Central Bank ready to provide liquidity support to finance companies

In a fresh move to provide further support to the licensed finance companies (LFCs), which are engaged in passing down the relief to their borrowers affected by the pandemic, the Monetary Board has decided to provide them with liquidity from the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS).

Sri Lanka Insurance joins hands with ayubo.life to provide online medical care

Sri Lanka Insurance Corporation (SLIC) in collaboration with ayubo.life provides free access to online medical care to SLIC policyholders.

Ceylinco Life opens multiple channels to interact with customers staying home

Ceylinco Life has announced it is offering multiple online payment and communications options as well as facilitation of settlement of claims, to ensure policyholder requirements are met as they stay safe in their homes to protect themselves, their families and the community against the spread of COVID-19.

DFCC Bank offers convenient and safe banking

DFCC Bank, as a premier commercial bank in Sri Lanka and the Bank for Everyone, is committed to serving the nation, catering to the needs of the bank’s loyal clientele.

Janashakthi Life records a double-digit growth in 2019

In its milestone 25th year of operation, leading insurer, Janashakthi Insurance PLC recorded an impressive growth of 30 percent in the first-year premiums for the financial year of 2019, with gross written premiums (GWP) of Rs.3.5 billion.

US threatens to block China Telecom from its market

The United States has threatened to cut off Beijing-controlled China Telecom from serving the US market because of legal and security risks, announced the Justice Department.

Top oil producers except Mexico agree to output cuts: OPEC

Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said yesterday, after marathon talks to counter a collapse in prices.

PickMe’s Mevan Peiris makes it to Forbes ‘30 Under 30’ Asia 2020 list

Sri Lanka’s Mevan Peiris has put the country under fresh spotlight on the global stage by making it to the prestigious Forbes ‘30 Under 30’ Asia 2020.

Colombo Rubber Auction held successfully under strict health security measures

The Colombo Rubber Traders’ Association (CRTA) with the approval of the government and Health and Indigenous Medical Services Ministry commenced its weekly auctions beginning with one auction per week at the Ceylon Chamber of Commerce on April 9 at 2.00 p.m.

Asian markets rise after Fed stimulus boosts Wall St

Asian markets were mostly higher yesterday after the latest US coronavirus stimulus measures boosted Wall Street overnight.

Govt. to re-introduce PAYE tax for employee convenience

The government has decided to re-introduce the Pay As You Earn (PAYE) tax as an advance personal income tax to be deducted by the employer, after considering pleas from employees, the Department of Inland Revenue (IRD) announced.

EDB requests all exporters to resume operations following New Year holidays

Sri Lanka’s Export Development Board (EDB) appeals to all exporters to resume operations following the Sinhala and Tamil New Year holidays next week in order to ensure the sustainability of the economy as Coronavirus (COVID-19) pandemic is deteriorating foreign inflows to the country.

First Capital optimistic of economic rebound from 3Q despite risks

First Capital Research expects the Sri Lankan economy to rebound starting from 3Q20 onwards and hit 2.4 percent growth for the full year if it can be re-opened gradually from the end of April provided the government’s strict guidelines on social distancing prove successful with near zero new COVID-19 cases reported by mid April.

SL awaits unveiling of special IMF package to seek help

As the economic fallout is becoming severe with the prolonged lockdowns in place to contain the spread COVID-19, the Sri Lankan government is likely to seek the support of the International Monetary Fund (IMF), but is awaiting the for the multilateral lender to set up a specific package designed to mitigate impacts from the virus.

Economists debate over best response to fight COVID-19 while keeping economies less hurt

Two economists recently vacillated between the current suppression strategy practiced by the Sri Lankan government by way of curfews and lockdowns and a mitigation strategy practiced in some East Asian countries to see which offered the best way forward to stem the spread of COVID-19 while keeping the economy humming.

Tea Board plans social media campaign to promote black tea as immune booster to fight COVID-19

The Sri Lanka Tea Board (SLTB) is planning to carry out a promotional campaign globally on social media promoting Ceylon black tea as an immune booster to fight the coronavirus (COVID-19) disease.

CB introduces further measures to preserve foreign reserve position

The government and the Central Bank yesterday introduced further measures to preserve the foreign currency reserve position of Sri Lanka.

PwC forecasts Sri Lanka’s economic growth to fall below 2% this year

PricewaterhouseCoopers (PwC) expects Sri Lanka’s economic growth to fall below 2.0 percent, the lowest since 2011 with further pressure on Sri Lankan rupee amid coronavirus (COVID-19) pandemic.

ICRA Lanka revisits default recognition approach amid loan moratoriums

As loan moratoriums came into effect and discretion given to banks to make modifications to payment terms and loan contracts with borrowers, ICRA Lanka said they revisited their default recognition approach, which otherwise places entities under default category for simply failing to service their loans.

IFC hails PickMe for paramount role in delivering essential items during crisis

IFC, the largest global development institution and member of the World Bank Group, hailed PickMe’s agility in crises response and its effective, safe and reliable essential item delivery service during the COVID-19 crisis.

NTB deploys mobile ATMs to areas in Western Province

Focused on providing support and service during this challenging time, Nations Trust Bank (NTB) has commenced deployment of mobile ATM services to many areas in the Western province.

Fairfirst Insurance donates to Fight for Covid-19 Fund

Fairfirst Insurance Managing Director and CEO Dr. Sanjeev Jha and company representatives met with Major General (Retd.) Kamal Gunaratne, recently. At this meeting, Dr. Jha conveyed gratitude for the immense commitment and dedication of the frontline forces towards fighting this pandemic.

Dialog enables Health Ministry to create telemedicine units at 20 hospitals

During this unprecedented moment in history, Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, committed to doing its part to support the Health Ministry’s response efforts, has come forward to donate a range of urgently required equipment and solutions for 20 hospitals, including Wi-Fi routers, feature phones, fixed phones as well as special camera systems to remotely monitor patients and reduce the risk of infection.

Apparel sector equips healthcare workers in fight against COVID-19

During this time of crisis in our land, as well as globally, Sri Lanka’s apparel sector has taken up arms to equip our brave healthcare workers with the appropriate clothing as they serve in the frontlines of our battle against COVID-19.

Tea industry urges relevant govt. depts. to increase number of working days to facilitate exports

The local tea industry is urging the government to increase the number of working days of relevant government departments to facilitate the necessary approvals for the export of tea.

First bunkering ship discharges low sulphur fuel at HIP

Bunkering vessel Mt. Melody was docked at the Hambantota International Port (HIP) last week to discharge approximately 25,000 MT of oil into the port’s newly furbished tanks.

Softlogic group cuts employee salaries to manage costs during pandemic

Softlogic Holdings PLC has announced salary cuts for all employees who are earning above Rs.50,000, in the range of 5 percent to 30 percent, as a measure to cope with the economic fallout of the coronavirus pandemic.

Moray Estate sets all-time record price at first-ever online tea auction

Moray Estate set an all-time record at the Colombo Tea Auction on April 4, 2020, with the sale of its BOPF grade of tea for Rs.1300 per kilogramme.

Millions of aviation jobs at risk, airlines can’t afford refunds: IATA

Global airlines warned that 25 million jobs across the world could be at risk from the coronavirus travel downturn and the industry’s representative body said airline finances were so fragile they could not afford to refund customers.

Banks get additional Rs.53bn for lending from eased capital rules

The Monetary Board’s decision to ease certain capital rules on banks in response to the coronavirus pandemic will release over Rs.50 billion from capital buffers for new lending, which otherwise would have been left idling.