Sri Lanka’s fuel price hike stirs controversy
State-owned Ceylon Petroleum Corporation (CPC) will gain billions of rupees in profits, despite assertions that it was losing money, from the sale of fuel at the new prices, however amidst owing billions of rupees to state banks from borrowings, the Business Times (BT) learns. With this increase the CPC is expected to increase its earnings/profits [...]
GSP+ loss could hurt $580m Sri Lankan exports to EU
Sri Lanka is likely to lose its competitive edge and risks US$580 million worth of exports within one year should the GSP+ concessions be withdrawn following the adoption of the resolution in the EU Parliament on June 10. Joint Apparel Association Forum (JAAF) General Secretary Tuli Cooray told the Business Times that within one year [...]
DvP to go live next month
The launch of the much-awaited Delivery versus Payment (DvP) will be rolling out in July, wiping the settlement risk in share trading, and mooting foreign purchases in the Colombo Stock Exchange (CSE). The ‘Go Live’ is scheduled for July 26 subject to a final round of testing and industry-wide mock runs, CSE officials said. The [...]
TRC to launch Lotus Tower by Dec. 2021
Sri Lanka’s telecom industry regulator is to launch the Lotus Tower, the country’s tallest structure as an epicentre of technology, by year-end. “We want the Lotus Tower to spark innovation,” Oshada Senanayake, Chairman Telecommunication Regulatory Authority (TRC) told the Business Times. On the first floor of the 350-metre-tall tower, a hub of innovation is to [...]
Mannar Basin oil exploration drags on in tender dispute
Sri Lanka‘s oil and gas exploration process in Mannar Basin including appraisal and development of natural gas discoveries in Block M2 is being dragged into an unknown direction with the cancellation of international competitive bids called in 2019, removing the selected bidder. This action has been taken by Energy Minister Udaya Gammanpila on the advice [...]
Draft Monetary Law Act scrapped
A proposed bill to repeal the existing Monetary Law Act (MLA) proposed during the previous regime is to be abandoned. The Central Bank (CB) and Treasury officials told the Business Times on Tuesday that the proposed new MLA was gazetted in 2019, during the last government, but the new government thinks it ‘unnecessary’ to proceed [...]
Human rights haunt Sri Lanka
The strains of the popular song ‘Sarame’ was heard from a radio blaring in a neighbourhood residence. The song about the ubiquitous sarong in Sri Lankan society sung by Sunil Perera, Desmond de Silva, Annesley Malawana and Rajiv Sebastian is also popular on social media platforms. Aldoris, the ‘choon paan’ karaya in his modified tuk-tuk [...]
Debtor, turning into a creditor…
The Sri Lanka – Bangladesh currency swap has received much attention during the past two weeks. In fact, the news hit the headlines in both India and Bangladesh as well. The Daily Star of Bangladesh reported on May 26 quoting a spokesman from a bank that for Bangladesh “…it is a good ego booster” but [...]
Government urged to rethink shift to organic fertiliser
There are growing calls from Sri Lanka’s scientific community for the government to reverse its ban on the use of chemical fertiliser saying the lack of proper planning and failure to provide for a phased withdrawal from present farming practices will result in a severe shortage of agriculture produce. This food shortage and loss of [...]
Cabinet approves proposal to set up “Small Claims Court”
The Cabinet of Ministers this week has in principle approved the concept of a ‘Small Claims Court’ which has been proposed by the Justice Minister, M.U.M. Ali Sabry. The Small Claims Court is a novel court, proposed to be set up and expanded throughout the island to hear and determine disputes below the sum of [...]
Lanka Property web land prices analysis misleading: Institute of Valuation
The Institute of Valuers of Sri Lanka, a legally established body, has rejected claims made in a recent media release issued by Lanka Property web over real estate prices rising. It was referring to a statement issued by the property website which was published in the Business Times on June 6 headlined “Land Prices in [...]
Dr. Kamal Laksiri elected Governor of ASCE
Dr. Kamal Laksiri, Fellow of the Institution of Engineers Sri Lanka, has been elected as a Governor of the American Society of Civil Engineers (ASCE), US, for the term 2021 to 2024, in the recently concluded 2021 elections. He is the first Sri Lankan engineer to get elected as a Governor in ASCE. Dr. Laksiri, [...]
IFC invests in Sunshine Holdings
Consumers in Sri Lanka will benefit from a new US$5 million investment by IFC in Sunshine Consumer Lanka Ltd, a subsidiary of Sunshine Holdings PLC, with a greater number of food products on offer and moves to adopt international food safety standards. The move marks IFC’s first local currency investment in Sri Lanka’s consumer goods [...]
Strong performance in multiple sectors support to boost all-time high quarter earnings
March 2021 quarter earnings surged by 207 percent YoY for 253 companies, according to First Capital Research. It said March quarter earnings surged by 207 percent YoY to Rs. 110.8 billion led by Diversified Financials (988 percent YoY), Capital Goods (214 percent YoY), Food, Beverage and Tobacco (669 percent YoY), Banks (70 percent YoY) and [...]
Sri Lanka’s spice veteran calls it a day
Gulam S Chatoor, 87, one of the pioneers and a veteran in Sri Lanka’s spices industry and exports serving the corporate sector for more than 60 years, has decided to call it a day, announcing his retirement and stepping down from his responsibilities, but will always be available to offer his advice and share his [...]
CPC to build new storage facility at Hambantota Port
The Ceylon Petroleum Corporation (CPC) signed a Memorandum of Understanding with the Hambantota International Port Group (HIPG), last week to develop Hambantota Port as a strategic energy centre in Sri Lanka. The signing ceremony was held at the Ministry of Energy, with top officials of CPC and HIPG participating, HIPG said in a media release. [...]
CRIB report now through NDB NEOS
NDB Bank became the first player in the banking industry to tie up with the Credit Information Bureau (CRIB) in order to create a hassle free and convenient method in which the bank’s customers can register and request for their individual credit reports (iReport) and individual credit score reports (CRIB Score) from wherever they are [...]
LAN, GBAN promote SL start-ups globally via Entrepreneurship World Cup
Lankan Angel Network (LAN), the country’s largest network of angel investors, has been appointed the Entrepreneurship World Cup’s Official National Organiser for Sri Lanka. This long-term, strategic initiative follows on from LAN joining the Global Business Angel Network (GBAN) as a committee member. GBAN is affiliated with the Global Entrepreneurship Network (GEN). LAN and GBAN [...]