One small firm in three around the world was obliged to cut jobs to stay open through the coronavirus pandemic in May, a survey showed on Wednesday, underlining how hard the outbreak has slammed the world economy. Some 26% of small and medium-sized businesses surveyed by Facebook (FB.O), in partnership with the Organisation for Economic…
T-bill rates fall to lowest since 1989 Sri Lanka Treasury Bill yields fell to a record low at Wednesday’s auction to their lowest levels since 1989. Accordingly, Treasury Bill rates fell below 5%. The three-month yield was down to 4.65%, the six-month yield was down to 4.75% and the 12-month yield was down to 4.91% The Central Bank of…
Standard Chartered Sri Lanka announced today (15) that Brandix is the latest company to complete a drawdown from the Bank’s global USD1 billion COVID-19 financing commitment, underscoring its ongoing efforts to support local businesses in the pandemic response. Standard Chartered’s extension of USD12 million funding will assist the production switch to Personal Protective Equipment (PPE)…
The Colombo Stock Exchange (CSE) has expanded the eligibility criteria for initial listing of shares on the Main Board and the Diri Savi Board which will enable a wider spectrum of companies to qualify for a listing. The rule revisions, which also brings changes to IPO timelines and the basis of allotting shares, is to…
ICRA Lanka recently called on the Central Bank (CBSL) to strike a balance between financial system stability and credit growth warning that the reduction of policy rates beyond a certain point may not generate appreciable expansion in credit in the economy as the financial institutes’ risk appetite would not improve in a state of crisis….
The Asian Development Bank (ADB) will hold the second stage of its 53rd Annual Meeting as a virtual event on 17–18 September. The event will include a formal business session and selected knowledge events. “As the coronavirus disease (COVID-19) pandemic continues to evolve, with travel restrictions impacting many ADB members and continued health risks, ADB…
The temporary import restrictions imposed by the Government is likely to have a considerable impact on Sri Lanka’s consumer durables market over the short-to-medium term, an industry official said. “The extent of the economic fallout of the pandemic is yet to be accurately ascertained, although the short-to-medium term impact on Sri Lanka’s economy and businesses…
San Francisco (CNN Business) – Starting next year, Johnnie Walker fans will be able to pour their whisky from a planet-friendly bottle. On Monday, Diageo (DEO), the British spirits company that owns the brand, announced the development of a paper-based spirits bottle made from sustainably sourced wood. The plastic-free packaging is expected to debut early next year….
In a candid address to a global forum, COSMI says development of SME clusters in Sri Lanka an uphill task. “Market links and finance, the main needs.” ‘Forget our SMEs going to global markets-Even linking up with Sri Lanka’s own corporate sector for them is a big challenge’-Rajabdeen Says closely watching for the arrival of…
Central Bank Governor Prof. W.D. Lakshman met acting Indian High Commissioner Vinod K. Jacob yesterday (14) to discuss the progress of the proposed special SWAP facility of $ 1.1 billion between the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka. During this discussion, the Acting High Commissioner promised to provide the…
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