Daily Mirror (Sri Lanka) : 2020-10-09

BUSINESS : 11 : 11

BUSINESS

OCTOBER 09, 2020 Find us on facebook/dailymirro­r Follow us on @Mirrorbusi­ness +9411538335­5 / businessed­itor@dailymirro­r.wnl.lk 11 www.dailymirro­r.lk/business ck rket „ „ „ „ „ „ „ „ „ WKH LVOD GZLGH F UIHZ RZH HU VL FH -D DU 6UL D D ZDV H SHULH FL J VRPH V SSO FKDL GLVU SWLR V ZKLFK PD KD H KDG D LPSDFW R WKH DSSDUHO FR VWU FWLR D G WHD L G VWULHV 7KH :RUOG %D L LWV OREDO (FR RPLF 3URVSHFWV UHSRUW L - H IRUHFDVW SHUFH W 3 FR WUDFWLR IRU 6UL D D WKLV HDU 6UL D D JUHZ SHUFH W L ORZHU WKD H SHFWHG DW WKH EHJL L J RI WKH HDU ODUJHO G H WR $SULO WHUURU DWWDF V 29, UHODWHG GLVU SWLR V ZLOO OHDG WR D VKDUS FR WUDFWLR L 6UL D D V HFR RP L $ VLJ LILFD W L FUHDVH L SR HUW LV H SHFWHG G H WR ZLGHVSUHDG MRE D G HDU L JV ORVVHV :LWK DOUHDG DUURZ ILVFDO E IIHUV EHIRUH WKH SD GHPLF DGGLWLR DO VSH GL J D G UHG FHG UH H HV G H WR 29, ZLOO S W DGGLWLR DO SUHVV UH R ILVFDO V VWDL DELOLW WKH UHSRUW VDLG 2 HU WKH PHGL P WHUP JURZWK LV H SHFWHG WR UHFR HU VORZO RZH HU PDFURHFR RPLF O HUDELOLWLH­V ZLOO UHPDL KLJK ZLWK GHSOHWHG ILVFDO E IIHUV KLJK L GHEWHG HVV D G ODUJH UHIL D FL J HHGV LW DGGHG 7KH :RUOG %D H SHFWV 6UL D D V F UUH W DFFR W GHILFLW WR UHPDL ORZ „ „ „ Dhammika Perera and wife Priscilla launch DP Kids free online learning platform Delivers free access to online learning for children between 2-7 years old „ „ (Paris) AFP: , WKH ZD H RI D L FUHDVH L 29, SRVLWL H FDVHV L WKH FR WU WKDW LV OL HO WR S VK SURG FWLR IDFLOLWLHV WR WLJKWH KHDOWK FR WUROV S L R H H U V L F K L F H SURFHVVL J %DLUDKD )DUPV 3 D R FHG LW ZLOO ORR WR D WRPDWH VHFWLR V RI RSHUDWLR LI UHT LUHG 7KH FRPSD VWDWHG WKDW WKH SK VLFDO ZRU L J DUUD JHPH WV ZR OG HHG WR EH UH ORR HG DW L WKH I W UH DOWKR JK VRFLDO GLVWD FL J KDV Aims to reach minimum of 20% of all pre-school children in Sri Lanka „ Seven specially designed animated characters for DP Kids Dhammika Perera Internatio­nal standard curriculum optimised for online learning „ E VL HVVPD D G SKLOD WKURSLVW KDPPL D 3HUHUD D G KLV ZLIH 3ULVFLOOD 3HUHUD KD H OD FKHG D RWKHU L LWLDWL H 7KH SODWIRUP 3 .LGV DLPV WR SUR LGH IUHH DFFHVV WR SUH VFKRRO HG FDWLR WR D PL LP P RI FKLOGUH EHWZHH WKH DJHV RI D G HDUV ZKLFK DPR WV WR SHUFH W RI WKH PLOOLR FKLOGUH L 6UL D D 7KH OD FK RI 3 .LGV UHSUHVH WV WKH ODWHVW L D VHULHV RI L LWLDWL HV DV SDUW RI WKH )R GDWLR V JUR GEUHD L J HIIRUWV WR OH HUDJH SODWIRUPV OL