Economic

Sri Lanka Central Bank announced today an emergency cut to interest rates in an attempt to limit the economic impact from the new corona virus.

Sri Lankan Airlines is still to collect around US$ 100,000 to $ 500,000 from Pakistan Airlines (PIA) for the arrears of the aircraft crew training of A 330 Aircraft wet leased to Pakistan’s national carrier In August 2016, an official closely connected to the airbus deal revealed.

As of now there are no proceedings by UL to collect this money as the matter is already under the carpet, he said.

However the Federal Investigation Agency and National Accountable Agency of Pakistan are investigating the possibility of commission payments to the former CEO the German national who fled the country and or other Officials.

Bernd Hildenbrand, the German head of Pakistan International Airlines Corp. (PIA), has been put on a so-called exit control list (ECL) and the nation’s anti-graft Federal Investigation Agency has been directed to probe the national carrier’s wet lease of A 330 Aircraft allegedly tainted with corruption and irregularities, Pakistan media reported.

Under this set up Hildenbrand fled the country and he is still absconding to avoid corruption and commission taking charges from A 330 Aircraft deal with Sri Lankan Airlines.

A new Board of Directors has been appointed for National Savings Bank (NSB) recently with Keasila Jayawardane taking over the post of chairperson.

The Information and Communication Technology Agency (ICTA) was in the process of finalising a hi-tech system over the weekend to monitor coronavirus patients and those who had any form of interactions with them.

The Government yesterday assured there was no fuel shortage and sufficient stocks existed in the country.

කොළඹ කොටස් වෙළද පොල ගණුදෙනු තාවකාලිකව අත්හිටුවීමට අද සිදුවුණා. ඒ, ප‍්‍රධාන සමාගම් 20 ක් නියෝජනය කරන එස් ඇන් පී ශී‍්‍ර ලංකා ටුවෙන්ටි දර්ශකය සියයට 5 කට වැඩි ප‍්‍රමාණයකින් පහත වැටීම හේතුවෙන්.

COPENHAGEN (Reuters): Denmark’s Government told private companies struggling with drastic measures to curb the spread of coronavirus that it would cover 75% of employees’ salaries, if they promised not to cut staff.

In a bid to safeguard consumers ahead of the festive season, the Government has decided to set a Maximum Retail Price (MRP) for broiler chicken, effective from Wednesday night.

The Government will ink an agreement today with Japan’s Taisei Corporation to build a multi-level terminal building at the Bandaranaike International Airport (BIA).

Worst hit by the novel coronavirus COVID-19, the tourism industry is fearing a cash-flow crisis leading to non-payment of salaries for employees and loss of service charge, with some anticipating possible temporary closure of hotels.

Sri Lanka’s retailers of essential commodities and food items will be soon experiencing a shortage of basic items because shoppers are stockpiling as fears grow over the spread of corona virus after the detection of the second Covid-19 patient in the island on Thursday 12.

Declares 2020 ‘Year of Digital Transactions’, launches ‘Cash Wade’ campaign
Despite 23 m debit cards issued, about 5% used, women even less

Sri Lanka's largest export industry the garment sector is dealing with a fall in apparel order volumes as the corona virus outbreak has slowed down in key export markets, official sources said.

The Government has included finance and leasing companies in the scheme to provide immediate relief to the small and medium enterprises (SMEs), which are the economy’s backbone, by way of freezing capital repayment for one year to kick-start growth via key sectors.

The ASPI closed in green as a result of price gains in counters such as Sri Lanka Telecom, John Keells Holdings and Commercial Leasing & Finance with the turnover crossing Rs. 428 million, NDB Securities said yesterday.

Sri Lanka’s US$4.4 billion tourism industry is now reeling from room cancellations as tourists snub the sun and sand in Indian Ocean Island after corona virus (Covid-19) threat looms in Colombo and suburban areas several weeks ago.

Central Bank has , introduced the advertising campaign of “Cash වදේ” (Cash hurt) depicting the worries that both consumers and businesses face due to using cash, such as the risk of being robbed or losing time in queues.

Subway, the American Quick Service Restaurant (QSR) with over 44,000 restaurants worldwide, has announced the launch of its comprehensive national re-franchising programme and entering into partnership with business entrepreneurs in Sri Lanka.