Some countries concerned over no-questions-asked forex deposits
At least three countries have expressed concern over the no-questions-asked Special Deposit Account (SDA) the government introduced in April to induce Sri Lankans living abroad to remit foreign money into the country. Senior officials of the German Embassy and two other European missions have met the Central Bank (CB) last week to ‘clarify’ the so [...]
Government increases capital injection for COVID-19-hit SOEs
The government is to increase capital injections for State-owned Enterprises (SOEs) as the COVID-19 pandemic disrupts business activities and batters the country’s economy, Finance Ministry sources said. Multifaceted reforms will be launched in the post COVID-19 period and it is aimed at enhancing the governance structure by improving the composition of the boards of management, [...]
India to finalise private partner for ECT
The commencement of the controversial East Container Terminal (ECT) is being pushed forward even as India is currently picking a private partner to run the operations. It is learnt that India is engaged in identifying a private partner as per the terms of the agreement in the Memorandum of Cooperation (MOC) entered into in 2018 [...]
Maldives opens for tourists on July 15
Maldives is opening its borders on July 15 and in a bold move will allow tourists in without PCR tests or quarantine on arrival. According to the Ministry of Tourism, hotels and resorts on uninhabited islands will open on July 15 while guesthouses and hotels on inhabited islands will resume business in August 1. According [...]
Government to deliver generous fiscal support for businesses
The Finance Ministry is poised to implement a fiscal stimulus package focusing across the country’s businesses to weather the coronavirus storm. The package provides tax concessions, extending deadlines for tax filing, deferral of tax payments, faster tax refunds, and some tax exemptions credit guarantees and collateral waivers, official sources said adding that these measures are [...]
First female CEO of a large SL conglomerate
Kasturi Chellaraja Wilson will succeed Steven Enderby as Group Chief Executive Officer of Hemas Holdings on October 1, 2020, making her perhaps the first woman to head a large-scale Sri Lankan conglomerate. As part of a planned succession, Ms. Wilson will take on the role of Deputy CEO and be appointed to the Board of [...]
Supporting local enterprises
Those who grew up in the 1970s will remember the hard times with bread queues and food shortages. I remember once travelling to a store in Kandana near Ja-ela from Colombo to buy a hard-to-get Linton’s shirt! The top two brands of shirts during that time were Hentleys and Linton’s. No imported shirts were permitted [...]
Time for “helicopter money”
Let us assume that one day a helicopter flying above drops hundreds of currency notes among the people across the country. The money that falls from the sky is everywhere and people will wrestle and grapple to grab them. They know that this is a unique opportunity which is unlikely to happen again. As a [...]
SriLankan Airlines makes no loss on repatriation flights
SriLankan Airlines is facing a number of hurdles in overcoming its financial losses as they garner revenue off repatriation of nationals stranded overseas amid the COVID-19 pandemic. The national carrier has repatriated 7800 Sri Lankans stranded overseas so far with no loss to the airline as the costs were covered in full, SriLankan Airlines’ Chairman [...]
Tour operator business key to revive Sri Lanka tourism
The recent pandemic has caused serious financial headaches to the tourism industry of Sri Lanka. This is in the aftermath of the Easter Sunday attack in 2019 where the industry was showing signs of moderate recovery. The pandemic could be a nail in the coffin for some stakeholders unless we recover faster and better than [...]
Global airline industry proposes alternatives to quarantine
Geneva — The International Air Transport Association (IATA), which represents global airlines, has urged governments to avoid quarantine measures when re-opening their economies. IATA is promoting a layered approach of measures to reduce the risk of countries importing COVID-19 via air travel and to mitigate the possibility of transmission in cases where people may travel [...]
NTB launches Rs. 7 bn fund to support economic revival
Nations Trust Bank (NTB) has launched a Rs. 7 billion internally- generated fund aimed at extending financial support to key industries and enabling them to recommence their businesses and in turn boost the national economy. With the “Nations Diriya” support fund, the bank will reach out to exporters under “Nations Apanayana Diriya” and to local [...]