H 3 (G FDWLR D G 3 LJLWDO 8 L HUVLW WR GHOL HU IUHH HG FDWLR D G HPSRZHU D HZ JH HUDWLR RI 6UL D D VFKRRO D G L HUVLW VW GH WV Content adapted for Sri Lankan audiences, features contributi­ons from beloved local artists „ 7R V S S R U W H G F D W L R H FHOOH FH DPR J FKLOGUH MOREON P12 MOREON P12 PRINTED AND DISTRIBUTE­D BY PRESSREADE­R Pressreade­r.com +1 604 278 4604 ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY COPYRIGHT AND PROTECTED BY APPLICABLE LAW LATE CITY Global extreme poverty to rise for first time in 20 years as COVID bites „ To push 88mn-115mn people into extreme poverty with total rising to 150mn in 2021 „ Extreme poverty, defined as living on less than US $ 1.90 a day, likely t affect 9.1-9.4% of world’s population About 82% of the new poor will be in middle-income countries People rising out of poverty has been slowing down even before the pandemic „ Less than a tenth of the world’s population lives on less than US$ 1.90 a day „ Close to a quarter of the world’s population lives below the US$ 3.20 line „ More than 40% of the world’s population – almost 3.3 billion people – live below the US$ 5.50 line OREDO H WUHPH SR HUW LV H SHFWHG WR ULVH L IRU WKH ILUVW WLPH L R HU HDUV DV WKH GLVU SWLR RI WKH 29, SD GHPLF FRPSR GV WKH IRUFHV RI FR IOLFW D G FOLPDWH FKD JH ZKLFK ZHUH DOUHDG VORZL J SR HUW UHG FWLR SURJUHVV WKH :RUOG %D VDLG WRGD 7KH 29, SD GHPLF LV HVWLPDWHG WR S VK D DGGLWLR DO PLOOLR WR PLOOLR SHRSOH L WR H WUHPH SR HUW WKLV HDU ZLWK WKH WRWDO ULVL J WR DV PD DV PLOOLR E GHSH GL J R WKH VH HULW RI WKH HFR RPLF FR WUDFWLR ( WUHPH SR HUW GHIL HG DV OL L J R OHVV WKD 86 D GD LV OL HO WR DIIHFW EHWZHH D G RI WKH ZRUOG V SRS ODWLR L DFFRUGL J WR WKH ELH LDO 3R HUW D G 6KDUHG 3URVSHULW 5HSRUW 7KLV ZR OG UHSUHVH W D UHJUHVVLR WR WKH UDWH RI SHUFH W L DG WKH SD GHPLF RW FR OVHG WKH JOREH WKH SR HUW UDWH ZDV H SHFWHG WR GURS WR SHUFH W L D G VHFWRUV :RUOG %D UR S V SSRUWDFURV­V ,%5 , $ ,) D G 0, $ ZLOO KHOS GH HORSL J FR WULHV UHV PH JURZWK D G UHVSR G WR WKH KHDOWK VRFLDO D G HFR RPLF MOREON P12 7KH SD GHPLF D G JOREDO UHFHVVLR PD FD VH R HU SHUFH W RI WKH ZRUOG V S R S O D W L R W R I D O O L W R H WUHPH SR HUW VDLG :RUOG % D U R S 3 U H V L G H W D LG 0DOSDVV , R U G H U W R U H H U V H W K L V V H U L R V V H W E D F W R GH HORSPH W SURJUHVV D G SR HUW UHG FWLR FR WULHV ZLOO HHG WR SUHSDUH IRU D GLIIHUH W HFR RP SRVW 29, E DOORZL J FDSLWDO ODERU V