Exporters cautiously optimistic of business continuity

Sri Lankan exporters are cautiously optimistic on business continuity as a large number of firms have identified new business opportunities arising from the needs combating the COVID-19 pandemic, a survey carried out by USAID revealed.

Tourism biz to get concessionary loan scheme to fund salaries of next six months

The Tourism Development Authority (SLTDA) has announced a concessionary loan scheme for struggling tourist establishments to fund salary payments of estimated 144,000 employees during next six months based on 2019 EPF payment records.

Hayleys group delivers profit growth in challenging year

The Hayleys group’s geographical and sectoral diversity enabled it to deliver earnings growth in an extremely challenging year, with profit-after-tax increasing by 5 percent year-on-year (YoY) and profit attributable to equity holders growing by 40 percent in 2019/20.

SMEs praise credit rollout, call for speedier outlay

Sri Lanka’s latest credit and refinancing support for private sector has been lauded by the country’s micro and SME sectors.

BOC slashes rates for lending facilities with immediate effect

In line with the government’s rapid development plans for SME, agriculture and social development, the Bank of Ceylon (BOC) will extend its loan facilities to a number of selected sectors.

Carson Cumberbatch supports fight against COVID-19

Business conglomerate, Carson Cumberbatch PLC, extended support to Sri Lanka’s healthcare sector over the past few months in its effort to combat and contain the spread of COVID-19 in the country.

European stocks ease as BoE to unveil more stimulus

European stock markets eased yesterday after recent gains, with the Bank of England set to unveil more massive cash stimulus for Britain’s virus-hit economy. Earlier, Asian equity indices closed mixed after a two-day rally, with traders weighing concerns about a new wave of coronavirus infections against massive monetary easing and stimulus measures.

First phase of initiative to digitise CSE launched

As the first course of action of the joint committee between the Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE), it has been decided to convert the paper-based statements to electronic form and to facilitate the companies listed on the CSE to pay dividends electronically to shareholders.

Condominium sector picking up fresh interest from homeowner segment

Sri Lanka’s condominium sector is observed to be gradually moving towards a positive growth trajectory, after a few months of slowdown and is witnessing fresh interest from the homeowner market segment.

Softlogic Capital launches 2 unit trusts

Softlogic Invest, the asset management arm of Softlogic Capital PLC, recently launched two unit trusts or mutual funds — Softlogic Equity Fund and Softlogic Money Market Fund, after obtaining the licence from the Securities and Exchange Commission (SEC) of Sri Lanka.

Three-member committee appointed to probe into irregularities at leasing and finance companies

Central Bank Governor Prof. W.D. Lakshman has appointed a three-member committee to probe into the alleged irregular and unlawful activities at finance and leasing companies.

MAS announces group-wide VSS to cut employee base by 4%

Apparel major, MAS Holdings, which is also the largest lingerie manufacturer in South Asia, has announced a voluntary separation scheme (VSS) across all the clusters of the group, to reduce its overall employee base by 4 percent by this August, amid the slowdown in business, due to the economic malaise brought on by the COVID-19 pandemic.

Etihad Airways to resume regular services from Sri Lanka to key cities from June 20

Effective June 20, Etihad Airways will operate twice-weekly scheduled services for outbound passengers from Colombo, to key destinations on its global network via Abu Dhabi.

Cinnamon Hotels offer 1000 complimentary holiday packages for health workers

As a way of saying ‘Thank You’ to Sri Lanka’s courageous healthcare workers, Cinnamon Hotels & Resorts is offering 1,000 complimentary full board holiday packages, for two nights at nine of its properties in Sri Lanka.

Central Bank cuts Statutory Reserve Ratio to 2%

In another drastic move, the Monetary Board of the Central Bank yesterday slashed the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks by 200 basis points to 2 percent.

Manufacturing and service sectors rebound in May

Sri Lanka’s manufacturing and service sectors made notable rebounds in May after hitting the rock bottom in April as the country started to gradually relax COVID-19 related mobility restrictions in the month, according to the Purchasing Managers’Index (PMI) published by the Central Bank (CB).

