Banks gear up to push digital transactions to allow easy purchasing

The banking and financial services industry will kick off a number of efforts starting this week to push the country towards embracing digital transaction methods, a decision that was collectively taken by the sector together with the Central Bank to allow citizens to have easy and improved access to goods and services during curfew.

Colombo Tea Auction to be conducted on e-platform for first time

The Colombo Tea Auction, the world’s oldest operational and largest single-origin tea auction, plans to conduct its next auction for the first time on an e-platform, aiming to avoid public gathering, to slow the spread of the coronavirus (COVID-19) in the country.

January-February merchandise export earnings down 3.6%

Sri Lanka’s merchandise export earnings for the months of January and February was US$ 1.93 billion, a 3.6 percent decline from the same period last year, according to an Export Development Board (EDB) statement relea

Govt. requests BOI firms to pay March and April salaries of workers

The government has requested all Board of Investment (BOI) companies to pay the March and April salaries of their employees despite measures taken to shut down some idling factories and send their workers who were stranded since curfew was imposed, home. The government and the BOI later this week decided to temporarily close down the idling factories of the zones, whose businesses had been totally disrupted but permitted others to continue to en

Emirates ground crews give emotional send-off to last flights

Emirates ground crews around the world have bid farewell to their last operating flights back to Dubai. EK 005 to London Heathrow, which departed at 1605hrs on March 24 was the last flight to take off from Dubai. EK 262 from Sao Paulo, which landed at 2235hrs (local time) was the last flight to arrive on March 25 into Dubai.

Rubber industry calls for govt. assistance

The rubber exporters call the government to make it an essential service as the sector provides its products to the medical industry and agriculture sector.

No scarcity of essential items

The government has notified the public not to unnecessarily stock goods during the period the curfew is lifted, as there are ample stocks available in the market. Picture shows essential food items being unloaded at Sathosa outlets in Gampaha yesterday. Pic by Kushan S. Pathiraja

People first, economy next, says top economist

As Sri Lanka is witnessing its economy coming to an almost stagnant state due to the unavoidable measures taken by the government to contain the coronavirus (COVID-19) outbreak, a leading economist in the country stressed the priorities of the political leadership should be ensuring the best for the people over all other things.

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).

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.

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

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

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

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.

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

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.

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.

COVID-19 dampens SL’s hopes of economic revival

The Central Bank (CB) said yesterday that Sri Lanka’s economic growth could slump to 3.5 percent this year from over 4 percent projected earlier as revenue from exports, tourism, remittances and logistics would be hit by the recent escalation of coronavirus (COVID-19) outbreak to a global health emergency spreading beyond China.

Apparel industry holds crucial meeting today to assess virus hit

The representatives of Sri Lanka’s apparel sector will meet today to assess the impact of the coronavirus (COVID-19) outbreak on the industry, which is also in fear of going out of work in the immediate term, Mirror Business learns.

LankaClear, CSSL deny recent ATM network ‘hacking’ rumours

LankaClear, the operator of LankaPay denies recent rumours circulating in social media claiming that the security of ATMs of certain banks were compromised.

Norges Bank’s investments in SL stocks top US $ 114mn in 2019

Norges Bank Investment Management, which manages Norway’s one trillion dollar Government Pension Fund Global, has increased its equity investments in Sri Lanka to US $ 114.4 million by the end of last year, compared to US $ 98.3 million at end-2018.

February inflation shoots up to 6.2%

Headline inflation as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index increased to 6.2 percent in February 2020 from 5.7 percent in January 2020.

Specifics of engagement with SL to be discussed after review: IMF

Sri Lankan authorities have expressed interest in a range of options for future engagement with the International Monetary Fund (IMF), but the specifics will be discussed after the next review in mid-April, the IMF said on Thursday.

Still no deal on estate workers’ wage hike

The announced minimum daily wage of Rs.1, 000 for plantation workers is unlikely to come into effect on March 1 as decreed by the government, as wage negotiations with plantation firms and trade unions are yet to make a breakthrough with only a day remaining to reach consensus.

ComBank eyes Africa for overseas expansion

Sri Lanka’s largest private lender in terms of assets, Commercial Bank of Ceylon PLC, yesterday said it is looking to further expand its global footprint and is in the midst of exploring the potential of setting up operations in Africa.

Hutch completes 4G rollout covering 90% of population

Hutch Telecommunications Lanka (Pvt.) Ltd, the third largest telco in the country, which has completed its island wide 4G rollout covering 90 percent of the population, says it is geared to compete with the two main mobile operators in the country on an equal footing, offering alternative choice to Sri Lankan consumers while catering to the new customer segments.

Japan’s Belluna and Asia Capital reps meet Prime Minister

Belluna Co. Japan and Asia Capital PLC, the developers of 447 Luna Tower recently met Prime Minister Mahinda Rajapaksa in Colombo for a discussion focused on the current Sri Lankan market and economy.

Japan’s Taisei Corp. secures US$ 650mn airport terminal deal

Japan’s Taisei Corporation has secured a US$ 560 million contract to build a new multi-level terminal building expanding the capacity of Sri Lanka’s Bandaranaike International Airport (BIA) to 18 million passengers per annum by end of 2023.

Challenging task ahead for govt. to refinance foreign loans: First Capital

Despite the anticipated acceleration of economic activities and fiscal loosening, the deep tax cuts may create a challenge for the government to raise the estimated US $ 3-3.5 billion from external financing resources for external debt repayment, at reasonable rates, to maintain foreign exchange reserves above US $ 7 billion, according to Colombo-based First Capital Research.

Port City’s first overseas launch in Singapore this July

The project company of Colombo Port City (CPC), CHEC Port City Colombo, is set to kick off the global launch of the Colombo Port City project for investors at World Cities Summit 2020 in Singapore this July with first few developments of the project scheduled to break ground within the year.