March PMI harbinger for next 3 months

Sri Lanka’s Purchasing Managers’ Index (PMI) fell sharply to record an all-time low in March, reflecting how deep the economic fallout of COVID-19 amid lockdowns is.

Covid-19 impact brings opportunities for govt. to develop port industry: SAGT chief

The Coronavirus (COVID-19) pandemic brought a series of challenges for the national economy, however with that have also come opportunities for the government to push the development of the port industry, said the chief of South Asia Gateway Terminals.

Asian markets rise on China GDP data

Asian markets posted healthy gains yesterday after official data in China showed the coronavirus pandemic had not hit economic growth as badly as some had feared.Authorities closed factories, halted construction work and imposed drastic lockdowns among other efforts to contain the outbreak after it emerged in the central industrial city of Wuhan late last year.

Need for sound public transportation to face post-COVID-19 environment realities urged

The Ceylon Chamber of Commerce (CCC) proposes the government to implement a sound public transportation plan to function in the realities of a post COVID-19 environment as the government considers exit strategies from the current curfew status.

Moody’s places SL’s rating under review for possible downgrade

Moody’s Investors Service yesterday placed Sri Lanka’s sovereign credit rating under review for possible downgrade due to economic risks building up from the new coronavirus, but said any rating action would be three or more months away and will depend on how the government refinances its debt and keeps macro-fundamentals less than threatened.

RPCs remain wary of plantation sector outlook despite improved tea prices

Sri Lanka’s Regional Plantation Companies (RPCs) remain wary of the sector’s outlook due to whopping crop losses which has led to increased cost of production despite recently improved tea auction prices.

Global growth impact of COVID-19 outbreak

No data yet, apart from the distressing data on the escalating infections and deaths caused by the COVID-19 outbreak. The economic shock is yet to be seen.

COVID-19 and foreign exchange woes: Can Sri Lanka find a way out?

The growing pressure on Sri Lanka’s scarce foreign exchange resources, due to the wide spread of COVID-19 across the globe, is now more real than ever before. To ease this pressure, the Central Bank of Sri Lanka (CBSL) has taken many measures to attract as well as retain more foreign exchange in Sri Lanka.

Sri Lanka’s economic recovery from coronavirus

The purpose of this article is to suggest how Sri Lanka can undertake significant structural reforms in the aftermath of this global pandemic and place herself in a position of increased economic strength.

ICC’s crusade to safeguard future functioning of global economy

International Chamber of Commerce Sri Lanka (ICCSL) Chairman Dinesh Weerakkody speaks about the International Chamber of Commerce’s (ICC) global response to the coronavirus (COVID-19) to provide businesses with hope during these challenging times.

“Let’s be realistic on way forward,” says EDB chief

Hoteliers seek govt. support to subsidise employee salaries

Sri Lanka’s crisis-hit hospitality sector seeks government support to subsidise the salaries of employees who are earning below Rs.40, 000 as their cash reserves have started to dry up with zero revenue as coronavirus (COVID-19) pandemic has paralysed the global travel industry.

NDB launches omnichannel NEOS Online Banking

NDB Bank recently launched the NDB NEOS Online Banking channel with a true omnichannel experience for the customers.

CSE offers momentary regulatory flexibility to listed companies amid COVID-19

Considering the challenges faced by the listed companies in complying with the rules regarding the submission of annual reports and interim financial statements, as a result of the COVID-19 pandemic, the Colombo Stock Exchange (CSE) has decided to extend the financial report submission and enforcement action deadlines applicable to Sri Lankan listed companies as a temporary relief measure.

Cargills reaches out to farmers in trouble again

Leading by example, Cargills has once again reached out to farmers in trouble.

LPG tanker ‘Gas Courage’ docks at Hambantota Port

LPG tanker ‘Gas Courage’ berthed at the Hambantota International Port (HIP) to load close to 1,800 metric tonnes of LPG.

