Piece of cake
A tourist couple enjoying a piece of cake during World Tourism Day celebrations in Nuwara Eliya this week. Pic by Shelton Hettiarachchi.
Drastic measures to defend the rupee
Controls on non-essential imports like butter and cheese, reducing fuel consumption and higher tariffs on luxury goods, are among a series of measures planned by the Government to prevent a further erosion of the rupee. The Central Bank is also expected to announce a significant, pre-emptive hike in policy rates, economic experts said adding that [...]
SMEs ravaged by economic woes
At least 162 Small and Medium Enterprises (SMEs) have struggled over the past two to three years owing to a deteriorating economic situation in the country and financial hardship of the people who have restricted their buying spree, an independent study conducted by a public interest group revealed. According to data collected by the Peoples [...]
Tourism Cess fund under Treasury control
Alarm bells are ringing in the tourism sector following a proposal to bring the Tourism Cess fund, which has several millions of dollars for promotional purposes, under the Treasury, removed from state tourism agencies. While officially tourism authorities say they are unaware of the proposal, the plan is expected to be included in the 2019 [...]
Oil palm industry to get a Presidential “beating”
President Maithripala Sirisena has at the recent National Economic Council (NEC) meeting decided to ban the cultivation of oil palm in Sri Lanka. No official confirmation has been intimated yet. Plantation Industries Minister Navin Dissanayake told the Business Times on Wednesday that the President had taken the decision to ban oil palm cultivation in the [...]
Dignity of plantation workers
Sri Lanka’s plantation sector is going through some daunting challenges these days, more negative than positive. Tea production fell in August to a 16-year low, while the continuing non-use of weed killer glyphosate is costing the tea industry dearly. The ban has been lifted partially for agricultural crops but the weedicide is yet to be [...]
Peel more, cry more
On Thursday September 20, I was at a reception at the Taj Samudra on the occasion of the National Day of Nepal. There were representatives from the diplomatic missions, the government, the business community, and the academia. I was was among them with some of my colleagues. The Ambassador of Nepal, Prof. Bishwambher Pyakuryal – [...]
Brutal attack by debt collectors
The Business Times story September 9 headlined “CB clamps down on debt collectors harassing customers” which revealed a more than cursory interest by the Central Bank to stop finance companies from harassing clients who had taken loans, drew interest from some readers who spoke of harassment from debt collectors. This is one such story by [...]
Lankaputhra Bank’s alleged financial frauds exposed to Bribery Commission
Alleged financial misappropriation running to over a billion rupees at the state-owned Lankaputhra Development Bank (LDB) during the Rajapaksa regime has come to the limelight once again following a complaint submitted to the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) last week. These financial misdeeds amounting to over Rs. 1.9 billion took place [...]
Commercial High court issues enjoining orders on RDA
Canowin Hotels & Spas (Pvt) Ltd recently instituted court action against the Road Development Authority (RDA) seeking damages of Rs. 2 billion and interim relief to restrain the RDA from “unlawfully terminating the agreements entered in respect of the Rest Area on the Southern Express Highway” which is patronised by the public. Commercial High Court [...]
IFS aims to drive next phase of growth in South Asia
IFS, the global enterprise applications company, has announced that it is ready to drive the next phase of business growth in South Asia. IFS said in a media release that it plans to drive business growth by establishing its leadership position in focused industries in existing markets and reaching out to untapped markets in the [...]
Climate change could undermine living standards of the poor
Sivasidambaram Vasugi is the 38-year-old General Manager of one of the first cooperative-owned seed paddy processing centres in Kilinochchi. The Integrated Farmers Thrift and Credit Cooperative Society (IFTCCS) provides local farmers with high-quality seeds, but these days, there are no buyers walking in the door. Her community is facing a crippling water shortage following many [...]
NCE highlights constraints for exporters including processing delays
Representations have been made by member exporters of the National Chamber of Exporters (NCE) regarding a constraint which adversely affects the cost, and ‘Ease of Doing Business.’ This relates to their interactions with state organisations. “This matter which has been discussed by the Council of the chamber is found to be due to two reasons. [...]
Pharma sector calls for currency depreciation-linked price controls
The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI), following the unprecedented depreciation of the Sri Lankan Rupee against the US Dollar, has urged the Minister of Health Dr. Rajitha Senaratne and the National Medicines Regulatory Authority (NMRA) to formulate a viable pricing mechanism for the industry, since over 85 per cent of all pharmaceuticals are [...]
Dehiwela builder warned by authorities, but carries on
It is appalling how some individuals and companies blatantly violate government regulations. In recent months it has escalated at an alarming level. This is probably because there is no clear policy or no one to enforce the law properly. Or at best nobody really cares. The latest case in point is a building being constructed [...]
Construction industry discusses possibility of importing sand
Several discussions are ongoing on the possibility of importing river sand as the demand for sand, a limited resource is on the rise, experts in the construction sector say. Owing to the vast development in the country, sand for construction is a major requirement and the demand for this is increasing at an alarming rate, [...]
Japanese and Chinese interest in apartments
Retail sales in Sri Lanka’s apartment market have reduced owing to the current economic crisis, real estate sector analysts say. “We have seen low consumer spending. Individual buyers are not buying,” an analyst said. Corroborating this statement, a real estate sector developer told the Business Times that his sales have been low over the past [...]
Are we in a bubble?