LOOV D G L R DWLR WR PR H L WR HZ E VL HVVHV LPSDFWV RI 29, DV WKH ZRU WRZDUG D V VWDL DEOH D G L FO VL H UHFR HU 7KH UHSRUW DOVR IL GV WKDW PD RI WKH HZ SRRU ZLOO EH L FR WULHV WKDW DOUHDG KD H KLJK SR HUW UDWHV $ PEHU RI PLGGOH L FRPH FR WULHV ZLOO VHH VLJ LILFD W PEHUV RI SHRSOH VOLS EHORZ WKH H WUHPH SR HUW OL H $ER W SHUFH W RI WKH WRWDO ZLOO EH L PLGGOH L FRPH FR WULHV WKH UHSRUW HVWLPDWHV Bairaha Farms to opt for automation if COVID-19 crisis heightens Land acquisitio­n to increase farm capacity put on hold MOREON P12 PD DOVR KD H WR VHULR VO FR VLGHU D WRPDWL J FHUWDL RWKHU RSHUDWLR V 6L FH WKLV ZLOO L RO H KHD FDSLWDO L HVWPH W LW HHGV WR EH FDUHI OO WKR JKW R W D G SOD HG IRU LPSOHPH WDWLR V D L G % D L U D K D ) D U P V 3 KDLUPD 3URI 0 7 $ ) U KD , W K H F R P S D V D DO UHSRUW UHOHDVHG HVWHUGD WKH KDLUPD VDLG WKH SULRULW IRU WKH LPPHGLDWH I W UH ZLOO EH WR UHFR HU IURP W K H D G H U V H L P S D F W RI 29, R WKH HFR RP D G WKH L G VWU PROF.M.T.A. Furkhan EHH DGRSWHG DPR J VWDIIHUV L IDFWRULHV DV D VDIHW PHDV UH RZH HU LW VWUHVVHG W K D W V R P H S U D F W L F D O FR VWUDL WV SUH DLO L WKH LPSOHPH WDWLR RI WKH ZRU DUUD JHPH WV ,I WKH HHG IRU VRFLDO GLVWD FL J FR WL HV L WKH I W UH ZH OPEC doesn’t see peak oil demand yet 7KH FRUR D LU V FULVLV KDV VSDU HG WDO WKDW WKH ZRUOG PLJKW KD H UHDFKHG SHD RLO GHPD G E W WKH 23( FDUWHO VHHV FU GH FR V PSWLR FR WL L J WR JURZ G UL J WKH H W T DUWHU FH W U GUL H L ODUJH SDUW E JUHDWHU VH RI FDUV L GH HORSL J FR WULHV , LWV ODWHVW IRUHFDVWV UHOHDVHG HVWHUGD 23( VHHV V USULVL JO OLWWOH OR J WHUP LPSDFW GHVSLWH WKH FRUR D LU V SD GHPLF SO JL J WKH JOREDO HFR RP D G RLO GHPD G L WR D WDLOVSL :KLOH WKH SDFH RI HFR RPLF UHFR HU ZLOO GLFWDWH KRZ IDVW RLO FR V PSWLR UHER GV H H 23( V VFH DULR RI D VORZ KHDOL J VHHV D H H W DO UHW U WR L FUHDVHG GHPD G $W WKH JOREDO OH HO RLO GHPD G LV H SHFWHG WR L FUHDVH E DOPRVW PEG PLOOLR EDUUHOV SHU GD R HU WKH OR J WHUP ULVL J IURP PEG L WR PEG L WKH FDUWHO VDLG L LWV ODWHVW :RUOG 2LO 2 WORR FTZMA defends Brandix 3RL WL J R W WKH DOOHJDWLR V PDGH E FHUWDL VHFWLR V RI WKH PHGLD D G L VRFLDO PHGLD SODWIRUPV FR OG OHDG WR S EOLF V W L J P D W K H $ V V R F L D W L R ZDU HG WKDW D VLPLODU VLW DWLR FR OG KDSSH DW D RI WKH PHPEHU H WHUSULVHV L WKH FR WU MOREON P12 7 K H ) U H H 7 U D G H R H 0 D I D F W U H U V $ V V R F L D W L R ) 7 0 $ K D V F R P H W R W K H G H I H F H R I D S S D U H O P D I D F W U L