Work from home: All too convenient but are we doing it right?

The coronavirus (COVID-19) pandemic brought about a new wave of remote work for employers, who otherwise would not have considered venturing outside what was considered the norm, until recently.

What’s next for supply chains scrambled by the pandemic?

The emergency created by COVID-19 has stimulated innovation, creativity and novel ways of structuring tasks, organisations and systems. In the midst of this worldwide crisis, it is hard to assess what temporary measures will become more permanent - or will morph into something else.

No sooner Sri Lanka’s private credit started picking up, coronavirus killed it

Sri Lanka’s credit to the private sector began picking up in February after months of hiatus and then met with new coronavirus, which sent everything packing back to ground zero.

Recovery of most listed firms to take more than one year: report

The full recovery of listed entities of Colombo Stock Exchange (CSE) is expected to drag up to June next year with anticipated long-term recovery of tourism, plantation, construction material and real-estate, consumer durables, apparel and retail sectors due to the prolonged impact of COVID-19 pandemic, Colombo-based First Capital Research said in a special report.

Hambantota Port’s tank farm fully operational

With Hambantota International Port (HIP) resuming operations with Litro Gas, the port completes its full complement of energy services, positioning itself to vie for hub status in the South Asian region.

Retailers request landlords to halve rentals/leases for next six months

Sri Lanka’s organised retailers request landlords to halve rentals/leases for the next six months citing a whopping 85 percent possible drop in revenue across all retail establishments and sectors due to the prevailing situation in the country caused by the

ICC Sri Lanka backs President’s move to re-open economy

The International Chamber of Commerce (ICC) Sri Lanka yesterday said it fully supports President Gotabaya Rajapaksa’s initiative to re-open the Sri Lankan economy safely, prudently but decisively and to move towards restoring economic activity at levels allowable within safe public health limits.

SriLankan launches dedicated cargo flights to rescue export industries

National carrier, SriLankan Airlines, is making a decisive move to rescue the country’s much troubled export industries by launching dedicated cargo services to a host of destinations and throwing a lifeline to the nation’s economy at a time of gravest peril.

Markets cheer ‘light at end of tunnel’ in virus crisis

Equities and crude rallied yesterday as investors cheered a further easing of lockdowns in some countries, which offset fears of a renewed trade war between China and the United States.

Tourism authorities request all tourists to register with website

Sri Lanka Tourism is in the process of gathering details of all the international tourists, businessmen and expatriates engaged in the tourism industry of Sri Lanka, following the outbreak of COVID-19 pandemic in the country.

Central bankers open up the pandemic box

Central banks worldwide have become the white knights to the rescue in the COVID-19 economic crisis. Having pledged ‘whatever it takes’ to expand liquidity and their balance sheets to fight the economic impact, they have been applauded.

Economics of social media based business in Sri Lanka during crises

As of January 2018, there were six million active social media users in Sri Lanka, accounting for 30 percent of the population.

UN advises countries to adopt three-step approach to tackle socio-economic response to COVID-19

As the global economy enters a deep economic recession, with the possibility of a financial crisis, the United Nations (UN) asserted the governments across the world must adopt a three-step approach for the socio-economic response to the coronavirus (COVID-19) crisis.

Sri Lanka stands to lose German development aid

Sri Lanka stands to lose German development cooperation as Germany moves ahead with plans to realign its resources to a limited number of countries with good record in implementing reforms and where the commitment made a difference, several German online news platforms reported.

Majestic City makes rental free for tenants during curfew period

CT Land Development PLC, the owners of Majestic City, announced a rental-free policy for its tenants during the curfew period, with further plans to formulate a rental-free/reduced rental scheme for an additional period, until the shopping complex gets back to full operation.

Equities tumble as Trump revives trade war fears

Stock markets suffered steep losses yesterday, tracking a selloff in New York after Donald Trump sparked fears of a renewed trade war with China over its role in the coronavirus pandemic.

Sri Lanka ranked among emerging economies worst hit by COVID-19

Sri Lanka is among the worst-affected emerging economies by the COVID-19 pandemic, according to a ranking published by the international journal Economist, recently.

SEC extends string of relief measures for licensed and registered entities

In an effort to provide some relief to the stakeholders of the Colombo bourse, the Securities and Exchange Commission (SEC) said it would provide a series of measures that would assist the players in complying with certain mandatory regulatory requirements.

Banking sector sees deposit build up contrary to expectations

Contrary to the expectations that many would withdraw from their bank deposits to face the uncertain times created by the pandemic, the sector is seeing a build up of deposits, which the banks attributed to the limited spending opportunities available for people, although they received salaries for the months of March

Seylan Bank PLC staff contributed a days salary and the bank contributed the equal amount to fight COVID-19

Seylan Bank staff apart from delivering essential services, contributed a days salary and the bank contributed the equal amount to fight COVID-19 in the country.

March worker remittance income shows first signs of prolonged slowdown

Worker remittances to Sri Lanka fell sharply in March setting forth in what could be the beginning of a prolonged slowdown in the crucial foreign exchange income, which acted for decades as a buffer against massive foreign outflows on imports and the country’s fragile balance of payment (BOP).

Private sector rushes to facilitate remote working for employees as firms limp back to work

Sri Lankan private sector companies are saying that they are adapting fast to the social distancing required in the post-COVID-19 era, as some of them are now in the process of providing their staff with the necessary infrastructure to allow them work from home.

March tea production hits all-time-low

Sri Lanka’s tea production in March has plunged by over 50 percent compared to the corresponding month in 2019, the lowest recorded since February 2009.

SAGT introduces electronic container clearance

South Asia Gateway Terminal (SAGT), one of three terminal operators in the port of Colombo, recently introduced a paperless electronic clearance process for import containers.

Business interruptions, rising debt and fund raising delays weigh on Softlogic Holdings

Back-to-back business interruptions, rising debt, delay in raising cash caused by macro-political challenges and stretched liquidity conditions in light of current pandemic are weighing on Softlogic Holdings PLC (SHL) as ICRA Lanka revised the firm’s rating outlook to Negative from Stable.

Jobs and workers first, says the United Nations

As nations across the world are looking for avenues that would help their economies recover from the massive hit brought about by the COVID-19 pandemic, the United Nations (UN) stressed that governments should put much emphasis on protecting jobs and workers at this point of time.

Central Bank extends deadline to apply for loan moratoriums till May 15

The Central Bank has extended the deadline set to apply for loan moratoriums till May 15 as many business owners and individuals could not submit their requests to banks and other financial institutions on or before April 30 due to curfew.

Redefining e-commerce in Sri Lanka: Prospects post COVID-19

The COVID-19 global pandemic is likely the defining event of the decade, if not more and its implications are expected to change the way we work, socialise and behave. Rapidly evolving consumer buying behaviour and the pivot to online shopping is one such outcome of the pandemic and its associated social distancing measures.

How bad is COVID-19’s impact on Asian developing economies?

In its April World Economic Outlook, the International Monetary Fund (IMF) predicts a baseline case of negative 3 percent global ‘growth’ in 2020, rebounding to 5.8 percent in 2021.

Suren cooke launches electrostatic disinfection technology to combat COVID-19

In the infection prevention and control industry, environmental cleaning and disinfecting of surfaces is becoming more important than ever before. Research show that environmental cleaning and disinfection can play an important role in helping to prevent the spread of infection. A new, promising technology in this industry is the application of disinfectants utilizing electrostatic technology for proper surface disinfection.