Back to protests after the Avurudu holidays
As street protests subsided over the past 10 days owing to the Sinhala and Tamil New Year season, Sri Lanka’s business community braced this week for a return to the now, routine but extremely uncomfortable street demonstrations by university undergraduates and other protestors in the city of Colombo. While one business chamber issued a statement [...]
Budget 2019 over-estimates corporate tax revenue
Sri Lanka’s corporate tax has been constantly over-estimated and on average, fallen short of estimates during the last few years, the Parliamentary Committee on Public Finance (COPF) says. The corporate tax rate stands at 28 per cent while it averaged 31.95 per cent from 1997 until 2018. Sri Lanka 2019 Budget has over-estimated the tax [...]
Coconut farm-gate prices hit all time low
Coconut growers in the country are alarmed that the farm-gate price of coconut has hit an all-time low of Rs. 27 per nut and now they fear that during the coming months of May, June and July it could further sink to below Rs. 25. Ranjith Dias, a former President of the Coconut Growers Association [...]
Discussions to create SOE database
The Government is gearing to create a database on State Owned Enterprises (SOEs), a project initiated under the Ministry of Public Enterprise, Kandyan Heritage and Kandyan Development. Officials told the Business Times this is aimed at monitoring SOEs progress. There are only 55 SOEs being monitored on their financials, business feasibilities, potential for growth etc. [...]
Industry concerns over SLPA tariffs
The Export Development Board (EDB) has taken the rare step of publicly criticising another state agency, the Sri Lanka Ports Authority (SLPA) over the upward revision of its tariffs. In a media statement, the EDB said: “The upward tariff revision by the SLPA has become a controversial matter raising many concerns of exporters/importers during tough [...]
Right to vote
A news item that caught my interest this week was about the Indonesian parliamentary and presidential elections which were, interestingly, held on the same day on April 17 and maybe an exercise that Sri Lanka should consider to cut costs and time. The report in a local newspaper said 117 Indonesian citizens based in Sri [...]
Believe it or not: We need inflation!
When we save money, we should receive an interest; it is the “reward” for postponing our consumption. And when we borrow money, we should pay interest; in this case, it is the “cost” of buying someone else’s money. These are the general economic rules that we all understand. Imagine its opposite; savings have a “cost” [...]
Sri Lanka’s IT BPO spikes amidst waning corporate sector confidence
Amidst growing sentiment of cynicism and slow private sector credit growth, Sri Lanka’s business sector confidence has plunged to very low levels although IT Business Process Outsourcing (BPO) spiked significantly despite political uncertainty, economic analysts say. Private sector credit growth in February slowed to a low of 13.6 per cent, down from 14.8 per cent [...]
Berendina awarded country’s first micro-financing licence from CB
Berendina Micro Investments Company (BMIC), the micro-finance arm of Berendina in Sri Lanka, was recently granted a licence to operate micro-financing by the Central Bank of Sri Lanka (CB), a first in the industry under the Microfinance Act No 6 of 2016. BMIC will now adhere to CB’s guidelines as a licensed microfinance company. The [...]
ComBank first in Sri Lanka to offer global Wi-Fi to World Mastercard holders
Commercial Bank of Ceylon has become the first bank in Sri Lanka to offer access to over one million Boingo Wi-Fi hotspots worldwide at no additional charge to holders of World Mastercard credit cards issued by the bank. This global benefit allows eligible persons to enjoy Wi-Fi in locations such as hotels, retail outlets, cafes [...]
Tropicoir Lanka promotes grow more coconut concept countrywide
It is time for Sri Lanka’s coconut industry to grow more coconut trees at home gardens in rural areas having been overshadowed by ageing trees threatening to curtail annual production in coming years, several local, value added coconut exporters told the Business Times. Coconut production in the country is sluggish at present as a [...]
Twelve months of BoC’s “THURUNU DIRIYA” – Enterprise Sri Lanka
In early 2018, a group of young interns (all graduates with first class degrees), Senior Analysts and Specialists, at the Policy Development Office of the Prime Minister’s Office, were discussing the issue of youth unemployment in Sri Lanka. This has been a perennial concern in Sri Lanka and as a person who cut his [...]
