Temperature monitor
A railway official monitors the temperature of a passenger at the Fort Railway Station on Friday. A camera in the official’s cubicle monitors the temperature which is then shown on a computer screen. Pic by Indika Handuwala
No quick rebound in tourism expected: World Bank
Tourism has badly affected many economies including Sri Lanka and South Asia and even if border restrictions ease, a quick rebound is not expected, World Bank officials say. “One can’t be optimistic about a quick revival in tourism because tourism is not only the result of closure of borders and lockdown measures but also hesitancy [...]
Govt. to probe Brandix COVID-19 cluster
Labour Minister Nimal Siripala de Silva is to appoint an official committee to examine the reasons behind the cluster of COVID-19 infections that emanated from the Brandix apparel factory in Minuwangoda. The Minister gave this assurance after trade unions requested a probe as to how the COVID-19 cluster emerged which has led to over 1000 [...]
Banks backtrack concessionary loan disbursement among needy borrowers
Sri Lanka’s commercial banks have backtracked from the disbursement of concessionary loans granted by the government via Central Bank (CB)’s re-finance scheme among COVID-19-affected businesses including MSMEs (medium and small enterprises), a large number of MSMEs complained. These MSMEs noted that the ground reality is they are finding it difficult to get credit to tide [...]
Reduced wages based on company performance
Discussions are underway to continue the tripartite agreement for three more months to allow companies to pay workers in the apparel and tourism sectors reduced wages depending on the companies that request it. Joint Apparel Association Forum General Secretary Tuly Cooray said though they have not signed the document the government had agreed to grant [...]
Banks seeking to extend SLFRS 9 relief
Commercial banks are urging an extension to the time period on the relief given to them in the last quarter in reporting their financials. During March to September, a relief was given to them in some of the provisioning and how they account for financial instruments in Sri Lanka Financial Reporting Standard – 9 (SLFRS [...]
Chinese bailout sought amidst balance of payments crisis in Sri Lanka
Sri Lanka is turning to its frontline Asian partners China and India for a financial lifeline in curing the ailing economy and a balance of payment crisis emerging over the massive debt situation. Wide budget deficits running up to over Rs. 800 billion this year and more than Rs.1 trillion in the next year are [...]
Wearing a mask
At a wedding in Colombo, many people could be seen sans face masks. At a public concert while social distancing is displayed with every other seat assigned to the audience with the middle seat vacant, some people are not wearing masks so much so that someone complained and the organisers had to run an announcement [...]
Why modern agricultural technologies fail in Sri Lanka
Scores of modern technologies are being introduced to the agriculture sector regularly to enhance agricultural productivity that is imperative to feed the ever-increasing population in the world as the available arable land area is a near constant leaving no room for expansion. Maintaining the balance between the forest cover and agriculture is ever more important [...]
Consistent policies needed to attract investments to Sri Lanka
To build the investors’ confidence in Sri Lanka for them to pump essential funds to start local industries, consistent, fair and equitable policies are essential that would ensure the industrialists to achieve long term goals. The above was stated by Murtaza Esufally, Managing Director, Morison PLC on the occasion of opening Morison’s large Pharma Manufacturing [...]
DFCC urges structural changes to industry to overcome Corona blues
DFCC Bank was tested in these unprecedented times of the pandemic and has come out on top. With 65 years of solid banking behind it, DFCC’s loyal customers would not have it any other way, Lakshman Silva, CEO DFCC said, sitting down for an interview with the Business Times on Wednesday. The ‘bad times’ has [...]
CCC’s Economic Summit on December 1-2
The Ceylon Chamber of Commerce (CCC) will be organising the 20th Sri Lanka Economic Summit (SLES) on December 1-2 at the Shangri-La Hotel, Colombo. The theme of the summit is ‘Roadmap for Take-Off: Driving a People-Centric Economic Revival’, the chamber said in a media release. The two-day event will bring together key policymakers, business leaders [...]
Colombo’s newest co-working space, WORX
WORX, Colombo’s newest co-working space, has been created around the idea of opening spaces that offered pliancy and attracted people with great minds and inspiring hearts. Home to functional office spaces that are beneficial for ideas to thrive, complete with premium comfortable design and a touch of hospitality, the company’s purpose at this venture is [...]
