Protest over training period
Bank of Ceylon employees protesting outside the bank headquarters in Fort this week. They were seeking a change in the training period to two years from three years and say that even though the Prime Minister had agreed to the change, the board of directors hasn’t made any change. Pic by Sameera Weerasekara.
TRC strikes a hard blow to counterfeit phones
From next month, all fake phones won’t work. So despite a tantalisingly cheap price tag, the unforeseen trouble for such phones lies in the form of the Telecommunications Regulatory Commission (TRC). From October, phones of only TRC registered telco vendors will ‘work’, Oshada Senanayake, Director General TRC told the Business Times. There are 24.43 million [...]
Increasing local tyre production but shortage persists
Sri Lanka is gearing up to produce more tyres using local natural rubber to meet the country’s requirement by setting up a couple of factories soon but the current shortage of tyres due to import restrictions drags on with no prompt solutions. The present tyre shortage will push thousands of vehicles off the road within [...]
Mattala preparing for more flights
Sri Lanka is gearing up to open the Mattala airport for international passenger services and cargo traffic with discussions underway with a number of airlines. The plan is to have scheduled airline flights once the airport is open for commercial traffic and in this regard it will be aiming for five scheduled airlines at the [...]
Better social protection for self-employed persons
Existing social security and pension schemes are to be expanded ensuring better social protection for self-employed persons countrywide, State Minister of Micro Finance and Self Employment Shehan Semasinghe said. The need to make certain the social protection for self employed has been identified as one of the challenges to be urgently tackled by the government, [...]
REITS powering power projects
Energy infrastructure qualifies as “real estate assets” for REITs (Real Estate Investment Trusts) or firms that own/finance income-producing real estate across a range of property sectors and now REIT investments, officials said. REITs rules approved by the Securities and Exchange Commission (SEC) permitting real estate developers and owners to convert fully completed properties into REITs [...]
Sri Lanka falls into massive Rs. 3 trillion debt abyss
Sri Lanka is in a dilemma of tackling massive public debt restructuring in the next three months with an unprecedented debt load of Rs.3.05 trillion for 2020, surpassing the earlier estimate of Rs.2 trillion, official data showed. In light of urgent and unforeseen requirements arising from the COVID-19 pandemic, the increase in debt stock to [...]
Agony of small-time borrowers
Regulated and unregulated micro-finance companies, unregulated leasing companies, regulated and unregulated finance companies – all have issues; all have problems. And despite repeated warnings by the Central Bank urging depositors to be wary of unregulated finance companies, people invest in these dubious firms desperate for high interest income or take loans from unregulated micro-finance companies [...]
Why nations fail
After reading one of my previous write-ups on “Prosperity through democracy and elections” in this column a few weeks ago, Alabi Moshood – a University lecturer from Africa, studying for a Doctorate degree in Economics, sent me a text message: “A very brilliant piece sir; well said. Policy formulation has never been our problem, rather [...]
Central Bank revises ownership limits in licensed commercial banks
The Central Bank (CB) has revised ownership limits in licensed commercial banks for Multilateral Financial Organisations and approved by the Monetary Board. This decision has been taken by considering the benefits to the banking system through the investments by Multilateral Financial Organisations in the shareholding of licensed specialised banks, a directive issued by CB Governor [...]
Regional Development Bank transforms to specialised micro finance bank
The Regional Development Bank (RDB), a state-owned licensed specialised bank, is now being transformed into a fully-fledged micro financial institution to assist the rural poor and alleviate poverty, Chairman of the Bank Mahinda Saliya told the Business Times. The RDB will be mainly concentrating on micro finance with the aim of rescuing the rural poor [...]
Strong showing by Hayleys in turbulent 1Q2020/21
The Hayleys Group has remained resilient amidst unprecedented challenges to record a pre-tax profit of Rs.1.17 billion in the first quarter of the financial year compared to a profit of Rs.285.26 million in the corresponding quarter of last year. The improvement in profitability reflects the strong performance of the group’s export-oriented businesses and ongoing focus [...]
Crystal Stone pioneers Quartz slab manufacturing industry
Ruhunu Lanka Minerals Pvt Ltd has pioneered Sri Lanka’s local quartz slab manufacturing industry with ‘Crystal Stone’, a premium product designed and produced by Sri Lankans, for Sri Lankans. In a media release, Director of Ruhunu Lanka Minerals Buddhika Kariyawasam, said, “From investing in a multi-million-dollar factory and hiring hundreds of local workers, we are [...]
Danish firm Grundfos remains resilient in Sri Lanka market
Danish-based multinational company Grundfos, specialised in pump and water technologies, is continuing to focus on Sri Lanka which is one of the emerging markets, a senior company executive said. Despite the significant impact of COVID-19 on markets globally. Grundfos enhances its engagements in the country’s commercial building services, water utility, and supporting industry with modern [...]
FCCISL organises interactive meeting series with key ministers
The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) recently organised its first interactive meeting between its board members and some of the key ministers of the government at Shangri La hotel in Colombo. Speaking at the occasion, its president Shirley Jayawardena said that this event is importance to the chamber in [...]
Crysbro strengthens Sri Lanka’s food security agenda with seed paddy production
Sri Lanka’s leading poultry producer Crysbro recently initiated operations on seed paddy production in a bid to elevate the local rice production capacity. Spread across a 1000-acre stretch of land in Kantale’s Suriyapura Village, Crysbro’s operations are supported by a state-of-the-art laboratory and technical facility set on the company’s farm in Kantale, the company announced [...]
Dilmah Tea voted as a “Trusted and Respected Brand in Australia, New Zealand and Sri Lanka”
Ethical tea brand Dilmah, has won the palates and hearts of consumers in Australia and New Zealand, with their recent recognition as one of the most trusted brands. Dilmah was first launched by founder Merrill J. Fernando, in Australia over 33 years ago, shortly followed by New Zealand. Back home in Sri Lanka, Dilmah has [...]
Minority shareholders cry foul over Overseas Realty dividend payment issue
Minority shareholders are protesting against a decision by the Overseas Realty (Ceylon) Plc not to pay a dividend to its shareholders. The protest has been conveyed by minority shareholder and prominent campaigner for minority rights K.C. Vignarajah in an August 31 letter to S.P. Tao, company chairman with copies to the Treasury Secretary and heads [...]