CB caps interest rates on leases provided for public transport buses during moratorium period

In a bid to provide further relief to the pandemic affected businesses and self-employed individuals, the Central Bank has decided to cap the interest rate chargeable on leases already provided for buses providing public transport at 4 percent, applicable for the moratorium period and payable over a prolonged time.

Defensive nature of most biz lines propels CIC first quarter

If there were only handful of businesses, which could so successfully weather the economic destruction inflicted by the pandemic and emerge even stronger, CIC Holdings is certainly one of them as the health crisis and the circumstances that followed helped the company to deliver better performance.

CEB issued with enjoining order for violating PPA

On 22nd July 2020, the Commercial High Court issued an enjoining order against Ceylon Electricity Board (CEB) in respect of a dispute under the standardised power purchase agreement between Nirmalapura Wind Power (Pvt) Ltd and CEB which had been entered into in 2008.

Treasury plans to finalise US$ 500mn FCTFF after parliamentary polls

The Treasury is planning to finalise the announced foreign currency term financing facility (FCTFF) to raise up to US$ 500 million after the conclusion of the parliamentary polls next month, having received five proposals from domestic banks incorporated in Sri Lanka and international banks/investment houses.

Businesses presented with opportunity to pursue green growth despite COVID-19 pandemic: ILO

Businesses are presented with opportunities to change and pursue a future path of green growth, although the COVID-19 crisis continues to pose challenges for the economies, the International Labour Organisation (ILO) said in its latest policy brief released this week.

India’s State-run NTPC plans to set up solar power park in Sri Lanka

India’s largest power generation utility NTPC Ltd plans to set up a solar power park in Sri Lanka under the aegis of International Solar Alliance (ISA), according to an Indian media report.

Consumer staples to see a shift away from premium categories until incomes recover

The demand for consumer staples or fast-moving consumer goods (FMCG) has recovered with the easing of lockdowns but people may increasingly look for value in their purchases amid slashed incomes, prompting the companies to offer discounts and promotions to lure consumers, specifically to their premium categories, Fitch Ratings said.

EDB exploring possibility to host wellness tourism summit next year

Sri Lanka’s wellness sector is slated to come under spotlight next year with the country’s apex export promotion authority, the Export Development Board (EDB) exploring the possibility of hosting a wellness tourism summit in 2021.

SLBA attributes delay in COVID relief disbursements to cumbersome processes

The local banking sector, which came under criticism for delaying the disbursement of the much sought-after stimulus package announced by the authorities, attributed the slow execution to the cumbersome processes that were in place.

SLTDA employee arrested on forgery

An employee of the Sri Lanka Tourism Development Authority (SLTDA) was arrested for allegedly forging the signature of a director and issuing work visa recommendation letters to the Immigration Department, for foreign nationals.

Compensation payments for ETIFL and SFSP depositors begin this Saturday

The Central Bank of Sri Lanka (CBSL) has taken measures to make the compensation payments to the depositors of ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP) from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), upon the suspension of the finance businesses of the two firms, with effect from July 13, 2020.

Vallibel Power enters into PPA with CEB

Vallibel Power Erathna PLC, the largest public quoted mini hydropower company in the country, has entered into a power purchase agreement (PPA) with the Ceylon Electricity Board (CEB), for the sale of electricity from its 9.9MW Erathna hydropower plant until 2024, according to a stock exchange filing.

Microsoft to help 25mn people worldwide acquire new digital skills

Microsoft recently announced a new global skills initiative aimed at bringing more digital skills to 25 million people worldwide by the end of the year.

Deepthi Lokuarachchi appointed as Lanka Hospitals CEO

Lanka Hospitals Corporation PLC yesterday announced the appointment of insurance industry veteran Deepthi Lokuarachchi as Group Chief Executive Officer of the company, with effect from July 20, 2020.

