Financial markets have tanked, the global economy faces the prospect of a recession and across the world, ordinary citizens are being forced to grapple with lockdowns and social distancing on a scale hitherto unwitnessed in recent history. The culprit happens to be an invisible but deadly virus known as COVID-19, which has spread its proverbial…
Global airlines urged governments on Tuesday to speed up bailouts to rescue the air transport industry as they doubled their estimate of 2020 revenue losses from the coronavirus crisis to more than $ 250 billion. “We clearly need massive action very quickly and urgently,” Alexandre de Juniac, Director General of the International Air Transport Association…
WASHINGTON (Reuters) – The World Bank and the International Monetary Fund on Wednesday urged official bilateral creditors to provide immediate debt relief to the world’s poorest countries as they grapple with severe consequences of the rapidly spreading coronavirus. In a joint statement, the institutions called on official bilateral creditors to immediately suspend debt payments from…
President Gotabaya Rajapaksa has requested international donor agencies to provide a debt moratorium or debt deferment facility to all vulnerable developing nations to the COVID – 19 risk. President urged Director General of the World Health Organization Tedros Adhanom Ghebreyesus to forward this request to multi-lateral and bilateral lending agencies. President points out this relief…
Programme aims at empowering domestic farmers and national economy Effective mechanism to distribute rice and vegetables island-wide No shortage of fish, eggs and chicken Collaborative effort between Co-Op shops and super markets to deliver goods Special scheme to distribute medicines Round the Clock fuel station in each area Commercial Banks included into essential services category…
Aitken Spence’s holding company Melstacorp PLC has donated medical equipment worth LKR 25 million for a Real-Time Polymerase Chain Reaction (PCR) Laboratory at the National Institute of Infectious Diseases (IDH). Prime Minister Mahinda Rajapaksa received the PCR machine as a token from Mr. Hasitha Jayawardena – Director Melstacorp PLC and Ms. Stasshani Jayawardena – Director Aitken Spence…
LONDON/MILAN (Reuters) – Ships and their crews must be able to trade freely with minimal port restrictions to ensure supply lines don’t freeze up while the coronavirus shuts down much of the globe, shipping and port officials said on Tuesday.After draconian steps to stop the spread of the virus, China’s economy is slowly coming back online…
In light of the rapidly evolving COVID-19 situation, Temasek Foundation, Singapore has offered to provide 5000 numbers of Fortitude Kit 2.0 (COVID-19 test kits) to the Ministry of Health, Sri Lanka. The donation was handed over by Mr. Benedict Cheong, Chief Executive of Temasek Foundation International to High Commissioner Sashikala Premawardhane on 20th March 2020 at…
Stocks surged on Tuesday as the Dow recorded its largest one-day gain since 1933, driven by expectations of an economic stimulus package from Congress to offset the effects of the Wuhan coronavirus pandemic. The Dow Jones Industrial Average rose 2,112.98 points, over 11 percent, while S&P 500 rose 9.4 percent to 2,447.33. The Nasdaq Composite…
Prolonged decline in new motor vehicle sales to hurt motor insurance business, , which is the most dominant business line for the APAC non-life sector. Companies with significant allocations to equity investments to see capital declines in next quarter and Investment income to fall yoy with lower bond yields. Fitch Ratings has revised the sector outlook for…
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