Tighter NPL recognition rules to exert pressure on finance and leasing firms’ capital, profits

Tighter regulations on classification and measurement of credit facilities for finance and leasing companies (FLCs) will accelerate recognition of bad loans in 2020-2022, which is likely to exert pressure on FLCs’ capitalisation due to the knock-on effects on their profitability, Fitch Ratings says.

Favourable outlook for real estate sector with uptrend in vertical living

ICRA Lanka, a part of Moody’s Investors Service, assigned a bullish outlook to Sri Lanka’s burgeoning real estate sector with higher prospects for vertical living being envisaged with limited availability of land.

Poultry farmers squeezed as govt. attempts clampdown on maize mafia

Chicken farmers have been squeezed as the government banned the import of maize this week, in view of a bumper harvest, issuing import permits to political surrogates and price controls slapped on chicken.

CB extends SME credit support scheme to NBFI borrowers

The Central Bank has extended its credit support scheme introduced in January for small and medium-sized enterprise (SME) borrowers of the banking sector to non-bank financial institution (NBFI) borrowers.

Australia unveils US$ 11 bn stimulus to ease virus downturn

Australia yesterday unveiled a massive US$ 11 billion spending plan designed to curb the economic hit from the coronavirus pandemic and avert the country’s first recession in 29 years.

Plight of Sri Lanka’s construction industry

The construction industry has been going through a crisis during the last two years. The industry, which contributes almost 7 percent to gross domestic product (GDP) of the country and was at the forefront in driving the infrastructure development of the country during the years following the end of the war in 2009, has been experiencing one of its worst periods in the recent history. Many construction companies are being closed down and a large

How 5G will lead Sri Lanka towards info com and knowledge-rich society

5G is poised to transform our future sooner than we expect. Once deployed, 5G is expected to help evolve the communication paradigm, and give birth to new products, Internet of Things (IoT) devices and industries, as it offers a huge leap forward in speed, capacity and connectivity.

CB in fresh push to make Sri Lanka a less-cash society

Lankans requested to delay plans for overseas employment

The Sri Lanka Bureau of Foreign Employment (SLBFE) and Labour Relations Ministry request the Sri Lankans who intend to migrate to foreign countries for employment to temporarily postpone their plans, due to the coronavirus.

Workers’ remittances to feel coronavirus pinch

The workers’ remittance flows to Sri Lanka are expected to take a hit from COVID-19, which is playing havoc in at least two of the countries from where Sri Lanka gets a substantial amount of remittance income.

NDB confident of achieving 16% loan growth this year

National Development Bank PLC (NDB) is confident of achieving 16 percent credit growth for this year but does not rule out the possible hiccups from the deadly coronavirus, which is threatening global growth and international trade.

SEC to take measures to support Colombo bourse

The Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting yesterday to assess the current situation in the stock market and determine what regulatory relief and assistance needed to manage the impact arising from the global stock market downturn, due to the COVID-19 outbreak.

Pressure mounts on SL to sign WTO’s Information Technology Agreement

Sri Lanka will come under pressure to sign the World Trade Organisation’s (WTO) Information Technology Agreement (ITA) this June, the Department of Commerce (DoC) said, as the government is expected to put forward its position at the agency’s upcoming Ministerial Meeting.

Oil sinks on Saudi move; equities lose early puff on virus fear

Oil prices tumbled yesterday after Saudi Arabia and Gulf partner UAE stepped up the price war with plans to flood the global markets while a rally in equities evaporated as investors nervously await a US coronavirus relief plan.

BoE slashes interest rate to 0.25% over coronavirus

The Bank of England (BoE) yesterday slashed its main interest rate to 0.25 percent in an emergency move to combat the fallout from the coronavirus outbreak on the UK economy.

Can tech education be the great equalizer this decade?

As the role of smart tech in people’s lives expands even further, developers have become a driving force for software innovation. At Microsoft, we are working to enable even greater developer opportunity and innovation by providing the best experiences to all developers, on any device, with powerful tools, an open platform and a global cloud.

