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Cheaper than bottled water: Oil price goes negative as demand collapses, Wall Street dips

AP – Oil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it. Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 1.2%, but the market’s most dramatic…

(0)Comments | April 21, 2020 8:42 am

Remittance of funds to Sri Lankans abroad to pursue studies and on short term visits, to meet their expenses

The Central Bank of Sri Lanka (CBSL) is aware that some Sri Lankans who have gone abroad, for short visits for leisure and holidays, meet relatives and friends, pilgrimage, business purposes, training, seminars and conferences, medical treatments, sports, recreational and cultural activities, etc., and on student or equivalent visas, are stranded abroad amidst the prevailing…

(0)Comments | April 21, 2020 12:54 am

CSE issues new COVID-19 disclosure guidance

The Colombo Stock Exchange (CSE) has requested all listed entities to disclose the impact of COVID-19 pandemic on their business operations. The CSE noted that the COVID-19 pandemic is impacting the business activities of the Listed Companies in a substantial manner. Whilst many Listed Companies have recognized it as a significant risk in their business operations, its future…

(0)Comments | April 20, 2020 9:39 pm

U.S. Oil Price Collapses To Lowest Level Since 1999

Forbes – The COVID-19 pandemic has sent U.S. oil prices tumbling to their lowest level since 1999 amid evaporating demand and a lack of storage. The price of West Texas Intermediate, a major U.S. oil benchmark, was down almost 18% at just under $14.99 per barrel when European markets opened on Monday. The price was even lower in…

(0)Comments | April 20, 2020 9:29 pm

Asia Securities’s latest report quantifies COVID-19 impact on key economic variables in Sri Lanka

The ongoing novel coronavirus (COVID-19) outbreak will clearly have a significant impact on the Sri Lankan economy. In the backdrop of a recessionary impact on output (GDP) the more visible impact would manifest itself through supply chain disruptions, sharp declines in domestic demand, a high fiscal deficit given lower government revenue, low tourism revenue and…

(0)Comments | April 20, 2020 4:41 pm

Moody’s places ratings of three Sri Lankan banks on review for downgrade

Moody’s Investors Service has placed the B2 long-term local currency deposit and foreign currency issuer ratings of Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank on review for downgrade. At the same time, Moody’s has downgraded the Baseline Credit Assessment (BCA) of BOC to b3 from b2 and placed it on review…

(0)Comments | April 20, 2020 4:38 pm

Elpitiya Plantations signs agreement on proposed adventure theme park

Elpitiya Plantations PLC (EPP) has entered in to a Shareholders Agreement with Singapore-listed theme park developer and operator Sim Leisure Group and Venture Valley (Pvt) Ltd to formalize and strengthen the business relationship between the parties in order to develop and operate the proposed state of the art adventure park on a land possessed by the…

(0)Comments | April 20, 2020 3:02 pm

New loan facility from CBSL

The Central Bank of Sri Lanka has introduced a new refinance facility for the businesses adversely affected by the COVID-19 pandemic. The CBSL announced that having identified the national importance of reviving the businesses adversely affected by the COVID-19 outbreak in order to contain the hampering of living conditions of the Sri Lankans and the…

(0)Comments | April 20, 2020 1:18 pm

Request for a more cautious and measured approach regarding re-opening of schools

Due to the concerns raised of over the health and safety of 4.5million students and over 200,000 teachers, a group of credible and responsible citizens spearheaded by the members of the Voluntary Initiative for National COVID-19 response effort – Education sector, have come together to request from H. E. President Gotabaya Rajapaksa and the government…

(0)Comments | April 20, 2020 11:47 am

IMF to review Sri Lanka’s Rapid Credit Facility request

The International Monetary Fund (IMF) said that they have started to review Sri Lanka’s request for Rapid Credit Facility (RCF). “We received a letter from Sri Lanka government about our Rapid Credit Facility, the program, RCF program. So, we are now starting to review it. And we are now discussing with the government whether they…

(0)Comments | April 20, 2020 11:29 am

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