Union Bank withdraws from primary dealer status

The Monetary Board of the Central Bank has granted approval to Union Bank of Colombo PLC (UBC) to cease its operations as a primary dealer with effect from May 1, 2020.

First Capital forecasts banking sector earnings to take ‘massive beating’ in 2020

First Capital Research said their projections point to a decline in Sri Lanka’s banking sector profits in 2020, the third consecutive year in a row, gives rise to a rare phenomenon seen in two decades as the sector is seen capitulating in front of the worst health crisis, which has transcended into an insurmountable economic challenge in the modern history.

Advocata calls for removal of price controls on COVID-19 testing

While welcoming the government’s move to increase the number of tests carried out to detect COVID-19 with the help of the private sector, the Colombo-based think tank called for the removal of the price controls on testing.

Stock markets retreat as oil calms

Stock markets slid yesterday following more crushing economic data and a hit to hopes of finding a coronavirus vaccine, analysts said.

FSIN urges governments to take rapid action to tackle food security issues

The Food Security Information Network (FSIN) asserted it is of paramount importance for governments across the world to better understand the impacts stemming from the coronavirus (COVID-19) pandemic and stressed the need to urgently work towards taking rapid collective action to prevent further hit on food security and food systems.

PB distributes over Rs.150mn to customers in 10 days via mobile banking vehicle

People’s Bank’s mobile banking unit, which was launched with the objective of bringing banking services to the doorstep of customers who were unable to visit the bank due to the curfew situation caused by the coronavirus pandemic, was successfully able to disburse over Rs.150 million to over 10,000 customers during April 1 to 10.

Softlogic’s Hiran Perera appointed to NDB board

Hiran Perera, Director Group Treasury, Softlogic, has been appointed to the Board of National Development Bank PLC (NDB) with effect from 23rd April 2020.

Chamber Academy to host webinar with psychologist George F. Rhoades

The Chamber Academy of the Ceylon Chamber of Commerce will be hosting a webinar with licensed psychologist, George F. Rhoades Jr. Ph.D, on how to handle personal stress, and the stress of employees, customers, and clients in a time of natural disaster.

WB says most commodity prices to drop in 2020 as COVID-19 depresses demand and disrupts supply

The global economic shock of the COVID-19 pandemic has driven most commodity prices down and is expected to result in substantially lower prices over 2020, the World Bank said in its April Commodity Markets Outlook.

Campaign launched to assist stranded tourists

The National Association for Professionals in Tourism (NAFPT) along with Tourist Police Division of Sri Lanka has launched a campaign for foreign tourists who are currently stranded in Sri Lanka due to the COVID-19 pandemic, under the guidance of Sri Lanka Tourism Development Authority (SLTDA).

Argentina misses debt payment, decides to use grace period

Argentina missed a bond interest payment of about US$500 million that was due on Wednesday and planned to use a 30-day grace period, the government said, as it seeks to avoid default and buy time to reach a wider debt revamp deal with creditors.

Asia stocks pull ahead on U.S. stimulus, oil rebound

Asian stock markets rose yesterday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.

COVID-19 wiped out 98% of online revenue for hotels within just 7 days: report

The novel coronavirus (COVID-19) outbreak resulted in eliminating almost entirely the revenues from brand websites of local hotels and resorts within a matter of seven days, an in-depth study on website analytics revealed.According to data gathered from 20 to 26 March 2020,

Govt. working towards securing up to US$ 700mn through currency swaps, loans

The government is working towards securing up to at least US$ 700 million from currency swaps and multilateral lenders within the coming few weeks to cushion the island nation’s foreign reserve buffers and support its budget.

Companies defer big investments as they rush to conserve cash amid liquidity drought

Companies are delaying their planned big capital investment projects and putting on hold ongoing projects as they are rushing to conserve cash at a time when revenues have dried up triggering a liquidity crunch.

“We need to make every investment count now more than ever,” says UNDP Economist

As Sri Lanka is in the midst of exploring all possible avenues to bounce back from the upheaval set in motion by the coronavirus pandemic, the UNDP advised that efforts should be carried in a manner that makes sure every investment counts.