Pan Asia Bank scheme to promote sustainable agriculture
Pan Asia Bank recently launched “Haritha Sammana”, a special loan scheme for green initiatives under its flagship product Sammana. This scheme was created leveraging on the US$7.75 million funds received from Swiss-based Symbiotics’ first-ever green Bond, to further the green cause in the country. “Haritha Sammana’ is a product extension of Sammana, a scheme which [...]
South Asia Textiles helps launch fabric in battle against COVID-19
Two top textile companies in Sri Lanka and Switzerland are collaborating to produce a specially treated fabric to be used for face masks exported to the US. They are South Asia Textiles Ltd, a leading Sri Lankan textile manufacturer specialised in producing exceptional quality weft knitted fabric for leading brands across the globe, and HeiQ [...]
MullenLowe in APAC’s top 10 for Advertising Effectiveness in Effie Index 2020
MullenLowe Sri Lanka has been ranked 9th in the Asia Pacific region’s Top 10 Most Effective Agencies of 2020 on the Effie Index. The company said in a media release that it is the first and only agency office from Sri Lanka to be listed on the Effie Index’s APAC Top 10. MullenLowe Sri Lanka [...]
HCL to comply with SL salary structure when recruiting software engineers
Being the first Board of Investment (BOI) approved conglomerate to enter Sri Lanka during the COVID-19 pandemic, HCL Technologies, a global technology company based in India, promises to comply with the local salary structure when recruiting software engineers in Sri Lanka. HCL Technologies, Corporate Vice President, Srimathi Shivashankar made this remark during a virtual launch [...]
Food security in a post COVID-19 era
The demand for food of Sri Lanka is supplied through domestic production as well as imports. Although successive governments have pledged to achieve self-sufficiency in certain crop varieties, including rice, it is incontestable that Sri Lanka’s population is heavily reliant on imports to fulfil their dietary requirements, especially lentils. In 2019 Sri Lanka was ranked [...]
SLAITO Youth gears for new normal
Sri Lanka’s tourism industry is to get a boost from its youth with plans to revive a sector that is currently finding it hard to raise its head amid the COVID-19 pandemic. Newly inaugurated on June 18 at the Holiday Inn hotel in Colombo. the Sri Lanka Association of Inbound Tour Operators (SLAITO) Youth kick [...]
Online platform for SME consultancy needs
Lanka Consulting Group (LCG), an initiative pioneered by Corporate Capital Market Ltd (CAPM), is a new online platform to cater to the advisory needs of different sectors of the economy including SMEs, entrepreneurs and corporates. The platform will enable the skills and expertise of consultants across industries to meet those in need of consultancy through [...]
Dialog awarded “Most Valuable Brand” status by Brand Finance
Dialog Axiata PLC, was recently awarded the title ‘Sri Lanka’s Most Valuable Brand’ for the second consecutive year by Brand Finance, the world’s leading independent brand valuation consultancy, at the 17th edition of its annual review. Dialog also retained its brand rating of AAA for the sixth consecutive year and the title of ‘Most Valuable [...]
IFC package of $175 m to fund JKH’s long term investments
John Keells Holdings PLC (JKH) has entered into a long-term financing agreement with the International Finance Corporation (IFC) for US$175 million to support funding of the company’s investment pipeline. The agreement formalising the facility was signed between the IFC and JKH on June 23, JKH – a listed entity – said in an announcement to [...]
EPF and workers’ funds face new threats: Union
While the COVID-19 situation is continuing to have its adverse impact on employment, livelihoods, earnings and savings of the working people of Sri Lanka, their life savings have come under renewed threat from vested interests to add to their woes, a union complained on Wednesday. The Ceylon Federation of Labour (CFL), in a statement, said [...]
Treasury, CB should consider credit guarantees for COVID-19 distressed bank loans
Even though Sri Lanka’s economy has opened up, businesses are still recovering from the dual shock of the locally imposed curfew as well as the global fallback from the coronavirus. A vast majority of Sri Lankan businesses are in need of support if they are to survive the next few months. The Central Bank (CB) [...]
