US Fed slashes key interest rate, rolls out massive response to pandemic

Faced with a growing economic shutdown from the coronavirus pandemic, that could cause the US economy to contract, the US Federal Reserve on Sunday announced drastic emergency measures to shore up confidence and keep the financial sector running, including slashing the key interest rate to virtually zero.

Pharma Chamber says no shortage of essential drugs

The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) urging calm yesterday assured the public that despite the global impact of coronavirus, there is no shortage in availability of essential drugs in Sri Lanka.

Economist urges need for credible fiscal roadmap

Sri Lanka would need to demonstrate the return to a credible fiscal path, a transition the country would have to make before the next debt repayment that is due mid this year by shoring up government revenue, according to a senior economist in the country. For Sri Lanka to look at de-risking the economy, Verite Research, Research Director Deshal de Mel, who also served as Economic Advisor to the Finance Ministry when Mangala Samara

Three global airline alliances call on governments and stakeholders for extraordinary support

On behalf of their member airlines, three global airline alliances oneworld, SkyTeam and Star Alliance have jointly called on governments around the world and stakeholders to take action to alleviate the unprecedented challenges faced by the global airline industry amid the COVID-19 pandemic. The three global alliances, wh

WSO2 pledges to pay daily workers and support staff while employees work remotely

With COVID-19 cases reportedly on the increase in Sri Lanka, a growing number of employees could soon be asked to change their routines, or just stay at home. While many employees, especially those in tech firms similar to WSO2, can do their jobs away from offices, large companies also have daily support staff who do everything from cooking and delivering meals to driving shuttles and cleaning offices. They cannot do their jobs remotely, and, in

World’s most valuable firm’s profit slides over 20% on lower crude prices

(Riyadh) AFP: Saudi Aramco reported yesterday a 20.6 percent drop in 2019 net profit due to lower crude prices and production levels, in its first earnings announcement as a listed company amid an escalating price war. The world’s most valuable firm also announced it was slashing its capital expenditure for this year, as the price war with Russia and the spreading coronavirus pandemic rattle energy markets. These are the first financial results a

FITIS backs SL signing WTO’s IT agreement

The Federation of Information Technology Industry Sri Lanka (FITIS), the apex ICT industry body in the country, recently emphasized the importance of signing World Trade Organization’s (WTO) Information Technology Agreement (ITA) by Sri Lanka at a recently held ICT Open Forum with regulators organized by the FITIS. A FITIS spokesperson said ITA covers a large number of high technology products, including computers, telecommunication equipment, s

No stock market today

In view of the government declaring Monday, March 16, a public and bank holiday, the Colombo Stock Exchange (CSE) has declared today a market holiday. “Accordingly, the market will be closed on March 16,” the CSE said in a statement.

Jaffna Airport closed for int’l flights

The government has decided to temporarily close the Jaffna International Airport (JIA) for international flights for a period of two weeks, the Civil Aviation Authority (CAA) announced yesterday.

Disney closes US and Paris theme parks, delays ‘Mulan’ over virus

LOS ANGELES (AFP) - Disney will close its giant theme parks in Florida, California and Paris and pull the releases of major blockbusters including ‘Mulan’ over the coronavirus, it announced Thursday.

Bowling entertainment for entire family at Colombo City Centre

Entertainment in Sri Lanka is now set to reach new heights, and break mundane lifestyles and routines, with the launch of something truly exciting. With the purpose of giving people a unique experience of fun beyond bowling, with family and friends, the concept of Counter Strike was conceived and brought to life at the Colombo City Centre. This first-of-its-kind bowling alley introduces glow lanes and black lighting, to give a dazzling cosmic ef

Pandemic shuts down Everest as Nepal suspends all permits

KATHMANDU (AFP) - Nepal yesterday barred climbers from all mountains - including Everest - over the coronavirus pandemic, in a major blow to its tourism industry. The Himalayan country, which has so far confirmed one coronavirus case, earns 4.4 million dollars a year from climbing permits while the losses to expedition organisers will be even higher. As well as suspen

Asian stocks nosedive, extending global rout on recession fears

TOKYO (AFP) - Asian markets opened in freefall yesterday, extending a global rout that saw bourses experience their worst day in decades on fears of a recession caused by the coronavirus pandemic. Tokyo’s benchmark Nikkei index n

‘Construction Expo’ postponed indefinitely

The Lanka Exhibition & Conference Services (LECS) has announced the indefinite postponement of ‘Construction Expo’ exhibition.

