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.

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

COVID-19 to cost apparels over US $ 500mn in revenue

The local apparel sector, following a series of stakeholder consultations, has assessed that the immediate revenue loss for the industry due to the coronavirus (Covid-19) outbreak in China would be about US $ 510 million, which amounts to approximately a month’s value of apparel exports.

Coronavirus could cut global growth by 0.1% to 0.4%: ADB

The Asian Development Bank (ADB) said yesterday the coronavirus outbreak is set to trim economic growth in developing Asia and around the world this year. More than 3,200 people worldwide have died from the respiratory illness that can lead to pneumonia, hurting financial markets and damaging economies.

COVID-19 dampens SL’s hopes of economic revival

The Central Bank (CB) said yesterday that Sri Lanka’s economic growth could slump to 3.5 percent this year from over 4 percent projected earlier as revenue from exports, tourism, remittances and logistics would be hit by the recent escalation of coronavirus (COVID-19) outbreak to a global health emergency spreading beyond China.

Apparel industry holds crucial meeting today to assess virus hit

The representatives of Sri Lanka’s apparel sector will meet today to assess the impact of the coronavirus (COVID-19) outbreak on the industry, which is also in fear of going out of work in the immediate term, Mirror Business learns.

LankaClear, CSSL deny recent ATM network ‘hacking’ rumours

LankaClear, the operator of LankaPay denies recent rumours circulating in social media claiming that the security of ATMs of certain banks were compromised.

Norges Bank’s investments in SL stocks top US $ 114mn in 2019

Norges Bank Investment Management, which manages Norway’s one trillion dollar Government Pension Fund Global, has increased its equity investments in Sri Lanka to US $ 114.4 million by the end of last year, compared to US $ 98.3 million at end-2018.

February inflation shoots up to 6.2%

Headline inflation as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index increased to 6.2 percent in February 2020 from 5.7 percent in January 2020.

Specifics of engagement with SL to be discussed after review: IMF

Sri Lankan authorities have expressed interest in a range of options for future engagement with the International Monetary Fund (IMF), but the specifics will be discussed after the next review in mid-April, the IMF said on Thursday.

Still no deal on estate workers’ wage hike

The announced minimum daily wage of Rs.1, 000 for plantation workers is unlikely to come into effect on March 1 as decreed by the government, as wage negotiations with plantation firms and trade unions are yet to make a breakthrough with only a day remaining to reach consensus.

ComBank eyes Africa for overseas expansion

Sri Lanka’s largest private lender in terms of assets, Commercial Bank of Ceylon PLC, yesterday said it is looking to further expand its global footprint and is in the midst of exploring the potential of setting up operations in Africa.

Hutch completes 4G rollout covering 90% of population

Hutch Telecommunications Lanka (Pvt.) Ltd, the third largest telco in the country, which has completed its island wide 4G rollout covering 90 percent of the population, says it is geared to compete with the two main mobile operators in the country on an equal footing, offering alternative choice to Sri Lankan consumers while catering to the new customer segments.

Japan’s Belluna and Asia Capital reps meet Prime Minister

Belluna Co. Japan and Asia Capital PLC, the developers of 447 Luna Tower recently met Prime Minister Mahinda Rajapaksa in Colombo for a discussion focused on the current Sri Lankan market and economy.

Japan’s Taisei Corp. secures US$ 650mn airport terminal deal

Japan’s Taisei Corporation has secured a US$ 560 million contract to build a new multi-level terminal building expanding the capacity of Sri Lanka’s Bandaranaike International Airport (BIA) to 18 million passengers per annum by end of 2023.

Challenging task ahead for govt. to refinance foreign loans: First Capital

Despite the anticipated acceleration of economic activities and fiscal loosening, the deep tax cuts may create a challenge for the government to raise the estimated US $ 3-3.5 billion from external financing resources for external debt repayment, at reasonable rates, to maintain foreign exchange reserves above US $ 7 billion, according to Colombo-based First Capital Research.

