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.

It’s the economy, stupid

By It was James Carville the political strategist behind Bill Clinton’s rise to the US Presidency who introduced the phrase “It’s the economy, stupid” to the lexicon of political campaigning. He made this comment to draw the focus of his campaign workers on the issue that truly mattered to the voters at that time.

Counting chickens: How the poultry industry delivers food security

Across Asia, the issue of food security perpetually hovers over numerous poor and working class households. Many global social organisations list malnutrition as a major regional challenge, with several estimating that Asia houses 67 percent of the world’s hungry.

May trade gap narrows amid sharp drop in imports

Sri Lanka’s trade deficit narrowed by US $ 416 million in May 2020 to US $ 407 million, as imports slumped to less than US $ 1 billion for the first time since March 2010, amid the government-imposed import controls put in place to ease the pressure on the exchange rate and foreign reserves from the adverse effects of the COVID-19 pandemic.

Funding sources broadened, loans offered to lure more forex into Special Deposit Account

Sri Lanka broadened the funding sources that can be collected into the Special Deposit Account (SDA) and made possible cash-backed loans against such deposits, in a further attempt to lure foreign currency deposits, as the Monetary Board and government work together to bolster the country’s foreign currency reserves.

SL Police gets Rs.340mn Japanese grant to reinforce anti-narcotic activities

Based on a request by the Government of Sri Lanka (GoSL), the Government of Japan has agreed to provide a Japanese yen 200 million (approx. Rs.340 million) grant, under the Japanese non-project grant aid scheme, for provision of the necessary equipment to strengthen the investigation and detection capacities of drugs and related anti-narcotic activities of Sri Lanka Police.

SL urged to formulate credible fiscal policy to avoid further downgrade

Sri Lanka may witness a further downgrade in its sovereign rating in the next cycle. However, a trigger can be avoided with the formulation of a credible fiscal policy that would help the country tackle the mounting external pressures, Fitch Ratings said.

Biz activities of ETI Finance, Swarnamahal Financial Services suspended

The Central Bank (CB) yesterday announced the suspension of business activities of ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP), which were formerly owned by the Edirisinghe family.

IFC supports ComBank to expand access to finance for women

IFC, a member of the World Bank Group, will support Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest commercial bank, to develop more specially-designed products and services for women, as part of a move to help boost access to finance for women, especially those who own small and medium-sized businesses (SMEs).

CB pays over Rs.5.1bn to TFC depositors as compensation payments

The Central Bank yesterday said little over Rs.5.1 billion has been paid to the registered depositors of the now defunct The Finance Company PLC (TFC), from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS).

Aitken Spence ready to reopen hotel properties

Aitken Spence Hotels is gearing to reopen its hotel properties, offering guests to experience unique hospitality and exemplary cuisine.

Motor trade industry’s growth closely linked to national economy

One hundred years is a significant milestone in life. The Ceylon Motor Traders Association (CMTA) is one of the oldest trade associations in Sri Lanka and one of the oldest automotive associations internationally. The CMTA is affiliated to the Ceylon Chamber of Commerce, the senior trade chamber in Sri Lanka.