Moody’s extends review for downgrade on 3 Lankan banks

Moody’s Investors Service yesterday extended its review for downgrade on Bank of Ceylon’s (BOC), Hatton National Bank PLC’s (HNB) and Sampath Bank PLC’s (Sampath) long-term local currency deposit and foreign currency issuer ratings of B2.

June national inflation up on higher food prices

Sri Lanka’s countrywide inflation, as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI), accelerated to 6.3 percent in June 2020, from 5.2 percent a month ago.

SL Tourism secures free ad campaign from CNN

In an effort to drive the hard-hit tourism sector towards recovery, the Sri Lanka Tourism Promotions Bureau (SLTPB) has secured another no-cost partnership with media giant CNN, an American news-based pay-television channel, owned by CNN Worldwide.

Keells Food Products cuts advertising as pandemic hurts sales

Keells Food Products PLC (KFP) on Monday kicked off the June quarter earnings season, providing a glimpse of the extent to which the coronavirus-related lockdowns have affected the financial performance of the listed entities, particularly in the consumer discretionary category.

Norway’s Adevinta buys eBay’s ad business for US $ 9.2bn

Norwegian online ad specialist Adevinta yesterday said it had reached a US $ 9.2-billion cash and shares deal to buy Ebay’s classified ad business and create the largest player in the field.

Construction sector dissatisfied how govt. handling payment issue

The local construction sector yesterday expressed dissatisfaction in the manner in which the government is handling the settling of funds due, amounting to over Rs.50 billion, for projects already completed.

Import curbs hurt furniture importers for houses and luxury apartments

The sudden imposition of restrictions on imports indiscriminately has caused immense difficulties to importers of luxury items for houses and luxury apartments, which is a niche market in the Sri Lankan context, Mirror Business learns.

Pandemic sparks digitisation drive among Asian firms, says HSBC

COVID-19 has forced Asian corporates to confront their business resilience in an unprecedented way, underlining the urgent need for greater digitisation in particular, according to HSBC’s Navigator report, Building Back Better, a survey of more than 1,400 Asian companies published today.

People’s Bank further slashes loan interest rates

As the bank of the people, People’s Bank has stepped forward to fulfil its obligations and assist the government’s ongoing efforts to restart the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives by reducing the interest rates to 9 percent onwards, across several loan schemes.

Market interest rates seen responding to policy rate cut faster than earlier

The market interest rates were seen responding to the most recent policy rate cut faster than earlier, as the Central Bank continues to push for adjustments in the bank lending rates while a committee meets daily to monitor and iron out any issues in the transmission process.

Stocks drop as virus spikes around world

Most equities fell yesterday as a spike in new coronavirus infections across the planet forced governments to impose fresh containment measures, fuelling fears about the stuttering economic recovery.

Zero risk on banks’ capital on loans given under CB credit guarantee schemes and Treasury undertaking

Banks have been spared from the need to risk weight against their capital on loans granted under the recently launched credit guarantee scheme by the Central Bank and the subsequent scheme to provide loans to the construction sector under Treasury guarantee.

Chrishan Mendis elected to CIMA Council from the UK

Chrishan Mendis B.Sc (Hons) FCMA CGMA FCIM and Chartered Marketer, has been elected to the CIMA Global Council from June 2020, for a term of three years from the United Kingdom.

CB renews talks with PayPal

A top PayPal official based in India is expected to visit Sri Lanka shortly to resume discussions to open up the global payment platform’s inward payment services to the country after the Central Bank (CB) re-established its links with Paypal.

BoardPAC certifies over 150 governance professionals globally

Today, good governance is at the helm of discussion on corporate boards globally. In a hyper connected digital era, and post COVID-19, the importance of digital governance in an organisation’s sphere is in the limelight more than ever before.

Central Bank data shows notable fall in credit card spend during lockdowns

Sri Lankans appeared to have spent less on their credit cards as they had limited opportunities to spend while they sheltered-in-place for almost two months under COVID-19 lockdowns.