Did COVID-19 alter conventional economic wisdom?

The economic fallout of the Chinese New Coronavirus or COVID - 19 is far-reaching. It will eventually pass as any other pandemic or calamity the world has seen but will certainly change the political and economic playbook, which many countries, including Sri Lanka have gotten used to.

WhatsApp “Stop Misinformation” tips

Check for signs that help you decide if the information is fake. For example, forwarded messages with no source or no evidence. Photos, videos and even voice recordings can be edited to mislead you.

Facebook takes action against misinformation on COVID-19 and keeps people safe and informed in Sri Lanka

Sri Lanka to receive US $ 500mn Chinese concessional loan

Sri Lanka yesterday signed agreements to receive a US $ 500 million concessional loan from China Development Bank (CDB).

Twice-battered tourism industry seeks immediate government help

The Hotels Association of Sri Lanka (THASL) is seeking a two-year moratorium and an interest waiver on all loans and overdrafts taken by tourism businesses from banks and non-bank financial institutions, with effect from April 1, 2020, as COVID-19 takes a heavy toll on the already battered industry.

Analysts call Central Bank’s rate cut ‘impulsive’

Market participants are trying to comprehend what the Monetary Board’s emergency rate cut this week would mean and doubt its firepower to combat the economic fallout of COVID-19, Mirror Business learns.

EU shuts borders as virus deaths exceed Asia toll

The European Union (EU) sealed off its borders yesterday to try to put the brakes on the ferocious spread of the coronavirus pandemic, as the number of deaths on the continent soared past the toll in Asia.

Manufacturing, service activities slow for second consecutive month

CB urges public to minimise visits to banks, EPF office

The Central Bank (CB) urges the public to minimise visiting the Employees’ Provident Fund (EPF) office in Colombo while encouraging them to conduct more online banking transactions, as precautionary measures to mitigate the risk of spreading COVID-19.

CSE says no market

Reversing a decision taken earlier yesterday to resume trading, the Colombo Stock Exchange (CSE) in a late night statement said the market would be closed for trading today.

Technical knowledge is no longer enough for CFOs to succeed, says CIMA President

Canadian finance leader Amal Ratnayake, FCMA, CGMA, the 86th President of the Chartered Institute of Management Accountants (CIMA),

‘Ayubowan’ – no handshakes please … is so Sri Lankan!

In a sign of times to come, shaking hands, kissing cheeks, hugging and even high fives will be a thing of the past – thanks to the coronavirus.

Remote working due to coronavirus? Here’s how to do it securely

If you’re on your company’s IT team, you’re probably used to preparing laptops for employees to use remotely and setting up mobile phones with access to company data. However, we’re looking at something much bigger than that today.

Playing nice – Need for collaboration for successful IT/OT convergence

As organisations make their operations more agile in response to a quickly evolving marketplace, many operational technology (OT) systems are being connected to the outside world for the first time. This trend promises great benefits for organisations but also directly exposes OT systems to cyberthreats they were never prepared to address.

CB Governor urges markets to remain calm

Central Bank, Governor, Prof. W. D. Lakshman requests the financial institutions not to overreact to current disruptions to the economy amid the spread of the COVID-19 pandemic, while urging the banking sector to pass the benefit of the recent policy rate cuts to their customers.

EFC urges pvt. sector to comply with govt.’s special holiday request

The Employers’ Federation of Ceylon (EFC) yesterday urged the private sector to comply with the government’s request of declaring the three-day special holiday so that the impact from the coronavirus (COVID-19) outbreak in the country can be minimised.

ICC-WHO to work closely to tackle COVID-19

In a coordinated effort to combat the coronavirus (COVID-19) pandemic, the International Chamber of Commerce (ICC) and the World Health Organization (WHO) have agreed to work closely to ensure the latest and most reliable information and tailored guidance reaches the global business community.

