Lankan gig economy lacks level playing field as foreign players not subject to local regulations and tax laws

The Sri Lankan gig platforms are at a disadvantage over their foreign counterparts, who have their operations here, as the former comes under regulatory scrutiny and local tax laws while the latter is not, says the Central Bank.

SL gets euro 11mn technical assistance grant from German govt.

An agreement was signed by the Government of Sri Lanka with the Government of Germany yesterday to obtain a technical assistance grant of euro 11 million, to implement two projects pertaining to vocational training and SME development.

Port City to resume construction in full swing from mid-July

The construction activities of the multibillion dollar Colombo Port City (CPC) is expected to resume work in full swing from mid-July onwards, as more workers return to work with the gradual easing of COVID-19-related restrictions in Sri Lanka.

Covid-19 impact on Sri Lanka’s advertising industry

Advertising is the meaningful connecting bridge of brands and consumers! Building familiarity, awareness, increase sales and brand building are some of the key responsibilities of advertising. Even in an era when the media landscape is getting fragmented with fast innovation of digital media touch points, traditional media still becomes the choice of many brand owners as well as advertisers.

Shavendra addresses Ceylon Chamber committee on managing COVID-19

Lieutenant General Shavendra Silva, Chief of Defense Staff, Commander of the Sri Lanka Army, and Head of the National Operational Center for Prevention of COVID -19 addressed the monthly committee meeting of the Ceylon Chamber of Commerce on ‘The successful Management of COVID-19 pandemic in Sri Lanka and the way forward,’ recently.

No school, no meals: Sri Lanka’s battle against child malnutrition amidst COVID-19

Although Sri Lanka performs well in most health indicators, child nutrition remains a major issue. According to the Demographic and Health Survey (DHS) 2016, in Sri Lanka, more than 20 percent of children under five years, are underweight.

Ban it or approve it: Planters cannot wait as plants are already two years over matured

The plantations industry continues to offer employment to about 140,000 directly employed and to almost 1.5 million dependents during the countrywide shut down, owing to the COVID-19 pandemic.

Banking sector non-performing loan ratio edges up in first quarter to 5.1%

Sri Lanka’s banking sector asset quality measured by the gross non-performing loan (NPL) ratio edged up to 5.1 percent during the first three months of 2020, from 4.7 percent at end-2019, broadly in line with the expectations, the latest Central Bank data showed.

Central Bank defends money printing

The Central Bank flat out rejected the notion propagated by certain parties with ideological bias that attempt to always showcase money printing as bad and said those were the ones who were ignorant of the role of the Central Bank.

Apparel sector shows signs of recovery from pandemic; but worries persist beyond June

Sri Lanka’s apparel sector is showing signs of recovery from the impacts of the pandemic, with the lockdowns being carefully lifted world over but the industry players expect to receive a new hit come July, as demand for safety gear, which has helped many manufacturers stay afloat, is likely to decline.

Expo 2020 Dubai postponed by one year

Expo 2020 Dubai is gearing up to help shape a post-pandemic world and create a better future for all, after a two-thirds majority of the Bureau International des Expositions (BIE) member states voted in favour of postponing the next World Expo by one year.

Sri Lanka’s pension system ranked third worst among 70 nations

Sri Lanka has the third worst pension system among 70 nations, in terms of sustainability and adequacy, according to the latest Allianz Group Pension Index (API).

Asian markets mostly up as lockdown easing trumps profit-taking

Asian equities mostly rose yesterday as long-running optimism over the reopening of economies overcame early profit-taking to extend a rally across world markets. Sydney and Hong Kong were the standout performers, with traders picking up the baton from Wall Street where the Nasdaq ended at a record high and the S&P 500 wiped out all its losses for the year.

E-commerce in Sri Lanka – A legal overview

The COVID-19-related lockdowns and the continuing need to follow social distancing rules even once the lockdowns are lifted, mean that we will not be going back anytime soon to what it was like in the pre-pandemic days. For businesses, this means an urgent re-evaluation and overhaul of business models to meet the many challenges inherent in the post-COVID-19 economic environment, including a seismic shift in consumer behaviour.