When talking about the property market in the country the word that mostly comes out during the conversation is ‘Bubble.’ Common statements such as ‘we’re in a bubble’ or ‘it’s about to burst’ are frequently said by the masses. However, when you talk further it’s evident that most don’t really understand what an asset or [...]
Pyxle celebrates 15 years
Enterprise technology solution provider, Pyxle, is celebrating 15 years of success this year. The company marked this milestone with the launch of its new workspace and brand Pyxle 2.0 – a fresh vision for the next decade at a company that has evolved from its humble beginnings to become an industry pacesetter, delivering digital transformation [...]
Cinnamon TBC Asia bringing world’s best bloggers to Sri Lanka
Cinnamon Hotels and Resorts’ signature conference for online influencers and travel professionals, TBC Asia will be awarding 30 of the best bloggers in the world, under 10 unique categories at this year’s event. The winners of each category will be announced at an exclusive awards ceremony that will take place on October 31 at Cinnamon [...]
Sri Lanka embarks on fertiliser production utilising Eppawala deposit
Sri Lanka government is seeking to reduce the massive fertilizer import bill of Rs. 47 billion and curtail Rs. 33 billion in subsidies per annum by setting up a single super phosphate (SSP) plant making use of the Eppawala phosphate deposit, Agriculture Minister Mahinda Amaraweera said. The 7- member expert committee headed by former Senior [...]
Ceciliyan Tea Factory wins Gold at 2018 Tea Production Awards
The Ceciliyan Tea Factory, managed by Ceciliyan Associates Pvt Ltd and situated in Kalawana, Ratnapura, was recently recognised with the Gold award for being an Outstanding Tea Producer at the annual Total Excellence in Tea Production Awards organised by the Tea Exporters Association of Sri Lanka for the year 2018. With the award in the [...]
PPPs vital for country’s development
Sri Lanka while committed to achieve sustainable growth will have to pursue a number of economic, social, and environmental targets with a holistic and a balance approach. “The need for partnership between diverse groups, such as people and institutions has never been greater.” said the UNDP Country Director in Sri Lanka Joern Soerensen at the [...]
August inflation falls: Central Bank
Headline Inflation, as measured by the change in the National Consumer Price Index (NCPI, 2013=100) which is compiled by the Department of Census and Statistics, fell to 2.5 per cent last month from 3.4 per cent in July, on a year-on-year basis. This was mainly driven by the monthly decline in food prices in August, [...]
Sri Lanka to lose $50 billion of GDP by 2050 due to climate change
While the whole world is combating the implications of climate change, South Asia is becoming highly vulnerable, according to a recent report by the World Bank on “South Asia’s Hotspots; The impact of temperature and precipitation changes on living standards.” The report reveals that Sri Lanka’s GDP per capita income will drop by US$50 billion [...]
IT Forum reflects on need for corporates to go digital
The need for businesses to embrace digital transformation was highlighted at a recent forum organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) where experts emphasized that changing with futuristic trends was important if an organisation is to continue to be profitable and successful. Speaking at an evening forum organised by [...]
findmyfare.com attracts $2 m investment
findmyfare.com, Sri Lanka’s largest and fastest growing online travel company, has raised US$2 million from Ironwood Capital Partners through its recent series B funding offer. findmyfare.com is the brainchild of Abishek Sithampalam and Thushan Shanmugarajah, two young entrepreneurs who set their mind to starting an e-commerce business from the time they were university students. In [...]
Seminar on “Big Data, Customer, Supply Chain”
The Acclivity Training organisation has announced that a seminar on “Big Data, Customers, Supply Chain” will be held on October 2 at the Renuka City Hotel from 8.30 a.m. to 12.30 pm. This is part of the seminar series on “Essential Business Skills for Managers by Industry Experts”. A spokesperson from Acclivity Training said that [...]
Mitra Innovation expands operations to Europe
Mitra Innovation recently announced the launch of engineering and client servicing operations in Germany. The expansion into Germany further strengthens Mitra Innovation’s presence in the European region. Co-founder and CEO – Ashok Suppiah said: “As part of our strategic global expansion plans, Mitra Innovation is delighted to announce its first European office in Germany. The [...]
Is there an alternative to the Family Background Report?
A national debate is brewing around the imposition of the Family Background Report (FBR) that bans women with children under five years from migrating for work overseas. Despite being unconstitutional, violating a woman’s right to mobility, contravening Sri Lanka’s commitments to ratified international conventions and overtly discriminating against women from the lower social class strata, [...]
Billions of rupees lost from climate change impact in Sri Lanka
While climate change has disastrous effects on Sri Lanka and with the country unable to stop its impact, the public can prepare for these changes, safeguard themselves from them and mitigate the impact. The observations were made by Dr. Lalanath de Silva, Attorney-at-Law and Head, Independent Business Mechanism, Green Climate Fund while addressing the Annual [...]
Gas distributors warn of transport crisis
Commanding a controlling stake of 73 per cent of the LP gas market, distributors of the state run Litro Gas on Wednesday warned of an impending crisis in its distribution in different parts of the country starting from Colombo unless their margin costs were increased by 12 per cent. Raising awareness of their relevance the [...]
BoardPAC sponsors premier South African conference
Sri Lanka’s award-winning Board Management Solution provider, BoardPAC was the proud sponsor of the annual 10th Premier Corporate Governance Conference 2018 held in South Africa recently. Organised by the Chartered Secretaries South Africa (CSSA), for company secretaries and governance leaders, the event was aimed at promoting and enhancing corporate governance on the African continent, BoardPAC [...]