Planters want security on tea estates
Sri Lankan tea planters have requested authorities to increase security else they would be compelled to stage a walk-out should they face any kind of violence on the estates as seen in the recent past. Staging a silent protest in Hatton on Wednesday, the day the Alton Estate case was taken up at the Hatton [...]
Colombo bourse: A time bomb waiting to happen
The hyper-active Colombo stock market has lost ground as investors resorted to take profits from recent highs which, essentially were not on fundamentals, making the local exchange akin to a time bomb, analysts say. Many traders came because of factors such as low interest rates, excess liquidity in the market, lack of viable ventures to [...]
Kelanitissa Power Plant’s 18-month breakdown incurs Rs. 25 bn loss
Sri Lanka’s electricity shortage has become increasingly severe with declining hydro-power output owing to a prevailing drought combined with an over 18-month break-down at the 154 MW Kelanitissa Combined Cycle Power Plant causing a massive loss of over Rs.25 billion to the state. The Ceylon Electricity Board (CEB) is still grappling to repair the power [...]
Norfund to become largest shareholder in NDB
Norfund, the Norwegian Investment Fund for developing countries owned and funded by the Norwegian Government, will be the largest shareholder at National Development Bank PLC (NDB) by April, after the bank’s Rights Issue. The two inked a deal on Friday where Norfund will invest up to 9.99 per cent (Rs. 3 billion) in the bank [...]
Tiles, ceramic import curbs relaxed again
In another policy U-turn, the prevailing import restriction on tiles and ceramic products has been relaxed once again after the controversial move of removing and re–enforcing the ban within less than two days last month. Less than 24 hours after relaxing these import restrictions, the Import and Export Control Department on February 2 has issued [...]
Tourist arrivals up in February
There has been increasing arrival of tourists last month reaching 3,366 compared with the January arrivals of 1, 682. The Sri Lanka Tourism Development Authority (SLTDA) stated that these numbers are a clear reflection of the “unprecedented health, social and economic crisis caused by the outbreak of the COVID-19 pandemic.” However compared to 2020 this [...]
Ubiquitous public officials
Residents wait outside a ramshackle old building, the door is padlocked (there is no proper keyhole). As the government official, the most important in the area, arrives and opens the padlock, residents trickle in one by one, causing the official to tell them to wait in line outside, in the hot sun, as the office [...]
Boring and confusing…
It may be difficult for many people to keep listening to a speech on a “macroeconomic issue” for one hour without falling asleep. It is such a boring area of economics to talk about inflation, money stock, budget deficit, interest rates and exchange rates. However, it is at the heart of economic management and policy [...]
Ceylon Tea brews a new tale
Treading the path less travelled and working in a place that can be the envy of many considering the beauty of its environs, two exceptionally unique personalities have now found themselves embarking on a career that is about to change their lives and that of the tea plantations of Sri Lanka. Business Times spoke with [...]
Sri Lanka and the ‘battle for global hegemony’
In February, the Central Bank settled a US$ 400 million currency swap with the Reserve Bank of India under the SAARC Fx swap framework. There is no implication that this settlement and indeed any other funding facility from India are conditional or subordinate to political concerns but the dynamic cannot be ignored. Sri Lanka is [...]
Wings Logistics celebrates 20th anniversary as a logistics specialist
Wings Logistics recently commemorated 20 years of service in Sri Lanka’s logistics sector. The past two decades mark the company’s transformative journey – evolving from a versatile air, sea and land freight forwarder to one of the fastest-growing logistics partners to many industries. Armed with the mission to be amongst the top freight and logistics [...]
SL Tourism draws up MICE tourism plan
MICE (Meetings, Incentive, Conference, Exhibitions) tourism constitutes a key segment of the tourist industry globally and with this in mind, Sri Lanka Tourism (SLT) is drawing up a 5-year ‘MICE Industry Development Plan’ in collaboration with private sector tourism partners and airlines. The strategic plan will encompass conference and exhibition industry promotion; promotion of corporate [...]
