Voice of a Professional Educator and Peace Ambassador: Dr Varun Gupta on the global epidemic, Child Domestic Violence

The Peace Ambassador, Dr Varun Gupta believes that children of all genders, social backgrounds, nationalities, and ages are harassed, smacked, tortured, and also killed with an accelerated algorithm since recent past. Violence against children is taking the shape of a global epidemic. Today, child abuse and violence are not only limited to homes and families but also schools, colleges, offices, and societies.

MAS becomes first in SA to complete drawdown under StanChart’s US$ 1bn COVID-19 financing commitment

Standard Chartered announced this week that MAS Intimates (Pvt) Ltd., a division of MAS Holdings, became the first company in South Asia to complete a drawdown under the bank’s US$ 1 billion COVID-19 financing commitment.

Canned fish industry eyes exports with government 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.

Asian stocks reach two-month high on economic recovery hopes

Asian shares rose to a two-month high yesterday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic.

Cinnamon Hotels & Resorts gears to resume operations after extensive safety protocols

Cinnamon Hotels & Resorts has implemented a series of safety protocols taking a holistic approach to sanitation across all hotel spaces.

Emirates offers flights for passengers to 29 cities, resumes transits through Dubai hub

Payments to The Finance depositors to begin on June 7

The Central Bank yesterday said the first phase of compensation payment for The Finance Company PLC (TFC) would start on June 7.

Payments to The Finance depositors to begin on June 7

The Central Bank yesterday said the first phase of compensation payment for The Finance Company PLC (TFC) would start on June 7.

BSL organises virtual dialogue to mark World Environment Day

In commemorating World Environment Day (WED), which falls today, Biodiversity Sri Lanka (BSL), in collaboration with its Initiating Partner - Dilmah Conservation (DC) and Associate Member - the United Nations Development Programme (UNDP), will host a virtual dialogue on the Post-2020 Global Biodiversity Framework and the Role of Business on June 9th.

CB should take responsibility for collapse of financial institutions under its supervision: PM

The Central Bank of Sri Lanka (CBSL) should take the responsibility when financial institutions approved by it and under its supervision go into bankruptcy, Prime Minister Mahinda Rajapaksa said.

Construction sector appears resilient as projects pick up pace

Sri Lanka’s construction sector appears largely resilient to the shocks reverberating from the coronavirus-related economic malaise compared to other sectors, as the projects are gradually gaining pace after the easing of curfew while the companies largely operate with secured funding, alleviating any serious liquidity issues, said ICRA Lanka Research.

Shangri-La Lankan hotels record US $ 13mn drop in revenue in 2019

The two Sri Lankan hotel properties of Hong Kong Stock Exchange (HKEx)-listed Shangri-La Group recorded a US $ 13.1 million drop in revenues in 2019, compared to 2018, as the occupancy levels plunged due to the negative impact created by the Easter bombings in April 2019.

Ambeon Group announces new board of directors

In a strategic move to build in synergies, agility and create a robust governance structure between the holding company Ambeon Capital PLC and its investment holding and management company Ambeon Holdings PLC, Ambeon Group this week announced the restructuring of the board of Ambeon Holdings PLC.

National tea sales average reaches all-time high in May

Ceylon Tea auction sales reached an all-time high for the calendar month of May, recording a national average of Rs.697.57, surpassing last month’s record.

Sri Lanka has untapped export potential of US $ 7.4bn: ITC

Sri Lanka has an untapped export potential of US $ 7.4 billion, which could be bridged by increasing further focus on the country’s top-performing industries, the World Trade Organisation’s (WTO) International Trade Centre (ITC) said.

Trading at CSE only for 2 hours today

The Colombo Stock Exchange (CSE) in consultation with the Securities and Exchange Commission (SEC) has decided to keep the market open for a limited time period today, in view of the curfew declared by the government.

Ceylon Graphite announces first graphite sale sourced from mines in SL

Canada-based Ceylon Graphite Corp. yesterday announced the first sale of graphite from its graphite mines located in Sri Lanka, since the commencement of commercial production in December 2019.

Oil tops US $ 40 for first time since March on OPEC cuts, demand recovery

Oil rose yesterday, topping US $ 40 a barrel for the first time since March, supported by lower U.S. inventories, expectations OPEC+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis.

Aqua Ceylon International decides to help kids who were isolated and locked in houses for long period

Aqua Ceylon International, an export company in Sri Lanka decided help kids who were isolated and locked in houses for long period without any social interactions with outside world and people.

Lion Brewery March quarter hit by coronavirus lockdowns

Sales remained flat and profit ebbed at Lion Brewery Ceylon PLC during the three months ended March 31, 2020, as lockdowns hurt the retail beer sales from mid-March amid the restrictions on tourism trade, which accounts for a considerable amount of sales.

Jetwing Symphony loses steam in March; but remains optimistic

Jetwing Symphony PLC has felt the brunt of the coronavirus-related travel restrictions during the quarter ended March 31, 2020 but the company said it steadily restarted its operations with the ease of curfew and the gradual recommencement of economic activities.

SEC approves amendments to rules to digitise bourse

The Securities and Exchange Commission (SEC) has approved amendments to the Stockbroker Rules, Central Depository Systems (CDS) Rules and Listing Rules submitted by the Colombo Stock Exchange (CSE), which will enable the stock market to transition from a paper-based to an electronic-based environment.

Dhara Wijayatilake appointed as Sampath Bank Deputy Chairperson

The board of directors of Sampath Bank at a meeting held on May 28 had decided to appoint Dhara Wijayatilake as the bank’s Deputy Chairperson, consequent to the conduction of the 34th Annual General Meeting (AGM) of the bank.

Auditor General says govt. debt understated by over Rs.700bn

According to the Treasury, the public debt balance payable by the government stood at Rs.12.18 trillion, at the end of 2019.

SOE losses narrow in 2019 due to lower global oil prices

Sri Lanka’s 52 key state-owned enterprises (SOEs) have reduced their combined losses substantially to Rs.2.4 billion in 2019, from Rs.28 billion recorded in 2018, due to the enhanced performance of Ceylon Petroleum Corporation (CPC), amid lower oil prices.

Fast-tracking export resilience: Renewed thinking, renewed strategies

Exports play an important role in a country’s economy as they influence the level of growth, employment and balance of payments. For Sri Lanka, the focus on exports is now more important than ever, as the island nation looks to bring in foreign currency to boost the economy.

Could COVID-19 lead to a positive disruption in tourism industry?

Tourism is probably the worst affected industry from the outbreak of the COVID-19 pandemic. Sri Lanka is yet to feel the economic and social impact of the unprecedented global lockdown and travel restrictions, which are likely to remain until the third quarter of 2020.

There is high expectation for better China-US relations post COVID-19

Acting Chinese Ambassador in Sri Lanka Hu Wei in this interview says he is confident of a bright future for China-Sri Lanka relations and says certain western politicians are attempting to make China the scapegoat for their negligence. As of 2019, the US has the largest economy and China the second largest.

Apparel exports up to April decline over 28%

Sri Lanka’s cumulative apparel exports in the first four months stagnated to US $ 1.25 billion, recording a 28.2 year-on-year (YoY) decline, after the historical contraction in April apparel export earnings as the COVID-19 pandemic paralysed the retail sectors in the key export markets.

Trade deficit narrows by US $ 43mn in March

Sri Lanka’s trade deficit narrowed by US $ 43 million in March, driven by a sharp decline in imports amid the COVID-19 impact, decline in oil prices, import restrictions and low demand for export inputs, although export earnings recorded a sharper decline in percentage points compared to the import expenditure.