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.

Softlogic’s Hiran Perera appointed to NDB board

Hiran Perera, Director Group Treasury, Softlogic, has been appointed to the Board of National Development Bank PLC (NDB) with effect from 23rd April 2020.

Chamber Academy to host webinar with psychologist George F. Rhoades

The Chamber Academy of the Ceylon Chamber of Commerce will be hosting a webinar with licensed psychologist, George F. Rhoades Jr. Ph.D, on how to handle personal stress, and the stress of employees, customers, and clients in a time of natural disaster.

WB says most commodity prices to drop in 2020 as COVID-19 depresses demand and disrupts supply

The global economic shock of the COVID-19 pandemic has driven most commodity prices down and is expected to result in substantially lower prices over 2020, the World Bank said in its April Commodity Markets Outlook.

Fitch downgrades SL’s rating over COVID-19 impact

Fitch Ratings yesterday downgraded Sri Lanka’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) to ‘B-’, from ‘B’ with a Negative Outlook, saying that the shocks from the coronavirus pandemic will aggravate the risks associated with the country’s debt sustainability.

Emerging narratives for a post-lockdown society

The fear of contagion has struck deep and some things will perhaps never go back to the way they were. Here are some possible narratives and changing paradigms that could emerge in a post-COVID-19 world:

Employers and their ability to pay post COVID-19

I am penning this as a matter of urgency and I concede I could develop the arguments and points better. I consider this an urgent appeal to the president to read it and find a solution, which will save not only jobs but the economy.

Sri Lankans have re-evaluated priorities amidst COVID-19 outbreak: Will brands follow suit?

Kantar recently unveiled the COVID-19 Barometer for Sri Lanka through a virtual webinar. The study covers the sentiments of both urban and rural households across all socio-economic groups and age segments.

Campaign launched to assist stranded tourists

The National Association for Professionals in Tourism (NAFPT) along with Tourist Police Division of Sri Lanka has launched a campaign for foreign tourists who are currently stranded in Sri Lanka due to the COVID-19 pandemic, under the guidance of Sri Lanka Tourism Development Authority (SLTDA).

Argentina misses debt payment, decides to use grace period

Argentina missed a bond interest payment of about US$500 million that was due on Wednesday and planned to use a 30-day grace period, the government said, as it seeks to avoid default and buy time to reach a wider debt revamp deal with creditors.

Asia stocks pull ahead on U.S. stimulus, oil rebound

Asian stock markets rose yesterday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.

COVID-19 wiped out 98% of online revenue for hotels within just 7 days: report

The novel coronavirus (COVID-19) outbreak resulted in eliminating almost entirely the revenues from brand websites of local hotels and resorts within a matter of seven days, an in-depth study on website analytics revealed.According to data gathered from 20 to 26 March 2020,

Govt. working towards securing up to US$ 700mn through currency swaps, loans

The government is working towards securing up to at least US$ 700 million from currency swaps and multilateral lenders within the coming few weeks to cushion the island nation’s foreign reserve buffers and support its budget.

Companies defer big investments as they rush to conserve cash amid liquidity drought

Companies are delaying their planned big capital investment projects and putting on hold ongoing projects as they are rushing to conserve cash at a time when revenues have dried up triggering a liquidity crunch.

“We need to make every investment count now more than ever,” says UNDP Economist

As Sri Lanka is in the midst of exploring all possible avenues to bounce back from the upheaval set in motion by the coronavirus pandemic, the UNDP advised that efforts should be carried in a manner that makes sure every investment counts.

Rent-free concession assured for all imported containers

Sri Lanka Ports Authority (SLPA) assures that all imported containers at Colombo Port are free of any terminal rent from March 16, 2020 to April 9 and in addition SLPA-operated Jaya Container Terminal has also exempted their imported containers from penal charges up to April 30.

Managing business through COVID-19 pandemic to transform from a global to a local economy

The COVID-19 pandemic has resulted in many countries having lockdowns, mainly to control the spread of the coronavirus. This pandemic, which started in Wuhan, China, has now spread worldwide, with Europe and America experiencing a major impact and huge loss of lives.