Companies given latitude on mark-to-market valuations as securities prices turned unrealistic in March

The companies reporting their financial performance for the March quarter have been allowed to fair value their financial assets as the prices prevailed on March 31, 2020 were unrealistic and much of them were tainted by the gyrations, since the investors turned risk-off and responded to the economic shock caused by the pandemic by selling their securities, pulling down the stock prices and indices as a whole.

Vajira Kulatilaka retires from NDB Group

Vajira Kulatilaka, Director/CEO of NDB Group’s investment banking cluster, will be retiring by the end of June 2020, after 36 years in the banking and finance sector of Sri Lanka.

ICTA hits back at Sanjiva Weerawarana

Responding to media reports on the resignation of Dr. Sanjiva Weerawarana from the Information Communication Technology Agency (ICTA) board, ICTA Chairman Jayantha De Silva said Dr. Weerawarana’s resignation was inevitable.

Market closes in red; foreign inflow continues

The Colombo Stock Exchange (CSE) ended on a negative note yesterday but foreigners remained active during the day closing as net buyers.

CB suspends NatWealth Securities’ biz activities for 6 months

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has suspended NatWealth Securities Limited (NWSL) from carrying on the business and activities of a primary dealer for a period of six months, with effect from June 1, 2020.

Huawei introduces AI technology to help Sri Lankan medical professionals to better fight COVID-19

Assists doctors distinguish between early, advanced and severe stages of pandemic

CB revises down private sector credit growth target for 2020

The Central Bank has slashed its expectations for private sector credit for 2020 amid expected reduction in spending and investment activities by individuals and corporates alike due to coronavirus-induced economic and financial difficulties.

ComBank raises another Rs.10 bn to support COVID-19 affected SME exporters

The Commercial Bank of Ceylon has announced the commitment of approximately Rs.10 billion to a bank-funded COVID-19 support loan scheme to assist affected SME enterprises.

Access Engineering envisages quick return to normalcy

Access Engineering PLC reported subdued performance for the period ended March 31, 2020 but said the company envisages a quick return to normalcy, although there would be some short-term financial pain due to temporary stoppage of project work and anticipated delays in overseas supply chains due to limited port operations.

HNB successfully concludes SL’ first hybrid virtual AGM 2020

Sri Lanka’s second biggest private lender in assets, Hatton National Bank PLC (HNB), successfully concluded the country’s first-ever hybrid virtual Annual General Meeting (AGM) on May 29.

May inflation eases to 4% on base effects

Sri Lanka’s headline inflation measured by the Colombo Consumer Price Index declined to 4.0 percent during the twelve months to May, decelerating from 5.2 percent in April due to higher base effects that prevailed in the same month last year.

Disillusioned, Sanjiva Weerawarana quits ICTA board

The Chief Architect and Founder of WSO2, Dr.Sanjiva Weerawarana has stepped down from the board of the Information and Communication Technology Agency (ICTA) after little over a six-monthperiod following his appointment to the board in December last year, citing his inability to become a typical board member.

Ranil calls for major restructuring of economy

Former Prime Minister Ranil Wickremesinghe called for a major restructuring of the Sri Lankan economy as a financially challenged future is foreseen for the country, and despite economic challenges faced, he stressed it was time for the island nation to learn to look after itself.

Thailand passes record stimulus package to combat virus impact

Thailand’s parliament approved yesterday a near US$ 60 billion stimulus package, the kingdom’s biggest-ever cash injection, to revive an economy that has been hammered by the coronavirus.

Cigarette Taxation: Rs. 20 billion extra revenue in 2020, if indexation implemented

The Sri Lankan government is facing a budget and revenue crisis triggered by the mitigation measures taken to reduce the spread of Covid-19.

Plan well for sustenance for your small business after Covid-19

Small and Medium Scale Enterprises make up a large part of Sri Lanka’s economy, accounting for 80 percent of all businesses.

Volkswagen invests 2 bn euros in Chinese electric vehicle sector

Volkswagen said yesterday it will invest around 2 billion euros (US$ 2.2 billion) in two Chinese companies in the electric vehicle sector, calling it “the world’s biggest market”.

Euro business loans up as firms seek cash to weather virus

Growth in lending to eurozone businesses continued to accelerate in April as companies sought funds to cope with the tough coronavirus lockdowns which hit activity, European Central Bank data showed yesterday.

HPB launches automated Messenger experience to aid Sri Lankans fight against COVID-19

Sri Lanka’s Health Promotion Bureau (HPB) has launched an automated Messenger experience, with support from Facebook and Arimac Digital, a digital product development company, to ensure that people in Sri Lanka are kept up-to-date, and have access to the right information during the current, COVID-19 health situation.

Tokyo stocks close lower on US-China tension

Tokyo stocks closed lower yesterday, snapping a four-day winning streak, with investor sentiment dampened by rising US-China tensions over Hong Kong.

US layoffs exceed 40 mn but some returning to work

The number of workers filing for jobless benefits since the coronavirus arrived in the United States passed 40 million this week while manufactured goods sales plunged even as signs emerged that people are returning to work.

Education Ministry enables digital and interactive classrooms with Microsoft

Microsoft and the Ministry of Education in Sri Lanka have signed a memorandum of understanding (MOU) on May 14 to advance remote pedagogy during a time when the health and safety of educators and students is paramount. The agreement will enable educators to embrace Microsoft Office 365 tools and build their IT competence, while efficiently engage students in virtual classrooms.

ILO calls for urgent and large-scale policy responses from governments

The International Labour Organisation (ILO) called for urgent and large-scale policy responses from governments across the world so that the long lasting damage to young people in terms of education, training, and labour market prospects can be prevented.

President appeals for “unconditional” budget support from intl. lenders to revive economy

President Gotabaya Rajapaksa this week appealed for “unconditional” support from the international community so that middle-income countries like Sri Lanka can maintain confidence in the private debt and equity market since the ongoing COVID crisis has spiraled out of control from the hands of governments and businesses.

Do fair-weather tech companies need regulating?

COVID-19 is creating a great deal of disruption in the market. Technology itself, which was seen as the great saviour for most companies, is having a reverse effect on some, which were founded on a tech base.

Reducing health costs and increasing govt. revenue beyond COVID-19

The susceptibility of smokers to contract COVID-19 has been recognised by the World Health Organisation (WHO) and other medical authorities. In Sri Lanka, concerned parties have called for a temporary ban of cigarette sales as a measure to contain the spread of the virus – a commendable move.

Operation COVID-19: Sixty-day battle to tackle food security

Sri Lanka has emerged as the ‘shining star’ in the efforts to tackle the COVID-19 pandemic. However, the global economic recession has started impacting the country at all levels.

ICRA Lanka highlights finance company liquidity concerns

The outlook for finance companies is expected to be more challenging compared to banks in the post-confinement period as asset quality, liquidity and higher capital standards could weigh on the sector’s recovery, but the regulatory response aimed at containing the full impact of the crisis could take some pressure off from the sector, ICRA Lanka said.

Sri Lanka ranked 8th cheapest country for mobile data in 2020

Sri Lanka is the 8th cheapest country for mobile data in 2020 while the average mobile data speed records a steep decline leading to the poor ranking of 79 among 100 countries.

DFCC Bank records robust loan growth; fair value re-classification buttresses earnings

DFCC Bank PLC had some robust growth in loans during the first three months of 2020 until lockdowns came into place mid-March while the re-classification of fair value losses on Commercial Bank shares it owned helped to generate higher profits for the quarter.