Many SL SMEs on the verge of collapse, survey shows
As government unlocks the near 2-month lockdown, thousands of small and medium businesses are on the verge of winding up without seeing any grounds for recovery, according to a Labour Department survey concluded recently. Lifting of the island-wide curfew came this week just in time to resurrect most of these ailing business enterprises ensuring the [...]
People’s Bank curtails lending amidst COVID-19 pandemic
The state – owned People‘s Bank (PB) has trimmed its lending as it has to meet the salary bill requirements of its two biggest customers, the Ceylon Petroleum Corporation (CPC) and Ceylon Electricity Board (CEB), well-placed sources said. The People’s Bank holds the Deputy Secretary to the Treasury (DST) account, which the government writes cheques [...]
East Terminal to go ahead with planned consortium
The government is planning on forming a company to run the East Container Terminal (ECT) when it becomes operational later this year, a decision that would be announced after the election. Sources at the Sri Lanka Port Authority (SLPA) noted that authorities are currently trying to form a company and they will be going ahead [...]
Government persuades PayPal to start inward remittance service
Popular worldwide online system PayPal has been persuaded to start the inward money transferring service to facilitate the e-market place enabling Sri Lankan brands, entrepreneurs and companies to have more opportunities. The government will be seeking PayPal to provide Sri Lankans inward access so that they can receive payments for the supply of products and [...]
CB yet to tell banks on re-finance facility extension limit
Just when the banks managed to get a slow breather after the timeline for the re-financing facility ended on May 15, they are faced with a fresh challenge. A limit extension – by Rs. 100 billion to Rs. 150 billion – to the ‘Saubagya Covid-19 Renaissance Facility’ was proposed to the Cabinet by President Gotabaya [...]
Concerns of Sri Lanka’s workforce
Is it the unkindest cut of all for Sri Lanka’s labour market? This appears to be the case for thousands of employees who are finding themselves in a vulnerable position as big and small scale companies cut wages, delay monthly salaries and, worst of all, sack workers as these organisations struggle to recover from the [...]
Less food from more agriculture!
Many years ago, I was connected to a research project of the Integrated Rural Development Programme (IRDP) in the Monaragala district. The research project which was led by Dr. Wilbert Gooneratne, a former regional development expert of the United Nations Centre for Regional Development (UNCRD). When we passed through Wellawaya and Buttala to reach Monaragala, [...]
Holidaying in Sri Lanka in a safe and secure environment
Healthy travels are the order of the day with focus on safe and secure certifications a key requirement when visiting Sri Lanka in future that is set to be the new normal as per guidelines issued by the Sri Lanka Tourism Development Authority (SLTDA). Future visitors will be allowed if they stay for a minimum [...]
MarCom Collective assigns Ernst & Young to study industry’s economic significance
The MarCom Collective has commissioned Ernst and Young Sri Lanka (EYSL) to undertake a comprehensive study on the country’s marketing communications industry and its contribution to the Sri Lankan economy. The Collective is a group of associations, businesses and professionals from the marketing and advertising industry that came together following the crippling impact of COVID-19, [...]
Ceylon tea stocks: Orders held up
Ceylon Tea prices are likely to go in for a correction as the export numbers surged in the recent past and exporters are facing concerns of their stocks not moving as countries continue to be in lockdown. With most of the hotels, restaurants and cafes in other countries still remaining closed or partially opened there [...]
Consolidated fund brings 3-month public spending under presidential authority
Sri Lanka caretaker government’s spending allocations for the next three months are being made periodically under presidential authority for the second time this year. President Gotabaya Rajapaksa has authorised the withdrawal of money from the Consolidated Fund making new financial allocations for the country’s spending agencies and ministries in accordance with Article 150 Para (3) [...]
SMS alerts for trading
In a few months, each investor will get their Colombo Stock Exchange (CSE) trading information as a mobile alert. “When any activity happens in a Central Depository Account, it will be alerted to the investor through a SMS. We want to make it mandatory,” Rajeeva Bandaranaike, CEO CSE told the Business Times. This came on [...]
New Faculty of Technology of the University of Sri Jayewardenepura opens
The new Faculty of Technology of the University of Sri Jayewardenepura (USJ), ceremoniously inaugurated this week by Prime Minister Mahinda Rajapaksa, is part of a large education and technology zone in Pitipana that includes the NSBM Green University, both being constructed by Maga Engineering. The Faculty of Technology offers industry-focused, practical-oriented education, preparing undergraduates for [...]
Sri Lanka’s coir product industry totters back to normalcy
Sri Lanka’s coir and coir product export industry is gradually weathering the COVID-19 storm as most of the fibre mills and processing factories resume production within weeks of the coronavirus outbreak. A limited number of workers have been called for work and they are currently working at half the production capacity which will be gradually [...]
Colombo City Centre Residences shortly ready for occupation
The Residences at the Colombo City Centre is ready to introduce people to the pinnacle of city living, having concluded construction recently on their high-end apartments. These tastefully designed and fully furnished homes are now open for viewing and will shortly be handed over for occupancy, the joint venture with Abans said in a media [...]
NDB’s financial outlook revised upwards to ‘Stable’ by Fitch
National Development Bank PLC’s credit rating was affirmed at A+ (lka) by Fitch Ratings Lanka in its latest rating actions on Sri Lankan banking institutions. The ‘Outlook’ for the bank was revised to ‘Stable’ from previous ‘Negative’, reflecting Fitch’s expectation of reduced pressure on the bank’s capitalisation relative to its risk appetite. NDB said in [...]
Sampath Bank moves upto AA- (lka) on Fitch Ratings
Sampath Bank PLC has seen an upward revision in its National Long-Term Rating awarded by Fitch Ratings. The bank received a rating of AA- (lka) in Fitch Ratings’ revised National Long-Term Ratings of Sri Lankan financial institutions, up from the A+ (lka) it had earlier. “This positive rating revision further underscores the strength of Sampath [...]