Tourism sector to embark on COVID-19 recovery plan

As tourism sector stakeholders are adopting measures to stay afloat, authorities have been capitalising on the time available to chart out comprehensive plans that aim at redefining the industry in the face of the COVID-19 outbreak that has dealt a crippling blow to the travel and tourism sector globally.

Easter Sunday attacks cost Rs.150bn to economy erasing 1% of GDP

The Easter Sunday attacks and the tremors felt across the economy in its aftermath cost the Sri Lankan economy a mammoth Rs.150 billion in 2019, translating into 1 percent of lost economic output with the services sector left reeling from the shock, said a special report on the economic toll of the attacks.

Government losing estimated Rs.15bn monthly tax revenue due to alcohol ban

The government is losing estimated Rs.15 billion monthly tax revenue due to the island-wide ban on the manufacture and sale of liquor while illicit liquor trade gaining ground with home breweries popping up across the country.

Year-long prices expected at mid-single digit levels; short-term pressure seen due to supply disruptions

Prices could see a short-term uptrend in April and May amid sputtered supply due to coronavirus-induced lockdowns, but overall prices in the economy for the year could broadly be benign through the year, according to analysts.

U.S. oil futures plumb historic lows below zero, Brent plunges

U.S. oil futures continued to trade in negative territory yesterday, after closing down nearly US$ 40 on Monday in their first ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.

Tea industry successfully closes second eAuction

Sri Lanka’s tea industry has stepped up efforts and evolved to move away from its traditional systems, which paved the way for the successful conclusion of the second eAuction within a shorter timeframe.

Fitch downgrades Sierra Cables’ rating on coronavirus risks

Fitch Ratings has downgraded Sri Lanka-based cable manufacturer Sierra Cables PLC’s National Long-Term Rating amidst expected sharp revenue declines and tight liquidity conditions due to COVID-19 impacts.

SE Asia stocks tumble about 2% on U.S. crude price crash

Southeast Asian stock markets were pummelled yesterday, after a historic plunge in U.S. crude futures to below zero highlighted the damage wreaked by the coronavirus pandemic.

COVID-19 and road ahead for Sri Lanka’s three-wheeler industry

Sri Lanka has been under curfew since mid-March to contain the spread of COVID-19. As a result, economic activities throughout the country have stalled. A recent Institute of Policy Studies (IPS) blog identified that non-agricultural, informal workers were highly affected by this pandemic.

Response to COVID-19 should also be a response to climate crisis

Now is the time to ramp up actions on resilience so that society can beat the COVID-19 crisis while reducing the impact of climate threats.

Over 50,000 migrant workers awaiting to return to country

Over 50,000 Sri Lankan migrant workers stranded mainly in the Gulf countries are anxiously awaiting to return to the country amid health risks, job losses and pay cuts caused by the coronavirus (COVID-19) pandemic, according to the latest reports.

Sri Lanka’s agricultural sector largely immune to COVID-19 shock: ICRA Lanka

Sri Lanka’s agricultural sector is least affected by the economic shock triggered by the new coronavirus as the sector is loosely integrated with the global supply chains,

U.S. oil falls more than 10% to lows not seen since 1999

Crude oil futures fell yesterday, with the U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that the U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic.

Moody’s places ratings of 3 Lankan banks on review for downgrade

Less than a week after Sri Lanka’s sovereign rating was placed under review for possible downgrade, due to the economic shock of COVID-19, Moody’s Investors Service yesterday placed Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank under review for downgrade, due to the high level of dependency between the creditworthiness of Sri Lankan banks and sovereign.

Central Bank clarifies stance on remitting funds to Lankans abroad

The Central Bank of Sri Lanka (CBSL) yesterday clarified its position on the remittance of funds to Sri Lankans living abroad during the ongoing global crisis and stressed the locals would be able to do so within the set regulatory framework.

CSE says trading will not resume on April 22

The Colombo Stock Exchange (CSE) yesterday said it would not recommence trading on April 22.

CSE wants listed firms to disclose COVID-19 impact

Sri Lanka’s listed firms are now required to disclose the impact of the COVID-19 pandemic on the business/operations as well as the response to the impact and anticipated impact on the future operations and financial condition, to the Colombo Stock Exchange (CSE).

Condominium developers call for resumption of activities with relief attached

The country’s condominium developers have requested permission to return to work and resume their construction projects, which are stalled due to the lockdowns, as soon as practically possible and expect relief from the government.

Ceylinco Life donates ventilators to combat COVID-19

Ceylinco Life donated two high-end non-invasive ventilators to the government to support efforts to treat people infected by COVID-19.

Dialog extends critical connectivity solutions to IDH Hospital

In an effort to support medical professionals and essential medical services during the ongoing COVID-19 crisis, Dialog Axiata PLC extended free critical connectivity solutions for video conferencing facilities and Internet access to support the medical staff at IDH - the central healthcare institution spearheading the control of COVID-19 outbreak in the country.

CIPM makes donation to COVID-19 Relief Fund

CIPM made a donation of Rs. 1 million to President’s National Covid-19 Relief Fund in support and solidarity of the relief measures that need to be rolled out to successfully manage and overcome the current situation brought about by the global pandemic.

Pelwatte conducts CSR projects, launches free home delivery during curfew

Pelwatte, the leading local dairy manufacturer, has initiated several CSR and consumer reach projects that conjuncts the company as a strong stakeholder in the Sri Lankan government’s initiative to sustain the COVID-19 crisis.

Post COVID operations of wildlife parks in Sri Lanka – A new start?

The current ongoing COVID-19 pandemic has brought tourism and leisure travel to its knees. With extended curfews and strict restrictions of movement, almost all establishments have been shut.

Retraining for growth

The purpose of this article is to suggest how Sri Lanka can benefit from the obvious need for social support in the context of ‘COVID-19’.

Managing labour crisis post- COVID 19

The economic and labour crisis created by the COVID-19 pandemic has increased global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO).

CCC calls for broad economic recovery plan

The Ceylon Chamber of Commerce (CCC) has called for a broad economic recovery plan based on a shared vision of public and private sectors aimed at an accelerated post-COVID-19 recovery of the country’s economy.

Export Development Board confident export sector will steer country out of COVID-19 crisis

The Export Development Board (EDB) yesterday renewed its call to the government and the business community to give utmost prominence to local exports and stressed it is imperative to recognize the sector as the nation’s top priority as the country appears to have contained the spread of coronavirus successfully.

Asia Securities forecasts dour economic effects from COVID-19; but expects benign inflation through 2020

The research team of Asia Securities has forecast that the COVID-19 pandemic’s toll on Sri Lanka’s economy to be dour through 2020 with many of its macroeconomic forecasts pointing to some daunting numbers.

IMF approves US$ 1.39 bn in emergency pandemic aid for Pakistan

The International Monetary Fund said its executive board had approved US$ 1.386 billion in emergency financing to Pakistan to meet balance of payments needed stemming from the novel coronavirus pandemic.

CSE issues ‘Guidance Note’ for listed entities on holding AGMs

The Colombo Stock Exchange (CSE) has published a ‘Guidance Note’ for listed entities on possible list of alternatives for hosting their Annual General Meetings (AGMs) in light of the COVID-19 pandemic, responding to concerns that holding physical meetings may add to the risk of spreading the disease.