J J L D W %UD GL VWDWL J WKDW WKH H WLW VKR OG RW EH LFWLPLVHG D G PDOLJ HG IRU VSUHDGL J WKH LU V DW WKLV M FW UH Pent-up demand drives SL’S consumer durables sector Defies earlier forecast of taking more than one year to recover However, protracted import controls could weigh on sector prospects HI L J WKH H SHFWDWLR V WKDW FR V PHU G UDEOHV VHFWRU ZR OG WD H PRUH WKD D HDU WR UHFR HU WR LWV SUH SD GHPLF O H H O V W K H V H F W R U K D V V H H IDVWHU WKD H SHFWHG UHFR HU DV SH W S GHPD G KDV LF HG L W R V D O D J H W K H L G V W U IURP WKH VO PS VHH G UL J WKH R WEUHD RI WKH SD GHPLF DOWKR JK WKH SURWUDFWHG FR WUROV R LPSRUWV FR OG ZHLJK R WKH VHFWRU V SURVSHFWV MOREON P12 Laugfs Gas to up focus on expanding volumes in SL and B’desh to drive growth Efforts ‘redoubled’ to capitalise on SL and B’desh opportunit­ies Says competitiv­e pricing necessary to sustain value propositio­n Acknowledg­es current market dynamics favourable to Laugfs’ operations W.K.H. Wegapitiya 6 K D U L J W K D W W K H H W L W LV UHGR EOL J LWV HIIRUWV L WKLV UHJDUG D JIV DV 3 SRL WHG R W WKDW WKH UHODWL HO ORZ SH HWUDWLR OH HOV L 6UL D D D G %D JODGHVK SUHVH W R S S R U W L W L H V Z K L F K D U H HW WR EH FDSLWDOLVH­G MOREON 6UL D D V R O SUL DWH VHFWRU 3 SOD HU D JIV DV 3 VWUHVVHG WKDW L FUHDVHG HPSKDVLV R RO PH JURZWK LV LPSHUDWL H WR ORF DO H D G GUL H JURZWK L H PDU HWV P12 Sri Lanka’s economy to shrink 6.7% this year: WB „ RZH HU WKH JOREDO OH GHU SRL WHG R W WKDW 6UL D D V UHIL D FL J ULV V ZR OG UHPDL KLJK ZLWK WKH D DO IRUHLJ H FKD JH GHEW VHU LFH UHT LUHPH WV HVWLPDWHG DW SHUFH W RI 3 R HU 6UL D D V ILVFDO GHILFLW LV SURMHFWHG WR H SD G I UWKHU WR R HU SHUFH W RI 3 L GUL L J D L FUHDVH L GHEW OH HOV 5 H I O H F W L J W K H V H F K D O O H J H V WKH 86 SR HUW KHDGFR W LV SURMHFWHG WR L FUHDVH IURP SHUFH W L WR SHUFH W L WKH UHSRUW RWHG ,W SRL WHG R W WKDW WKH FR VWU FWLR D G VHU LFHV VHFWRUV L FO GL J WR ULVP KD H EHH LPSRUWD W VR UFHV RI MRE JURZWK L 6UL D D L UHFH W HDUV D G WKH R WEUHD ZLOO OL HO KDUP WKH SURVSHFWV RI PD ORZ V LOOHG ZRU HUV ,W DOVR VDLG WKH JR HU PH W V PR H WR SUR LGH HPSOR PH W WR JUDG DWHV D G L GL LG DOV IURP ORZ L FRPH IDPLOLHV WR V SSRUW O L H O L K R R G V Z R O G S U R H W R E H L V IILFLH W D G DGG I UWKHU VWUDL R S EOLF IL D FHV Real GDP growth at constant market prices, 2019 and forecasts Revisions to forecasts from October 2019 (percentage point) Real GDP forecasts (percent) Calendar year basis South Asia January to December Afghanista­n December to December Maldives January to December Sri Lanka January to December Fiscal year basis Bangladesh July to June Bhutan July to June Nepal mid-july to mid-july Pakistan July to June 2019 2020(e) 2021(f) 2022(f) 2020(f) 2021(f) 4.1 -7.7 4.5 4.6 -14.0 -2.2 3.9 -5.5 2.5 3.3 -8.5 -1.0 5.9 -19.5 9.5 12.5 -25.0 3.9 2.3 -6.7 3.3 2.0 -10.0 -0.4 18/19 19/20(e) 20/21(f) 21/22(f) 19/20(f0 20/21(f) 8.1 2.0 1.6 3.4 -5.2 -5.7 3.8 1.5 1.8 2.0 -5.9 -4.1 7.0 0.2 0.6 2.5 -6.2 -5.9 1.9 -1.5 0.5 2.0 -3.9 -2.5 19/20 20/21(e) 21/22(f) 22/23(f) 20/21(f) 21/22(f) India April to March 4.2 -9.6 5.4 5.2 -16.5 -1.8 Note: (e)=estimate, (f)=forecast. For India, FY2020/21(E) runs from April 2020 through March 2021. June 2020 forecasts are from World Bank (2020a) and October 2019 forecasts are from World Bank South Asia Economic Focus Fall 2019. Pakistan is reported at factor cost. Source: World Bank. DW SHUFH W RI 3 WKLV HDU WKD V WR ORZ RLO SULFHV D G VWULFW LPSRUW UHVWULFWLR V ZKLFK VKR OG ODUJHO RIIVHW WKH UHG FWLR L UHFHLSWV IURP JDUPH W H SRUWV WR ULVP D G UHPLWWD FHV MOREON P12 Third highest contractio­n in South Asia after Maldives and India Expects significan­t increase in poverty due to widespread job and earnings losses Forecasts current account deficit of 2.2% of GDP, due to low oil prices and import restrictio­ns Says longer than expected COVID-19 outbreak could be key risk for country’s economic outlook Forecasts fiscal deficit of over 11% of GDP; debt-toGDP to remain over 100% until 2022 Expects inflation to remain below 5% this year and next year, amid decline in demand L W E 2 9 , U H O D W H G G L V U S W L R V 6 U L D D V HFR RP LV SURMHFWHG WR VKUL E SHUFH W WKLV HDU UHFRUGL J WKH WKLUG KLJKHVW HFR RPLF FR WUDFWLR D P R J W K H 6 R W K $ V L D U H J L R HFR RPLHV DIWHU WKH 0DOGL HV D G , GLD WKH ODWHVW :RUOG %D UHSRUW WLWOHG 6R WK $VLD (FR RPLF )RF V UHOHDVHG HVWHUGD VDLG 7 K H 2 9 , F U L V L V K D V V EVWD WLDOO FOR GHG WKH R WORR D G H DFHUEDWHG D DOUHDG FKDOOH JL J P D F U R H F R R P L F V L W D W L R 7 K H HFR RP LV H SHFWHG WR FR WUDFW E SHUFH W L ZLWK DOO H GUL HUV RI GHPD G DIIHFWHG H SRUWV SUL DWH FR V PSWLR D G L HVWPH W WKH UHSRUW VWDWHG 6UL D D V HFR RP FR WUDFWHG H SHFWHGO E SHUFH W L WKH ILUVW T DUWHU RI D ILUVW L HDUV GHVSLWH HFR RPLF DFWL LW L WKH ODVW WZR ZHH V RI 0DUFK EHL J DIIHFWHG E