SL gets Yen 800mn Japanese grant to fight COVID-19

The government of Japan has agreed to provide a grant of Yen 800 million (Rs.1,360 million) to Sri Lanka to support the country’s fight against COVID-19.

Aberdeen cautions investors over Lankan investments

Sri Lanka was singled out on the world stage yesterday when the leading global asset manager, Aberdeen Standard Investments advised the investors to “be careful” about frontier markets such as the island nation, even though Asia and emerging markets offer value at present.

Oil palm cultivation ban costs millions for Malwatte Valley Plantations

The government’s sudden policy decision to ban the cultivation of oil palm incurred a loss of Rs.75 million for Malwatte Valley Plantations PLC and Regional Plantation Companies (RPCs) are pursuing litigation measures against the ban, which is based on a disputed report by the Central Environment Authority (CEA).

SL ranked second among 250 global start-up ecosystems for affordable talent

Sri Lanka is ranked second among 250 global start-up ecosystems for affordable talent, securing the top spot in the Asia Pacific region, according to the 2020 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.

World Economic Forum nominates Talal as Young Global Leader 2021

Talal Rafi has been nominated by the World Economic Forum as a Young Global Leader 2021.

Leading corporates believe WFH is here to stay

It’s hard to draw positives from a global crisis such as COVID-19, one that has taken hundreds of thousands of lives and impacted millions more globally but the reality of crises such as this is that they are, more often than not, some of the greatest catalysts for global change.

ILO and EY assess key bottlenecks for private sector investments in Northern Province

Ernst & Young (EY) was commissioned to conduct an assessment on the key bottlenecks for private sector investments in the Northern Province in agriculture and fishery sectors, amidst significant progress made by the International Labour Organisation (ILO) and its constituents, implementing the LEED project since 2011 in the Northern Province of Sri Lanka.

CB begins process to develop PoC of blockchain-based shared KYC facility

The Central Bank of Sri Lanka (CBSL) yesterday entered into agreements to begin the process of developing blockchain technology-based shared know-your-customer (KYC) proofs of concept (PoCs).

Budget deficit in first four months expands to 2.9%

Sri Lanka’s budget deficit for January through April expanded to 2.9 percent of gross domestic product (GDP), from 2.3 percent in the corresponding period, last year, as the coronavirus lockdowns sapped the tax revenues while the government had to step up spending on containing the virus and keeping the essential services up and running.

Sri Lanka among few markets to avoid contraction in insurance biz this year: Allianz Global

While Sri Lanka would be among the few markets in Asia to avoid a contraction in its insurance business this year, the industry will make a swift recovery from 2021 and could clock in a 10 percent growth every year on average in the next 10 years to 2030, as the country’s least developed market conditions provide room for faster recovery and higher growth.

Govt. says no change to senior citizen FD rates

The government refutes the claims on any changes to the special interest scheme for senior citizens’ fixed deposits while assuring the scheme would continue with the prevailed interest rate up to now.

SL Tourism receives fresh impetus with BBC no-cost partnership

Sri Lanka tourism has received a much-required impetus for revival with the British public service broadcaster, the British Broadcasting Corporation (BBC) having come on board to promote the island nation to the world.

Tourism authorities lobby for inclusion in travel corridors

Sri Lanka Tourism yesterday said they were working closely with the Foreign Affairs Ministry to include Sri Lanka in developing travel corridors for travel with no quarantine overseas, for returning tourists or visiting Sri Lankans.

Import controls - out of control?

As the COVID-19 virus forced much of the world into lockdown, the scale of interdependence and reliance on trade across nations was apparent by the global urgency to re-open economies as soon as possible.

How should governments regulate technology in post-pandemic world?

Even before the COVID-19 pandemic struck, a combination of technological breakthroughs had been rapidly reshaping the way we lived and worked.

India’s rising infections and falling economic growth

On 2 July 2020, India’s Ministry of Health announced 226,947 active cases of COVID-19, with 17,400 lives lost.