Yet another Committee to solve power crisis!
Isn’t it hilarious? We have another cabinet sub-committee to solve the power crisis. The Cabinet press briefing of April 9, 2019 says so. Actually, the crisis was created by a similar sub-committee. That committee was called the “Cabinet Committee on Economic Management (CCEM)”. That committee has now been abolished; at least in theory. So [...]
NEC to make recommendations on idle plantation lands in May
The state-run National Economic Council (NEC) will gather information on idle lands in state owned plantations in a bid to decide on how to make them more productive. Some information on the original scope of work was submitted to the NEC on April 1, a senior NEC official told the Business Times noting that during [...]
IFC’s SheWorks partnership completes a year in increasing role of women in business
IFC, a member of the World Bank Group, recently brought together CEOs of leading companies to mark the anniversary of the SheWorks partnership in Sri Lanka. The partnership, supported by the Australian government, works with 18 leading employers that have pledged to implement measures proven to enhance employment opportunities for women. This dynamic collaboration has [...]
Jaffna College students win Dialog App Challenge
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, held the grand finale of the ‘Dialog App Challenge’, powered by Ideamart and Dialog Home Broadband, Sri Lanka’s 1st inter-school app challenge on April 3, with Parameswaran Praveenan and Tharsika Parameswaran representing Jaffna College, being crowned champions and winning prizes worth Rs. 300,000. Held in collaboration with [...]
People’s Leasing and Bio Conservation Society jointly improve beach vegetation from Mannar to Tangalle
People’s Leasing and Finance PLC (PLC), a subsidiary of the People’s Bank, invests part of its profits on outreach CSR engaging the volunteered support of the staff members from the branch network islandwide for the betterment of the society and environment. The PLC recently and successfully completed a CSR initiative to improve the beach vegetation [...]
Rasitha Gunawardana appointed as new CEO/GM of People’s Bank
Rasitha Gunawardana, assumed duties as the 16th Chief Executive Officer/General Manager of People’s Bank, on April 16 at the head office of the bank. Mr. Gunawardana was appointed as the CEO/GM-Designate of People’s Bank in September 2018 and assumed office on Tuesday after the retirement of former CEO/GM of People’s Bank N. Vasantha Kumar. Starting [...]
Mitra Innovation highlights “ICT Transformation in Sri Lanka” at its 2nd PMO Summit 2019
Mitra Innovation has announced its second annual PMO Summit where the focus will be on “ICT Transformation in Sri Lanka, and Defining a Shared Vision for 2025”. The Summit will take place on April 25 at Hatch Works Pvt Ltd, 14 Baron Jayathilake Mawatha, Colombo 1. Mitra Innovation is a fast growing UK based technology [...]
Elephant House sourcing raw ginger from local farmers
Elephant House is providing over 400 farmers with a strong foundation for growth by sourcing their ginger output to produce its hugely popular ‘Elephant House Ginger Beer or ‘EGB’. This ensures EGB is derived from 100 per cent natural ginger extract and maintains its remarkably unique taste. In a media release, the company said creating [...]
Sri Lanka’s development project monitoring slows down
Sri Lanka’s foreign aided development project monitoring procedure has been weakened and impacting on economic activities. This was the result of restricting the Project Management and Monitoring Department only for the activities of the coordination of relevant lending institutions and the Project Directors, Finance Ministry sources said. This department, operating under the Finance Ministry, [...]
Bamboo for environmental and economic benefits: Constraints in Sri Lanka
Woody bamboo is accepted as a super new material that can replace timber. It is a valuable resource that can generate new industrial products of high economic returns, leading to protecting forests and the environment, benefiting mankind immensely. Although the global rise in the use of bamboo has been relatively recent, bamboo culture has [...]
SEC to conduct dialogue with public listed companies
In a bid to engage stakeholders, the Securities and Exchange Commission of Sri Lanka (SEC) will launch the first in a ‘Chairman’s Forum’ series, on Thursday April 25 at the Colombo Hilton. The Colombo Stock Exchange (CSE) has been invited to be present at this forum which will be conducted each quarter from henceforth, Chairman [...]