The global economy took a steep downward trend with the COVID-19 pandemic epicentre shifting from China and East Asia to the United States and Europe. Most countries declared prolonged lockdowns and movement restrictions with a view to controlling the disease, which severely hampered worldwide economic activity and global trade from March 2020.
Domestically, the COVID – 19 outbreak weakened the country outlook substantially as it brought further stress to an already challenged macroeconomic situation. Responding to these economic challenges, the Central Bank of Sri Lanka took steps to cut policy rates twice during the second quarter, resulting in the Standard Deposit Facility Rates and the Standard Lending Facility Rates dropping to 5.5% and 6.5%, respectively by June 30, 2020. At the same time, the Statutory Reserve Requirement (SRR) was reduced in two stages from 5% to 2% during 1H 2020, in a bid to improve liquidity levels in the market.
While the economy and the banking sector as a whole continued to face unprecedented challenges due to the COVID-19 pandemic, Sampath Bank is pleased to announce that its total assets crossed the Rs one trillion (1 Tn) mark for the first time in its history. Reaching this milestone in the span of just 33 years, probably makes Sampath Bank the youngest business organisation in Sri Lanka to achieve this significant milestone.
During this difficult period the bank redoubled efforts to serve its valued customers, who were severely impacted by the prolonged lockdown, to overcome the challenges and hardships faced by them. By leveraging its IT supremacy, substantial investments made in technology platforms and its widespread branch network, Sampath Bank was able to operate seamlessly during this time of disruption. The bank was quick to implement all the relief measures introduced by the government, with approximately 50% of the bank’s loan portfolio being granted relief under the government announced moratorium scheme.
Further, the bank actively engaged in providing working capital loans under the ‘Saubhagya’ scheme introduced by the government and took proactive steps to provide necessary assistance to customers across all segments who required special attention, including re-scheduling of loan repayments of those customers who were severely impacted.
Newly developed Sathosa Motors Service Complex to service all vehicle brands
Sathosa Motors PLC and its new state-of-the-art vehicle service complex, is now serving not just Isuzu but also any brand of vehicle.
Pioneering automotive specialist, Sathosa Motors is the sole authorized agent for the world-renowned Isuzu brand, but the newly developed service complex will now undertake all kinds of services required for any brand of vehicle.
The internationally trained specialists are ready to serve you at the Sathosa Motors Service Complex now on weekdays from 8.00 am to 5.00 pm and on Saturday from 8.00 am to 1.00 pm at No 25, Vauxhall Street, Colombo 02.
Sathosa Motors PLC guarantees its customers reliable and convenient service and will undertake vehicle inspections, periodic maintenance, body and under carriage washing, interior cleaning and beautification, engine tuning, error diagnosis, accident repairs, air condition repairs, and many more at a highly affordable rate.
In addition, genuine spare parts, as well as lubricants and industrial services are available at discounted prices at the Service Complex.
Sathosa Motors PLC aims to provide high quality services at all times and all services are carried out strictly under health guidelines due to the prevailing COVID-19 pandemic situation.
Sathosa Motors announces that it has decided to keep all branches of the Sathosa Motors service network open to continue to serve its customers.
CSE trading bullish despite rupee hitting historic low against dollar
By Hiran H.Senewiratne
CSE trading activities were bullish despite Sri Lanka’s rupee registering a historic slump against the US dollar at 202/205 to the one month dollar in mid morning trade yesterday, after opening at around 200/203.The stock market moved up, though, anticipating March quarterly results to be exceptional. This is expected to be particularly true of the Hayleys Group and Expolanka. Accordingly, investors seem to be re-entering the market after January, stock market analysts said.
Further, approval of the US $ 500 million Chinese loan and the fact that the Port City Bill has been tabled in parliament have lifted investor sentiment in a significant direction of the stock market, market analysts said. Amid those developments, both indices moved upwards, especially the All Share Price Index went up by 1.22 percent. The All Share Price Index rose by 92.35 points and S and P SL20 went up by 19.21 points. Turnover stood at Rs. 4.72 billion with four crossings.
Those crossings were reported in JKH, which crossed 922,000 shares to the tune of Rs. 137.8 million, its shares traded at Rs. 149.25, Commercial Bank 950,000 shares crossed for Rs. 82.7 million, its shares traded at Rs. 87, HNB 155,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 132 and Ceylon Cold Stores 33,500 shares crossed for Rs. 20.1 million, its shares fetching Rs. 600.
In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 793.6 million (123.1 million shares traded), LOLC Rs. 463.4 million (1.32 million shares traded), Royal Ceramic Rs. 442 million (1.2 million shares traded), Hayleys Rs. 442 million (five million shares traded), Dipped Products Rs. 372.3 million (6.2 million shares traded). During the day 197.3 million share volumes changed hands in 30480 transactions.
The market was quite bullish from the beginning and LOLC Group companies led the market. It is said that LOLC contributed 25.5 points to the All Share Price Index. Browns Investments 9.8 points and Vallibel One contributed 8 points to the All Share Price Price Index while Commercial Leasing contributed six points.
‘Embark on that long-awaited getaway with Emirates and enjoy special fares’
Emirates is launching seasonal fares that enable aspiring globetrotters to plan exciting adventures around the world as well as for students preparing to travel overseas. With Emirates’ generous booking policies, customers have the option to lock in these special fares and extend ticket validity for up to three years, enjoying greater flexibility and confidence when planning travel during unprecedented times.
Travellers in Sri Lanka can look forward to flight deals on all routes in Emirates’ global network, with return fares starting at only Rs 68,700 in Economy Class or Rs 257,500 in Business Class. These special seasonal fares are available for bookings made from 13 to 26 April 2021, and are valid for travel between 16 April and 30 September 2021*.
Featured destinations and starting Economy Class fares include: US$ 342 (about Rs 68,700 at current exchange rates) to Dubai, US$ 654 (about Rs 131,300) to Milan, US$ 644 (about Rs 129,300) to Paris, US$ 1,117 (about Rs 224,200) to New York, US$ 1,303 (about Rs 261,500) to Toronto and US$ 966 (about Rs 193,900) to Nairobi.
Special Business Class fares start at US$ 1,283 (approximately Rs 257,500) to Dubai, from US$ 3,127 (about Rs 627,600) to Milan, US$ 2,860 (about Rs 574,000) to Paris, US$ 3,618 (about Rs 726,100) to New York, US$ 3,654 (about Rs 733,300) to Toronto and US$ 2,179 (about Rs 437,300) to Nairobi. All fares in Rupees are subject to the rate of exchange on the day of purchase.
Govt. MP Wijeyadasa strikes discordant note on Port City Bill
Buddhism and all beings’ right to life
7-billion-rupee diamond heist; Madush splls the beans before being shot
Unfit, unprofessional, fat Sri Lankans
The Burghers of Ceylon/Sri Lanka- Reminiscences and Anecdotes
Opinion7 days ago
Monumental blunders paralysing Sri Lanka
Features5 days ago
How confidence has been eroded
Sports5 days ago
When failures boast of success
Features6 days ago
A senior cop remembers April 1971
Opinion4 days ago
A Cabinet reshuffle needed
Politics6 days ago
The British will not learn English, let’s not kid ourselves
news7 days ago
SLC funds amounting to Rs 29 mn in US bank: SLC caught lying before COPE
news4 days ago
Proposed law will turn Port City into a province of China – JVP