UNDP provides COVID-19 protective gear to NPC

The United Nations Development Programme (UNDP) recently supported the National Police Commission (NPC) to provide protective equipment to Police officers engaged in COVID-19 tasks.

SLTDA in tussle with Lanka Realty Leisure over leased property in Yala

The Sri Lanka Tourism Development Authority (SLTDA) has got itself into a tussle with real estate and development company Lanka Realty Leisure Ltd, where the latter had filed for an enjoining order, which was issued by the Colombo District Court against the State entity.

Viber cuts business ties with Facebook

Rakuten Viber, one of the world’s leading messaging apps for free and secure communication, announced it will cut all business ties with Facebook.

Asian stocks mostly up after Wall St rally, eyes on second wave

Asian markets bounced back yesterday from the previous day’s steep losses following a strong lead from Wall Street, but an increase in infections across the planet is fanning worries about a second wave.

Vietnam PM warns of economic calamity at ASEAN summit

Vietnam warned yesterday the virus pandemic had swept away years of economic gains as Southeast Asian leaders met online for a summit also dominated by anxiety over Beijing’s moves in the flashpoint South China Sea.

Unilever’s ‘Fair & Lovely’ to get makeover after backlash

Unilever will drop the word “fair” from its “Fair & Lovely” skin lightening products, it said this week in the latest makeover of a brand in response to a global backlash against racial prejudice. Skin lightening cosmetics have a huge market in South Asia, but their promotion is being questioned, especially in the wake of the Black Lives Matter movement.

Colombo Tea Auction sees 6.5 Mnkg coming under hammer this week

The tea auction saw a total of 6.5 MnKg come under the hammer this week where the lot was met with fair general demand.

IT start-up Taloslogy opens new development centre

Taloslogy (Pvt.) Ltd, an information technology start-up company, declared open its new state-of-the-art development centre, in Moratuwa. Taloslogy is an agile organisation, which delivers rapidly changing IT services.

SriLankan converts wide-body passenger aircraft into dedicated cargo carrier

In its quest to continuously support Sri Lanka’s export industries and to keep the country connected with the global economy during the pandemic, the national carrier SriLankan Airlines has converted a wide-body passenger aircraft into a dedicated cargo aircraft.

Exchange controls extended by another 6 months

Cabinet of Ministers has approved to extend foreign exchange controls on outward remittances for another six months to limit outflows to preserve foreign currency reserves while rolling back relaxing of certain regulations on inward remittances amid concerns over money laundering and terrorist financing.

Kasturi Wilson to succeed Steven Enderby as Hemas Group Chief Executive Officer

Hemas Holdings PLC yesterday announced the appointment of Kasturi Chellaraja Wilson as Group Chief Executive Officer, effective October 1, 2020, succeeding Steven Enderby.

Govt. raises US$ 100 mn via development bonds as authorities ramp up borrowings

In another round of dollar funding, Sri Lanka raised US$ 100 million through Sri Lanka Development Bonds in multiple tenors, going up to 5 years at an auction held from June 19 to June 25 amid authorities ramping up borrowings as pandemic narrowed other options to tap in to foreign borrowings.

ADB retains top spot in aid transparency index of development organisations

The Asian Development Bank (ADB) retained its first place ranking in the 2020 Aid Transparency Index (ATI), an independent measurement of aid transparency released at the Brookings Institution in Washington, D.C.

BOC to raise Rs.5bn via bonds with equity characteristics to beef up Tier I capital

Bank of Ceylon (BOC) announced the issuance of bonds with near characteristics to shares to bolster its additional Tier I capital by up to Rs.5.0 billion.

Commercial Bank slashes lending rates further

The Commercial Bank of Ceylon has announced a further lending rate cut, slashing rates by up to 2 percent on all categories of loans in a continuing effort to bolster businesses affected by the COVID-19 pandemic by providing affordable access to desperately-needed funds.

People’s Bank offers 6% interest loans to SMEs

In line with the government’s development programme and with the aim of uplifting the small and medium businesses adversely affected by the COVID-19 pandemic, People’s Bank has introduced a special loan scheme with an interest rate of just 6 percent. The bank has allocated Rs.15 billion for this purpose.