Project company to pump in additional US $ 1bn to Port City

The Colombo Port City will witness the injection of an additional investment with its project developing company, China Harbour Engineering Company (CHEC), coming forward to pump in a further US $ 1 billion.

WB forecasts SL economy to contract by 3.2% this year

The World Bank (WB) Group projects Sri Lanka’s GDP to contract by 3.2 percent this year and to remain flat at zero percent next year, underscoring that a V-shaped recovery is unlikely for the country from the coronavirus-induced recession.

IFC provides US $ 50mn to ComBank to help SMEs amid COVID-19

IFC, a member of the World Bank Group, is providing a US $ 50 million loan to Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest private bank, to help small and medium businesses in the country deal with the adverse economic impacts of COVID-19.

Sunshine Holdings rating revised to ‘A(lka); Outlook Stable

Fitch Ratings has revised the National Long-Term Rating of Sunshine Holdings PLC to ‘A(lka)’, from ‘A-(lka)’ and has simultaneously affirmed its Outlook Stable.

Visas of foreigners in the country extended till July 11

The government has extended all visas of foreigners in the country till July 11, as many were unable to get an appointment before the previous deadline of June 11, the country’s immigration office said.

Chevron Lubricants eyes significant growth in exports to Bangladesh, Maldives

Sri Lanka’s lubricant market leader, Chevron Lubricants Lanka PLC, plans to grow its exports aggressively to Bangladesh and the Maldives, as the export volumes to Bangladesh hit an all-time high in 2019.

People’s Bank slashes agri loan scheme interest rate to 9.5%

People’s Bank has reduced the interest rate of the ‘Aswenna’ loan scheme, a unique product that is aimed at creating a self-sufficient nation, with immediate effect.

Sri Lanka’s economy after COVID-19

We implemented a proper methodology to defeat the threat of the coronavirus (COVID-19). Our next requirement is to win the economy by following an appropriate similar mechanism to overcome economic problems.

Sri Lanka’s response to COVID-19 has been noteworthy and needs to stay on course

Sri Lanka has reported 1730 cases of COVID-19 as of June 3. The authorities and the medical staff have responded effectively to the crisis and need to say on course. The effort is being acknowledged in the region as an example. The challenge from now on would be to stay on course and not lose the gains.

CB assures resilience of financial system

Central Bank Governor Prof. W.D. Lakshman issuing a special statement yesterday assured the resilience of Sri Lanka’s financial system and all possible measures taken by the Central Bank to ensure the safety of the deposits of the general public.

Supply chain disruptions, price controls spark demand for contract manufacturing of pharma

Coronavirus may have disrupted supply chains around the world and caused widespread economic pain but the pandemic is slowly re-setting the global world order which dominated manufacturing and trade for half a century, foreign entities have been forced to re-think of their business models as they are increasingly seeking local partners to sub-contract their manufacturing to serve local demand.

Sri Lanka to open doors for tourists begining August

Coming August, Sri Lanka will open its doors to tourists from across the world, a step it will take by having in place strict safety guidelines and precautionary measures against the COVID-19 threat.

MarCom Collective commissions E&Y to study industry’s economic significance

The MarCom Collective has commissioned Ernst and Young Sri Lanka (EYSL) to undertake a comprehensive study on the country’s marketing communications industry and its contribution to the Sri Lankan economy.

Apparel sector worries deepen

Worries continue to deepen for the local apparel sector with the concessionary loans under the emergency COVID-19 refinance scheme not being released yet despite the government having made the announcement nearly two months ago.

Near-term life insurance growth to become subdued due to reliance on human interaction for policy sales: Fitch

If there has been any growth in Sri Lanka’s life insurance business so far, that is mostly owed to its agency network that relies on human interaction for policy sales, but that very human interaction has now tuned in to a potential deterrent to generate new business in the world of social distancing putting a dampener on the sector’s growth in the near term, according to Fitch Ratings.

Reduced volumes, supply chain disruptions hurt Expolanka March performance

Significantly reduced volumes from customers and disruptions to the supply chains due to the coronavirus, of which Expolanka began to feel from as early as January, undermined the company’s performance in the quarter ended March 31, 2020.