Made in Sri Lanka exhibition
Colourful products at the ‘Lankapak’ exhibition, organised by the Sri Lanka Institute of Packaging, which opened at the BMICH on Friday. Pic by Priyanka Samaraweera
Wage hike to incur Rs.15 billion more losses to RPCs
The 125 year-old tea industry has been dealt a severe blow following the recent wage hike that is set to contribute to further losses to the plantations and at least Rs. 15 billion annually to the Regional Plantation Companies (RPCs) which are now readying to protest against the “unfairness of this methodology.” As against obtaining [...]
Fashion with fast solutions through InQube
Fashion has always been a breeding ground for innovation — from the invention of the sewing machine to the growth of e-commerce. But relative to the other industries, clothing per say hasn’t changed over the years. Industry specialists have identified that now, more than ever, there is a real opportunity to revolutionalise fashion; all in [...]
Foreign reserves on slippery slope
Sri Lanka will roll over short term debt and official loans while eagerly awaiting China’s financial assistance to avert a flagging foreign reserve position and balance of payment issue, State Ministry of Finance officials have said. The total debt repayment including the interest for this year stands at US$7.3 billion and it has now come [...]
SEC-CSE meeting with brokers ends in impasse
Thursday’s meeting between the Securities and Exchange Commission (SEC), the Colombo Stock Exchange (CSE) and CEOs of stockbroker firms on the current status of the stock market pretty much ended in an impasse ahead of the Delivery versus Payment (DvP) trial which runs tomorrow. With the sharp drops in the CSE indices, certain stockbrokers aren’t [...]
Govt. imposes single GST on diverse products
Sri Lanka’s tax collection efficiency will be improved through the introduction of an online-managed single Special Goods and Service Tax (GST) in place of the various goods and service taxes and levies soon. This GST is now set to be enforced under multiple laws and institutions on alcohol, cigarettes, telecommunication, betting and gaming and vehicles, [...]
Plantations on fire
Sri Lanka’s plantations are on fire once again, though the opposing parties to the ‘conflict’ seem to have reached, rather reluctantly, an agreement over wages. This was also the discourse that the trio was having on Thursday morning. “Ape wathukaraye thiyena prashne mokakda (What is this problem in the plantations?)” asked Kussi Amma Sera, sipping [...]
New development model for Sri Lanka!
Last week when Sri Lanka was celebrating its 73rd Independence Day, I received an email from one of the readers of my column. He had asked me a question which inspired me to use it as today’s theme. He asked: “What is the economic model you suggest for the development of our nation, Sri Lanka?” [...]
Government cancels price control gazettes, introduces budget shop concept
Government’s attempts to bring down prices of essential commodities by controlling prices through gazette notifications has become untenable as importers and traders have been continuously increasing prices ignoring Consumer Affairs Authority (CAA) directives. The state authority has failed to regulate essential commodity prices in the market by imposing and cancelling of price control issuing gazette [...]
Too many procedures impede import-export trade
Though there is indication that there is no import ban to Sri Lanka, there are impediments from the banks to pay in foreign currencies for imported goods, said Denis Chaibi, Ambassador of the Delegation to the European Union to Sri Lanka and the Maldives. He was speaking at the official launch of the Step by [...]
AIA launches new AIA Customer Portal
AIA has launched its all-new AIA Customer Portal, a one stop digital solution to access and manage your AIA polices anytime, anywhere. This revamped and improved version of the previous portal enables AIA’s customers to have full online access to their insurance policy, payment details, claims information and much more, the company said in a [...]
IT sector gears up with resilience for growth opportunities
Gone are the days where employees were confined to offices and work for 8-12 hours interacting with colleagues while spending much time in staff gossip. All of a sudden this change has taken place in the wake of COVID-19 with many employees now working from home participating in discussions in video conferencing, online and mobile [...]
DSI launches Synthetic Leather Manufacturing facility
D. Samson Industries (Pvt) Ltd, a subsidiary of DSI Samson Group (Pvt) Ltd, has launched a Synthetic Leather Manufacturing segment by acquiring a state-of-the- art production facility in Katana in the Negombo area. This development comes during a crucial period in which the government has encouraged Sri Lankan entrepreneurs to take a step forward to [...]
Central Bank Governor presents alternative economic frame work
Presenting a positive and alternative economic outlook while rejecting negative predictions based on the 2010 scenario, Central Bank Governor Prof. W.D Lakshman on Friday said the country could achieve 5.5 to 6 per cent GDP economic growth this year. Balanced macroeconomic conditions will be created with political stability under a stable government capable of generating [...]
Eco-Spindles recycled polyester yarn facility to double polyester yarn production
Eco-Spindles (Pvt.) Ltd, the pioneering Sri Lankan plastic bottle recycler and manufacturer of polyester yarn and monofilaments, commenced Phase 2 of its expansion strategy to add 20,000 sq.ft of production space at its state-of-the-art facility in Horana last week. Already one of only two such facilities in the entire world, once completed, the expanded facility [...]
Sri Lankan cheese maker says supply insufficient to meet demand
The Muthurajawela wetland on the western outskirts of Colombo, parts of which have been reclaimed, has nothing to do with cheese. However it is ideal grazing land for dairy farming and cheese is a major component made out of cow’s milk. Sunil Rodrigo, Chairman, Lili Cheese (Pvt) Ltd, born and bred in Muthurajawela in Mahawatte, [...]
Sri Lanka’s debt repayment remains a major problem in the future
The road to recovery and the re-opening of the economy following the pandemic will not apply to all economies. But there is optimism that the Indian economy will get back to pre-COVID-19 levels where a growth of 10 per cent is anticipated during 2021, said Aayushi Chaudhary, Economist India and Sri Lanka, HSBC Securities and [...]
Coca-Cola installs mega rooftop solar panels
Coca-Cola Beverages Sri Lanka Ltd (CCBSL) successfully installed one of the largest single location rooftop solar projects in Sri Lanka at its facility in Biyagama, as part of the company’s pledge towards sourcing renewable energy, and combating climate change through the reduction of its carbon footprint by approximately 1.94 Mt per annum. The solar project [...]
SLT Group garners 25% PAT in 2020 despite COVID challenges
The Sri Lanka Telecom PLC (SLT) Group ended the 2020 financial year on a high note with a significant 25 per cent YoY growth in profit after tax to Rs. 7.9 billion despite many challenges faced arising from the COVID-19 pandemic. Group revenue climbed to Rs. 91.1 billion for the year with a 6 per [...]
Royal Fernwood Porcelain manufactures heat insulator for Rakon New Zealand
Royal Fernwood Porcelain Ltd, a large-scale manufacturer of high quality white and decorated porcelain tableware, recently manufactured a very delicate and important engineering component – a heater insulator for Rakon Ltd, New Zealand, a global high technology organisation that is in the forefront of enabling connectivity and communications by designing and manufacturing world-leading frequency control [...]