Disillusioned, Sanjiva Weerawarana quits ICTA board

The Chief Architect and Founder of WSO2, Dr.Sanjiva Weerawarana has stepped down from the board of the Information and Communication Technology Agency (ICTA) after little over a six-monthperiod following his appointment to the board in December last year, citing his inability to become a typical board member.

Ranil calls for major restructuring of economy

Former Prime Minister Ranil Wickremesinghe called for a major restructuring of the Sri Lankan economy as a financially challenged future is foreseen for the country, and despite economic challenges faced, he stressed it was time for the island nation to learn to look after itself.

Thailand passes record stimulus package to combat virus impact

Thailand’s parliament approved yesterday a near US$ 60 billion stimulus package, the kingdom’s biggest-ever cash injection, to revive an economy that has been hammered by the coronavirus.

Volkswagen invests 2 bn euros in Chinese electric vehicle sector

Volkswagen said yesterday it will invest around 2 billion euros (US$ 2.2 billion) in two Chinese companies in the electric vehicle sector, calling it “the world’s biggest market”.

Euro business loans up as firms seek cash to weather virus

Growth in lending to eurozone businesses continued to accelerate in April as companies sought funds to cope with the tough coronavirus lockdowns which hit activity, European Central Bank data showed yesterday.

HPB launches automated Messenger experience to aid Sri Lankans fight against COVID-19

Sri Lanka’s Health Promotion Bureau (HPB) has launched an automated Messenger experience, with support from Facebook and Arimac Digital, a digital product development company, to ensure that people in Sri Lanka are kept up-to-date, and have access to the right information during the current, COVID-19 health situation.

Tokyo stocks close lower on US-China tension

Tokyo stocks closed lower yesterday, snapping a four-day winning streak, with investor sentiment dampened by rising US-China tensions over Hong Kong.

US layoffs exceed 40 mn but some returning to work

The number of workers filing for jobless benefits since the coronavirus arrived in the United States passed 40 million this week while manufactured goods sales plunged even as signs emerged that people are returning to work.

Education Ministry enables digital and interactive classrooms with Microsoft

Microsoft and the Ministry of Education in Sri Lanka have signed a memorandum of understanding (MOU) on May 14 to advance remote pedagogy during a time when the health and safety of educators and students is paramount. The agreement will enable educators to embrace Microsoft Office 365 tools and build their IT competence, while efficiently engage students in virtual classrooms.

ILO calls for urgent and large-scale policy responses from governments

The International Labour Organisation (ILO) called for urgent and large-scale policy responses from governments across the world so that the long lasting damage to young people in terms of education, training, and labour market prospects can be prevented.

President appeals for “unconditional” budget support from intl. lenders to revive economy

President Gotabaya Rajapaksa this week appealed for “unconditional” support from the international community so that middle-income countries like Sri Lanka can maintain confidence in the private debt and equity market since the ongoing COVID crisis has spiraled out of control from the hands of governments and businesses.

Sri Lanka ranked 8th cheapest country for mobile data in 2020

Sri Lanka is the 8th cheapest country for mobile data in 2020 while the average mobile data speed records a steep decline leading to the poor ranking of 79 among 100 countries.

DFCC Bank records robust loan growth; fair value re-classification buttresses earnings

DFCC Bank PLC had some robust growth in loans during the first three months of 2020 until lockdowns came into place mid-March while the re-classification of fair value losses on Commercial Bank shares it owned helped to generate higher profits for the quarter.

Gem & jewellery industry says post-COVID revival could depend on sapphire trade narrative

As coronavirus exacerbated the setbacks already faced by Sri Lanka’s gem & jewellery industry, required is a renewed narrative on the sapphire trade, capitalising on the country’s ethical mining practices, for the industry to think of any revival in the post-COVID landscape.

Fitch recalibrates Sri Lanka national rating scale

Fitch Ratings has recalibrated its Sri Lanka national rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating to ‘B-’ from ‘B’ on 24 April 2020.

