic erased much of the value of the stocks, impacting the net asset value of the fund.

Brandix gets US $ 12mn StanChart funding line to switch production to PPE

Standard Chartered Sri Lanka yesterday announced Brandix as the latest company to complete a drawdown from the bank’s global US $ 1 billion COVID-19 financing commitment, underscoring its ongoing efforts to support local businesses in the pandemic response.

Chitra retires from Ceybank

Chitra Sathkumara, CEO/Executive Director of Ceybank Asset Management Ltd, managers of Ceybank Funds, retired yesterday after 27 years at Ceybank.

Trade, deglobalisation and new mercantilism

The COVID-19 pandemic is accelerating the changes underway since the global financial crisis (GFC) in 2008. It is ushering in a new era of deglobalisation and protectionism — a new mercantilist world order. Three global shifts will likely shape international trade beyond the immediate crisis and into the ‘post-vaccine’ future.

Reimagining education to deal with future economic shocks

President Gotabaya Rajapaksa addressing the International Labour Organisation (ILO) Global Summit on ‘COVID-19 and the World of Work – Building a Better Future of Work’, said the skills sector in Sri Lanka requires a rethinking and re-engineering to accommodate the new normal, post COVID-19, while assuring to empower those who lost employment during this pandemic.

Five tips for small businesses to embrace digital disruption

Accelerated by COVID-19, the rapid shift to a much more digital world is having a profound impact on all aspects of our lives: how we shop, how we interact, how we work and how we do business.

Right balance between credit growth and system stability urged

The extremely dovish monetary policy and liquidity injections into the system may be required to resuscitate the pandemic-hit economy, but that should not undermine the strength and stability of the financial institutions as excessive credit could increase credit risks of the system, specially at a time when certain rules on capital, liquidity and supervisory requirements are relaxed, according to ICRA Lanka.

Indian HC assures full support for proposed US$ 1.1bn SWAP with RBI

The Acting Indian High Commissioner in Sri Lanka has agreed to fully support Sri Lanka’s bid to obtain US$ 1.1 billion from Reserve Bank of India (RBI) under a proposed special SWAP facility to strengthen the country’s foreign reserves.

Import restrictions to hurt consumer durables market, says market leader

The State-imposed temporary import restrictions are likely to have a considerable impact on Sri Lanka’s consumer durables market over the short-to-medium term, says Singer (Sri Lanka) PLC.

Apparel sector yet to see any light at end of tunnel

Sri Lanka’s apparel sector, which has been undergoing an extremely tough time due to the economic malaise created by COVID-19 pandemic, is yet to see any light at the end of the tunnel with little orders coming from international buyers.

Industrial production rebounds in May

Sri Lanka’s industrial production in the manufacturing sector has recorded a strong rebound in May as lockdown measures were relaxed starting from the month, although well below the pre-COVID-19 levels, according to the Index of Industrial Production (IIP) of the Department of Census and Statistics (DCS).

First quarter GDP data delayed

Sri Lanka’s Department and Census and Statistics (DCS) says the agency is facing delays in releasing first quarter GDP statistics for the year as it’s still in the process of verifying the data submitted by certain State agencies.

ADB to hold second stage of 2020 Annual Meeting as virtual event

The Asian Development Bank (ADB) will hold the second stage of its 53rd Annual Meeting as a virtual event on September 17 and 18. The event will include a formal business session and selected knowledge events.

Construction sector gets Treasury letters for unresolved bills to borrow from banks

The Treasury has started to issue letters of confirmation for unresolved bills payable by the government for the service providers, suppliers and contractors in order for them to obtain loan facilities from commercial banks against these unresolved payments.

Distance Education during and after COVID-19: Long road ahead for SL

In what has been recognised as the world’s largest educational crisis, the spread of COVID-19 has resulted in a record number of students being forced to stay away from schools and universities.