Stocks advance as virus restrictions are eased

Most equities rose again yesterday as investors grew increasingly, but cautiously, hopeful that the worst of the coronavirus had passed and as countries begin to slowly open up from lockdown.

EFC highlights plight of employers to govt.

The Employers’ Federation of Ceylon (EFC) has reached out to the government seeking short-term relief for the private sector as the stoppage of work for over six weeks has crippled businesses, making it difficult for many to pay even the basic salary component.

Coronavirus exerts pressure on Lankan banks’ ratings

Fitch Ratings yesterday cut the ratings of three Sri Lankan banks to reflect the sovereign rating, which was downgraded a few weeks ago to ‘B-’ with a ‘Negative’ outlook, citing heightened public and external debt sustainability challenges from the new coronavirus emerged out of China.

Union Bank undertakes to infuse fresh capital if UB Finance fails to court outside investor

UB Finance Limited (UBF) has yet again failed to meet the extended timeline given by the Central Bank, which lapsed on March 31, 2020, to meet the various statutory thresholds, including the one to bring in fresh capital to meet the minimum capital level required to operate as a finance company.

Several new asset classes categorised to support liquidity positions of banks

The Central Bank (CB) has categorised several new assets held by the banking sector as liquid assets, in considering the potential adverse impact on the liquidity position of licensed commercial banks and licensed specialised banks from the COVID-19 pandemic-induced economic slowdown.

No sooner Sri Lanka’s private credit started picking up, coronavirus killed it

Sri Lanka’s credit to the private sector began picking up in February after months of hiatus and then met with new coronavirus, which sent everything packing back to ground zero.

Hambantota Port’s tank farm fully operational

With Hambantota International Port (HIP) resuming operations with Litro Gas, the port completes its full complement of energy services, positioning itself to vie for hub status in the South Asian region.

Retailers request landlords to halve rentals/leases for next six months

Sri Lanka’s organised retailers request landlords to halve rentals/leases for the next six months citing a whopping 85 percent possible drop in revenue across all retail establishments and sectors due to the prevailing situation in the country caused by the

ICC Sri Lanka backs President’s move to re-open economy

The International Chamber of Commerce (ICC) Sri Lanka yesterday said it fully supports President Gotabaya Rajapaksa’s initiative to re-open the Sri Lankan economy safely, prudently but decisively and to move towards restoring economic activity at levels allowable within safe public health limits.

SriLankan launches dedicated cargo flights to rescue export industries

National carrier, SriLankan Airlines, is making a decisive move to rescue the country’s much troubled export industries by launching dedicated cargo services to a host of destinations and throwing a lifeline to the nation’s economy at a time of gravest peril.

Markets cheer ‘light at end of tunnel’ in virus crisis

Equities and crude rallied yesterday as investors cheered a further easing of lockdowns in some countries, which offset fears of a renewed trade war between China and the United States.

Tourism authorities request all tourists to register with website

Sri Lanka Tourism is in the process of gathering details of all the international tourists, businessmen and expatriates engaged in the tourism industry of Sri Lanka, following the outbreak of COVID-19 pandemic in the country.

UN advises countries to adopt three-step approach to tackle socio-economic response to COVID-19

As the global economy enters a deep economic recession, with the possibility of a financial crisis, the United Nations (UN) asserted the governments across the world must adopt a three-step approach for the socio-economic response to the coronavirus (COVID-19) crisis.

Sri Lanka stands to lose German development aid

Sri Lanka stands to lose German development cooperation as Germany moves ahead with plans to realign its resources to a limited number of countries with good record in implementing reforms and where the commitment made a difference, several German online news platforms reported.

Majestic City makes rental free for tenants during curfew period

CT Land Development PLC, the owners of Majestic City, announced a rental-free policy for its tenants during the curfew period, with further plans to formulate a rental-free/reduced rental scheme for an additional period, until the shopping complex gets back to full operation.

Equities tumble as Trump revives trade war fears

Stock markets suffered steep losses yesterday, tracking a selloff in New York after Donald Trump sparked fears of a renewed trade war with China over its role in the coronavirus pandemic.

Sri Lanka ranked among emerging economies worst hit by COVID-19

Sri Lanka is among the worst-affected emerging economies by the COVID-19 pandemic, according to a ranking published by the international journal Economist, recently.

SEC extends string of relief measures for licensed and registered entities

In an effort to provide some relief to the stakeholders of the Colombo bourse, the Securities and Exchange Commission (SEC) said it would provide a series of measures that would assist the players in complying with certain mandatory regulatory requirements.

Private sector rushes to facilitate remote working for employees as firms limp back to work

Sri Lankan private sector companies are saying that they are adapting fast to the social distancing required in the post-COVID-19 era, as some of them are now in the process of providing their staff with the necessary infrastructure to allow them work from home.

March tea production hits all-time-low

Sri Lanka’s tea production in March has plunged by over 50 percent compared to the corresponding month in 2019, the lowest recorded since February 2009.

SAGT introduces electronic container clearance

South Asia Gateway Terminal (SAGT), one of three terminal operators in the port of Colombo, recently introduced a paperless electronic clearance process for import containers.

Business interruptions, rising debt and fund raising delays weigh on Softlogic Holdings

Back-to-back business interruptions, rising debt, delay in raising cash caused by macro-political challenges and stretched liquidity conditions in light of current pandemic are weighing on Softlogic Holdings PLC (SHL) as ICRA Lanka revised the firm’s rating outlook to Negative from Stable.

Jobs and workers first, says the United Nations

As nations across the world are looking for avenues that would help their economies recover from the massive hit brought about by the COVID-19 pandemic, the United Nations (UN) stressed that governments should put much emphasis on protecting jobs and workers at this point of time.

Central Bank extends deadline to apply for loan moratoriums till May 15

The Central Bank has extended the deadline set to apply for loan moratoriums till May 15 as many business owners and individuals could not submit their requests to banks and other financial institutions on or before April 30 due to curfew.

French car market plummets 88.8 % in April

New car sales in France plunged 88.8 percent in April as the country’s coronavirus lockdown brought auto sales to a screeching halt, industry figures showed yesterday.

Confectionary industry under stress due to tax increase on imported palm oil

The recent increase of import taxes on palm oil, the essential fat required by confectioners and bakers in Sri-Lanka, is set to cause significant stress and impose additional burdens to both the manufactures and the consumers of these products.

Japanese stocks drop after Wall Street sell-off

Japanese and Australian stocks tumbled yesterday at the end of a healthy week across world markets, with traders tracking a sell-off on Wall Street as another huge jump in jobless claims underlined the impact of coronavirus on the global economy.

China’s grand e-currency experiment set to begin this month

China has claimed that the country is rolling out its digital currency in four cities starting next week.

April inflation subdued over base effect

Inflation for the month of April was recorded at 5.2 percent, as the prices measured for the 12 months to April was slightly lower than the 5.4 percent recorded in March as higher base prevailed a year ago took effect resulting in somewhat muted prices in an otherwise hotter month for prices due to seasonal demand.

Stock market to adopt three-tiered circuit breaker structure; market to close at 10% fall

The capital market regulator, the Securities and Exchange Commission (SEC) announced this week the introduction of a ‘three-tiered circuit breaker’ structure, which is to be attached to the S&P SL20 Index when the market reopens after six weeks.