Why strangle economy to combat coronavirus?

As of April 6, 2020, there are 177 confirmed cases and five deaths attributed to the coronavirus (COVID-19) in Sri Lanka. These are impressive statistics relative to those in many other countries affected by COVID-19. Physical distancing is the key to controlling the spread of the COVID-19 infection and accordingly, the island has been in curfew mode since March 20.

Why strangle economy to combat coronavirus?

As of April 6, 2020, there are 177 confirmed cases and five deaths attributed to the coronavirus (COVID-19) in Sri Lanka. These are impressive statistics relative to those in many other countries affected by COVID-19. Physical distancing is the key to controlling the spread of the COVID-19 infection and accordingly, the island has been in curfew mode since March 20.

Significant disruptive potential of coronavirus

According to CNN, the coronavirus (COVID-19) is now in 85 countries. This is despite four countries still accounting for 97 percent of COVID-19 cases. The COVID-19 epidemic has now forced nearly one-third of the world’s population into lockdown. It is a fight that many countries will face all the same.

Is downsizing right thing? NCE probes into pros and cons of laying off employees

The fact that we live in a truly global economy is impelled every time the world is confronted with a significant disaster affecting millions of lives and world economies. In 2002, when a lethal pneumonia-like virus known as SARS emerged in China, it generated a near catastrophic spillover effect on global trade.

Ceylinco General Insurance continues to provide all essential services without interruption

In order to facilitate customers amidst the current lockdown across the country in the battle against Covid-19, Ceylinco General Insurance will continue to provide all essential services to its valued customers without any interruption.

A note of appreciation for Sri Lanka Air Force from NDB

During a time where various different perspectives are coming to light, NDB would like to take a moment to thank the Sri Lanka Air Force for going above and beyond their call of duty in this hour of great need.

Hutch offers 100% anytime data without night time quotas

In a significant announcement made today, Hutch has started offering its subscribers 100% anytime data packages without any night time quotas.

CB Governor still hopeful of 3% growth

Despite the negative growth largely expected for the first quarter, the Central Bank does not think the coronavirus pandemic will completely decimate the economy beset by the lockdowns and would still be able to register at least 3.0 percent growth for 2020.

CB warns banks of stern action

In what could be termed as the most blunt message issued so far, the Central Bank Governor Prof. W.D. Lakshman today asked banks to pass on the announced relief measures to their customers forthwith or face legal action.

CB cuts policy rates by further 25bps

The Monetary Board of the Central Bank has decided to further reduce its key policy interest rates by 25 basis points (bps) in a bid to cushion the impact of COVID-19 to the island nation’s economy.

THASL thanks govt. for speedy action

The Hotels Association of Sri Lanka (THASL) in a statement has thanked the government for helping the tourism industry and other stakeholders of the private sector during the evolving economic crisis as a result of the COVID19 pandemic.

Govt. and Uber Eats partner to deliver essential supplies

The government of Sri Lanka and Uber are joining forces to deliver essential supplies as part of efforts to slow the spread of COVID-19 in the country.

ComBank deploys mobile units in areas under curfew to offer access to cash

The Commercial Bank of Ceylon of Ceylon has announced it is deploying its ‘Bank-on-Wheels’ Mobile ATM units in areas where curfews are in force, to provide urgently needed access to cash to members of the public.

Jaguar and Land Rover deploy global fleet to support emergency response partners during COVID-19 crisis

Jaguar and Land Rover have deployed more than 160 vehicles globally to support emergency response organisations during the coronavirus crisis.

People’s Bank group, Pensioners Association strengthen COVID-19 Healthcare and Social Security Fund

Financial donations were made to strengthen the COVID-19 Healthcare and Social Security Fund by the People’s Bank group and People’s Bank Pensioners Association, at the President’s Office, on March 31, 2020.

Pathfinder Foundation’s 10 basic principles for achieving economic recovery

Continued enforcement of social distancing, including the lockdown of hotspots, to ensure that the number of infections does not exceed the capacity of the health system.

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Releasing funds from EPF; is it the last resort?

Economic implications of the coronavirus are long-term and more severe than health implications, because people fear of hunger more than dying from the virus.

March inflation eases to 5.4% on lower food prices

The headline inflation measured by the Colombo Consumer Price Index (CCPI) moderated in March after peaking in February on lower food prices.

Norway’s wealth fund to liquidate assets due to COVID-19 impact

Fund had US $ 114.4mn worth of Lankan equity investments as at end of last year

Bangladeshi apparel sector faces US $ 6bn hit from COVID-19

Bangladesh, the second-largest apparel producer after China, is set to lose roughly US $ 6 billion in export revenue this financial year amid cancellations from some of the world’s largest brands and retailers, two major industry bodies said on Tuesday.

CSE offers guidance to listed firms on hosting AGMs amid COVID-19 outbreak

The Colombo Stock Exchange (CSE) yesterday provided guidance for listed companies on hosting the Annual General Meetings (AGMs), amid the coronavirus pandemic.

ADB, UNICEF join forces to supply emergency medical equipment to support SL’s COVID-19 response

A US $ 100,000 (Rs.18.17 million) grant from the Asian Development Bank (ADB) has funded the purchase of emergency medical supplies through the United Nations Children’s Fund (UNICEF) in support of Sri Lanka’s ongoing response to the novel coronavirus (COVID-19) pandemic.

Brandix rolls out cost-cutting initiatives to stay afloat

Sri Lanka’s largest apparel exporter Brandix Lanka Ltd (BLL) is rolling out several substantial cost-cutting initiatives, including up to 60 percent pay cuts for executive cadre and board members foregoing compensation for a period of six months, to stay afloat, as the cash flows dry out due to the adverse impacts stemming from the COVID-19 pandemic.

Eased liquidity standards and capital reprieve for finance firms to support virus-hit sectors

A day after the Monetary Board eased capital, regulatory and reporting rules on the banking sector, more or less similar relaxed rules have been offered to finance companies, including a lower floor for mandatory liquidity maintenance, to obtain their support to provide relief to the affected businesses and individuals from the COVID-19 crisis.

Stock investors on margins to get relief till end-June

The Securities and Exchange Commission (SEC) yesterday asked brokers and margin providers to refrain from charging interest and to provide a moratorium for the investors who have purchased stocks on margin facilities.

COVID-19 and SMEs: Five important areas to focus on during tough times

It is evident that the COVID-19 pandemic would create a significant economic impact globally. Whilst it is rather premature to predict the overall impact, one can safely conclude that the impact will last for a number of months (best-case scenario) post COVID-19.

COVID-19: Economic impacts on Sri Lanka

COVID-19 has been rapidly outreaching across the globe, taking thousands of lives and pausing hundreds of economies. Its initial impact on China’s economy is pathetic and China’s slowdown may have adverse economic impacts on the rest of the world as well.

Italy’s biz lobby sees GDP shrinking 6%

Italy’s business lobby Confindustria said yesterday it forecasts a severe recession in 2020, with the country’s GDP dropping by six percent if the acute phase of the coronavirus outbreak is over by the end of May.

Huawei posts strong growth but warns ‘most difficult year’ ahead

Huawei said yesterday it had sustained solid growth in its global businesses in 2019 despite a US campaign to isolate the Chinese tech giant, but warned of its “most difficult year” ahead.