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

Economist urges need for credible fiscal roadmap

Sri Lanka would need to demonstrate the return to a credible fiscal path, a transition the country would have to make before the next debt repayment that is due mid this year by shoring up government revenue, according to a senior economist in the country. For Sri Lanka to look at de-risking the economy, Verite Research, Research Director Deshal de Mel, who also served as Economic Advisor to the Finance Ministry when Mangala Samara

Three global airline alliances call on governments and stakeholders for extraordinary support

On behalf of their member airlines, three global airline alliances oneworld, SkyTeam and Star Alliance have jointly called on governments around the world and stakeholders to take action to alleviate the unprecedented challenges faced by the global airline industry amid the COVID-19 pandemic. The three global alliances, wh

WSO2 pledges to pay daily workers and support staff while employees work remotely

With COVID-19 cases reportedly on the increase in Sri Lanka, a growing number of employees could soon be asked to change their routines, or just stay at home. While many employees, especially those in tech firms similar to WSO2, can do their jobs away from offices, large companies also have daily support staff who do everything from cooking and delivering meals to driving shuttles and cleaning offices. They cannot do their jobs remotely, and, in

World’s most valuable firm’s profit slides over 20% on lower crude prices

(Riyadh) AFP: Saudi Aramco reported yesterday a 20.6 percent drop in 2019 net profit due to lower crude prices and production levels, in its first earnings announcement as a listed company amid an escalating price war. The world’s most valuable firm also announced it was slashing its capital expenditure for this year, as the price war with Russia and the spreading coronavirus pandemic rattle energy markets. These are the first financial results a

FITIS backs SL signing WTO’s IT agreement

The Federation of Information Technology Industry Sri Lanka (FITIS), the apex ICT industry body in the country, recently emphasized the importance of signing World Trade Organization’s (WTO) Information Technology Agreement (ITA) by Sri Lanka at a recently held ICT Open Forum with regulators organized by the FITIS. A FITIS spokesperson said ITA covers a large number of high technology products, including computers, telecommunication equipment, s

No stock market today

In view of the government declaring Monday, March 16, a public and bank holiday, the Colombo Stock Exchange (CSE) has declared today a market holiday. “Accordingly, the market will be closed on March 16,” the CSE said in a statement.

Jaffna Airport closed for int’l flights

The government has decided to temporarily close the Jaffna International Airport (JIA) for international flights for a period of two weeks, the Civil Aviation Authority (CAA) announced yesterday.

ADB provides assistance to combat covid-19 in Sri Lanka

The Asian Development Bank (ADB) has allocated a US$ 600,000 grant from the Health System Enhancement Project to the Government of Sri Lanka to finance preventive and response efforts to fight a potential

Disney closes US and Paris theme parks, delays ‘Mulan’ over virus

LOS ANGELES (AFP) - Disney will close its giant theme parks in Florida, California and Paris and pull the releases of major blockbusters including ‘Mulan’ over the coronavirus, it announced Thursday.

Bowling entertainment for entire family at Colombo City Centre

Entertainment in Sri Lanka is now set to reach new heights, and break mundane lifestyles and routines, with the launch of something truly exciting. With the purpose of giving people a unique experience of fun beyond bowling, with family and friends, the concept of Counter Strike was conceived and brought to life at the Colombo City Centre. This first-of-its-kind bowling alley introduces glow lanes and black lighting, to give a dazzling cosmic ef

Pandemic shuts down Everest as Nepal suspends all permits

KATHMANDU (AFP) - Nepal yesterday barred climbers from all mountains - including Everest - over the coronavirus pandemic, in a major blow to its tourism industry. The Himalayan country, which has so far confirmed one coronavirus case, earns 4.4 million dollars a year from climbing permits while the losses to expedition organisers will be even higher. As well as suspen

Asian stocks nosedive, extending global rout on recession fears

TOKYO (AFP) - Asian markets opened in freefall yesterday, extending a global rout that saw bourses experience their worst day in decades on fears of a recession caused by the coronavirus pandemic. Tokyo’s benchmark Nikkei index n

‘Construction Expo’ postponed indefinitely

The Lanka Exhibition & Conference Services (LECS) has announced the indefinite postponement of ‘Construction Expo’ exhibition.

U.S. companies draw on credit lines, fearing they may lose them

NEW YORK (Reuters) - Banks have hundreds of billions of dollars in credit lines extended to corporate America. Some companies are no longer banking on them. Airplane maker Boeing C

Oil rebounds, but still heads for biggest weekly loss

SINGAPORE (AFP) - Oil prices swung more than six percent yesterday, but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.

Measures proposed to minimize virus impact on apparel industry

Sri Lanka’s apparel sector has presented a paper assessing the possible impact of coronavirus (COVID-19) on the industry, which also contained proposed measures that would help safeguard the small and medium-sized industry players.

Hotel room occupancy levels plunge below 40% as coronavirus fears bite

Sri Lanka’s hotel room occupancy levels have plunged below 40 percent amid the spread of coronavirus (COVID-19) in several key tourism markets of the country and global and local travel restrictions.

Browns Investments to raise Rs.19bn via rights issue

The director board of Browns Investments PLC has decided to raise Rs.19.1 billion through a rights issue.

UNIDO study makes compelling case for Sri Lanka’s food security

Sri Lanka will be able to reap considerable socio-economic benefits from improved food security if the government stands ready to commit a budgetary commitment of US$ 122.5 million over the next 10 years, according to a United Nations Industrial Development Organisation (UNIDO) study.