Tough times ahead but long-term outlook for Sri Lanka’s luxury real estate remains optimistic

The global pandemic is placing new pressure on the already challenging real estate market conditions in Sri Lanka, nevertheless the most elite luxury real estate projects have recommenced construction with vigour and reflect strong optimism despite obstacles ahead.

Virus hands Japan pension fund worst loss since 2008 crisis

Japan’s huge public pension fund, the world’s biggest, said yesterday it had suffered its largest annual loss since the global financial crisis, as markets tumbled amid the coronavirus pandemic.

Central Bank dismisses concerns over potential money laundering activities linked to Special Deposit Accounts

The Central Bank (CB) dismissed concerns over potential money laundering activities linked to the recently introduced Special Deposit Accounts (SDAs) while stressing that the exemptions granted from procedural requirements are provided under the provisions of the Foreign Exchange Act (FEA).

Cyprus to reopen to UK tourists on August 1

Cyprus decided yesterday to welcome tourists from Britain, its largest market, from 1 August if that country’s coronavirus outbreak remains on a downward trend.

Asian stocks extend gains as US jobs trump virus worries

Asian investors welcomed a forecast-busting US jobs report to send regional equities higher yesterday, though an acceleration in virus infections across the world’s top economy tempered big gains.

T.M.F. Packeer re-elected as TISC chairman at 3rd AGM

The 3rd Annual General Meeting of the Tourism Industry Skills Council (TISC) was held on June 11th at the NAITA Auditorium in the presence of senior officials from the respective associations and ex-officios from the public sector institutions.

Ukraine central bank head’s departure sparks global outcry

The IMF and the international business community expressed deep concern Thursday after the governor of Ukraine’s central bank resigned citing political pressure.

SL moves three spots up to 112th position in world Economic Freedom Index

Sri Lanka moved up in Heritage Foundation’s world Economic Freedom Index 2020 by three spots to 112th position, although, the country’s economy remains rated mostly unfree for the sixth year in a row. In the 2020 index, Sri Lanka’s overall score has increased by 1 point due to a higher fiscal health score.

President tells bankers to go grassroots

In order to develop villages, the banking service in the country should understand the rural economy and the needs of the people, President Gotabaya Rajapaksa emphasized.

Trade policy for Sri Lanka’s post-COVID Recovery and refocus

The pandemic is still in its early stages but the economic fallout is likely to be far worse than the global financial crisis of just over a decade ago. Initial data points to the worst slump since the Second World War.

Reimagining global value chains after COVID-19

COVID-19 is exposing the vulnerability of global value chains (GVCs). GVCs contribute to rapid economic growth by enabling multinational corporations to increase their efficiency through fragmented, task-based specialisation. But they are now quickly spreading the negative economic impacts of COVID-19 from China to many other countries.

A better focus towards a digital economy to revive business landscape

ACCA members have always played a key role in assessing the financial implications and risks faced by Sri Lanka in any crisis and now with the COVID-19 pandemic, they are helping to guide organisations through this challenge and playing a critical part in business continuity and planning for recovery.

Sri Lanka returns to lower middle-income status

The World Bank (WB) has downgraded Sri Lanka from an upper-middle-income country to a lower middle-income one as the country’s Gross National Income (GNI) per capita slipped below upper-middle income country threshold of US$ 4,046.

January-April vehicle registrations plunge

Vehicle registrations fell by nearly 40 percent during January through April as import controls went into effect from mid-March and the lockdowns prevented new registrations during April, according to Department of Motor Traffic data.

Finance company directors get regulator’s nod to serve beyond 70 years

Finance companies can now opt to retain their directors who reach 70 years of age while serving in their respective boards as the Monetary Board has eased rules on the maximum age of a sitting director as companies scramble to fill vacant board seats with fitting candidates.

HNB ranked among top 1, 000 world banks by The Banker again

Cementing an international reputation for excellence, Hatton National Bank PLC was ranked among the Top 1,000 World Banks 2020 for the fourth consecutive year by the UK’s The Banker magazine.

Tea Board pushes industry to adopt best practices to ensure no chemical traces in shipped tea

The global market will soon see zero pesticide residue in premium Ceylon Tea product range as the Sri Lanka Tea Board (SLTB) urges industry players to resort to best agricultural practices that would ensure no trace of chemicals in the final product.

Chiyo Kanda, new World Bank Country Manager for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

Listed firms’ dividend payments to reach shareholders faster with rules change

The recently approved amendments to the listing rules of the Colombo Stock Exchange (CSE) by the Securities and Exchange Commission of Sri Lanka (SEC) will enable shareholders to receive dividends declared by listed companies much faster.

WB announces new Country Manger for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

Reforms for our micro and small businesses

Last Saturday was the UN World Micro, Small, and Medium Enterprises Day, and in light of that, focus should be given to Sri Lanka’s small businesses and the challenges they face.

Ecommerce ecosystem –Example from China

This article is presented in appreciation of China, the world’s second largest economy that went through difficulties due to the epidemic outbreak and now in the process of recovery.

World Bank announces new Country Director for Sri Lanka

The World Bank yesterday announced the appointment of Faris Hadad-Zervos as the World Bank’s new Country Director for Sri Lanka, the Maldives and Nepal, effective from July 1, 2020.

SEC amends rules to woo SMEs, tech start-ups to stock market

The Securities and Exchange Commission (SEC) has relaxed some Listing Rules and introduced new rules, making the route less daunting for small and medium-sized enterprises (SMEs) and business start-ups to seek a listing on the Colombo Stock Exchange (CSE) to gain access to public capital.

Senkadagala Finance secures US $ 25mn FMO facility

Senkadagala Finance PLC yesterday informed the Colombo Stock Exchange (CSE) that it received a US $ 25 million financing facility from the Netherland-based FMO, on June 29, 2020, to enhance its green vehicle portfolio.

ComBank in US $ 50mn private placement deal with IFC

Commercial Bank (Ceylon) PLC, the country’s largest private lender in terms of assets, on Tuesday said it was going for a US $ 50 million private placement deal with International Finance Corporation (IFC), a member of the World Bank Group.

CMPort ropes in strategic investor for H’tota port development

The Hambantota port operator, China Merchants Port Holdings (CMPort), saw 23.5 percent of its shares acquired by Fujian Transportation Maritime Silk Road Investment and Management, a share transfer that took place via an online signing ceremony earlier this week.

IFC exits Cargills Food investment via ‘put’ option

IFC, a member of the World Bank Group, has decided to pull out from the investment made in Cargills Food Processing Company (Pvt.) Ltd (CFC), a subsidiary of Cargills (Ceylon) PLC (CCP).

Monetary Board to consider 3 shortlisted tech firms to develop PoC of blockchain-based shared KYC facility

The Monetary Board of the Central Bank (CB) will consider three shortlisted software development firms to develop a Proof of Concept (PoC) of a shared KYC (know-your-client) facility, based on blockchain technology, for the country’s banking sector.

SOE sector: Promises of change on horizon?

With the harsh reality of a global recession slowly descending on Sri Lanka, questions about government expenditure and its allocation of resources have begun to dominate dinner table discussions. Fears of higher taxation to cover the losses earned and to sustain the blows from the impending recession, have started to emerge.