Powerful businessman blocks moves to allow tile imports
It was a battle between two powerful lobbies – the tile importers group and powerful interests representing local tile manufacturers. Eventually the local manufacturers, fronted by a politically powerful businessman who also controls Sri Lanka’s largest added value rubber products group, won the day. The result: The last minute cancellation of a gazette which was [...]
Not a stock exchange but a ‘shock’ exchange
Sri Lanka’s stock exchange lost a lot of money over the last week. Why? Because of three different circulars by the market operator, Colombo Stock Exchange (CSE) – at least that is what most market players believe. Let’s backup for a second. What did the circulars say? The CSE has been obtaining stockbrokers’ debtor information [...]
JAAF, CCC jointly propose vaccines for employees
The Joint Apparel Association Forum (JAAF) together with the Ceylon Chamber of Commerce (CCC) will be jointly proposing to the health authorities to purchase COVID-19 vaccines to inoculate around 500,000 of their employees and a section of the community on a priority basis. During meetings held with the Health Department officials, JAAF and CCC had [...]
Fuel price hike on the horizon if no tax cut
Petrol and diesel are set to become costly as international oil prices continue to rise compelling the government to mitigate with appropriate tax reduction or removing import duty surcharges — without burdening the public. The benchmark Brent crude oil price is seen increasing to US$ 60 -70 per barrel from the current average level of [...]
Govt. seeks increased export earnings
Exporters have been asked to increase their export earnings by at least 10 per cent as the country faces stiff financial challenges particularly in foreign exchange earnings. A meeting of the key exporters from varied sectors was held at the Central Bank this week with officials from the bank, Governor Prof. W.D. Lakshman and State [...]
Govt. to spend over Rs.10 bn on COVID-19 vaccines
The government is to purchase 18 million doses of COVID-19 vaccines which will cost in the region of Rs. 10 billion at the rate of US$ 3 per vaccine (over Rs. 575), a senior Finance Ministry official said adding that other overheads and charges for transportation etc will add up to several billions. According to [...]
Way of life
The trio had gathered in the garden. It was their once-or-twice-a-week meetings, their way of life in the fast lane to discuss political happenings and other gossip, unwinding before going back to their household chores. And the margosa tree was the popular meeting place. “Mokakdda me ennatha, apatath eka devida (What about this vaccine? Will [...]
“NATIONAL INTEREST” on ECT development project
The loud cry of the port workers today backed by the shadow political economy, echoes the misconceptions around the landlord system of port management. The error is not with the port workers who seem to believe in their cry simply because they have been repeatedly misled. What is regrettable is that, it is only the [...]
Tourist transporters demand redress for repayment of vehicle leasing
All licensed non-bank financial institutions (NBFIs) including leasing companies have been warned of stern regulatory action for the failure to grant concessions including a debt moratorium granted to tourism sector employees in recovering their loan installment with interest in accordance with Central Bank circulars. The newly established Financial Consumer Relations Department of the Central Bank [...]
Sri Lanka real estate market set to face under-supply of apartment stock
In a recent webinar hosted by the Research Intelligence Unit (RIU), the consensus opinion was that the industry had performed with fortitude and resilience during the past year despite the extraordinary challenges faced by the economy. Moreover, the panel of experts concluded that in the next 2-3 years, Sri Lanka will actually face an under-supply [...]
3 game-changing technologies from Fonterra preserve milk quality
Milk collection and cold chain infrastructure are often perceived as the most challenging link in the dairy farming supply chain. In this context, Fonterra has pioneered three cutting-edge technologies to drive sustainable improvement in milk quality from “rapid chilling technology” to instantly preserve milk, “milk fingerprinting” screening that ensures milk supplied is of the highest [...]
Tea firm Ranfer gets into BPO ops
Ranfer, a well-known tea exporter with a global sourcing and marketing reach, has launched its latest business venture ‘LionPride’ as a business entity in the BPO service sector. LionPride services comprises a team of high end and hands on professionals in selected sectors. This project is backed by years of hands-on professional indulgence evolved through [...]
Piramal Glass 9-mth turnover shows marginal rise
Piramal Glass Ceylon PLC has reported its nine-month results as at 31st December 2020, with a turnover of Rs. 5,961 million and post-tax profit (PAT) of Rs. 694 million as against Rs. 5,832 million and Rs. 330 million in the same period of the previous year. The company reported a growth of 2% in revenue [...]
SDB bank gets $40 m loans to boost SMEs and female entrepreneurs
The US International Development Finance Corporation (DFC) has approved a US$ 40 million (Rs. 7.5 billion) term loan facility to SDB bank to promote financial inclusion, resulting in more support to SMEs, particularly female-owned Small and Medium Enterprises. This comes as part of the financing recently approved by the DFC board to advance development in [...]
RPCs, TUs to meet Wages Board on Monday
In an attempt to exert pressure on the Regional Plantation Companies (RPCs), the estate worker trade unions resorted to a token strike on Friday insisting their wages be increased to Rs.1000 per day. CWC Leader Jeevan Thondaman told the Business Times on Friday that, “this is a wage increment as such the basic wage should [...]
Government to enact renewed regulations promoting foreign exchange inflows
Government is now set to introduce renewed regulations with the aim of promoting foreign exchange activities in the market despite disruptions of Covid-19 and current geopolitical trends. These regulations will be enacted in parliament soon under the Foreign Exchange Act (FEA) further facilitating and simplifying foreign exchange transactions while preserving foreign reserves, official sources divulged. [...]
CSE guidelines to stockbrokers on best practices and market surveillance
The Colombo Stock Exchange (CSE), in consultation with the Securities and Exchange Commission of Sri Lanka (SEC), has issued a set of guidelines on best practices for stockbrokers which are required to be adopted and implemented with immediate effect. The guidelines has been approved by the SEC Commission on January 13. Under these guidelines, as [...]
High number of COVID-19 cases at MAS facility in Mahiyanganaya
Shadeline, an apparel facility at Mahiyanganaya owned by MAS Holdings, has been shut down after a significant number of COVID-19 positive employees was detected. “Due to the relatively high number of asymptomatic employees testing positive, whilst their close contacts are identified within the plant it was temporarily closed by MAS as precautionary measures, after consultation [...]
LP Gas companies demand an immediate price hike in LP Gas
In the wake of rising world market prices and rupee depreciation, LP Gas companies have made a request from the government authorities to increase the price of a 12.5kg domestic LP gas cylinder by at least Rs. 407 with immediate effect, official sources said on Tuesday. In addition, prices of the 5kg domestic LP gas [...]
SLT-MOBITEL launches ‘mPower’ bundled device offer
SLT-MOBITEL has announced the launch of mPower, a bundled device offer for the private sector, for the first time in Sri Lanka. The launch of mPower was held, to coincide with the National Independence Day. The success of bundled offers among state sector employees and the growing demand for affordable smartphones and connectivity solutions, paved [...]