Chevron Lubricants says it possesses adequate cash flows to continue seamless operations

Sri Lanka’s market leader in lubricant sales, Chevron Lubricants Lanka PLC says it has adequate cash flows to continue seamless operations overcoming the expected hit on its financial performance from the prevailing negative business environment caused by the COVID-19 pandemic.

Vehicle clearing at Hambantota Port slow

The clearance of cars at the Hambantota Port is slow, and the port is concerned that they would not meet the April 30th deadline for clearing imported vehicles.

Apparel sector continues to explore ways to get back on track: JAAF

Determined to get back on track despite being badly hit by the ongoing pandemic, a senior representative of the apparel industry said the sector players are continuing to explore avenues to keep the work flow active while understanding that getting through the coming months would be a fresh challenge.

Fitch downgrades UL’s govt.-guaranteed bonds to ‘B-’

Fitch Ratings has downgraded the rating on SriLankan Airlines Limited’s (SLA) US$ 175 million government-guaranteed 7 percent unsecured bonds due on 25 June 2024 to ‘B-’, from ‘B’.

Smoking in time of corona: Why limiting smoking important in battle against COVID-19

The COVID-19 pandemic has already claimed thousands of lives worldwide. As expected with any respiratory illness, there is clear evidence that smokers are much more vulnerable to COVID-19 than non-smokers.

A global crisis like no other needs a global response like no other

I have been saying for a while that this is a “crisis like no other”. It is:

Women entrepreneurs give back more to society

Educating girls is very important for a prosperous world. It has a snowballing effect as according to USAID, educated women are twice as likely to send their children to school. This increases the chances of girls being educated in future as well.

Foreign investment drying up thanks to COVID-19; But there may be a silver lining

Just over a year ago, InvestChile – the South American country’s Foreign Direct Investment Promotion Agency – welcomed 300 foreign investors of 21 nationalities in Santiago. In a two-day event, they attended plenaries, workshops and over 200 meetings including with the president, advancing over US$ 7 billion in potential projects.

Uber Eats introduces in-app ‘tipping’ feature to support restaurants and delivery partners

Uber Eats has introduced an in-app tipping feature enabling users to tip their favourite restaurants as well as delivery partners, to support the industry during the ongoing COVID-19 pandemic.

Aitken Spence expects plunge in revenue, earnings in first two quarters of FY 20/21

Diversified conglomerate Aitken Spence PLC expects a significant negative impact on its revenue and profits in the first and second quarters of the financial year 2020/21, due to the adverse impacts stemming from the COVID-19 pandemic, in particular on the tourism sector.

Stock markets rally on virus hopes, but oil tanks

Equity markets rallied yesterday as countries eased coronavirus lockdown measures, but oil prices tumbled as a supply glut offset output cuts.

TRCSL warns of illegal digital satellite television service providers

The Telecommunication Regulatory Commission of Sri Lanka (TRCSL) said it had come to notice that illegal DTH connection service providers (DTH service/Dish TV) are advertising through social media platforms.

Sierra Cables estimates over Rs.1bn hit on top line from COVID-19 pandemic

Cable manufacturer Sierra Cables PLC expects an over Rs.1 billion hit on its top line from the impact of the COVID-19 pandemic, though the company expects to mitigate the impact with the potential government tenders and exploiting new market opportunities arising from the recently imposed import restrictions.

Bangladesh garment factories reopen, defying virus lockdown

Hundreds of Bangladesh’s garment factories defied a nationwide coronavirus lockdown to reopen on Sunday, raising fears the industry’s vulnerable and largely female workforce could be exposed to the contagion.

State and private sector accelerate e-commerce spend as COVID-19 alters shopping habits

As COVID-19 is altering almost everything including how people shop for their day-to-day needs, some chief executives expect such changes are here to stay even after the pandemic passes and therefore, they are making some crucial changes to their business models to adapt fast.