Sri Lanka’s TVET sector plagued by massive shortcomings

There could have not been a more opportune time for the SME sector in Sri Lanka than today with historically low borrowing cost, liquidity support, lower taxes and eased regulations but they could still be held back if the country’s technical and vocational education and training (TVET) sector fails to produce the required machine operators, technicians and other specialised vocations required to power those industries.

Kasturi Chellaraja Wilson appointed as the Group ceo of Hemas Holdings plc

Kasturi Chellaraja Wilson was appointed as the Group CEO of Hemas Holdings PLC earlier today. She becomes the first female Group CEO of a public quoted conglomerate in Sri Lanka; effective from the 1st of October 2020. Effective 1st July 2020, Kasturi will also be assuming duties as Non-Executive Director of Hemas Holdings PLC.

Fitch optimistic about SL’s ability to meet foreign debt obligations this year

Sri Lanka will meet all its external debt obligations due in 2020 and would also regain access to international markets in the year that follows, albeit there could be some weaknesses persisting in the country’s external liquidity position even beyond the coming Parliamentary elections, says Fitch Ratings.

Sri Lanka Tourism eyes to leverage top healthcare system to attract tourists

Sri Lanka Tourism authorities said they were collaboratively exploring avenues of re-positioning the country as the world’s top destination with an excellent healthcare system, by introducing extensive health and safety protocols to ensure a ‘safe and secure’ traveller experience.

April trade data highlights SL’s stubborn reliance on imports for consumption

Sri Lanka’s April merchandise trade data reflected some harsh reality, showing the stubborn reliance of the country on imports for food and beverages as Sri Lanka could not cut down on such imports as the bill on such goods further increased in the period when people remained mostly in their homes.

Central Bank says Rs.28bn worth concessionary COVID loans approved

The Central Bank yesterday said it had so far approved 13, 861 loan applications under the Phase-I of Saubagya COVID-19 Renaissance Facility loan scheme, totaling Rs.27.9 billion.

Elpitiya Plantations partners Sim Leisure to begin ESCAPE theme park work in Galle

Elpitiya Plantations PLC, an associate company of Aitken Spence PLC recently entered into a shareholders’ agreement with Sim Leisure Group Ltd., a listed company in Singapore Stock Exchange, to develop and operate an adventure theme park under the ‘ESCAPE’ brand in Galle.

APB expresses concern over methodology adopted to remove CEOs of 2 State banks

Sri Lanka’s premier professional association for bankers, the Association of Professional Bankers (APB) has expressed grave concerns over the arbitrary methodology followed by the government in removing the chief executive officers/general managers of two State banks.

SL’s largest PCR lab funded by ADB opens

The Asian Development Bank (ADB) has funded the construction and equipment of a new molecular polymerase chain reaction (PCR) laboratory at the Colombo East Base Hospital to support Sri Lanka in its response against the coronavirus disease (COVID-19) pandemic.

JKH secures US$ 175mn IFC funding for supermarkets, hotels

Premier blue chip John Keells Holdings PLC (JKH) has secured a US$ 175 million long-term finding line from IFC, a member of the World Bank to mainly fund the expansion of its supermarket chain and to refurbish/expand its hotel properties in Sri Lanka and Maldives.

National prices ease in May on base effects but core prices up

Sri Lanka’s consumer prices measured based on the broader National Consumer Price Index (NCPI) or national prices rose by 5.2 percent in the twelve months to May, marking a deceleration from 5.9 percent in April on the higher base that prevailed in the same month a year earlier, the data from the Census and Statistics Department (DCS) showed.

Jude Fernando resigns as Janashakthi Insurance CEO

Janashakthi Insurance PLC Chief Executive Jude Fernando had notified the company’s board of directors of his intention to resign from his position of Director/CEO with effect from August 31, a stock exchange filing by the insurer said.

Start-ups need re-evaluation of business models and government boost: KPMG

Local start-ups should critically re-evaluate current business models by taking into account the direction of the business in the short term, to add fresh impetus to the sector and greater emphasis from the government is required to position Sri Lanka as a start-up-friendly economy to move forward, advisory firm KPMG said.

Tea export earnings could potentially top US$ 1.5 bn this year: HVA Foods

Sri Lanka’s tea export earnings could potentially top US$ 1.5 billion this year, if the country’s banking sector and the government extends the required supportive measures to the industry including a competitive interest rate regime, according to one of the leading tea exporters in the country.