State companies soon on the CSE
Two new state-controlled companies are to be floated shortly and listed in the Colombo Stock Exchange (CSE) for the purpose of attracting investments. The two companies will be listed on the stock market to harness the maximum advantage of the present boom in the stock market with high investor interest, officials said The two new [...]
Finance Ministry wants its nominees as independent directors in private banks
Questions are being raised on the much promoted meritocracy by the current government with the Ministry of Finance (MOF) moving to remove certain independent directors in some private banks. These commercial banks are being pressurised by the MOF to remove certain independent directors, in a bid to replace them with political cronies. Sources close to [...]
Transfers, inquiries amidst port agitation
Port workers continued their agitation on Friday amidst punishment transfers and inquiries initiated against the trade union leaders that have been campaigning to ensure that the East Container Terminal (ECT) will be run solely by the Sri Lanka Ports Authority (SLPA). Friday’s demonstration was to be carried out at the Gate 3 entrance to the [...]
Hatch to venture into Pakistan
Hatch, will be opening its first ever overseas branch in Lahore, Pakistan by April. Jeevan Gnanam, speaking to the Business Times on the sidelines of the official launch for Council for Start-ups at Hatch Works in Colombo on Tuesday, said that with their partner in Lahore, Hatch will take its products to Pakistan and vice [...]
US$ hovers around Rs.200
The Sri Lanka rupee, which has been under pressure in the past few weeks, was hovering around the Rs.200 per 1$ level on Friday, money market traders said. It was trading at Rs.199.75 from the import (buying) side while on the selling side it was trading at 198-199 rupees. While it was unclear as to [...]
ECT deal with Adani Group
India’s Adani Ports and Special Economic Zone Ltd has been offered a 39 per cent stake in the East Container Terminal (ECT) while its local partner would have a 13 per cent stake, together making it 49 per cent in the ECT investment, according to details now emerging on the proposed ECT deal with the [...]
Shares and sugar
As I walked into the garden on this bright and sunny Thursday morning to get a breath of fresh air before starting the day, I was drawn to a heated argument at the gate. Aldoris, the choon-paan karaya, had arrived and the trio appeared to be arguing with him over the prices of his product [...]
Bookmark in a book market
I came across news that Anne Krueger has published a new book titled “International Trade: What Everyone Needs to Know”. I don’t think the author is a familiar name to our readers. Anne Krueger has been a pioneering economist who has worked largely in the area of “international trade” for more than 60 years, I [...]
Government grapples to drive economic growth amidst fiscal woes
The recession-hit Sri Lanka Treasury is grappling to drive economic growth towards 5 to 6 per cent of GDP this year amidst current fiscal woes, Finance Ministry sources said. The main task at hand is to raise funds to repay loans and for finance development activities from local and foreign borrowings as revenue is not [...]
‘Market Access Assistance’ initiative for companies facing funding issues
Sri Lankan companies have not been able to harness maximum benefits of a state sponsored Market Access Assistance Programme designed to empower entrepreneurs due to lack of funding, an Auditor General (AG)’s recent report has revealed. The programme helps entrepreneurs to expand markets, modernise/upgrade products / services and production processes and increase market access to [...]
Ceylon Tea 2020 production lowest in 23 years
Sri Lanka’s annual tea production of 278.4 million kg in 2020 was the lowest on record since 1997 and a significant drop compared to 2019’s 300 m kg. The lowest on record was in 1997 when 276 mn kg was produced, Asia Siyaka Commodities report stated. “Climate change has played a part in a shrinking [...]
14-day bubble tours in Sri Lanka
Sri Lanka Tourism on Thursday opened its doors to international travellers after a 10-month lapse with new health guidelines to follow amidst a crowded gathering under questionable safety precautions at the event itself. As Sri Lanka opens its doors to the world, Sri Lanka has to ensure that the place is safe, secure and serene, [...]
Private power deals to increase end user electricity tariff
Sri Lanka’s electricity demand, sales and investment needs are growing rapidly compelling the Ceylon Electricity Board (CEB) to increase end user tariff making it cost effective, and expedite the implementation of power plants. This was highlighted in the Asian Development Bank funded power sector assessment report. The peak demand was forecasted to cross 3,000 MW [...]
Micro Finance Act, Samurdhi to be amalgamated soon
The Government intends to mediate to provide solutions that benefit low income earners but not to jeopardise or derail schemes of the private micro finance sector, said the State Minister of Samurdhi, Household Economy, Micro Finance, Self- Employment and Business Development Shehan Semasinghe at a webinar held in Colombo this week. It was organised by [...]
Sri Lanka aiming for a $150 bn economy
The Sri Lankan Government is aiming for a US$150 billion economy and is dedicated to establishing the foundation to reach that goal in the next four years, according to Ajith Nivard Cabraal, State Minister of Finance, Capital Markets and Enterprise Reforms. Speaking as the Chief Guest at the Institute of Chartered Accountants of Sri Lanka [...]
Sri Lanka sees strong economic rebound this year: Central Bank Governor
Sri Lanka’s economic growth is likely to ‘strongly rebound’ in 2021 to around 5 to 6 per cent even amidst the corona virus pandemic-related disruptions continuing to take a toll on the island nation’s fragile economy, Central Bank Governor Prof. W.D. Lakshman said. Addressing the first Monetary Policy review press conference conducted online for the [...]
Tour guides want fair play
Tourist guides in Sri Lanka face the challenge of being quarantined following a tour as a result of which they have requested that tour operators pay them accordingly and assure safety standards are adhered to strictly when on tour. In this respect, the ‘Sri Lanka Institute of National Tourist Guide Lecturers’ (SLINTGL) in a letter [...]
Sri Lankan company launches world class shoe brand
The latest addition to the highly competitive shoe market, a 100 per cent Sri Lankan brand – YOO – was launched at a grand ceremony held at the factory premises in Makumbura, on Wednesday. Prime Minister Mahinda Rajapaksa joined the ceremonial inauguration via video conferencing technology while Industry and Commerce Minister Wimal Weerawansa, Minister of [...]
LOLC Finance introduces credit card for pensioners, state sector employees
LOLC Finance – Sri Lanka’s largest Non-Banking Financial Institution (NBFI), has introduced a Credit Card named, Savi exclusively designed for pensioners and state sector employees across Sri Lanka. The card was introduced as a part of LOLC Finance’s overall digitisation strategy which is in line with the Central Bank’s ‘2020 – Year of Digital Transactions’ [...]