Central Bank introduces urgent measures to ease pressure on exchange rate, prevent market panic

The Central Bank yesterday introduced urgent measures to ease pressure on exchange rate and prevent financial market panic due to the COVID-19 pandemic. The three key measures included: 1) the suspension of importation of all types of motor vehicles other than those excluded specifically under Banking Act Directions No.01 of 2020,

COSMI welcomes President’s initiative

Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) yesterday welcomed President Gotabaya Rajapaksa’s initiative to remove taxes on face masks and suspend the recovery of loans to businesses and SMEs by banks in response to the coronavirus (COVID-19) outbreak in the country.

CSE to remain closed during all govt. announced holidays

The Securities and Exchange Commission yesterday said the Colombo Stock Exchange (CSE) may remain closed during all public holidays announced by the government.

ADB announces US$ 6.5bn initial response to COVID-19 pandemic

The Asian Development Bank (ADB) yesterday announced a US$ 6.5 billion initial package to address the immediate needs of its developing member countries (DMCs) as they respond to the novel coronavirus (COVID-19) pandemic.

WB approves additional US$ 2bn to its package to counter COVID-19

The World Bank has increased the fast-track financing package by US$2 billion to US$14 billion, to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19.

Chambers write to President with recommendations to govt.’s COVID-19 action plan

Sri Lanka’s business chambers and industries led by the Ceylon Chamber of Commerce yesterday expressed their fullest support to the government to contain the spread of COVID-19 in the country.

Academic bats for social commerce over e-commerce as most Lankans loiter on social media

As the Central Bank aims for a less-cash society, an academic made a strong case for social media commerce over e-commerce, which is losing fashion, to get more people hooked up to buy stuff using social media platforms as they tend to scroll social media sites from the moment they wake up till they go to bed.

Continuing COVID-19 challenges with unclear ending

It is now nearly three months since China reported the case of a deadly new virus to the World. Since then new cases of the coronavirus are being reported daily around the world. This virus, is known as SARS-CoV-2, causing COVID-19 disease.China has since the outbreak experienced a deep social health related challenge, with more than 126,000 cases and more than 4600 deaths.

Did COVID-19 alter conventional economic wisdom?

The economic fallout of the Chinese New Coronavirus or COVID - 19 is far-reaching. It will eventually pass as any other pandemic or calamity the world has seen but will certainly change the political and economic playbook, which many countries, including Sri Lanka have gotten used to.

Sri Lanka to receive US $ 500mn Chinese concessional loan

Sri Lanka yesterday signed agreements to receive a US $ 500 million concessional loan from China Development Bank (CDB).

Twice-battered tourism industry seeks immediate government help

The Hotels Association of Sri Lanka (THASL) is seeking a two-year moratorium and an interest waiver on all loans and overdrafts taken by tourism businesses from banks and non-bank financial institutions, with effect from April 1, 2020, as COVID-19 takes a heavy toll on the already battered industry.

Analysts call Central Bank’s rate cut ‘impulsive’

Market participants are trying to comprehend what the Monetary Board’s emergency rate cut this week would mean and doubt its firepower to combat the economic fallout of COVID-19, Mirror Business learns.

EU shuts borders as virus deaths exceed Asia toll

The European Union (EU) sealed off its borders yesterday to try to put the brakes on the ferocious spread of the coronavirus pandemic, as the number of deaths on the continent soared past the toll in Asia.

Manufacturing, service activities slow for second consecutive month

CB urges public to minimise visits to banks, EPF office

The Central Bank (CB) urges the public to minimise visiting the Employees’ Provident Fund (EPF) office in Colombo while encouraging them to conduct more online banking transactions, as precautionary measures to mitigate the risk of spreading COVID-19.

CSE says no market

Reversing a decision taken earlier yesterday to resume trading, the Colombo Stock Exchange (CSE) in a late night statement said the market would be closed for trading today.

