Cutting imports to ease pressure on falling Rupee – CB governor
Government measures to suspend all non-essential imports in a desperate bid to halt foreign exchange outflows and stabilise the rupee will result in a forex saving of US$ 923.1 million per month, official provisional data revealed. The savings from the suspension of motor vehicles imports alone would vary between US$48 million and $65 million per [...]
Corona puts consumer durables under duress
The government directive to stop imports of non-essential items in the face of COVID-19 spread, and the curfews, have hit the consumer durables’ market hard with virtually zero sales during end March to mid-April which is the Avurudu season. With demand for such goods already waning amidst the low growth trajectory in the economy during [...]
Apparel businesses near liquidation
Sri Lanka’s apparel factories have stopped their machines with no orders and with no hand-outs from the government, they are facing stiff competition from their counterparts. “None of the companies that has asked for loans from banks have been successful in obtaining a loan,” Sri Lanka Apparel Exporters Association (SLAEA) President Rehan Lakhany said. The [...]
IMF to delay the final bailout tranche
The disbursement of the final tranche of the International Monetary Fund (IMF)’s US$ 1.5 billion bailout to help Sri Lanka avert a balance of payments crisis will be delayed by at least three or four months due to COVID-19. Responding to an email request for comments on the ongoing IMF’s Extended Fund Facility (EFF), Masahiro [...]
Tour guides, chauffeurs in a fix
Tourist guides and chauffeur guides are facing a crisis as the only means of income is gone since tourists have stopped coming. Sri Lanka Institute of national Tourist Guide Lecturers President Dr. T.G.M. Priyadharshana said that they were severely impacted under the current crisis as 1,526 of their members are without work and no income [...]
Tour operators face crisis
Destination Marketing Companies (DMCs) or tour operators who form the link between Sri Lanka and the prospective tourist are facing a crisis with some on the verge of winding up operations in the aftermath of the toll that the COVID-19 pandemic has taken. Inbound Tour Operators Association President Mahen Kariyawasam told the Business Times on [...]
Post COVID-19 recovery plan
It was a long wait – for days, mind you. Then on Wednesday I heard it – the distinctive and shrill cry of the koha or Asian koel heralding the Sinhala and Hindu New Year. This year, however, it’s different as most people working in Colombo are unable to travel to their villages due to [...]
Weak immunity
Cabinet decides to suspend or limit imports of all items except pharmaceuticals and fuel.” It was a news item that popped up through media last week. I was not surprised with that and, I even anticipated more. Import controls had already begun two weeks ago with controls over motor vehicle and non-essential imports. I thought [...]
Presidential Task Force to mitigate COVID-19 impact on education
Sri Lanka will be taking every effort to mitigate the impact of the school closure countrywide as COVID-19 prevention action and to facilitate the continuity of students’ education through remote learning. These activities range from hi-tech solutions like real-time video classes conducted remotely to lower-tech options such as educational programming on radio and television. However [...]
Curfew, lockdown and economic livelihoods
National policymakers have been grappling on the right balance between lockdowns (total or partial) and maintaining a functioning economy to safeguard the livelihood of its citizens and viability of its corporate sector. Whilst no solution seems optimal, the need for a well-orchestrated recovery strategy is central to avoid a pro-longed supply and demand led economic [...]
Lack of technological progress haunts CSE
The COVID-19 pandemic has posted an unprecedented threat on Colombo’s stock market. The market was closed from March 20 with the curfew and the shutdown declared by the government. However stockbrokers and investors are raising many concerns on why the share market is closed. For starters, Sri Lanka is the only market that has been [...]
COSMI says COVID-19 rare opportunity for lagging SMEs
Restrictions placed on imports of non-essential items is a welcome step in the face of the COVID-19 pandemic-and more so for the revival of the country’s agri-SME sector, a new SME association has said. “Government’s limiting and ban on imports of non-essential items shall help local enterprises looking to get into the production and processing [...]
Maliban supports IDH Hospital during battle against COVID-19
Maliban Biscuits, contributing towards the combat of the ongoing COVID-19 pandemic, recently donated special cold storage facilities and highly essential medical equipment to treat infected patients, at the National Institute of Infectious Diseases Hospital (IDH). The donation was made on April 1 at the IDH Dental Hospital and was attended by Ms. Kumudika Fernando – [...]
