“Parana coat (Old clothes)”
Those who grew in the ’60 and the ’70 will remember tradesmen who exchanged old clothes for various types of new plastic goods and kitchenware. One of these vendors was spotted by Sunday Times photographer Amila Gamage at Mattakkuliya this week.
Germany says import controls policy “detrimental”
Sri Lanka’s import restrictions will pose issues as its policy on open trade has become a cause for concern among European Union states. Germany which also holds the EU Presidency and is a non- permanent member of the UN is of the view that Sri Lanka’s current trade restrictions are “detrimental” to Sri Lanka as [...]
Gold prices hit all- time high, decline in reserves
Sri Lanka’s gold prices reached a new high lowering the demand of gold jewellery in the backdrop of a decline in the country’s gold reserves, underpinned by unease over mounting Coronavirus cases globally, official sources said. Upon a thorough analysis on the international best practices and the nature of gold as a reserve asset, the [...]
Sri Lankans cancel holidays, dine-ins
Hotels are experiencing some cancellations from locals following the rise in the number of COVID-19 cases lately. Sri Lankans had started to move out and enjoy a bit of the break and take up on some of the slashed hotel rates recently but the recent rise of the number of cases in COVID-19 resulted in [...]
SriLankan Airlines to get $75 m loan
Debt-ridden SriLankan Airlines (SLA) will receive a US$75 million loan from Bank of Ceylon (BOC) and People’s Bank (PB) based on a Treasury guarantee which will also provide another sovereign guarantee to an international bank worth $5 million for the airline to seek further funding. This is part of government efforts to sustain the airline [...]
SL company to repay COVID-19 induced, reduced staff salaries
Would you believe it? There is a company in Sri Lanka which will repay COVID-19 induced, reduced salaries of staff. It is probably the only one in the world to do so. WSO2, an open-source technology provider will remit the salary portion which was cut from staff for the past three months back to them [...]
Transforming Sri Lanka’s agriculture
If there is one topic that attracts the attention of governments, politicians, policymakers and economists, it’s agriculture. Be it an election, a village fair or reaching out to the poor; agriculture is the one sector that binds people. And this was the topic of discussion when the trio of friends gathered one morning under the [...]
SL’s economy is sliding
The lockdown kept people shuttered for weeks and months in their homes. It made them realise how difficult it is to stay locked up in homes for too long, no matter how comfortable the home is. The problem still exists, and uncertainty has not yet disappeared, but the relaxation of lockdown a few weeks ago [...]
Seafarers ahoy!
Marine recruitment agencies and a union representing seafarers (ship’s crew) are appealing to the Government to come up with a cheaper accommodation rate in hotels for returning Sri Lankan seafarers who have to undergo a compulsory 14 days in quarantine. “The charge at these hotels is prohibitive and needs to be reduced,” said Palitha Athukorale, [...]
NBFIs call for positive reforms strengthening legal enforcement in the sector
Sri Lanka’s licensed finance companies (LFC) catering to financial needs of informal and relatively vulnerable segments of the economy are now under pressure of deterioration in asset quality triggered by defaults and deferred payments of customers following the Easter Sunday terror attacks and the COVID-19 crisis. In order to meet the challenges arising out of [...]
Sri Lankan conglomerates drag their feet in adopting digital technology
Most conglomerates do not adopt modern digital technology due to hierarchical decisions and face the risk of disruption that affects their businesses altogether, according to Managing Director Orel Corporation Kushan Kodithuwakku speaking at a webinar on the topic of “Have We Stepped into Industry 4.0? held last week. He said the industry 4.0 revolution has [...]
HNB ramps up COVID relief, extends to over Rs. 350 bn in loan moratoriums
HNB PLC has ramped up assistance to individuals and enterprises negatively impacted by the COVID-19 pandemic by granting debt moratoriums worth Rs. 350 billion as at the end of June. In total, HNB granted over 65,000 moratoriums across the entire spectrum of the bank’s clients; spanning corporate, Small and Medium (SME), micro, and retail customers, [...]
TUs reveal ECT Cabinet paper
The government on Friday rejected claims by trade unions that a cabinet paper was submitted seeking approval to go ahead with the agreement entered into with India and Japan to privatise the East Container Terminal (ECT) of the Sri Lanka Ports Authority (SLPA). Ports and Shipping Ministry Secretary M.M.P.K. Mayadunne speaking with the Business Times [...]
Controlling pandemic key for CSE’s rise
Managing the COVID-19 pandemic will see the Colombo Stock Exchange’s (CSE) further erosion, market analysts say. Senaka Kekiriwaragodage, Acting CEO NDB Capital Holdings Ltd told the Business Times that Sri Lanka has a ‘big’ opportunity in this regard. “There are two opposing forces impacting the market. The pandemic is the negative force while the declining [...]
Bandula G on interest rates
Commenting on a recent decision to reduce interest rates of senior citizens’ fixed deposits, Minister Bandula Gunawardane had said no country had developed with two-digit interest rates for lending. Does he think by reducing interest rates alone we too would become a developed country while he and many like him are ruining the economy in [...]
Marine Hope, largest vessel to call at Hambantota Port
Crude oil tanker ‘Marine Hope’ called at the Hambantota International Port (HIP) for repairs recently. With a gross tonnage of 159,962 and 332 metres in length, the tanker is the largest vessel to call at the port to date. Its repairs were carried out by Colombo Dockyard PLC with whom HIP has a collaborative partnership [...]
Metropolitan Group continues driving licence operation till army takeover
Metropolitan Group, the present service provider, will be continuing the maintenance and the issuance of National Smart Card Based Driver’s Licences till the whole system is taken over by Sri Lanka Army next January, the Motor Traffic Department (DMT) Commissioner General Sumith Alahakoon said. The present service provider will continue with a new contract at [...]
People’s Bank, IDB to support 5,000 small businesses
While the development of micro, small and medium-sized enterprises (MSMEs) is highly dependent on ‘development banking’ the two development banks that existed in Sri Lanka were unfortunately converted to commercial banks. Wickrama Narayana, Assistant General Manager, People’s Bank made this comment when he addressed the signing of an MOU between the People’s Bank and the [...]