Palaly Airport revival gets underway with Indian experts review
India is now leveraging its aviation expertise to further develop Palaly international airport keeping its foothold in the North after the end of war in 2009. It has been actively involved in the reconstruction and redevelopment of the Northern Province. A team of experts of the Airports Authority of India (AAI) will be arriving in [...]
Dilmah voted Best Corporate Citizen in Ceylon Chamber Sustainability Awards
Sri Lankan family tea company Dilmah was recently honoured in Sri Lanka’s apex corporate sustainability awards, as one of two recipients of the Best Corporate Citizen Sustainability Award for Sri Lanka in 2020. Dilmah won in the category of ‘Businesses with Less than Rs. 15 Billion Annual Turnover’ based on complex criteria linked to social, [...]
National Financial Inclusion Strategy launched
Sri Lanka’s first National Financial Inclusion Strategy (NFIS), launched on Thursday, aims to make financial services more accessible, efficient, and affordable for all households and businesses in the country, official sources said. The NFIS is a joint effort led by the Central Bank of Sri Lanka—with technical and financial assistance from IFC, a member of [...]
Heineken Lanka aligns further to global commitment on inclusion and diversity
Heineken Lanka Ltd, further aligning itself with its regional and global commitments, has taken further strides towards reaching its inclusion and diversity goals, with its Senior Management Team leading by example. The company’s Management Team hails from a wide array of sectors across multiple disciplines, and this diverse mix of knowledge and experience is set [...]
Sri Lanka import ban pushes motor traders out of business
Vehicle importers say import restrictions have put several vehicle traders out of business, forcing them to urge the government to consider their revival plan. They made this appeal at a media conference held in Colombo recently pointing out that most of them are presently facing severe difficulties maintaining their business premises and paying off bank [...]
CPG commits to SL’s luxury destination drive
Re-energising Sri Lanka’s position in the leisure industry as a luxury destination, Crystal Properties Group (CPG), the leisure-based real estate- driven company has embarked on a promising project to attract fresh investment into the country. Spearheaded by a dynamic team with Kumar Sangakkara as Chairman, Reza Magdon Ismail, CEO and Dr. Dinuk Jayasuriya, Director, this [...]
Emerging role of financial literacy in socio-economic development
Today, individuals across the globe make substantially more financial decisions over their lifetime, live longer and gain exposure in a variety of new financial products than ever before. Simultaneously during the last two decades consumers have shown a greater interest and responsibility for their financial well-being. The 21st century changes introduced by many countries have [...]
New Rs. 20 coin to replace Rs.20 note
On March 3, the Central Bank (CB) issued into circulation a new Rs.20 commemorative coin to mark the 70th Anniversary of the CB. Five million coins have been minted by China Mint in Nickel-plated steel similar in all other respects to the limited edition of 3000 commemorative coin minted in Aluminum bronze that was issued [...]
State land and property valuation undergoes system change
All state machinery is now set to undergo a system change removing bottlenecks and streamlining outdated public administration and ages-old official procedures with the aim of promoting foreign direct investment (FDI), the Ministry of Finance announced. Sri Lanka will relax official restrictions in releasing land and property for foreign investment projects expediting valuation and other [...]
Dialog Axiata partners Gamata Sanniwedanaya Project initiated by TRC
Dialog Axiata PLC (Dialog) has partnered the Telecommunications Regulatory Commission of Sri Lanka (TRC) to launch the first phase of the ‘Gamata Sanniwedanaya’ initiative in Ratnapura. By facilitating the ‘Gamata Sanniwedanaya’ initiative, the company – in a media release – said it aims to enable all Sri Lankans to move forward as one digital society [...]
Sri Lankan economy gains a notable recovery: CB governor
The Sri Lankan economy is expected to make a notable recovery in 2021, supported by policy stimulus and improving business sentiments, the Central Bank (CB) announced revealing that it has targeted 3-3.5 per cent growth in the first quarter this year. Given the low inflation environment, the CB is in the process of actively supporting [...]