Talwatte, new CEO at Nations Trust Bank
Priyantha Talwatte was recently appointed as CEO of Nations Trust Bank, succeeding former Director/CEO, Renuka Fernando. Mr. Talwatte who has been an integral part of the corporate management team of the bank for the past 17 years, was appointed Deputy Chief Executive Officer and named CEO designate in January 2019.
Disruption of social life, education key concerns: COVID-19 survey reveals
A new survey assessing the behaviour of Sri Lankans during COVID-19 has revealed that nearly 2/3rds of the respondents felt that the crisis affected their families “only partially” while 30 per cent felt that they were impacted severely. “Many felt that the impact was disruptive from many angles as expected but some did appreciate the [...]
Is downsizing the right thing, asks NCE
Sri Lanka as a small economy, in particular where the economic backbone is made up of micro, small and medium sized enterprises and dependent on export revenue for foreign currency generation is already facing a vulnerable situation. The country, like the rest of the world, is currently facing a challenging period both in terms of [...]
Hatch, LAN gear up to launch Sri Lanka’s first fintech accelerator
Hatch in partnership with Lankan Angel Network (LAN) and through the support of the Ford Foundation, will this month officially launch the first chapter of its start-up accelerator programme ‘HatchX’, establishing Sri Lanka’s first fintech accelerator. The programme’s strategic partner will be the Fintech Association of Sri Lanka (FASL). It has also received the endorsement [...]
Keeping WhatsApp personal and private
With billions of people unable to see their friends and family in person due to COVID-19, people are relying on WhatsApp more than ever to communicate. People are talking to doctors, teachers, and isolated loved ones via WhatsApp during this crisis. That’s why all your messages and calls on WhatsApp are end-to-end encrypted by default [...]
Daraz can service 10,000 households daily
Daraz, Sri Lanka’s largest e-commerce platform which ordinarily connects thousands of sellers to millions of consumers across the country, has as an Alibaba Group-owned company the capacity to service some of the world’s largest markets even during a crisis. Alibaba ensured the supply of food and essentials to millions of people in China during the [...]
SLT challenge to keep Sri Lankans connected during crisis
As the country’s public movement is restricted by the COVID-19 outbreak, making virtual connectivity to rise, Sri Lanka Telecom (SLT) has been faced with an unprecedented challenge of providing faultless fixed telephone and Internet services to the public Despite the 40 per cent drop in revenue collection due to curfews, SLT had to continue seamless [...]
Ceylon Tea slow to reach markets
As the tea industry braces for its second e-tea auction scheduled for April 16 exporters are concerned that their teas are slow to reach markets. Under the circumstances, where the entire world is facing a crisis with lockdowns and border closures, the tea industry seems to find that getting the teas bought at the auction [...]
Dankotuwa Porcelain creates customised Steam Inhalers
Dankotuwa Porcelain PLC has introduced a new customised steam inhaler which is ideal for individuals affected by respiratory tract infections including COVID-19. Designed and advised by Dr. Charith Nanayakkara, Lecturer of the Department of Surgery specialising in Neurosurgery at Teaching Hospital, Kotalawela Defense University Sri Lanka, this modified steam inhaling device will be made available [...]
SLI’s free insurance cover for state workers
Sri Lanka Insurance (SLI), this week launched another initiative in support of motivating all state sector employees on the front line of the COVID-19 service. It is the introduction of VIRU ABHIMAN – a free financial cover for the families of the state sector employees who are actively involved in combatting COVID–19. The cover worth [...]
COYLE’s proposals to the President to resurrect economy
The Chamber of Young Lankan Entrepreneurs (COYLE) has made some ‘constructive’ suggestions to the President and the Government, for the recovery of business and the economy. The following recommendations have been made by the Chairman of COYLE Chamath Kottage and its Committee of Management: “For Phase 1, we would like to propose the following: Financial [...]
Softlogic Group announces across-the-board pay cuts
The Softlogic Group, which has over 10,000 staff, has announced a pay cut as a result of the COVID-19 crisis for most categories of staff rising up to 30 per cent for those who earn above Rs.1 million. In a circular to all employees (and released to the media), company chairman Ashok Pathirage said that [...]
Hotels seek clarity on financial relief
Hoteliers are seeking a clarification from the Central Bank (CB) on the circular issued pertaining to the relief measures as interpreted by the banks. Hotels Association President Sanath Ukwatte told the Business Times that the banks had interpreted in different ways the circular of the CB regarding obtaining of the Rs.25 million loan. He noted [...]