Robot to assist Iranawila hospital staff dedicated to combating coronavirus

Atlas Axillia PLC, a subsidiary of the Hemas Group, handed over another home-grown Automated Guided Vehicle (AGV) robot, to assist medical personnel in the remote monitoring and careof patients affected by the coronavirus.

Watawala Tea Ceylon supports island wide quarantine centres

Watawala Tea Ceylon Ltd (WTCL)–a subsidiary of the diversified conglomerate Sunshine Holdings PLC – recently commenced the donation of Ceylon Tea for the consumption of individuals and staff placed in quarantine centres located around the country, which have been set up to flatten the curve and speed up Sri Lanka’s recovery from COVID-19.

INSEE Sanstha Cement supports vital COVID-19 relief efforts

INSEE Cement Sri Lanka has extended vital support to the authorities towards dealing with the COVID-19 pandemic and helping to build a resilient nation.

Nations Trust Bank donates 4500 medical scrub suits

Priyantha Talwatte, Chief Executive Officer of Nations Trust Bank PLC symbolically handed over medical scrub suits for frontline healthcare workers combating the COVID-19 pandemic in Sri Lanka, to Director General of Health, Dr. Anil Jasinghe, in Colombo on April 11th.

NDB donates funds to battle COVID-19

NDB Bank recently made a donation towards the national ‘COVID-19 Healthcare and Social Security Fund’.

Reckitt Benckiser helps secure safety of healthcare and military personnel

Providing much-needed strength to the government in their effort to control the spread of COVID-19 in Sri Lanka, Reckitt Benckiser Lanka donated parcels containinghygiene products for the use of health professionals and military personnel at the forefront of the fight against the virus.

India probes alleged dumping of flat rolled copper products from Sri Lanka and 5 other countries

India has initiated a probe into an alleged dumping of copper alloy flat rolled products -- used by auto and electrical industries— from Sri Lanka, China, Korea, Malaysia, Nepal and Thailand, following a complaint.

Singer Sri Lanka’s rating downgraded on likely increase in leverage

Fitch Ratings has downgraded Singer Sri Lanka PLC by a notch from A+ to BBB+ and left its outlook at ‘Negative’ as worries mount over the firm’s leverage amid disruptions to its business and the pressure on the discretionary spending of the consumers.

EY advises financial services firms to exercise patience and avoid panic-driven investments

As the rapid spread of the coronavirus is impacting global economic growth and leading to market volatility, Ernst & Young (EY) advises the financial services sector to tread forward in a cautious manner, instead of taking a leap.

Oil prices tumble on demand collapse, Brent at 1999 lows

Oil prices slumped again yesterday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel, caused by the coronavirus outbreak.

SL Tourism post-COVID-19 revival to be executed in two stages

Sri Lanka’s tourism sector’s post-COVID-19 approach to revive the sector has been conceptualised to be carried out in two stages, the Sri Lanka Tourism Development Authority (SLTDA) said, where the initial focus would be ready for business come December.

Half of Fitch-rated Lankan firms have little headroom to weather prolonged downturn

Almost half of the Fitch-rated companies in Sri Lanka are less likely to weather a prolonged economic downturn without facing a rating downgrade triggered by the currency weakness, higher leverage or liquidity squeeze with the latter being the most immediate.

WB forecasts 19% decline in remittances to Sri Lanka this year

The worker remittance inflows to Sri Lanka this year are projected to decline by 19 percent year-on-year (YoY), driven by the global economic slowdown due to the coronavirus (COVID-19) pandemic as well as the steep decline in oil prices, according to the latest World Bank (WB) report.

Easter Sunday attacks cost Rs.150bn to economy erasing 1% of GDP

The Easter Sunday attacks and the tremors felt across the economy in its aftermath cost the Sri Lankan economy a mammoth Rs.150 billion in 2019, translating into 1 percent of lost economic output with the services sector left reeling from the shock, said a special report on the economic toll of the attacks.