Tea auction sees strong demand; 5.4 MnKg tea offered

The Colombo Tea Auction saw a total of 5.4 MnKg comprising of 9,304 lots come under the hammer this week, a dip compared to the 6.5 MnKg offered to the corresponding sale in 2019.

Ceylon Tobacco says cigarette sales down 13% in March quarter

Sales at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), fell during the March quarter (1Q20) due to excise-led price increases and business interruptions caused by COVID-19 lockdowns.

Teejay Lanka ventures into PPE manufacturing as customers push back orders

Weft-knitted fabric maker Teejay Lanka PLC has ventured into the manufacturing of Personal Protection Equipment (PPE) to cater to the growing demand in local and international markets as key apparel brands have pushed back orders by several months amid the COVID-19 crisis.

Eshana appointed NDB Chairman

Eshana De Silva has been appointed to the board of National Development Bank PLC (NDB) with effect from May 14, 2020, and the board of directors thereafter appointed him as Chairman of the Board.

Keells Foods exploring new avenues to maintain sales volume

Although the impact on Keells Food Products PLC (KFP) by the coronavirus-induced business interruptions during the three months to March 2020 was modest, the company anticipates some deeper implications for the sale of its processed meat as the virus has decimated the HoReCa sector, which accounts for a considerable segment of its business.

PUCSL issues guidelines to grant grace period to settle electricity bills

The Public Utilities Commission of Sri Lanka (PUCSL) has issued fresh guidelines in consultations with the Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO) to grant a grace period for consumers to settle their accumulated electricity bills during the curfew period while also ensuring that concessionary rates are applied when issuing monthly electricity bills.

ComBank March quarter showed signs of strong economic recovery before pandemic grounded it to a halt

Commercial Bank of Ceylon PLC’s (ComBank) March quarter performance showed consumption had picked up in economy after taxes were cut, interest rates were reduced and sentiments turned positive following the presidential election last year, as the bank witnessed a stellar start to the year with strong rebound in new loans and higher earnings on the back of lower taxes.

Informal sector leads direct-to-consumer market over established channels during lockdowns

Informal sector appears to be making the most of the direct-to-consumer model,which flourished during the two-month long shelter-in-place conditions as the branded and more established players with their e-commerce platforms and delivery channels failed to fully capitalize on the opportunity afforded by the pandemic, a survey found.

Sri Lanka eyes confidence building measures to bring back global travellers

As Sri Lanka is eagerly looking forward to open its borders to get the national economy back on track, much of the efforts should be in positioning the country as a safe destination for which the airports must take effective measures to build confidence among global travellers and airlines that it delivers what is promised, the country’s Airport and Aviation Services chief said.

Repatriation and replacement of lost foreign jobs: Handling labour migration in Sri Lanka during COVID-19

Sri Lanka, which has been sending workers abroad for employment for decades, is now faced with the formidable challenge of repatriating large numbers of migrant workers affected by COVID-19.

CB implements extraordinary regulatory measures to pump in more liquidity to banks

The Central Bank (CB) yesterday announced the implementation of extraordinary regulatory measures aimed at strengthening the liquidity positions of the licensed banks, to ensure the continued supply of credit and to meet the urgent liquidity needs of banks, given the current position of the industry.

Dwindling foreign reserves, increased money printing to exert pressure on rupee

Sri Lanka’s rupee is expected to feel the pressure from the dwindling official foreign reserves combined with the impacts from the increased money printing towards the latter part of the year, when the demand rebounds from the current sluggish levels.

Bourse rebounds after two days of losses

The Colombo Stock Exchange (CSE) rebounded yesterday after two days of losses, with the benchmark All Share Price Index (ASPI) increasing by 2.81 percent or 119.30 points to close at 4,367.25 points while the S&P SL20 index also increased by 2.59 percent or 43.70 points to close at 1,729.15.

SL’s ban on pepper imports leads to sharp fall in imports to India

Sri Lanka’s temporary ban on the importation of pepper has contributed to a sharp decline in pepper imports to India, according to an Indian media report.

