CB’s top researcher reveals how external agencies forecast doomsday scenarios

Central Bank’s top researcher recently revealed how external agencies, including that of the World Bank, International Monetary Fund (IMF) and rating agencies project doomsday scenarios for the Sri Lankan economy even when the country is rapidly returning to normalcy after the COVID-19 outbreak.

UN webinar on using data to better position SMEs in post-COVID-19 context

The immense health crisis created by COVID-19 has also rapidly caused a global economic crisis, threatening small, and medium sized enterprises (SMEs) and the livelihoods of workers in Sri Lanka and around the world.

Govt. nod for hotel industry wage support scheme and utility concessions

The Hotels Association of Sri Lanka (THASL) yesterday thanked the government and particularly Sri Lanka Tourism for granting a wage support scheme for employees of the hotel industry and concessions for the payment of utilities.

Maldives brings forward reopening date to July

The Maldives is reopening to visitors but while anyone with a super yacht or private jet can already head to the Indian Ocean destination, normal travellers will have to wait a few more weeks.

ADB study shows dampened employment prospects for Sri Lanka due to COVID-19

Businesses across all sectors in the country have massively cut down or completely frozen job postings in the recent months and despite the economy being reopened for nearly four weeks, no real recovery is seen in industries creating job opportunities.

Piramal Glass incurs Rs.450mn sales loss due to production stoppage

Piramal Glass Ceylon PLC (PGC) said it incurred a loss of sales to the tune of Rs.450 million, including exports worth of Rs.200 million, during the month of March, due to the closure of operations amid COVID-19 lockdowns.

ADB approves US $ 3mn grant to assist SL’s response to COVID-19

The Asian Development Bank (ADB) has approved a US $ 3 million grant from its Asia Pacific Disaster Response Fund (APDRF), to further assist Sri Lanka in its response to the novel coronavirus disease (COVID-19) pandemic.

Lankan gig economy lacks level playing field as foreign players not subject to local regulations and tax laws

The Sri Lankan gig platforms are at a disadvantage over their foreign counterparts, who have their operations here, as the former comes under regulatory scrutiny and local tax laws while the latter is not, says the Central Bank.

SL gets euro 11mn technical assistance grant from German govt.

An agreement was signed by the Government of Sri Lanka with the Government of Germany yesterday to obtain a technical assistance grant of euro 11 million, to implement two projects pertaining to vocational training and SME development.

Banking sector non-performing loan ratio edges up in first quarter to 5.1%

Sri Lanka’s banking sector asset quality measured by the gross non-performing loan (NPL) ratio edged up to 5.1 percent during the first three months of 2020, from 4.7 percent at end-2019, broadly in line with the expectations, the latest Central Bank data showed.

Apparel sector shows signs of recovery from pandemic; but worries persist beyond June

Sri Lanka’s apparel sector is showing signs of recovery from the impacts of the pandemic, with the lockdowns being carefully lifted world over but the industry players expect to receive a new hit come July, as demand for safety gear, which has helped many manufacturers stay afloat, is likely to decline.

Expo 2020 Dubai postponed by one year

Expo 2020 Dubai is gearing up to help shape a post-pandemic world and create a better future for all, after a two-thirds majority of the Bureau International des Expositions (BIE) member states voted in favour of postponing the next World Expo by one year.

Sri Lanka’s pension system ranked third worst among 70 nations

Sri Lanka has the third worst pension system among 70 nations, in terms of sustainability and adequacy, according to the latest Allianz Group Pension Index (API).

Asian markets mostly up as lockdown easing trumps profit-taking

Asian equities mostly rose yesterday as long-running optimism over the reopening of economies overcame early profit-taking to extend a rally across world markets. Sydney and Hong Kong were the standout performers, with traders picking up the baton from Wall Street where the Nasdaq ended at a record high and the S&P 500 wiped out all its losses for the year.

WB forecasts SL economy to contract by 3.2% this year

The World Bank (WB) Group projects Sri Lanka’s GDP to contract by 3.2 percent this year and to remain flat at zero percent next year, underscoring that a V-shaped recovery is unlikely for the country from the coronavirus-induced recession.

IFC provides US $ 50mn to ComBank to help SMEs amid COVID-19

IFC, a member of the World Bank Group, is providing a US $ 50 million loan to Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest private bank, to help small and medium businesses in the country deal with the adverse economic impacts of COVID-19.

Sunshine Holdings rating revised to ‘A(lka); Outlook Stable

Fitch Ratings has revised the National Long-Term Rating of Sunshine Holdings PLC to ‘A(lka)’, from ‘A-(lka)’ and has simultaneously affirmed its Outlook Stable.

Visas of foreigners in the country extended till July 11

The government has extended all visas of foreigners in the country till July 11, as many were unable to get an appointment before the previous deadline of June 11, the country’s immigration office said.

Chevron Lubricants eyes significant growth in exports to Bangladesh, Maldives

Sri Lanka’s lubricant market leader, Chevron Lubricants Lanka PLC, plans to grow its exports aggressively to Bangladesh and the Maldives, as the export volumes to Bangladesh hit an all-time high in 2019.

People’s Bank slashes agri loan scheme interest rate to 9.5%

People’s Bank has reduced the interest rate of the ‘Aswenna’ loan scheme, a unique product that is aimed at creating a self-sufficient nation, with immediate effect.

Supply chain disruptions, price controls spark demand for contract manufacturing of pharma

Coronavirus may have disrupted supply chains around the world and caused widespread economic pain but the pandemic is slowly re-setting the global world order which dominated manufacturing and trade for half a century, foreign entities have been forced to re-think of their business models as they are increasingly seeking local partners to sub-contract their manufacturing to serve local demand.

Sri Lanka to open doors for tourists begining August

Coming August, Sri Lanka will open its doors to tourists from across the world, a step it will take by having in place strict safety guidelines and precautionary measures against the COVID-19 threat.

MarCom Collective commissions E&Y to study industry’s economic significance

The MarCom Collective has commissioned Ernst and Young Sri Lanka (EYSL) to undertake a comprehensive study on the country’s marketing communications industry and its contribution to the Sri Lankan economy.

Apparel sector worries deepen

Worries continue to deepen for the local apparel sector with the concessionary loans under the emergency COVID-19 refinance scheme not being released yet despite the government having made the announcement nearly two months ago.

Near-term life insurance growth to become subdued due to reliance on human interaction for policy sales: Fitch

If there has been any growth in Sri Lanka’s life insurance business so far, that is mostly owed to its agency network that relies on human interaction for policy sales, but that very human interaction has now tuned in to a potential deterrent to generate new business in the world of social distancing putting a dampener on the sector’s growth in the near term, according to Fitch Ratings.

Reduced volumes, supply chain disruptions hurt Expolanka March performance

Significantly reduced volumes from customers and disruptions to the supply chains due to the coronavirus, of which Expolanka began to feel from as early as January, undermined the company’s performance in the quarter ended March 31, 2020.

Canned fish industry eyes exports with government backing

Encouraged by the recent move to re-impose special commodity levy on canned fish imports, Sri Lanka’s canned fish manufactures say that the country could commence exporting canned fish products within two years with the right backing of the government.

Asian stocks reach two-month high on economic recovery hopes

Asian shares rose to a two-month high yesterday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic.

Cinnamon Hotels & Resorts gears to resume operations after extensive safety protocols

Cinnamon Hotels & Resorts has implemented a series of safety protocols taking a holistic approach to sanitation across all hotel spaces.

Emirates offers flights for passengers to 29 cities, resumes transits through Dubai hub