Pathfinder Foundation issues recommendations for Budget 2021

With the upcoming parliamentary elections in August, the government is urged to present a medium term budgetary framework balancing the contradictory objectives of an immediate need for counter-cyclical fiscal policy to bounce back from the COVID-19 infused economic downturn, and also with the compulsion to achieve fiscal consolidation over the medium term to improve the country’s deteriorating debt dynamics, a Colombo-based think tank recommende

CSE makes constituent changes to S&P Sri Lanka 20 index

The Colombo Stock Exchange (CSE) has announced changes in the S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices, at the 2020 mid-year index rebalance.

Tobacco cultivation: A threat to Sri Lanka’s food security amidst COVID-19

The prolonged curfew and lockdown measures introduced to contain the COVID-19 pandemic exposed the vulnerability of Sri Lanka’s food system.

The economy: What needs to be done?

Giving solutions to economic problems is a task which should receive a high priority to resolve socio-economic problems of the public. Giving a higher income to the hands of the people would resolve most of the problems in the society.

SriLankan eyes recovery with leaner operation

National carrier SriLankan Airlines expects to go forward as a leaner operation in the post-COVID-19 environment while trimming its debt exposure running into a billion dollars, according to its Chairman Ashok Pathirage.

CB dismisses claims it succumbed to President’s ire

The decisions that were taken last week to further support the economy by way of Central Bank liquidity were neither instantaneous nor a case of being succumbed to the president’s outburst but were measures that were well underway after extensive discussions at the Monetary Board in the week earlier, the Central Bank governor said.

ASPI crosses 5,000-point threshold for first time in 3 months

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) yesterday crossed the 5,000-point threshold for the first time in three months.

Ranjith Kodituwakku new CEO/GM at People’s Bank

Ranjith Kodituwakku has been appointed as Chief Executive Officer/General Manager of People’s Bank, with effect from June 19, 2020.

China and Korea potential markets to revive tourism: SLAITO

As Sri Lanka’s regular target markets for tourism are showing slim chances of opening up for travel in the immediate future, due to being heavily impacted by the coronavirus (COVID-19) pandemic, the representatives of the sector stressed the need to increase focus on the markets that are already bouncing back from the crisis, to increase tourist arrivals to the country.

Rate capped at 7% on deferred instalments of loans qualify for moratorium

The Central Bank has capped the interest rate chargeable from those who become eligible for the moratorium at 7 percent on deferred instalments, as the banks raised concerns about the interest cost that they are compelled to make in respect of the deposits and other borrowings during the corresponding moratorium period, despite them having to forgo on the income during the same period.

EDB kicks off digital promotion programme to accelerate exports

Sri Lanka Export Development Board (EDB) has launched a digital export promotion programme to push the sector towards speedy recovery and iron out the negative impacts caused by the outbreak of the COVID-19 pandemic.

Sri Lankan smEs need some introspection

Many small and medium-sized enterprises (SMEs) complain about lack of access to finance, lack of government support, insufficient customer preference for local products and services and so on. While these may be true, these are not the only reasons some SMEs are unsuccessful.

Rebooting the economy: Restoring travel and tourism in COVID-19 era

A harmonised set of industry-wide health and safety protocols are necessary for travel and tourism to recover.

Rebooting Sri Lanka post COVID-19

The current economic slowdown in South Asia comes against the backdrop of a global public health crisis that has halted economic activities across many economies in the region and beyond. Growth in South Asia is expected to average 2-3 percent in 2020 and then improve to 4-6 percent in 2021.

Port City beach to be opened for public next year

The project company, CHEC Port City Colombo (Pvt) Ltd., is planning to open the beach in the Colombo Port City to the public next year, the Urban Development, Water Supply and Housing Ministry said.

Merchandise exports bounce back in May

Merchandise exports for the month of May 2020 has bounced back to US$ 602 million, compared to the previous month of April, which was only US$ 277 million, according to Customs provisional statistics.

Banks granted leeway to buy sovereign bonds using new foreign inflows

Some leeway has been granted to commercial banks and the National Savings Bank (NSB) to buy sovereign bonds issued by Sri Lanka after three months of suspension, but such purchases should be made using new foreign currency inflows received by the banks.

HNB launches Rs.5bn SME relief fund to support post-COVID recovery

In an effort to finance a grassroots revival of the Sri Lankan economy in the wake of the COVID-19 pandemic, HNB PLC has announced the launch of a Rs.5 billion relief fund, which will be used to provide working capital support to the bank’s sizeable portfolio of Small and Medium Enterprise (SME) customers.

Pharma, consumer biz minimize virus impact on Hemas in 4Q

Pharmaceutical, FMCG and personal care sectors acted largely as a defence against the disruptions brought on by the coronavirus pandemic at Hemas Holdings PLC during the quarter ended March 31, 2020 (4Q20), as they to a larger degree blunted the negative impact coming from the leisure business on the group performance.

SEC advises public to be cautious of fake stockbrokers

The Securities and Exchange Commission (SEC) has cautioned the general public against the growing number of unsolicited phone calls from persons claiming to be agents of international stock broker firms, as an organised group appears to be coaxing gullible investors to invest in shares listed in foreign stock exchanges promising higher returns.

Sapphire Residences - #StrongerTogether

Sri Lanka’s construction sector has come together, stronger and more determined than ever to recommence projects that signify economic renewal, and which promise to reshape Colombo’s skyline

IEA floats ‘green recovery’ plan to boost economies, cut emissions

Australia under cyberattacks from state actor

Australia’s prime minister revealed yesterday his country was under a broad cyberattack from a “state-based actor” targeting government, public services and businesses, with suspicions falling on China.

US seeks ‘reset’ of WTO: official

US President Donald Trump is pursuing a “reset” of the World Trade Organization which he believes has treated American interests unfairly, US Trade Representative Robert Lighthizer said this week.

Asian markets rise as traders focus on the positives

Asian equities rose yesterday as investors went into the weekend on an upbeat note, with an eye on the easing of lockdowns and mostly improving economic data, which offset geopolitical tensions and second wave worries.

DTW in partnership with UPL donates ULV fogging equipment to IDH

DTW International (Pvt) Ltd (DTW) in partnership with UPL Limited (UPL) donated a high tech ULV fogging equipment to combat the COVID-19 pandemic in response to the immediate need at the Infectious Disease Hospital (IDH) of Sri Lanka, the main nerve centre of treating COVID-19 patients in Sri Lanka.

Fitch revises Seylan Bank rating upwards to ‘A(lka)’

Seylan Bank has been endorsed as a financially stable organisation with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised upward, from ‘A-(lka)’ to ‘A(lka).

Developing Asia to grow just 0.1% in 2020: ADB

Developing Asia will barely grow in 2020 as containment measures to address the coronavirus disease (COVID-19) pandemic hamper economic activity and weaken external demand, according to a new set of forecasts from the Asian Development Bank (ADB).

President seeks new investments from EU to revive post-COVID economy

President Gotabaya Rajapaksa this week met EU ambassadors at the Presidential Secretariat for discussions centered on rebuilding the Sri Lankan economy after passing the COVID-19 crisis.

The Finance depositors stage protest

The depositors of The Finance Company PLC (TFC) staged a protest outside the Presidential Secretariat yesterday urging authorities to settle their payments immediately. The Central Bank on May 22 cancelled TFC’s licence to operate as a finance company owing to serious erosion of liquidity.