Kotagala Plantations downgraded to ‘RD (lka)’ on payment default

Fitch Ratings has downgraded Kotagala Plantations PLC’s (Kotagala) National Long-Term Rating to ‘RD(lka)’ (Restricted Default) from ‘CC(lka)’.

Lion Brewery resumes exports after two-month hiatus

Sri Lanka’s largest exporter of alcoholic beverages, Lion Brewery (Ceylon) PLC was compelled to halt production and dispatch for nearly two months due to the curfew following the COVID-19 global pandemic.

Asian markets cheered by reopening moves, Hong Kong limits losses

Optimism over the reopening of major economies across the planet continued to push equities higher yesterday, as investors looked past building China-US tensions for now, though there remain worries about the uncertain global outlook.

Stock markets mixed as China-US tensions return to fore

Equities were mixed yesterday as profit-taking and worries about deteriorating China-US relations were weighed against optimism over the gradual reopening of economies around the world.

Demand for small and medium enterprise loans heats up

As businesses across the country are suffering from the economic and financial fallout from the global pandemic, which is expected to continue beyond 2020, the demand for loans by the small and medium enterprise (SME) sector is heating up, a top official of the state-owned People’s Bank said.

Sunshine Group ups stake in consumer biz; delivers strong profits for FY20

Fuelled by the strong growth in its healthcare sector, diversified Sri Lankan conglomerate Sunshine Holdings PLC reported a notable growth in the bottom line performances during the year ended March 31, 2020 (FY19/20).

WTO’s Goods Trade Barometer sinks to red zone

The sharp contraction in global trade witnessed over the last few months has resulted in the Goods Trade Barometer of the World Trade Organisation (WTO) to sink to the red zone and shows no signs of the decline bottoming out in the near future.

Seylan Bank’s degrowth in loans weighs on March performance

Seylan Bank PLC had turned cautious during the quarter ended March 31, 2020 (1Q20), amid the challenges expected a year ahead, as the bank reported a modest operating performance with a negative growth in new loans, the interim financial accounts released by the bank showed.

People’s Bank offers special COVID-19 loans up to Rs.20mn to CA Sri Lanka members

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) entered into a memorandum of understanding (MoU) with People’s Bank this week to facilitate the members of the institute to obtain a special loan of up to Rs.20 million.

Advocata recommends tariff removal on sanitary napkins this Menstrual Hygiene Day

Colombo-based free market think tank Advocata yesterday recommended the government to remove the tax levied on women’s menstrual hygiene products, on the Menstrual Hygiene Day, which falls today.

CTC says Sri Lanka most expensive country for legal cigarettes

Sri Lanka has emerged as the most expensive country for legal cigarettes in 2019, based on purchasing power parity (PPP), causing a 6 percent year-on-year (YoY) decline in the tobacco market share of the country’s monopoly cigarette player, Ceylon Tobacco Company PLC (CTC), as price sensitive smokers shifted towards cheaper tobacco products such as beedi and smuggled cigarettes, according to CTC’s 2019 annual report.

Pepper prices record sharp drop as harvest season arrives

Sri Lanka’s pepper prices have sharply dropped from US$ 4,000 to US$ 3,000 per tonne with the beginning of the harvest season despite the ban on pepper imports into the country.

No revision to tea export target despite COVID-19 crisis

The Ceylon Tea export target for 2020 will not be revised despite the COVID-19 crisis having hit the global economy, and the Sri Lanka Tea Board (SLTB) said it is confident that the industry stakeholders would step up efforts, specially in value addition, to fulfill the earnings target for this year.

Kudabalage takes over as new Group MD/CEO at Laugfs

Laugfs Gas PLC has appointed Piyadasa Kudabalage as the Group Managing Director/Group CEO with effect from May 25, 2020 as a part of a group management succession plan, the company revealed filing a disclosure in the Colombo Stock Exchange yesterday.

Keells shelves plan to double number of stores

Ceylon Cold Stores PLC has shelved an ambitious plan to double the number of Keells supermarkets in two years in the wake of coronavirus induced business disruptions and the financial pain it inflicted on modern retail business with social distancing becoming the new norm.