Dart Global to set up US $ 3mn logistics fulfilment centre in Muthurajawela

Dart Global Logistics (DGL) has signed an agreement with the Board of Investment (BOI) to set up a US $ 3 million state-of-the-art logistics fulfilment centre, at the Muthurajawela Industrial Zone, located in Kerawalapitiya, Wattala.

SL faces significant deterioration in debt affordability: Moody’s

Sri Lanka is facing the second most significant deterioration in debt affordability among the non-investment grade sovereigns, amid the erosion in its revenue base and upcoming external debt maturities, according to Moody’s Investors Services.

First half tourism earnings almost halve with zero arrivals for 3 months

Earnings from the tourism trade, Sri Lanka’s second largest foreign currency income after worker remittances, took nearly a 50 percent plunge during the first six months to June, as all forms of cross-border travel were suspended from mid-March since fears of foreign visitors could carry the deadly virus traced back to China.

Kenneth De Zilwa to head Central Bank’s FSSCC

Senior economist Dr. Kenneth De Zilwa has been invited to take over the Chairmanship of the reconstituted Financial System Stability Consultative Committee (FSSCC) of the Central Bank (CB) by CB Governor Prof. W.D. Lakshman, with effect from this month.

EU grant to tourism industry likely to go up to 4mn euros

Sri Lanka’s tourism sector is likely to have its 3.5 million euro grant by the Europe Union (EU) upped to 4 million euros, where the additional funds would be allocated to assist the revival of the tourism industry SMEs hit by the coronavirus pandemic.

Suspension on Perpetual Treasuries extended

The suspension of the business of controversial primary dealer Perpetual Treasuries Limited has been extended by another six months, the Central Bank said yesterday.

National study reveals MSMEs underserved by banking and insurance industry

The local micro, small and medium enterprises (MSMEs) continue to be underserved by the country’s banking and insurance industry, a national study revealed and the failure of an intervention along with the absence of the necessary stimulus during the ongoing crisis will result in a sizable proportion of these businesses to diminish.

Loans under CB liquidity support scheme gather steam

Loans under the Central Bank liquidity support scheme to assist pandemic-affected businesses gathered steam as of late as the banking sector regulator granted approval for 6,314 new applications for Rs.25.3 billion worth loans at 4 percent during the eight days from June 25 to July 2.

Private credit records Rs.70bn negative growth in month of May

Total credit to private individuals and businesses by the banking sector declined by Rs.69.6 billion in May as loan settlements by borrowers who were capable of continuing to service their loans overtook the new loans granted in the month where not much new economic activity happened.

Unemployment picks up in first quarter

Sri Lanka’s unemployment rate rose to 5.7 percent in the first quarter of 2020 from 4.5 percent in the fourth quarter in 2019 and 4.7 percent a year ago as the pandemic-induced business closures limited economic operations from the third week of March appeared to have left some people without jobs.

BOC successfully raises Rs.5bn via new type of bonds

Bank of Ceylon (BOC), the largest bank and the market leader in the financial services sector in Sri Lanka, launched a private placement of Basel III compliant, unlisted, unsecured, subordinated, perpetual, additional Tier I capital bond issue with non-viability write down features.

WSO2 to continue with WFH arrangement till end-2020

Open source technology provider, WSO2 said its employees would continue to work from home till the end of 2020 although the government has given the clearance for both the public and the private sector to resume operations from May 11.

ComBank makes history as only local bank in Top 1000 World Banks for 10 successive years

The Commercial Bank of Ceylon has brought honour to the country’s banking industry by moving up 51 places on the World’s Top 1000 Banks ranking for 2020, and become the only Sri Lankan bank to be on this prestigious list for 10 years in a row.

UK maintains Sri Lanka on travel advisory list

Sri Lanka is not among the list of 67 countries that has been exempted from the Global Travel Advisory or border restrictions for the British nationals against all but essential international travel at the initial stage, the British High Commission in Colombo said issuing a statement.