ECT protests continue
Policemen don PPE kits before facing trade unions which held a protest on Friday in Fort opposing plans to hand over part ownership to India’s Adani group of the ECT at the Colombo Port. (See story elsewhere on this page). Pic by Priyanka Samaraweera
Overheated Colombo bourse, a magnet for newbies
The Colombo share market sets new highs almost every day. ‘All’ stock market participants are beyond happy. They want to continue to be happy. They want this run to last – forever. Forever is far-fetched with the overheating of the market, all ready to dissipate anytime. If, however is the catchword. Analysts predict that if [...]
Adani to run the RPCs?
Indian investor Adani Group, in the hot spot over the ECT at the Colombo Port, has now become the centre of discussion among plantation companies as there is speculation the government has invited them to take over some Regional Plantation companies (RPCs). There was no independent confirmation of these reports. Some of the underperforming RPCs [...]
Rupee gains on CB restrictions
The rupee gained a bit versus the US dollar this week after the Central Bank on Monday imposed restrictions on forward purchases of foreign currency. On Friday, the dollar was trading at around Rs. 191 while on Wednesday it was around Rs. 192 per 1$. Dealers said the rate came down from a high of [...]
Apparel industry to join govt. vaccination scheme
Sri Lanka’s apparel sector is pushing for the distribution of the COVID-19 vaccine to inoculate its workers. The apparel industry will be targeting the inoculation of this vaccine on its own workers and in this respect is in discussion with the government to import stocks of the vaccine, Joint Apparel Association Forum (JAAF) General Secretary [...]
ECT likely to be managed by Adani
As the Colombo Port trade unions commenced a work to rule campaign on Friday, details have emerged that the East Container Terminal (ECT) management is likely to be given to the Adani Group apart from holding a 49 per cent stake in the proposed Terminal Operations Company (TOC). SLPA sources stated that during discussions with [...]
Value being snubbed as split craze grips CSE
Investors are acutely aware of stock splits these days, thanks to many firms announcing them from earlier this month. A stock split is when a firm issues more shares of stock to its shareholders without reducing the value of their stakes. Technically, the split does not add a cents’ value to the shareholders but increases [...]
Tourist bookings expected to surge from March
Hoteliers are expecting bookings to surge from March onwards since most markets are either closed or in lockdown as a result of the COVID-19 pandemic. Despite the restrictions, hoteliers commend the re-opening of the borders to tourists thereby reviving the tourism industry which is believed to help sustain the livelihoods of their workers, Tourist Hotels [...]
Burst of creative energy
While the COVID-19 pandemic has resulted in a lot of misery, uncertainty and a troubled future for the world’s population with increasing signs that the deadly disease will remain in our midst for another year or two, some positives have emerged with a burst of creative energy being part of it. For example, from face [...]
1970s checkpoints for rice
There are two kinds of airports in the world: The first one is where you don’t need to have pre-arranged procedures about “what to do and how to do that” after you get down from the plane. For instance when you need to continue your journey onward from the airport, whatever the mode of transportation [...]
Sri Lanka turns to deregulation amidst sliding growth prospects
The new administration is planning an overhaul and deregulation as one of the solutions for the country’s current economic crisis triggered by COVID -19 while improving troubled growth prospects, official sources divulged.. The President has appointed an 18-member “Deregulation Commission” co-headed by senior presidential advisor Lalith Weeratunga and John Keells Chairman Krishan Balendra to fulfil [...]
Ramesh Jayasekara, new Chief Operating Officer at Seylan Bank
Seylan Bank PLC has appointed Ramesh Jayasekara as its Chief Operating Officer with effect from January 2021, the bank announced. A banker with international exposure, Mr. Jayasekara served as the Deputy Regional Financial Controller of the French Banking giant BNP Paribas, in the Middle East Region based in Bahrain prior to joining Seylan Bank. He [...]
PepperCube to launch retail store audit
PepperCube Consultants (PCC), the premier market research and consulting firm, announced this week that it has purchased the Sri Lanka retail outlet census and exclusive rights to use the retail census from Nielsen Sri Lanka. PepperCube is now preparing to recommence the island-wide Retail Store Audit (RSA) from March. This will ensure a seamless transition [...]
Scheme to compensate affected workers extended
The Government has extended a scheme providing relief in the form of part wages to employees of workplace where employers find it difficult to manage their business owing to the COVID-19 pandemic. According to an announcement by the Commissioner General of Labour, the scheme where employees would be granted a payment of Rs. 14,500 has [...]
JKH pre-tax profit for 9-mths to Dec 2020 drops sharply owing to COVID-19
Sri Lanka’s largest conglomerate, John Keells Holdings (JKH) on Wednesday announced that cumulative group pre-tax profit (PBT) for the first nine months of the financial year 2020/21 was a negative Rs.275 million, a sharp decrease of 104 per cent against the PBT of Rs.7.06 billion recorded in the corresponding period of the previous financial year. [...]
Innovative whey protein-based natural juice from Sri Lankan manufacturer
The launch of a product from whey protein at the National Science Foundation (NSF) last week was identified as reaching a milestone in the history of the NSF, according to Prof. Ranjith Senaratne, Chairman, NSF. A pioneer farmhouse cheese producer in Sri Lanka and now one of the largest cheese makers in the country, Sunil [...]
SL to outperform other equity markets, attracting FDIs under investor bubble
Sri Lanka is gearing to outperform other frontier equity markets during 2021 since it is trading at attractive valuations with the creation of a conducive environment for investors to visit the island under an investor bubble scheme, State Minister of Finance Ajith Nivard Cabraal told the Business Times. Foreign investors will be given an opportunity [...]
Online entrepreneurs, e-commerce businesses surged during COVID-19
Entrepreneurs moved into e-commerce while online businesses thrived during the COVID-19 lockdown delivering food to homes as people avoided restaurants during that period. “When the pandemic hit Sri Lanka last year the first thing that came to our minds was the health and safety of customers as customers were aware of it,” said the President [...]
Tour package prices rise amidst health woes
Taking a tourist on a trip to Sri Lanka today has become slightly more complicated than before in view of the protocols and the additional expenses incurred as a result of which tour package prices have shot up and the industry is fighting hard to remain competitive amidst the current pandemic. Tour packages to Sri [...]
Maintaining work, social and family life in the work-from-home new normal lifestyle
Today the world, our nation and we as individuals are facing a crisis like never seen in human history, most or all of us have been taken by surprise and our very foundations have been shaken, challenging almost all human theories and practices. The world we live in has gone through several changes, Socially, Economically [...]
SLTDA, tour guides add to DMCs woes
Cash-strapped Destination Management Companies (DMCs) following a double whammy is now fighting hard to reach agreement with tour guides on any pay increase as only few tourists seem to trickle into the country after opening up on January 21. The Sri Lanka Association of Inbound Tour Operators (SLAITO) has been in discussion with tour operators [...]
Sri Lanka’s agri-food start-ups have what global markets need
As the world trends on urbanisation and nutrition, shifting gears with the new realities presented to us, Sri Lanka is demonstrating promising new energy in the agri-food innovation sectors. Highlighting the insights of agri-food companies who are threaded together by their interest to build their start-ups or redirect their SMEs in the direction of ethics, [...]
SLIC posts revenue of Rs. 55.2 billion in 2020
Sri Lanka Insurance (SLIC), amidst a turbulent and challenging year, has closed year 2020 in a positive note recording a phenomenal revenue of Rs. 55.2 billion revenue, up from Rs.48.6 billion in 2019. In 2020 SLIC reported 30 per cent growth in life insurance premium increasing to Rs.19.2 billion whilst general insurance reported 7 per [...]