Fitch Ratings has made further large cuts to global GDP forecasts in its latest Global Economic Outlook (GEO) in response to coronavirus-related lockdown extensions and incoming data flows. “World GDP is now expected to fall by 3.9% in 2020, a recession of unprecedented depth in the post-war period,” said Brian Coulton, Chief Economist at Fitch…
Diversified blue chip Hemas Holdings PLC stated that the group has initiated cost- cutting and cash conservation measures in order to protect business amid coronavirus pandemic. The measures include: freezing all discretionary expenditure, capital expenditure, recruitment and driving an efficiency program across the group. In a disclosure to CSE, Hemas Group CEO Steven Enderby stated that each of…
The Government of Canada has provided over CAD $56,000 (approximately 7.5 million LKR) to support Sri Lanka’s response to the Covid-19 pandemic through targeted relief to some of those most affected in vulnerable communities. The funds are being granted to the National Peace Council of Sri Lanka through the Canada Fund for Local Initiatives (CFLI)….
The government has exempted Inbound Tour Operators from Value Added Tax (VAT). Co-Cabinet Spokesman Bandula Gunawardena today (23) stated that the relevant proposal was approved by the Cabinet of Ministers. The measure will be effective from 1st April 2020.
The remittance flow to Sri Lanka is projected to decline by 19% due to the economic crisis induced by Covid-19 pandemic and shutdown, according to a World Bank report published yesterday (22). As per the WB report, remittance could come down to US $ 5.4 billion, from US $ 6.7 billion recorded in 2019. In…
Industry sees 12th consecutive monthly decline year on year since Easter Sunday setback Sri Lanka’s tourist arrivals had fell by 70.8% from a year earlier to 71,370 in March 2020, amid COVID-19 crisis, the latest data released by the Sri Lanka Tourism Development Authority (SLTDA) showed. March marked the third consecutive month of drop in tourist arrivals….
Global business leaders are preparing for a drawn-out U-shaped recession due to the impact of coronavirus and many fear their companies won’t survive the pandemic, a survey of thousands of chief executives showed on Wednesday (22). The pandemic sweeping the world has killed nearly 180,000 people, routed financial markets and could trigger the worst economic…
President Gotabaya Rajapaksa has appointed a Presidential Task Force in charge of Economic Revival and Poverty Eradication. It has been established under the powers vested in the President by the Constitution. The Task Force is responsible for reviving the economy and eradication of poverty while paying special attention to the challenges posed and opportunities emerged…
Toyota Lanka (Private) Limited donated two buses worth Rs. 20 million to support COVID-19 combat operations. The management of Toyota Lanka (Private) Limited handed over the two buses to the Secretary to the President, P.B. Jayasundera and Principal Advisor to the President, Lalith Weeratunga at the Presidential Secretariat, today (22). Minister of Health, Pavithra Wanniarachchi,…
Financial Times – The coronavirus pandemic is hurting the world economy in some extreme ways. One of the most extreme is the distortion affecting the US market for oil. On Monday the price of American crude fell below zero for the first time in history. The reason for the one-day collapse was in part technical; amid a…
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