MCC grant dilemma - The Pathfinder compromise

The Pathfinder Foundation from its inception has been an active contributor and participant in the economic policy and the development dialogue in the country. When the Millennium Challenge Corporation (MCC) was established in 2004, we were keen to assess whether Sri Lanka could meet the stringent criteria and qualify for an outright grant that would send a strong signal beyond borders that Sri Lanka is moving in the right direction.

COVID-19 to cost apparels over US $ 500mn in revenue

The local apparel sector, following a series of stakeholder consultations, has assessed that the immediate revenue loss for the industry due to the coronavirus (Covid-19) outbreak in China would be about US $ 510 million, which amounts to approximately a month’s value of apparel exports.

Banks receive over 11,000 applications under credit support scheme; tourism relief package tops Rs.120bn

During close to a four-week period, which ended on February 10, the banks in total have received slightly over 11,000 applications or business cases from small and medium-sized enterprises (SMEs) across the county, seeking loan moratoriums.

Pan Asia Bank chief doubts ability to phase out tourism loan moratorium given slow industry recovery

Pan Asia Bank Chief Executive Officer is doubting the ability of the tourism sector to recommence servicing interest payments even next year, given its slow recovery and is expressing concerns over the ability of the bank to withstand such pressures any longer.

Coronavirus shock and oil price fall pummel world stocks

Global stocks plunged yesterday and prices for crude oil tumbled as much as 33 percent after Saudi Arabia launched a price war with Russia, sending investors already worried by the coronavirus fleeing for the safety of bonds and the yen.

TRC chief stresses on improving connectivity across island before pushing for 5G

Despite the 5G hype among the local telco players, the Telecommunication Regulatory Commission of Sri Lanka (TRCSL) recently stressed that increased emphasis is required to overcoming the existing blind spots in improving the overall connectivity across the island nation.

CB profit transfers lift money market liquidity; Jan. credit to govt. spikes

Profit transfers from the Central Bank during February propelled the market liquidity in the overnight money market while the banks lent heavily to the government via treasury bills and bonds in the month earlier, as demand for private sector credit is yet to return to a meaningful level.

Jack Welch’s leadership legacy

Jack Welch, who was described by the Fortune magazine in 1999 as the ‘Manager of the Century’, died this week, at the age of 84.

More women in power please

Headlines from global summits have one thing in common: the overwhelming presence of men and few, if any, women taking centre stage in those photo ops. The glass ceiling for leadership roles remains thick and impenetrable to women.

Coronavirus could cut global growth by 0.1% to 0.4%: ADB

The Asian Development Bank (ADB) said yesterday the coronavirus outbreak is set to trim economic growth in developing Asia and around the world this year. More than 3,200 people worldwide have died from the respiratory illness that can lead to pneumonia, hurting financial markets and damaging economies.

PM mulls new initiative to minimize coronavirus impact on tourism industry

Tourism authorities in coordination with the Health Ministry will prepare a new programme to address the coronavirus outbreak impact on tourism industry. The decision was taken at a meeting between Prime Minister Mahinda Rajapaksa and members of the Hotel Association held at Temple Trees on Wednesday. The discussion focu

IFC partners with CSE for 5th Ring the Bell for gender equality event in Sri Lanka

For the fifth consecutive year, IFC, a member of the World Bank Group, partnered with the Colombo Stock Exchange (CSE) to ring the opening bell for trading in celebration of International Women’s Day

‘Medicare 2020’ national healthcare exhibition begins at BMICH

‘Medicare 2020’, the national healthcare exhibition opened for the 11th consecutive year at the Bandaranaike Memorial International Conference Hall (BMICH), Colombo yesterday under the theme ‘Healthy Sri

Asian markets plunge, yen and gold rally as virus fears mount

HONG KONG (AFP) - Asian equities tumbled yesterday as analysts warned the volatility that has characterised markets during the coronavirus crisis is likely to continue for some time. While governments and central banks have unleashed or prepared to roll out stimulus measures, the rapid spread of the disease and rising death toll are putting a strain on economies and stoking concerns of a worldwide recession.