Sampath Bank 1Q20 indicates economy was gathering steam before pandemic

Sampath Bank’s interim results released for the March quarter (1Q20) showed that the economy was gathering steam from the lower interest rates and tax cuts, as the loans had begun to rise and earnings got a boost before it hit a wall when the country went to lockdown to prevent the spread of China-originated COVID-19.

SLPA looks to go digital to up efficiency, curb corruption

The Sri Lanka Ports Authority (SLPA) yesterday stressed the urgent need for the entity to go digital but said it is faced with a major hurdle in doing so, as its workforce is resisting the changes in that direction.

Lanka IOC March quarter in red; but record-low oil prices could help turn fortunes

Despite higher revenues, Lanka IOC PLC swung to a loss during the three months to March 2020 (4Q), as the prices relevant for oil deliveries through March-end remained elevated, before they crashed recently amid the demand slump caused by the shuttered economies since mid-March, due to the coronavirus.

Asian equities mixed, fears of second wave keep traders on edge

Asian markets were mixed yesterday but investors remain on edge after Donald Trump’s top virus adviser warned that easing lockdown measures too early could spark another dangerous wave of infections and batter the economic recovery.

Business cannot wait until vaccine found

World leaders wanting to end the lockdown and allow their people to move about and contribute to the national economy because many are drowning in bills as they remain shut due to the COVID-19 lockdown, will have to monitor closely for new infections and adjust the health controls they have in place until there is a proper vaccine for COVID-19.

The next challenge in lockdown education — Examinations

The COVID-19 lockdown has been a great leveler, as various sectors across the world struggle to maintain status quo.

Rebooting economy during COVID-19

Economies across Asia and the Pacific—like in much of the world—have been hit hard by the coronavirus outbreak. To slow the spread of the virus, many governments have chosen to impose lockdowns and travel bans. While vital, these measures have also had severe economic impact. The Asian Development Bank estimates that Asia is likely to lose 68 million jobs, if the pandemic goes on until September.

Brewing up change under COVID-19: Transforming how tea is bought and sold in Sri Lanka

Picking, sorting, processing and grading tea leaves make up the fabric of life in Sri Lanka. And ensuring that people around the globe get their daily cups of chai, Earl Grey, English Breakfast or Orange Pekoe, is crucial to the local economy and jobs.

Recommendations for ‘virtual work life’

I recently attended a large virtual meeting. The topic was timely but several things went wrong: the host joined late, we were entertained by background ‘home’ noises, people interrupted each other, the chat feature wasn’t used and the host left the meeting before us!

Legal fraternity calls for urgent changes to labour laws

Sri Lanka’s archaic labour laws need urgent revisiting and amendment where possible, a panel of high-profile lawyers said, as bulk of the laws that are in effect are hardly useful at this point of time where the ongoing health crisis is observed to be taking a toll on both employers and employees across diverse sectors.

Shares fall as consumer, industrial stocks weigh

Sri Lankan stocks closed sharply lower yesterday, weighed by consumer discretionary and industrial stocks, as investors returned to stock markets this week after a long shutdown imposed to curb the spread of coronavirus infections.

Tea industry urges sector players to maintain end product quality

Although Sri Lanka’s tea industry has been able to brew a strong cuppa amid the global pandemic, the sector representatives caution that the industry should look at maintaining high standards in terms of quality to sustain the demand.

Sri Lanka removed from European Union’s money laundering list

Sri Lanka has been removed from a list of high-risk countries for money laundering and terror financing by the European Commission from May 07, the Central Bank (CB) said yesterday.

IRD issues instructions to settle income tax obligations

The Inland Revenue Department (IRD) has issued instructions for individuals, partnerships and partners in a partnership and companies to settle the fourth quarter income tax instalment on or before May 15.

ICRA Lanka sceptical of sustained higher tea prices

When all else seemed gloomy and commodities prices were set to take a plunge from the coronavirus-induced economic damage, one commodity stood out unscathed, i.e. Ceylon Tea, but analysts said all is not well with it as many factors were at play and thus questioned the sustainability of the record high prices going forward.

Global stocks down on fears over second wave as lockdowns ease

Fears of a second wave of coronavirus infections in some parts of the world weighed on equities yesterday, bringing a dose of hard reality to markets after weeks of rallies fuelled by the easing of lockdown measures and hopes for economic recovery.