Feb. number tells little of slump expected in worker remittances

The worker remittances were recorded at US $ 527.3 million for the month of February, slightly higher than US $ 500.5 million received a year ago, the Central Bank data showed.

SME apparel exporters plead for govt. assistance

Sri Lanka’s small and medium-scale apparel exporters regret that they are yet to receive the relief package announced by the Gotabaya Rajapaksa-led government and it has caused several cash-strapped SME exporters to run into difficulties in paying employee salaries for March and April.

March tourist arrivals, earnings plunge; analysts fear worst yet to come

Tourist arrivals to Sri Lanka plunged in March and earnings slumped as COVID-19 continues to decimate the tourism sector, which accounts for 12.5 percent of Sri Lanka’s gross domestic product (GDP), according to World Bank estimates.

Dialog Axiata pledges Rs.200mn for ICU development

Dialog Axiata PLC, pledged Rs.200 million for urgently required ICU capacity development in hospitals selected by the Ministry of Health (MOH).

Construction in further quandary with govt. delaying release of due payments

The local construction sector is set to slump further with its pleas to the government to release due payments, which are in excess of Rs.50 billion, continuing to fall on deaf ears.

Colombo Tea Auction clears 5.2 M/Kgs of tea at latest e-auction

The Colombo Tea Auction cleared 5.2 million kilograms of tea at the third e-auction concluded last Friday, despite an increase in unsold teas.

Union Bank withdraws from primary dealer status

The Monetary Board of the Central Bank has granted approval to Union Bank of Colombo PLC (UBC) to cease its operations as a primary dealer with effect from May 1, 2020.

First Capital forecasts banking sector earnings to take ‘massive beating’ in 2020

First Capital Research said their projections point to a decline in Sri Lanka’s banking sector profits in 2020, the third consecutive year in a row, gives rise to a rare phenomenon seen in two decades as the sector is seen capitulating in front of the worst health crisis, which has transcended into an insurmountable economic challenge in the modern history.

Advocata calls for removal of price controls on COVID-19 testing

While welcoming the government’s move to increase the number of tests carried out to detect COVID-19 with the help of the private sector, the Colombo-based think tank called for the removal of the price controls on testing.

Bangladesh’s garment industry unravelling

Seven years ago, one of the worst industrial disasters in history — the collapse of an eight-story commercial building in Rana Plaza, Dhaka — demonstrated to the world the heavy price of producing cheap clothing to fuel the ‘fast fashion’ industry for consumers in the global North.

A post-coronavirus recovery in Asia – Extending a “whatever it takes” lifeline to small businesses

Asia was hit hard by the first wave of the coronavirus, as the sudden stop in activity struck households and firms simultaneously—first in China, then elsewhere in Asia and now globally. Policymakers responded swiftly with aggressive spending to support the medical response and vulnerable households and firms. And central banks took swift actions to expand liquidity.

Cyber distancing – The new norm in secure distance learning

Over the past few months, educational institutions around the world – from elementary schools to colleges and universities – have been forced to embrace distance learning. It’s now estimated that 70 percent of students are currently doing some form of online education.

Stock markets retreat as oil calms

Stock markets slid yesterday following more crushing economic data and a hit to hopes of finding a coronavirus vaccine, analysts said.

FSIN urges governments to take rapid action to tackle food security issues

The Food Security Information Network (FSIN) asserted it is of paramount importance for governments across the world to better understand the impacts stemming from the coronavirus (COVID-19) pandemic and stressed the need to urgently work towards taking rapid collective action to prevent further hit on food security and food systems.

PB distributes over Rs.150mn to customers in 10 days via mobile banking vehicle

People’s Bank’s mobile banking unit, which was launched with the objective of bringing banking services to the doorstep of customers who were unable to visit the bank due to the curfew situation caused by the coronavirus pandemic, was successfully able to disburse over Rs.150 million to over 10,000 customers during April 1 to 10.