Government losing estimated Rs.15bn monthly tax revenue due to alcohol ban

The government is losing estimated Rs.15 billion monthly tax revenue due to the island-wide ban on the manufacture and sale of liquor while illicit liquor trade gaining ground with home breweries popping up across the country.

Year-long prices expected at mid-single digit levels; short-term pressure seen due to supply disruptions

Prices could see a short-term uptrend in April and May amid sputtered supply due to coronavirus-induced lockdowns, but overall prices in the economy for the year could broadly be benign through the year, according to analysts.

U.S. oil futures plumb historic lows below zero, Brent plunges

U.S. oil futures continued to trade in negative territory yesterday, after closing down nearly US$ 40 on Monday in their first ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.

Tea industry successfully closes second eAuction

Sri Lanka’s tea industry has stepped up efforts and evolved to move away from its traditional systems, which paved the way for the successful conclusion of the second eAuction within a shorter timeframe.

Fitch downgrades Sierra Cables’ rating on coronavirus risks

Fitch Ratings has downgraded Sri Lanka-based cable manufacturer Sierra Cables PLC’s National Long-Term Rating amidst expected sharp revenue declines and tight liquidity conditions due to COVID-19 impacts.

SE Asia stocks tumble about 2% on U.S. crude price crash

Southeast Asian stock markets were pummelled yesterday, after a historic plunge in U.S. crude futures to below zero highlighted the damage wreaked by the coronavirus pandemic.

Sri Lanka’s agricultural sector largely immune to COVID-19 shock: ICRA Lanka

Sri Lanka’s agricultural sector is least affected by the economic shock triggered by the new coronavirus as the sector is loosely integrated with the global supply chains,

U.S. oil falls more than 10% to lows not seen since 1999

Crude oil futures fell yesterday, with the U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that the U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic.

Moody’s places ratings of 3 Lankan banks on review for downgrade

Less than a week after Sri Lanka’s sovereign rating was placed under review for possible downgrade, due to the economic shock of COVID-19, Moody’s Investors Service yesterday placed Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank under review for downgrade, due to the high level of dependency between the creditworthiness of Sri Lankan banks and sovereign.

Central Bank clarifies stance on remitting funds to Lankans abroad

The Central Bank of Sri Lanka (CBSL) yesterday clarified its position on the remittance of funds to Sri Lankans living abroad during the ongoing global crisis and stressed the locals would be able to do so within the set regulatory framework.

CSE says trading will not resume on April 22

The Colombo Stock Exchange (CSE) yesterday said it would not recommence trading on April 22.

CSE wants listed firms to disclose COVID-19 impact

Sri Lanka’s listed firms are now required to disclose the impact of the COVID-19 pandemic on the business/operations as well as the response to the impact and anticipated impact on the future operations and financial condition, to the Colombo Stock Exchange (CSE).

Condominium developers call for resumption of activities with relief attached

The country’s condominium developers have requested permission to return to work and resume their construction projects, which are stalled due to the lockdowns, as soon as practically possible and expect relief from the government.

Ceylinco Life donates ventilators to combat COVID-19

Ceylinco Life donated two high-end non-invasive ventilators to the government to support efforts to treat people infected by COVID-19.

Dialog extends critical connectivity solutions to IDH Hospital

In an effort to support medical professionals and essential medical services during the ongoing COVID-19 crisis, Dialog Axiata PLC extended free critical connectivity solutions for video conferencing facilities and Internet access to support the medical staff at IDH - the central healthcare institution spearheading the control of COVID-19 outbreak in the country.

CIPM makes donation to COVID-19 Relief Fund

CIPM made a donation of Rs. 1 million to President’s National Covid-19 Relief Fund in support and solidarity of the relief measures that need to be rolled out to successfully manage and overcome the current situation brought about by the global pandemic.

Pelwatte conducts CSR projects, launches free home delivery during curfew

Pelwatte, the leading local dairy manufacturer, has initiated several CSR and consumer reach projects that conjuncts the company as a strong stakeholder in the Sri Lankan government’s initiative to sustain the COVID-19 crisis.

Export Development Board confident export sector will steer country out of COVID-19 crisis

The Export Development Board (EDB) yesterday renewed its call to the government and the business community to give utmost prominence to local exports and stressed it is imperative to recognize the sector as the nation’s top priority as the country appears to have contained the spread of coronavirus successfully.

Asia Securities forecasts dour economic effects from COVID-19; but expects benign inflation through 2020

The research team of Asia Securities has forecast that the COVID-19 pandemic’s toll on Sri Lanka’s economy to be dour through 2020 with many of its macroeconomic forecasts pointing to some daunting numbers.

IMF approves US$ 1.39 bn in emergency pandemic aid for Pakistan

The International Monetary Fund said its executive board had approved US$ 1.386 billion in emergency financing to Pakistan to meet balance of payments needed stemming from the novel coronavirus pandemic.

CSE issues ‘Guidance Note’ for listed entities on holding AGMs

The Colombo Stock Exchange (CSE) has published a ‘Guidance Note’ for listed entities on possible list of alternatives for hosting their Annual General Meetings (AGMs) in light of the COVID-19 pandemic, responding to concerns that holding physical meetings may add to the risk of spreading the disease.

EU helps protect weak firms from foreign takeovers

The EU plans to help block foreign takeovers of European companies struggling with the virus downturn. It wants to allow governments to invest in weak companies, which could include some form of ownership.

Abu Dhabi borrows US$7 bn as low oil price bites

The emirate of Abu Dhabi said yesterday it had sold US$ 7 billion of bonds in the third major sale this month by Gulf sovereigns seeking to counter slumping oil prices. OPEC kingpin Saudi Arabia last week raised US$ 7 billion in a bond sale, while gas-rich Qatar sold bonds worth US$ 10 billion two weeks ago.

French retailer Fnac Darty gets 500 mn euro state loan

Electronics retail giant Fnac Darty announced yesterday it had secured a 500 million euro loan guaranteed by the French state “to secure cash flow” and prepare for recovery after the coronavirus crisis.

Talal Rafi joins Forbes Business Council

Forbes Magazine appoints Talal Rafi as a member of the Forbes Business Council.

Unilever Sri Lanka commits Rs.35mn towards COVID-19 relief efforts

Unilever Sri Lanka has committed a sum of Rs.35 million towards the national efforts to tackle the coronavirus (COVID-19) pandemic in Sri Lanka.

Dialog gives all mobile customers free emergency relief data, voice and SMS

To ensure that Sri Lankans across the country stay connected during these unprecedented times and to further assist the customers who are unable to pay and use their mobile connection during the curfew period, Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, now provides a special seven-day pack, comprising one GB Anytime Data, 250 D2D SMS and 250 D2D voice minutes, for all its mobile customers.

Ceylinco Life offers ‘contactless’ life insurance, retirement plans during lockdown

Life insurance protection or an investment in retirement that can be obtained in a matter of minutes without venturing out of one’s home is the latest response of Ceylinco Life to the COVID-19-mandated lockdown.

HNB partners with Pick Me to offer free delivery services to customers

HNB PLC announced a partnership with Pick Me to provide all its customers with free delivery through the service provider’s app.

Pathfinder sets up eminent panel to prepare post-COVID economic strategy for Sri Lanka

The Pathfinder Foundation has set up a study group chaired by Pathfinder Senior Fellow and former Central Bank Governor Dr. Indrajit Coomaraswamy to prepare a set of action-oriented recommendations aimed at steering the Sri Lankan economy into the post-COVID-19 era.