Elpitiya Plantations-Sim Leisure begins work on ESCAPE theme park in Galle
Elpitiya Plantations PLC, an associate company of Aitken Spence PLC, recently entered into a Shareholders’ Agreement with Sim Leisure Group Ltd, a listed company in Singapore Stock Exchange, to develop and operate an adventure theme park under the ‘ESCAPE’ brand in Galle, Sri Lanka. “While the partnership will formalise and strengthen the business relationship between [...]
Treasury yet to execute construction sector guarantees
The Treasury is yet to issue guidelines to line ministries and the Road Development Authority (RDA) for government guarantees based on the recent Cabinet decision to provide the construction sector enterprises with a facility to borrow from banks. Guarantees equivalent to the amount due on account of contracts carried out in the past, under a [...]
Ranjith Kodituwakku, new CEO/GM at People’s Bank
Ranjith Kodituwakku has been appointed as Chief Executive Officer/ General Manager of People’s Bank with effect from June 19, the bank said in a media release on Monday. He had previously served as the Deputy General Manager (Commercial Banking and Digitalisation). The appointment as CEO/GM follows the retirement of M.A. Bonniface Silva – Acting CEO/GM. [...]
From ‘new normal’ to ‘back to normal’
Since the government relaxed the curfew regulations around the country, things have unexpectedly escalated from ‘new normal’ to a ‘back to normal’ post COVID-19 pandemic. Working from home and purchasing groceries online were some of the ‘new normal’ practices people were strictly adhering to during the lockdown and nothing seems to have lasted for long [...]
Banks forced to keep the lights on during COVID -19 crisis
Sri Lanka’s banking sector has been forced to provide lending facilities on concessionary terms for COVID-19 affected businesses especially SMEs following the Central Bank’s (CB) recent action of a policy rate cut and infusing more liquidity to revive the economy. Prompted by President Gotabaya Rajapaksa’s verbal attack on the monetary authority’s top officials of failure [...]
CIFL depositors struggle to get back their deposits
When the Central Investment and Finance Ltd (CIFL) vs the Directors of CIFL case came up for hearing on Thursday before Ms Lanka Jayaratne, Chief Magistrate, Chief Colombo Magistrate’s Court, the lawyers of the aggrieved party CIFL Depositors Association (CIFLDA) pointed out that the Attorney-General’s Department has failed to charge sheet or indict the alleged [...]
Spring & Summer helps uplift the nation during COVID-19 crisis
Spring & Summer’s CSR arm – ‘Hands of Hope’ recently launched a two-fold strategy involving the manufacture and distribution of face masks, as well as the supply of daily essentials and protective gear, to aid Sri Lanka during the COVID-19 economic and social crises. The project aims to help ease rising internal tensions within communities [...]
PPE orders to run out by September
Job losses in the apparel sector are likely to continue with no visibility for PPE orders from September onwards. Sri Lanka just started receiving orders for the manufacture of Personal Protective Equipment (PPE) and face masks in the wake of the growing need for these amid the COVID-19 pandemic. “A lot of big players have [...]
People’s Bank to boost SMEs with Rs.15 bn worth loans
The People’s Bank, in line with the Government’s development programme and with the aim of uplifting the small and medium businesses adversely affected by the COVID-19 pandemic, has introduced a special loan scheme at an interest rate of 6 per cent. The bank has allocated Rs. 15 billion for this purpose, it said in a [...]
Unilever removes ‘Fair’ from ‘Fair & Lovely’ product, new name shortly
Unilever Sri Lanka announced this week the next step in the evolution of its skin care portfolio, with the rebranding of its flagship brand Fair & Lovely. Taking forward the brand’s journey towards a more inclusive vision of beauty, the company will stop using the word ‘Fair’ in the brand name ‘Fair & Lovely’. The [...]