People’s court gave verdict on those who covered up bond scam – Cabraal

The Court of the people gave the verdict on those who covered up the bond scam, said former Central Bank Governor and now national list nominee for MP, Ajith Nivaard Cabraal, in a post-election statement.

U.S. lifts global health coronavirus travel advisory. Sri Lanka on “reconsider travel” list

The U.S. State Department and Centers for Disease Control (CDC) and Prevention on Thursday (07) lifted global advisories recommending U.S. citizens avoid all international travel because of the coronavirus pandemic, and instead issued a raft of high-level warnings for individual countries.

Banks announce limited opening hours on polling day

Commercial Banks operations will be limited to half-day on the day of the election (05 July 2020), Ada Derana Biz learns.

The Bank Supervision Department of the Central Bank has approved the early closure of bank branches tomorrow (05) and the opening hours will be displayed in front of the bank. However, Bank opening hours will vary from bank to bank.

Inflation increases to 4.2% in July 2020

Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 increased to 4.2% in July 2020 from 3.9% in June 2020.

This was mainly driven by monthly increase of prices of items in Non-food category along with the statistical effect of the low base prevailed in July 2019.

Sri Lanka’s Colombo Port City Launches Cloud Open Day

The Colombo Port City has launched a "Cloud Open Day" for the very first time to show the construction and development of the multi-million-dollar project from multiple perspectives online which will bring tangible results for Sri Lanka's economy, a statement from the Colombo Port City said this Friday.

Further guidance offered to Listed Companies on hosting virtual/hybrid AGMs

The Colombo Stock Exchange (CSE) offered guidance to listed companies on hosting Annual General Meetings (AGMs) amidst the COVID-19 pandemic. The CSE has observed that several Listed Companies had adopted the guidance offered by CSE and successfully hosted virtual/hybrid AGMs. Taking into consideration the feedback received from various stakeholders in this regard, the CSE has formulated an additional guidance note, with a view to elaborate on best practices that may be adopted by Listed Companies when convening virtual/hybrid AGMs.

Thumbs up for economy- Business people maintain sense of positive about economy as they open for biz

( LMD) Five years to July 2020 - Positive sentiment in relation to the economy has been maintained from the previous month with 44% (versus 42% in June) of corporate executives consulted in the latest LMD-Nielsen Business Confidence Index (BCI) survey stating that the economy in general ‘will improve’ in the coming 12 months.

Kuwait bars residents coming from Sri Lanka among others as it resumes air travel

The decision also excludes residents coming from Philippines, India, Bangladesh, Pakistan, Iran and Nepal

Kuwait will allow citizens and residents to travel to and from the country, starting August 1, the government communication center tweeted on early Thursday, citing a cabinet decision.

Global drop in remittances raises growth and external risks in major recipient countries

Moody's Investors Service says in a new report that global remittance transfers by migrant workers are set to drop globally in 2020, raising credit risk in countries most dependent on such inflows.

"The countries that are most dependent on remittances are largely low- and middle-income economies, and we expect the decline in remittance will exacerbate the growth slowdown in these countries," says Christian de Guzman, a Moody's Senior Vice President.

Lanka IOC PLC posts Rs.795.45 million loss in June 2020 quarter

Lanka IOC PLC has recorded a loss of Rs. 795.45 million in the June 2020 quarter amid Coronavirus lockdowns, interim accounts showed.

Whilst, comparing to the previous quarter, the company’s revenue has sharply dropped to Rs. 10.68 billion from Rs.18.43 billion.