Samsung extends warranty on all consumer electronics and mobile products

Demonstrating concern for the well-being of the customers and to promote them to stay indoors safe as the nation fights the coronavirus pandemic, Samsung Sri Lanka is extending the standard warranty for one month on all Samsung products for those customers whose warranty is expiring during this lockdown period.

SLT conducts ‘Digital Avurudu’ programme

National telecommunication service provider Sri Lanka Telecom and Sri Lanka Telecom Mobitel in partnership with Derana conduct ‘SLT Digital Aurudu’ to celebrate this year’s New Year festival.

NCE points out exporters’ predicament due to order cancellations amid COVID-19

The member exporters of the National Chamber of Exporters of Sri Lanka (NCE) have made representations regarding their predicament due to the sudden cancellation of export orders by certain buyers.

Maldives parliament keeps legislative wheels turning with Microsoft Teams

Eighty seven lawmakers in one of the world’s smallest and most remote countries — the Indian Ocean island nation of the Maldives — are conducting virtual online parliamentary sessions with the help of Microsoft 365, including Microsoft Teams, as their country battles the COVID-19 outbreak.

China suffers historic contraction as virus paralyses economy

China’s economy shrank for the first time in decades last quarter as the coronavirus paralysed the country, in a historic blow to the Communist Party’s pledge of continued prosperity in return for unquestioned political power.

Tea Board to float tender to select media agency to promote Black Tea

The Sri Lanka Tea Board (SLTB) is planning to float a tender to select a social media implementation agency shortly to roll out the announced promotional campaign globally to promote Ceylon Black Tea as an immune booster to fight the coronavirus (COVID-19) pandemic.

March PMI harbinger for next 3 months

Sri Lanka’s Purchasing Managers’ Index (PMI) fell sharply to record an all-time low in March, reflecting how deep the economic fallout of COVID-19 amid lockdowns is.

Covid-19 impact brings opportunities for govt. to develop port industry: SAGT chief

The Coronavirus (COVID-19) pandemic brought a series of challenges for the national economy, however with that have also come opportunities for the government to push the development of the port industry, said the chief of South Asia Gateway Terminals.

Asian markets rise on China GDP data

Asian markets posted healthy gains yesterday after official data in China showed the coronavirus pandemic had not hit economic growth as badly as some had feared.Authorities closed factories, halted construction work and imposed drastic lockdowns among other efforts to contain the outbreak after it emerged in the central industrial city of Wuhan late last year.

Need for sound public transportation to face post-COVID-19 environment realities urged

The Ceylon Chamber of Commerce (CCC) proposes the government to implement a sound public transportation plan to function in the realities of a post COVID-19 environment as the government considers exit strategies from the current curfew status.

Moody’s places SL’s rating under review for possible downgrade

Moody’s Investors Service yesterday placed Sri Lanka’s sovereign credit rating under review for possible downgrade due to economic risks building up from the new coronavirus, but said any rating action would be three or more months away and will depend on how the government refinances its debt and keeps macro-fundamentals less than threatened.

Hoteliers seek govt. support to subsidise employee salaries

Sri Lanka’s crisis-hit hospitality sector seeks government support to subsidise the salaries of employees who are earning below Rs.40, 000 as their cash reserves have started to dry up with zero revenue as coronavirus (COVID-19) pandemic has paralysed the global travel industry.

NDB launches omnichannel NEOS Online Banking

NDB Bank recently launched the NDB NEOS Online Banking channel with a true omnichannel experience for the customers.

CSE offers momentary regulatory flexibility to listed companies amid COVID-19

Considering the challenges faced by the listed companies in complying with the rules regarding the submission of annual reports and interim financial statements, as a result of the COVID-19 pandemic, the Colombo Stock Exchange (CSE) has decided to extend the financial report submission and enforcement action deadlines applicable to Sri Lankan listed companies as a temporary relief measure.

Cargills reaches out to farmers in trouble again

Leading by example, Cargills has once again reached out to farmers in trouble.

