Economic

With the rapid deployment of digital services and expansion of e-Government initiatives to deliver citizen services in the country, electronic transactions in Sri Lanka will grow substantially in the near future. This increases the probability of identity theft, financial fraud and other security breaches. Therefore, the requirement to authenticate citizens as well as organisations involved in digital transactions becomes pivotal.

A contributory pension for Sri Lankans employed overseas has been initiated under the National Policy Framework “Vistas of Prosperity and Splendor”, official sources said. .

Geneva/Beijing (Reuters): Countries on three continents reported their first cases of the coronavirus on Friday as the world prepared for a pandemic, and investors dumped equities in expectation of a global recession.

The Export Develo-pment Board (EDB) yesterday called on the private sector to plan and prepare for the novel coronavirus COVID-19 challenge, which has caused market and supply chain disruptions globally since February, and is threatening to impact trade.

In the backdrop of Sri Lanka Cricket’s existing contract for media and sponsorship rights coming to an end on 31st March 2020, SLC launched three separate tender processes for television and radio rights (broadcasting) rights, digital rights and production services in respect of the ICC Men’s Future Tour Programme for the period 2020- 23, by issuing three separate invitations calling for expressions of interest on the 24th December 2019.

Cabinet on Thursday gave approval to a proposal by the Minister of Tourism and Civil Aviation Prasanna Ranatunga to extend the grace period given for the payment of the Tourism Development Levy for another four months up to 30 April.

The merchandise exports sector has begun 2020 on a negative note, with January’s performance down 7.4%, prompting the private sector to fear more challenges, given the impact of the coronavirus global pandemic, and local incentives and policies awaiting the conclusion of General Elections to become law.

Tour operators, travel agents say coronavirus global epidemic triggers cancellations; forward bookings bleak
Govt. to reduce costs to attract airlines to call at Mattala, Ratmalana
Embarkation tax at Mattala to be suspended for two years, cut by 50% at Ratmalana
Landing and parking charges waived off; aviation fuel to be issued at concessionary rates
Airlines meet Tourism Minister to seek support at BIA whilst welcoming concessions at new airports
Industry experts say concessions at BIA critical to sustain aviation and tourism sectors
Moot discounts or waive-off charges to encourage new airlines to call Colombo during off-peak hours as capacity idling at BIA

The Colombo stock market ended yesterday and the week on a negative note as investors turned bearish amidst global concerns over the rapid spread of coronavirus.

The appointment of two acting General Managers (GMs) to the Bank of Ceylon and the People’s Bank following the irregular removal of the incumbent GMs without following proper procedure will be discussed at tomorrow’s cabinet meeting.

Sri Lanka Telecom PLC (SLT) said on Friday it has concluded the financial year 2019 on a high note, with 28% YoY growth in Profit After Tax (PAT) at Rs. 6.3 billion. The impressive growth was strongly underpinned by the increase in revenues by 6% YoY recorded at Rs. 86 billion.

The posts of General Manager at the State banks are speculated to be changing, as the new Government is keen to re-energise key agencies as part of kick-starting the economy and supporting the private sector, especially the small and medium enterprises.

The Central Bank is assessing the possibility of introducing an Open Banking Framework for Sri Lanka in order to improve access to financial services as well as drive Financial Technology (FinTech) innovations in Sri Lanka.

Securities and Exchange Commission (SEC) Director General (DG) Vajira Wijegunawardane has been removed from the post with immediate effect.

The Colombo stock market bounced back yesterday after being bearish most part of the week. The ASPI increased by 0.43% or 24.25 points and the S&P SL20 Index also increased by 0.17% or 4.44 points.

Sri Lanka’s rural poor including women are to be rescued from micro finance debt trap under a special loan scheme of the present government Finance Ministry announced.

Headline inflation as measured by the year on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 6.2 per cent in February 2020 from 5.7 per cent in January 2020.

Sri Lanka’s gold price has risen to a new high of Rs. 80,000 per sovereign gold, Colombo sea street jewelers said.