Business and Economics
Ceylon Chamber proposes multi-sectorial proposals for economic revival

The Ceylon Chamber of Commerce submitted its multi-sectoral proposals to the Task Force for Economic Revival and Poverty Alleviation. This was building on the submission made to His Excellency the President on a Shared Vision for Post-COVID-19 Economic Recovery.

The sectors included in the document covered immediate, medium, and long-term proposals across all sectors, from agriculture, to digital economy and capital markets. Developed with input from Chamber committees and experts in each respective sector, the recommendations under sector and thematic focus areas are as follows:

a. Upgrade existing storage facilities preferably near the economic centres, and convert them into cool rooms using available resources that are idling. Engage Private sector cool room/cold chain operators to provide solutions for operating on lease/PPP terms to be the nucleus of a cold chain to overcome the wide fluctuations of supply and its impact on prices .

Hayleys Fabric bags bronze at Asia Sustainability Reporting Awards

Hayleys Group subsidiary and pioneering textile manufacturer Hayleys Fabric PLC, bagged the bronze award for the Best Integrated Report Design at the Asia Sustainability Reporting Awards (ASRA) 2019 in Singapore.
Hosted virtually due to the ongoing COVID-19 pandemic, the Swedish Ambassador to Singapore, Niclas Kvarnström was guest of honour at the event which was attended by over 200 senior business leaders, sustainability partners, academia, trade associations and advocacy organisations across the region.
“The concept of sustainability plays a central role in ensuring that businesses are able to survive and thrive in increasingly volatile conditions. Therefore, the ability to transparently report on sustainability within our organisation is an essential prerequisite to showcasing our commitment and building engagement around these vital initiatives.

Read More
NDB sustains sound pre-COVID 19 growth, profitability

National Development Bank PLC recorded sound financial results for the first quarter ended March 31, prior to the onset of the COVID-19 pandemic which has subsequently led to exponential economic stresses at home and the world over.

In such a backdrop the Bank increased its operating income to LKR 6.6 Bn by 11%. Post-tax profitability was LKR 1.7 Bn up by 27%, partly benefiting from tax removals introduced by the Government. The Bank’s Balance Sheet also expanded by 4% to LKR 553 Bn, which translated to a quantum increase of LKR 24 Bn.

Dimantha Seneviratne – Director/ Group Chief Executive Officer of NDB stated that the world is currently experiencing the most dramatic economic downturn in its history caused by the COVID-19 pandemic, with distinct challenges posed on the financial services sector such as stressed liquidity, capital adequacy, asset quality and profitability.

Seneviratne went on to say that the NDB results for Q1 2020 is a reflection of the Bank’s delivery of far-sighted strategies. “Though we witnessed normal volumes in Q1 up to mid-March, we continue to witness challenges in certain sectors, hence the need for provision build-ups and getting adjusted to the new normal from Q2 onwards.”

Read More