FCCISL writes to President urging him to declare one-week essential leave for private and public sector employees

Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), the apex body of the country’s chamber movement, yesterday urged President Gotabaya Rajapaksa to consider drastic action including essential seven-day leave initially, with an option of another seven-day extension, for all employees in State and private sectors excluding essential services to contain spreading of coronavirus (COVID-19) in the country.

Dialog launches free trilingual hotline to receive advice on coronavirus

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in partnership with Wavenet International Pvt Ltd and MyDoctor (My Health Solutions Pvt Ltd), has launched a free trilingual hotline – 1390 for all Sri Lankans to receive information and advice on the coronavirus, providing access to doctors without the requirement of physically visiting a hospital or a clinic.

Russian airlines risk bankruptcy over pandemic

Russian airlines could sustain major losses and some might go bankrupt because of hits from the coronavirus, the government warned yesterday. Carriers face two major blows, cancellations of international flights and rising costs owing to the ruble’s sharp drop in value, Alexander Neradko, the head of the federal air transport agency Rosaviation, told a government meeting.

Access Motors gearing up for thrilling future with Jaguar Land Rover in Sri Lanka

In an increasingly fast-paced world, disruption can be caused by an ever-growing number of sources. A brand’s ability to navigate this shifting landscape is often contingent on its agility, and its ability not just to respond but effectively drive disruptive innovation.

As the government declared yesterday a public holiday with a view of preventing the spread of coronavirus across the country

As the government declared yesterday a public holiday with a view of preventing the spread of coronavirus across the country

CB cuts policy rates to cushion economic fallout from COVID-19

Sri Lanka’s Central Bank yesterday jumped on the rate cut bandwagon with other central banks in the world cutting key policy rates by 25 basis points (bps) to support economic activity in the country amid the rapid global spreading of COVID-19 pandemic and its possible further spread in Sri Lanka.

Downbeat economic forecasts to persist as COVID-19 takes toll

Economists, analysts and researchers have joined the chorus in predicting mostly downbeat economic forecasts as the fallout from COVID-19 becomes far reaching with disrupted supply chains, absenteeism and closed factories and offices.

Management buyout at Hemas’ travel and aviation business

Hemtours (Private) Limited, a sub-subsidiary of Hemas Holdings PLC (HHL), has divested 80.1 percent stake in its Forbes Leisure Services (Private) Limited to Acorn Partners (Pvt)) Ltd., owned by HHL’s former Executive Director Malinga Arsakularatne and several others in the senior management for Rs.201 million, according to a stock filing.

Tea exporters say “doing OK” amid virus storm compared to apparel, construction

Sri Lanka’s tea industry is currently coping relatively better with the ongoing coronavirus (COVID-19) storm compared to other industries, but the prolonged disruption to its support industries could negatively impact the sector, industry stakeholder said yesterday.

South Korea cuts key rate to record low of 0.75%

South Korea’s central bank announced a rate cut to a record low yesterday to combat the economic fallout of the coronavirus outbreak, hours after the US Federal Reserve slashed rates.

US Fed slashes key interest rate, rolls out massive response to pandemic

Faced with a growing economic shutdown from the coronavirus pandemic, that could cause the US economy to contract, the US Federal Reserve on Sunday announced drastic emergency measures to shore up confidence and keep the financial sector running, including slashing the key interest rate to virtually zero.

Pharma Chamber says no shortage of essential drugs

The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) urging calm yesterday assured the public that despite the global impact of coronavirus, there is no shortage in availability of essential drugs in Sri Lanka.

Navy rehearses to fight COVID-19

In preparation to prevent coronavirus (COVID-19) entering the country from ships at ports, Sri Lanka Navy conducted a drill at the Colombo port on Friday. The Navy conducted the drill to rehearse the Standard Operational Procedure that could be adopted in the event of transferring a suspected COVID-19 contracted patient from a ship to the relevant hospital ashore and quarantining a particular area on land