LPG tanker ‘Gas Courage’ docks at Hambantota Port

LPG tanker ‘Gas Courage’ berthed at the Hambantota International Port (HIP) to load close to 1,800 metric tonnes of LPG.

Special Deposit Account with up to 2% higher rate to lure local and foreign money

The government has introduced a Special Deposit Account (SDA) offering 1 to 2 percent higher than the normal rate to lure funds from a broader cross section of people and institutes to help fight the economic consequences of the lockdowns induced by COVID-19 pandemic.

SLTDA waives off annual license fee of all tour guides

The Sri Lanka Tourism Development Authority (SLTDA) has decided to waive off tour guides’ annual renewal license fee for 2021 as a relief measure to one of the worst hit sectors by COVID-19.

BOI advises firms to gradually start operations

In line with the government’s desire to gradually open up the economy, the Board of Investment (BOI) companies can gradually recommence operations while strictly adhering to Health Ministry guidelines, a BOI statement said. “BOI will facilitate the process and please contact [email protected] for the guidelines to obtain required curfew passes,” the statement added.

FITIS seeks immediate govt. action for speedier ICT sector recovery

The Federation of Information Technology Industry Sri Lanka (FITIS), the apex body of the county’s ICT industry, seeks immediate measures from the government for a speedier recovery of the sector including amendments to labour laws and social security laws while retaining its current employee base amidst the COVID-19 pandemic.

CB cuts Bank Rate by 500bps to make emergency liquidity accessible and affordable

In another unprecedented move, the Monetary Board this week cut the Bank rate by 500 basis points, bringing the rate at which banks can access emergency liquidity to 10 percent as and when they require.

Consumer durables sector hit hard by coronavirus

The depleted consumer incomes and temporary import restrictions on non-essential imports could deal a heavy blow to Sri Lanka’s consumer durables sector, which was on its way to recovery from a sales slump, and could take at least one and half years for the sector to return to the pre-COVID-19 levels, according to sector analysts.

Advocata Institute makes new appointments

Murtaza Jafferjee, CEO of JB Securities, has taken up the role of Chairperson of the Advocata Institute. In his new role, Jafferjee would play a leading role in fundraising, governance and act as an advocate of the institute’s mission and its policy programme.

FITIS and EY collaborate to host webinar on post COVID-19 impact

People and traders are using online platforms to do trading, small traders use messaging platforms, corporates use virtual roundtables to conferences to online meeting platforms to keep things moving, educators do online tutorials, doctors do online channeling, hospitals use robotics to get closer to patients, people use social media to communicate with friends and families,and online banking recommended to help prevent the spread of the epidemic

IRCSL grants 3-month extension to insurance policyholders to settle premiums

The insurance sector regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL), grants a three-month extension to both life and general insurance policyholders to settle their premiums, as a relief measure amidst the COVID-19 pandemic, following discussions with insurance firms.

Sri Lanka to embrace coronavirus-induced recession this year: WB

The World Bank (WB) Group projects Sri Lanka’s GDP to contract in the range of 0.5-3 percent this year as the country embraces a coronavirus-induced recession, which would result in losses in employment and earrings leaving many in poverty while posing significant concerns on the country’s fiscal and external sustainability.

KPMG urges local biz to explore financial crisis response and contingency planning

Multinational advisory firm KPMG last week advised local businesses to prioritise financial crisis response and contingency planning options since it is unlikely the support measures announced by the government would arrive early enough.

Tea industry calls for suspension of promotion levy

The tea industry has once again called on the authorities to suspend the Tea Promotion Levy; however, this time the request was put forward so that the sector receives the necessary relief from the current challenges faced due to the coronavirus (COVID-19) pandemic.

LOLC receives US $ 422mn as proceeds of PRASAC Cambodia sale

The LOLC group in a recent statement said it has received US $ 422 million as the first tranche of the proceeds of the PRASAC Cambodia sale.

ADB triples COVID-19 response package to US $ 20bn

The Asian Development Bank (ADB) has tripled the size of its response package to the novel coronavirus disease (COVID-19) to US $ 20 billion and approved measures to streamline its operations for quicker and more flexible delivery of assistance.