Key reforms in consolidating NBFI sector come under spotlight

The non-banking financial institutions (NBFI) sector has evolved over the past years to be a stronger force in the finance industry in Sri Lanka. Unfortunately, the public only remembers NBFIs in light of unethical practices of non-regulated finance companies.

Emerging Asia: securing solid fundamentals for post-COVID future

Asia’s emerging economies are at different stages in combatting the Covid-19 pandemic. For some, the light at the end of the tunnel is getting brighter as social distancing measures are being eased and economic activity is starting to ramp up again. Others are still grappling with outbreaks and lockdowns.

A long journey: IFC’s 50 years in Sri Lanka

In the midst of a global pandemic, IFC steps up its work in Sri Lanka—aiming to help mitigate some of the worst economic impacts and deliver tangible long-term benefits.

COVID-19 in decline: Over by June 2021?

End of the COVID-19 pandemic? When? The responses map itself somewhere within a range from at least one year to 10 years plus. Wide agreement: it is something here to stay. There is no way out. Better get used to the ‘new normalcy’.

Minefield of economic uncertainty with no vaccine in sight

With more than 270,000 new cases daily and around 6,000 deaths daily, globally, most world leaders are pursuing a highly uncertain best-case scenario — the discovery of vaccines or a drug — while pushing for the pandemic-controlling options that are available and tested. They are however only part of a whole package of steps to save ourselves from the pandemic and the world economy contracting further.

Urgent economic action plan for new Cabinet

Now that the parliamentary elections are concluded, the focus of the new government should shift to the serious business of fixing the economy. COVID-19 has hit Sri Lanka’s economic outlook harder than expected.

To rebuild our economy let’s start with a logically assigned, development-oriented Cabinet

We are on the threshold of yet another parliamentary election. Whoever forms the next government will have a daunting task to revive our economy, badly battered by the COVID-19 pandemic.

A lifeline for economy amid crisis: Have banks done enough?

Businesses and individuals continue to struggle due to the impacts brought about by the global health crisis and it was the banking sector that all industries turned to, for help.

COVID-19 will drive banking sector digitisation push: Sampath Bank MD

This is part of the interview series titled ‘Mirror Business S&P SL2 - Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features Sampath Bank PLC Managing Director/CEO Nanda Fernando. Following are excerpts from the interview.

Need for a global reset along a more sustainable path

There is no doubt that we are faced globally with a terrible pandemic but it seems that we, humans, have yet to gain the level of wisdom necessary to see through to the consequences of our current way of life, organisations and relationships and also the long-term damage it has dealt to prospects for economic growth.

Tea industry review for first quarter 2020

The first quarter of the Sri Lankan tea industry saw an upward momentum with an increase in elevational averages to the comparative period in 2019. Tea production saw a sharp decline in the period of review whilst exports witnessed a decrease.

To be or not to be: Emotional labour of fighting a virus

The current realities of grappling with COVID-19 encapsulate many an emotional challenge to society. The attempt herein is to identify the challenges and propose a philosophy of ‘emotional labour’ management to overcome or minimise the ill-effects of emotional ‘burnout’ identified.

Return to import substitution won’t deliver rapid growth

Sri Lanka has imposed increasing levels of controls on imports since March 2020. While this was partly a reaction to a balance of payments crisis, the restrictions are also intended to promote domestic industrialisation.

Crisis has pushed banking industry to rapidly embrace digital future, says DFCC CEO

This is part of the interview series titled ‘Mirror Business S&P SL2- Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features DFCC Bank PLC Director/CEO Lakshman Silva. Following are excerpts from the interview.

SLTDA gathering steam to turnaround tourism

Sri Lanka’s tourism sector witnessed a major setback being hit by the double whammy of the Easter Sunday attacks and coronavirus (COVID-19) pandemic, both within a year.