Special Deposit Account with up to 2% higher rate to lure local and foreign money

The government has introduced a Special Deposit Account (SDA) offering 1 to 2 percent higher than the normal rate to lure funds from a broader cross section of people and institutes to help fight the economic consequences of the lockdowns induced by COVID-19 pandemic.

SLTDA waives off annual license fee of all tour guides

The Sri Lanka Tourism Development Authority (SLTDA) has decided to waive off tour guides’ annual renewal license fee for 2021 as a relief measure to one of the worst hit sectors by COVID-19.

BOI advises firms to gradually start operations

In line with the government’s desire to gradually open up the economy, the Board of Investment (BOI) companies can gradually recommence operations while strictly adhering to Health Ministry guidelines, a BOI statement said. “BOI will facilitate the process and please contact [email protected] for the guidelines to obtain required curfew passes,” the statement added.

FITIS seeks immediate govt. action for speedier ICT sector recovery

The Federation of Information Technology Industry Sri Lanka (FITIS), the apex body of the county’s ICT industry, seeks immediate measures from the government for a speedier recovery of the sector including amendments to labour laws and social security laws while retaining its current employee base amidst the COVID-19 pandemic.

CB cuts Bank Rate by 500bps to make emergency liquidity accessible and affordable

In another unprecedented move, the Monetary Board this week cut the Bank rate by 500 basis points, bringing the rate at which banks can access emergency liquidity to 10 percent as and when they require.

Consumer durables sector hit hard by coronavirus

The depleted consumer incomes and temporary import restrictions on non-essential imports could deal a heavy blow to Sri Lanka’s consumer durables sector, which was on its way to recovery from a sales slump, and could take at least one and half years for the sector to return to the pre-COVID-19 levels, according to sector analysts.

Amãna Bank offers Relief Moratorium

Based on the direction of the Government and the guidelines of Central Bank of Sri Lanka towards supporting SMEs, other businesses and individuals, Amãna Bank has extended a helping hand to its customers in terms of a special relief moratorium to overcome the financial and economic challenges as a result of the Covid-19 outbreak.

Advocata Institute makes new appointments

Murtaza Jafferjee, CEO of JB Securities, has taken up the role of Chairperson of the Advocata Institute. In his new role, Jafferjee would play a leading role in fundraising, governance and act as an advocate of the institute’s mission and its policy programme.

FITIS and EY collaborate to host webinar on post COVID-19 impact

People and traders are using online platforms to do trading, small traders use messaging platforms, corporates use virtual roundtables to conferences to online meeting platforms to keep things moving, educators do online tutorials, doctors do online channeling, hospitals use robotics to get closer to patients, people use social media to communicate with friends and families,and online banking recommended to help prevent the spread of the epidemic

Smoking cessation in Sri Lanka: A silver lining in COVID-19 crisis?

As the deadly COVID-19 pandemic threatens the entire world, claiming thousands of lives and disrupting economic activities, it would be wise to look at the role smoking cessation could play in the response.

COVID-19 and Sri Lanka’s tourism industry

After the April 2019 terrorist attack in Sri Lanka, the Market Development Facility (MDF), an Australian multi-country initiative, launched a series of informative seminars across the country to help the smaller scale hotel companies understand how they could manage the crisis. These programmes were very well received by the SMEs.

IRCSL grants 3-month extension to insurance policyholders to settle premiums

The insurance sector regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL), grants a three-month extension to both life and general insurance policyholders to settle their premiums, as a relief measure amidst the COVID-19 pandemic, following discussions with insurance firms.

Sri Lanka to embrace coronavirus-induced recession this year: WB

The World Bank (WB) Group projects Sri Lanka’s GDP to contract in the range of 0.5-3 percent this year as the country embraces a coronavirus-induced recession, which would result in losses in employment and earrings leaving many in poverty while posing significant concerns on the country’s fiscal and external sustainability.

KPMG urges local biz to explore financial crisis response and contingency planning

Multinational advisory firm KPMG last week advised local businesses to prioritise financial crisis response and contingency planning options since it is unlikely the support measures announced by the government would arrive early enough.