Global tourism promotion campaign likely next January

Sri Lanka Tourism Promotion Bureau (SLTPB) is planning to launch the long awaited multi-billion five-year global tourism promotion campaign next January, amid fears over possible shortage of funds, if tourism doesn’t bounce back to the pre-COVID level in two years.

Lanka IOC inks agreement with CEB to supply lubricants to Sapaugaskanda plant

Lanka IOC (LIOC) has secured business from Ceylon Electricity Board (CEB) to supply Servo branded lubricants to Sapugaskanda Power Station. This business was secured through competetive bidding by LIOC for the first time.

COVID-19 compounds stress on Sri Lankan banks: Fitch Ratings

The adequate capital buffers built, specially during the last three years, will soften the negative impacts on the banking sector stemming from the new coronavirus-driven economic damage, which has made the operating environment for banks challenging amid pressure on asset quality and earnings, according to Fitch Ratings.

Corona squeeze of Sri Lankan economy: A sectoral outlook

Given the stark choice between saving lives with no certainty vs saving livelihoods with some certainty, Sri Lanka, like some other countries, opted for the former and acted early. Would this wreak havoc in the Sri Lankan economy?

Central Bank cuts Statutory Reserve Ratio to 2%

In another drastic move, the Monetary Board of the Central Bank yesterday slashed the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks by 200 basis points to 2 percent.

Subjects on agri-tech proposed in curricular to promote technology adoption in farming

Subjects related to advanced agricultural technologies are proposed by the authorities to bridge the glaring lack of knowledge in technology use in agricultural activities and to promote its adoption, which will eventually result in precision in application of inputs, increase in agricultural output and quality of agri-products.

Apparel sector stresses need to up e-commerce game in post-COVID-19 era

The local apparel sector has stressed the need to establish a stronger online presence to ensure it anchors strong in the post-COVID-19 era and hold a sizable portion of the global fashion industry.

Pan Asia Bank partners with Swiss-based Symbiotics for first green bond issuance of US $ 7.75mn

Pan Asia Bank has become the proud recipient of a US $ 7.75 million (approx. Rs.1.5 billion) green bond launched by Switzerland-based Symbiotics, the leading market access platform for impact investing.

High-net-worth and institutional investor interest seen in LOLC shares

Several high-net-worth investors and local institutional investors, including Sohli Captain, Nimal Perera, Sri Lanka Insurance and Capital Trust, were believed to be among the buyers of LOLC Holdings PLC shares, in the last two trading sessions, amid foreign selling.

Emirates to begin outbound flights from Colombo on June 20

Emirates has announced the launch of outward-bound passenger flights from Sri Lanka, starting Saturday, June 20, 2020, to facilitate travel for foreign nationals as well as Sri Lankans, who need to return to families, jobs or education overseas.

Government agrees to settle construction sector pending payments by end-June

The repeated pleas from the construction sector for due payments from the state have finally been answered, with the government having decided to settle all certified invoices by end of June.

Tourism sector reopening day to be formally announced tomorrow

The government plans to formally announce the reopening day of the country’s coronavirus-battered tourism sector for foreign tourists, following a key stakeholder meeting tomorrow, which is likely to be August 1 or an even earlier date.

Canned fish industry eyes exports with govt. backing

Encouraged by the recent move to re-impose special commodity levy on canned fish imports, Sri Lanka’s canned fish manufactures say that the country could commence exporting canned fish products within two years with the right backing of the government.

Fairfirst Insurance wins locally and globally through empathy-based innovations

Fairfirst Insurance has become the proud recipient of the prestigious ‘Fairfax Presidents’ Innovation Award’. This award is special for Sri Lanka since Fairfax operates out of more than 18 countries across five continents through some of the largest insurance entities in the world such as Odyssey Group, North Bridge, Allied World, Crum & Forster, Brit Insurance and Zenith National.