Anantaya Chilaw becomes first resort certified by SLSI for COVID-19 Safety

Anantaya Resort & Spa Chilaw, owned and managed by Laugfs Leisure Limited, has recently become the first resort in Sri Lanka to receive the Sri Lanka Standard (SLS) 1672:2020 certification from the Sri Lanka Standards Institution (SLSI) for COVID-19 Safety Management Systems.

A digitally transformed Sri Lanka

The aim of creating a digital ideology for Sri Lanka has at its roots the empowerment of its people. The purpose of this exercise is to develop an indispensable medium where individuals can live out their relations, according to a social structure which encourages novel ideas, norms and values. A medium that would help us understand how we can localise and culturally fine-tune our systems and government into affecting lives positively.

Hatch ‘Open House’ mentorship programme supports 50 plus startups in Sri Lanka

Since the outbreak of the pandemic, Hatch began offering its services online, including the Hatch Open House mentorship programme.

Trade, deglobalisation and new mercantilism

The COVID-19 pandemic is accelerating the changes underway since the global financial crisis (GFC) in 2008. It is ushering in a new era of deglobalisation and protectionism — a new mercantilist world order. Three global shifts will likely shape international trade beyond the immediate crisis and into the ‘post-vaccine’ future.

Reimagining education to deal with future economic shocks

President Gotabaya Rajapaksa addressing the International Labour Organisation (ILO) Global Summit on ‘COVID-19 and the World of Work – Building a Better Future of Work’, said the skills sector in Sri Lanka requires a rethinking and re-engineering to accommodate the new normal, post COVID-19, while assuring to empower those who lost employment during this pandemic.

Five tips for small businesses to embrace digital disruption

Accelerated by COVID-19, the rapid shift to a much more digital world is having a profound impact on all aspects of our lives: how we shop, how we interact, how we work and how we do business.

Distance Education during and after COVID-19: Long road ahead for SL

In what has been recognised as the world’s largest educational crisis, the spread of COVID-19 has resulted in a record number of students being forced to stay away from schools and universities.

It’s the economy, stupid

By It was James Carville the political strategist behind Bill Clinton’s rise to the US Presidency who introduced the phrase “It’s the economy, stupid” to the lexicon of political campaigning. He made this comment to draw the focus of his campaign workers on the issue that truly mattered to the voters at that time.

Counting chickens: How the poultry industry delivers food security

Across Asia, the issue of food security perpetually hovers over numerous poor and working class households. Many global social organisations list malnutrition as a major regional challenge, with several estimating that Asia houses 67 percent of the world’s hungry.

Motor trade industry’s growth closely linked to national economy

One hundred years is a significant milestone in life. The Ceylon Motor Traders Association (CMTA) is one of the oldest trade associations in Sri Lanka and one of the oldest automotive associations internationally. The CMTA is affiliated to the Ceylon Chamber of Commerce, the senior trade chamber in Sri Lanka.

Sri Lanka’s declining GDP growth rate

The Sri Lankan economy is in dire straits owing to the strict lockdown imposed by the government from March 21st to May 9th to counter the Covid-19 pandemic.

We are well equipped to handle present crisis

This is part of the interview series titled ‘Mirror Business S&P SL2- Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features Commercial Bank of Ceylon PLC Managing Director S. Renganathan. Following are excerpts from the interview.

The myth: Self-sufficiency guarantees food security

The novel coronavirus which drove cities and countries into lockdown has now sparked anxiety over a possible food crisis given the increase in export and import bans and disruption of global food supply chains.

Trends and growth of Sri Lanka’s e-commerce industry

The e-commerce industry in Sri Lanka has seen a rapid development over the last year, with a large percentage of shoppers venturing on to the digital platform.

Leading corporates believe WFH is here to stay

It’s hard to draw positives from a global crisis such as COVID-19, one that has taken hundreds of thousands of lives and impacted millions more globally but the reality of crises such as this is that they are, more often than not, some of the greatest catalysts for global change.