Post-COVID: Long-term economic success linked to common sense and stable macroeconomic policies
From the socio-economical point of view, countries most affected were where, administrations failed to understand the biology, means of propagating the virus, how to control the COVID-19 epidemic, and consequently, turned control over to the military. The latter in general has no clue of containing an epidemic, never mind a pandemic. The situation got worse [...]
Government permits molasses imports to save state-owned sugar firms
The Government will soon be granting permission to state-owned Lanka Sugar Company Ltd to import molasses from India at a price of Rs.80 per kg to produce ethanol to meet the demand of local liquor manufacturers, informed industry sources said. This action has been taken despite the ethanol import ban to assist Pelwatte Sugar Distilleries [...]
SL could easily reverse poor tax revenue if there is political commitment
While the Sri Lankan government is grappling with an enormous debt burden and more and more loans are in discussion to be further included to the existing burden, there is considerable room to improve the tax administration of the country. If the government wants to reverse the poor tax revenue and raise more revenue it [...]
Turmeric under oil palm
Turmeric (Curcuma domestica) in the botanical family of Zingiberaceae has been used in India for more than 5000 years now. Initially, it was cultivated for dye as its vivid yellow colour works brilliantly as a colouring agent. Then its highly developed uses came to be known and people started using it for cosmetic and beautification [...]
INSEE Cement comments on progress on rehabilitation of encroached and illegally cleared land in Puttalam
INSEE Cement has issued an update and progress report of work completed towards the rehabilitation and reforestation efforts addressing the incident of illegal encroachment and forest clearing in its long-term leased land in Aruwakkalu. During early September 2020, approximately 29 acres of forest land was illegally cleared causing detrimental environmental impacts. INSEE Cement immediately commenced [...]
Brandix says no one from India came to its manufacturing facility
Brandix, one of Sri Lanka’s largest garment industry employers in the centre of a storm of controversy over a large cluster of COVID-19 infections emanating from one of its factories, has denied reports that Indian nationals were at its factory and the cause of the infections. “No parties from India or any other country had [...]
Northern Lights to blink again
This year’s Tourism Day is extensively dedicated to the tourism entrepreneurs who struggle to search for new avenues for them to grow. Those entrepreneurs will eventually become successful business giants in future, said Stanly Macarenes, Chairman of Northern Tourism Bureau delivering the welcome address at the official launch of the community- based destination marketing campaign [...]
Sri Lanka’s UBC ingot exporters feel the pinch of export ban
Sri Lanka’s manufacturing and export firms of used beverage cans (UBC ingots) are now on the verge of closing down their operations following the recent ban on exports of all scrap metals, several such exporters complained. At least 15 units engaged in the production of UBC ingots have become destitute without any means to sell [...]
New leaders appointed to lead Toastmasters International in Sri Lanka and the region
Toastmasters International, a nonprofit educational organisation that teaches public speaking and leadership skills through a worldwide network of clubs, has appointed new leaders in Sri Lanka to drive the movement forward. Formed in 2006, District 82 represented clubs across India and Sri Lanka. Each year, leaders from the movement rise up and take the helm [...]
ComBank receives $50 m equity from IFC
The Commercial Bank of Ceylon has announced the completion of all formalities relating to the private placement of shares with the International Finance Corporation (IFC) and the receipt of US$50 million (Rs. 9.215 billion) from the latter for 115,197,186 ordinary voting shares in the bank. This is the first foreign equity placement by Commercial Bank, [...]
SL’s sovereign rating down two notches to Caa1, from B2
Moody’s Investors Service has downgraded Sri Lanka’s sovereign rating two notches to Caa1, from B2, citing wide budget deficits, slow reforms and weak institutions. Being downgraded can have a big impact on a country’s ability to borrow money on the markets. Investors see it as a riskier bet and demand higher returns to lend to [...]
Dhammika Perera launches DP Kids free online learning platform
To support education excellence among children, Hayleys Group co-chairman and philanthropist Dhammika Perera and his wife Priscilla Perera have launched another initiative. The platform, DP Kids, aims to provide free access to pre-school education to a minimum of 264,000 children between the ages of 2 and 7 years old, which amounts to 20 per cent [...]