Technical knowledge is no longer enough for CFOs to succeed, says CIMA President

Canadian finance leader Amal Ratnayake, FCMA, CGMA, the 86th President of the Chartered Institute of Management Accountants (CIMA),

‘Ayubowan’ – no handshakes please … is so Sri Lankan!

In a sign of times to come, shaking hands, kissing cheeks, hugging and even high fives will be a thing of the past – thanks to the coronavirus.

Remote working due to coronavirus? Here’s how to do it securely

If you’re on your company’s IT team, you’re probably used to preparing laptops for employees to use remotely and setting up mobile phones with access to company data. However, we’re looking at something much bigger than that today.

EFC urges pvt. sector to comply with govt.’s special holiday request

The Employers’ Federation of Ceylon (EFC) yesterday urged the private sector to comply with the government’s request of declaring the three-day special holiday so that the impact from the coronavirus (COVID-19) outbreak in the country can be minimised.

ICC-WHO to work closely to tackle COVID-19

In a coordinated effort to combat the coronavirus (COVID-19) pandemic, the International Chamber of Commerce (ICC) and the World Health Organization (WHO) have agreed to work closely to ensure the latest and most reliable information and tailored guidance reaches the global business community.

FCCISL writes to President urging him to declare one-week essential leave for private and public sector employees

Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), the apex body of the country’s chamber movement, yesterday urged President Gotabaya Rajapaksa to consider drastic action including essential seven-day leave initially, with an option of another seven-day extension, for all employees in State and private sectors excluding essential services to contain spreading of coronavirus (COVID-19) in the country.

Dialog launches free trilingual hotline to receive advice on coronavirus

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in partnership with Wavenet International Pvt Ltd and MyDoctor (My Health Solutions Pvt Ltd), has launched a free trilingual hotline – 1390 for all Sri Lankans to receive information and advice on the coronavirus, providing access to doctors without the requirement of physically visiting a hospital or a clinic.

Russian airlines risk bankruptcy over pandemic

Russian airlines could sustain major losses and some might go bankrupt because of hits from the coronavirus, the government warned yesterday. Carriers face two major blows, cancellations of international flights and rising costs owing to the ruble’s sharp drop in value, Alexander Neradko, the head of the federal air transport agency Rosaviation, told a government meeting.

As the government declared yesterday a public holiday with a view of preventing the spread of coronavirus across the country

As the government declared yesterday a public holiday with a view of preventing the spread of coronavirus across the country

CB cuts policy rates to cushion economic fallout from COVID-19

Sri Lanka’s Central Bank yesterday jumped on the rate cut bandwagon with other central banks in the world cutting key policy rates by 25 basis points (bps) to support economic activity in the country amid the rapid global spreading of COVID-19 pandemic and its possible further spread in Sri Lanka.

Downbeat economic forecasts to persist as COVID-19 takes toll

Economists, analysts and researchers have joined the chorus in predicting mostly downbeat economic forecasts as the fallout from COVID-19 becomes far reaching with disrupted supply chains, absenteeism and closed factories and offices.

Management buyout at Hemas’ travel and aviation business

Hemtours (Private) Limited, a sub-subsidiary of Hemas Holdings PLC (HHL), has divested 80.1 percent stake in its Forbes Leisure Services (Private) Limited to Acorn Partners (Pvt)) Ltd., owned by HHL’s former Executive Director Malinga Arsakularatne and several others in the senior management for Rs.201 million, according to a stock filing.

Tea exporters say “doing OK” amid virus storm compared to apparel, construction

Sri Lanka’s tea industry is currently coping relatively better with the ongoing coronavirus (COVID-19) storm compared to other industries, but the prolonged disruption to its support industries could negatively impact the sector, industry stakeholder said yesterday.

South Korea cuts key rate to record low of 0.75%

South Korea’s central bank announced a rate cut to a record low yesterday to combat the economic fallout of the coronavirus outbreak, hours after the US Federal Reserve slashed rates.