U.S. companies draw on credit lines, fearing they may lose them

NEW YORK (Reuters) - Banks have hundreds of billions of dollars in credit lines extended to corporate America. Some companies are no longer banking on them. Airplane maker Boeing C

Oil rebounds, but still heads for biggest weekly loss

SINGAPORE (AFP) - Oil prices swung more than six percent yesterday, but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.

Measures proposed to minimize virus impact on apparel industry

Sri Lanka’s apparel sector has presented a paper assessing the possible impact of coronavirus (COVID-19) on the industry, which also contained proposed measures that would help safeguard the small and medium-sized industry players.

Hotel room occupancy levels plunge below 40% as coronavirus fears bite

Sri Lanka’s hotel room occupancy levels have plunged below 40 percent amid the spread of coronavirus (COVID-19) in several key tourism markets of the country and global and local travel restrictions.

Browns Investments to raise Rs.19bn via rights issue

The director board of Browns Investments PLC has decided to raise Rs.19.1 billion through a rights issue.

UNIDO study makes compelling case for Sri Lanka’s food security

Sri Lanka will be able to reap considerable socio-economic benefits from improved food security if the government stands ready to commit a budgetary commitment of US$ 122.5 million over the next 10 years, according to a United Nations Industrial Development Organisation (UNIDO) study.

Tighter NPL recognition rules to exert pressure on finance and leasing firms’ capital, profits

Tighter regulations on classification and measurement of credit facilities for finance and leasing companies (FLCs) will accelerate recognition of bad loans in 2020-2022, which is likely to exert pressure on FLCs’ capitalisation due to the knock-on effects on their profitability, Fitch Ratings says.

Favourable outlook for real estate sector with uptrend in vertical living

ICRA Lanka, a part of Moody’s Investors Service, assigned a bullish outlook to Sri Lanka’s burgeoning real estate sector with higher prospects for vertical living being envisaged with limited availability of land.

Poultry farmers squeezed as govt. attempts clampdown on maize mafia

Chicken farmers have been squeezed as the government banned the import of maize this week, in view of a bumper harvest, issuing import permits to political surrogates and price controls slapped on chicken.

CB extends SME credit support scheme to NBFI borrowers

The Central Bank has extended its credit support scheme introduced in January for small and medium-sized enterprise (SME) borrowers of the banking sector to non-bank financial institution (NBFI) borrowers.

Australia unveils US$ 11 bn stimulus to ease virus downturn

Australia yesterday unveiled a massive US$ 11 billion spending plan designed to curb the economic hit from the coronavirus pandemic and avert the country’s first recession in 29 years.

CB in fresh push to make Sri Lanka a less-cash society

Lankans requested to delay plans for overseas employment

The Sri Lanka Bureau of Foreign Employment (SLBFE) and Labour Relations Ministry request the Sri Lankans who intend to migrate to foreign countries for employment to temporarily postpone their plans, due to the coronavirus.

Workers’ remittances to feel coronavirus pinch

The workers’ remittance flows to Sri Lanka are expected to take a hit from COVID-19, which is playing havoc in at least two of the countries from where Sri Lanka gets a substantial amount of remittance income.

NDB confident of achieving 16% loan growth this year

National Development Bank PLC (NDB) is confident of achieving 16 percent credit growth for this year but does not rule out the possible hiccups from the deadly coronavirus, which is threatening global growth and international trade.

SEC to take measures to support Colombo bourse

The Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting yesterday to assess the current situation in the stock market and determine what regulatory relief and assistance needed to manage the impact arising from the global stock market downturn, due to the COVID-19 outbreak.