Author: LBO Admin
Chamber Academy hosts first Work-From-Home webinar
Taking the lead in empowering the private sector during COVID-19, the Chamber Academy of the Ceylon Chamber of Commerce in collaboration with FITIS and LK Domain Registry, hosted a webinar for over a hundred participants, on how to successfully work from home (WFH). The webinar covered an introduction to working from home, and the communication […]
Easter attacks 2019 vs. COVID-19 outbreak 2020: What lies ahead for SL
Nisha Arunatilake On Easter Sunday last year, Sri Lanka was shocked by a series of bomb attacks. The security concerns that followed kept people home and curtailed economic activities. Less than a year later, the country is again under curfew for a different reason. A new disease, COVID-19, which first emerged in the city of […]
Central Bank further reduces policy interest rates by 25 basis points
Apr 03, 2020 (LBO) – The Monetary Board of the Central Bank today decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points to 6.00 percent and 7.00 percent, respectively, effective from the close of business on 03 April 2020. The Central Bank said this […]
‘s growth prospects, Projected to fall to 2.2-pct in 2020: ADB
Apr 03, 2020 (LBO) – The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2020, forecasts significant headwinds for Sri Lanka’s economy as it fights the spread of COVID-19, which comes less than 12 months after the terror attacks in April 2019. Sri Lanka’s economic growth is projected to fall to […]
First Capital Research cuts ASPI target to 5,000 for June 2020
Apr 03, 2020 (LBO) – First Capital Research has reduced its ASPI target to a mere 5,000 for June 2020 as earnings of most companies are likely to be negative during the 2Q & 3Q2020. The research arm, however, said a possible recovery in 4Q2020 may push the index towards 6,000 by December 2020. With […]
World Bank fast-tracks USD128Mn COVID-19 support for Sri Lanka
Apr 03, 2020 (LBO) – The World Bank’s Board of Executive Directors yesterday approved the $128.6 million Sri Lanka COVID-19 Emergency Response and Health Systems Preparedness Project to help the country prevent, detect, and respond to the COVID-19 pandemic and strengthen its public health preparedness. The new fast track package will benefit the entire Sri […]
Coronavirus intensifies pressure on Sri Lanka Finance Companies: Fitch Ratings
Apr 03, 2020 (LBO) – The coronavirus outbreak and the resultant prolonged business disruptions will put additional pressure on Sri Lankan finance and leasing companies’ (FLCs) earnings and asset quality, says Fitch Ratings. The ultimate economic and financial market implications of the outbreak are unclear, while Fitch considers the risks to NBFIs’ credit profiles to […]
We have underutilised capacity that can be deployed at any time: PickMe CEO
Apr 02, 2020 (LBO) – With a fleet of 40,000 vehicles ready to be utilized for the delivery of essentials to Sri Lanka, PickMe says they have under utilized capacity that can be deployed at any time at short notice. “Currently, we have the full strength of cars, three-wheelers, and motorcycles spread across the country […]
Sri Lanka suspends all restrictions on foreign currency inflows
Apr 02, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers has decided to suspend all restrictions on foreign currency inflows into the Island during the COVID-19 preventive period, defined as the three months commencing 2 April 2020. Releasing a statement, the Central Bank Governor Professor W D Lakshman invites all in Sri Lanka and abroad […]
SriLankan implements cost-saving measures including salary reductions
Apr 02, 2020 (LBO) – The management of SriLankan Airlines has decided to implement cost-saving measures including mandatory salary reductions from the staff starting from 2.5 percent to 25 percent for a period of three months. It also includes freezing all the salary increments to be implemented in the year 2020, and other initiatives including […]
President discusses economic impact Corona pandemic with CB officials
Apr 01, 2020 (LBO) – President Gotabaya Rajapaksa held a discussion with the Governor of Central Bank of Sri Lanka (CBSL) and other senior officials to assess the emerging macro-economic conditions due to the impact of COVID-19 pandemic. The steps taken by the CBSL to manage the operations of the Bank to provide liquidity and […]
ComBank deploys mobile units in curfew areas
Apr 01, 2020 (LBO) – The Commercial Bank of Ceylon of Ceylon has announced it is deploying its ‘Bank-on-Wheels’ Mobile ATM units in areas where curfews are in force, to provide urgently needed access to cash to members of the public. The Bank said a schedule containing details of the locations and times that these […]