Port City’s first overseas launch in Singapore this July

The project company of Colombo Port City (CPC), CHEC Port City Colombo, is set to kick off the global launch of the Colombo Port City project for investors at World Cities Summit 2020 in Singapore this July with first few developments of the project scheduled to break ground within the year.

Softlogic returns to black amid gradual recovery in consumer spending

Softlogic Holdings PLC returned to profit in the quarter ended December 31, 2019 (3Q20), recording a double-digit growth in the top line, as the diversified conglomerate with a strong retail footprint benefitted from the recovering consumer sentiment, amid general optimism in the country’s economic prospects with the change in political leadership.

Apparel exporters seek access to local market

Sri Lanka’s apparel exporters recently requested the authorities to revisit policies which restrict their access to the local market in order to develop their own brands, which can be later taken into the international market.

Wedding Show 2020

The ‘Wedding Show 2020’, an exclusive exhibition aimed at helping couples craft their picture-perfect wedding opened yesterday at the BMICH, coinciding with the month of love. The 3-day event is organised by A

Government expects revenue to pick up from second half

Amid a fiscal deficit forecast of 7.5 percent of GDP this year, the government expects the State revenue to pick up from the second half of this year, driven by the anticipated uptick in consumption and investment activities from the announced tax cuts.

Employees, depositors blame CB for driving TFC to bankruptcy

The employees and depositors of troubled The Finance Company PLC (TFC), which is now facing a licence cancellation, accused the financial sector regulator, the Central Bank (CB), for driving the firm towards a nearly Rs.20 billion hole in the balance sheet,

Classic train ride for tourism promotion

A steam locomotive, which left from Colombo Fort railway station on Sunday (09), reached Nanu-Oya railway station yesterday carrying 38 tourists from 12 countries.

Sri Lanka eyes fresh programme with IMF

Amid concerns over fiscal slippages and uptick in fiscal deficit, the Central Bank (CB) is mulling entering into a fresh programme with the International Monetary Fund (IMF), under the policy framework of the new government.

IMF sanguine about Lankan growth prospects

The International Monetary Fund (IMF) sounded fairly sanguine on the Sri Lankan economy and stated it was recovering from last April’s Eater attacks, supported by the solid performance of the manufacturing sector and a rebound in tourism. However, the multilateral lender urged authorities for renewed efforts to advance fiscal consolidation. Concluding a visit ahead of the seventh and final review of the US$ 1.5 billion Extended Fund Facility (EFF

Asian markets mostly down after healthy week, eyes on virus

Asian markets mostly fell yesterday after a week-long rally as investors take profits and assess developments in China’s deadly coronavirus crisis. Strong US data, Chinese financial support and a broadly healthy earnings season have provided a much-needed boost to equities after last week’s sell-off, while there is a sense that the economic impact of the outbreak globally could be limited. China’s decision Thursday to halve tariffs on US$ 75 bill

Cabinet approval to present resolution to Vote on Account

Cabinet of Ministers has approved a proposal to present a resolution to Vote on Account (VoA) in Parliament to settle arrears and to finalise the accounts for ‘out-of-the-books’ expenses incurred in relation to implementing projects utilising external financing resources by the previous regime.

SriLankan cuts flight frequencies to China

SriLankan Airlines yesterday said it is rationalising its services to China in accordance with the current market conditions, with a temporary reduction of frequencies to several cities.

Gota pledges to enhance political and economic freedom of all citizens

As Sri Lanka celebrated 72 years of Independence from the British colonizers, President Gotabaya Rajapaksa at the official National Independence Day celebration in Colombo, yesterday pledged to assure and enhance the political and economic freedom of all citizens of the island nation.

Economist calls for mix of prudent macro stimulus and pro-growth reforms

Sri Lanka’s policy dilemma has entangled the national economy in a low growth trajectory amid an expanding public debt burden, and reversing this requires a prudent mix of macro stimulus and pro-growth reforms, a top economist in the country asserted.