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…
The hydro power plants are recording considerably less generation this year compared to target generation due to the severe drought that is being experienced. That together with the cash flow problems caused by the delay in receiving payment for electricity sales will have an impact on project companies’ ability to service debt in a timely…
Fitch Ratings: Sri Lankan corporates in consumer goods retail, construction and hotels will be among the most affected by the coronavirus pandemic in Sri Lanka, Fitch Rating says in a new report. Companies in consumer goods retail and construction-related activities also have lower rating headroom than in most other sectors. The ultimate impact on ratings…
The Government of Japan has provided a total sum of USD 1,212,500 (approx. Rs. 230 million) through the United Nations Children’s Fund (UNICEF), the International Organization for Migration (IOM), and the International Federation of Red Cross and Red Crescent Societies (IFRC) to tackle the COVID-19 in Sri Lanka. The UNICEF was provided USD 500,000 of…
Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI), has decreased to 7.0% in March 2020 from 8.1% in February 2020, the statistics office said. Contributions to the inflation rate of March 2020 from food group and non-food group are 6.0% and 1.0% respectively. Whilst contributions of food and…
SriLankan Airlines said it will operate special flights from India’s Amritsar, Coimbatore, Pakistan’s Karachi, Lahore and Nepal’s Kathmandu to bring home 433 Sri Lankan students who have been stranded overseas due to the prevailing travel restrictions imposed in view of the COVID 19 pandemic. “These special flights are being operated as part of the Government…
Sri Lanka’s apparel industry, is bracing for a massive blow amid increased cancellations of orders as COVID-19 pandemic is crippling the economies of its key buyers. In short term, there will be massive job losses in the apparel sector, Brandix CEO Ashroff Omar said and reiterated that May will be a very tough month for the…
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