Preparing for the Maha season
A farmer from Karuwalagaswewa in the Puttalam district on Friday making preparations for organic fertiliser production ahead of the Maha paddy season which gets underway in end September/early October. The government has imposed a ban on the use of chemical fertiliser. Pic by Jayarathna Wicramaarachchi
Turmoil as new forex decisions rattle markets
A flurry of decisions this week by the Central Bank (CB) on the use of foreign exchange and further restricting imports have rattled the money markets and triggered concerns of shortages in some imported food items, mobile phones and household appliances. On Tuesday, the CB issued a directive to banks to stick to the CB’s [...]
Central Bank eyes exporters’ forex savings
Cash strapped for foreign exchange, Sri Lanka’s Central Bank (CB), during a meeting on Wednesday, turned to some of the nation’s key exporters for help as the compulsory 25 per cent conversion of exporter dollar hadn’t worked and as a result of which they are now hinting at further dipping into exporter savings. The virtual [...]
Govt. seeks Rs.73 b funding for unforeseen spending
The Government is seeking billions of rupees for extra spending on unforeseen COVID-19 public health care activities coupled with infrastructure development projects outside the budget, and has submitted supplementary estimates for parliamentary approval. The urgent need of extra money for development projects has arisen due to the growing expenditure for mega infrastructure development projects and [...]
SEC Act has section on ‘misleading information’
The new Securities and Exchange Commission (SEC) Act, passed by parliament on Tuesday has Twitter promoters on high alert. Especially its section 130 has seen them playing on the back foot this week as it specifically deals in falls and/or misleading statements. “This section prohibits making statements or disseminating information which is false or misleading [...]
Tea leaf crosses borders
With tea factories running under capacity due to a lack of availability of tea, factory owners are constantly pressed with concerns that growers are selling their produce out of their district, violating the rules. Former Tea Factory Owners Association President Harith Ranasinghe told the Business Times that this has been a constant complaint over the [...]
Finding a spokesperson
A radio in the neighbourhood was blaring the music of Sunil and the Gypsies and in this instance it was the popular ‘Piti Kotapan None’. Ironically, in another home nearby, the unmistakable sounds of spices being pounded in a ‘wangediya’ in the kitchen could be heard. It was at this point that Kussi Amma Sera [...]
Bitter policy dose after vaccines
A few weeks ago, the Central Bank of Sri Lanka decided to reverse its monetary policy stance that it had been implementing over the past one and half years; instead of “loosening” monetary policy, now it is one of “tightening”. Reuters reported that “Sri Lanka becomes the first in Asia” to do so. However, some [...]
Agrahara Insurance scheme benefit cuts for pensioners
The Agrahara Insurance scheme for public sector employees including pensioners has pruned its benefits to retirees after taking measures to include all public servants in the scheme — even after their retirement – before 2016. The Cabinet of Ministers has approved a proposal by Prime Minister Mahinda Rajapaksa recently to extend the Agrahara insurance scheme [...]
Generating more power from renewable energy resources
The Government of Sri Lanka (GoSL) has announced an ambitious target of achieving up to 70 percent energy generation from Renewable Energy (RE) sources, according to a recently issued gazette. While this is a timely and a very important decision by the GoSL, many may wonder whether it is achievable. Some may even have doubts [...]
IT start-ups to boost country’s economy
A blueprint has been developed for the digital transformation of the country to achieve a US$3 billion export-revenue worth IT Industry by 2025 from the present $1.1 billion as innovation is featured highly in the Information and Communication Technology Agency of Sri Lanka (ICTA) agenda. “Our plan is to boost 60 percent of the IT [...]
Fam tour for Holland agents
An 8-member tour operators group from the Netherlands is currently in Sri Lanka on a familiarisation (fam) tour. They are from the Netherlands Association of Small & Medium Tour Operators (VVKR) The tour has been arranged and sponsored jointly by Andrews Travels and Connaissance de Ceylon. The organisers said that while in Sri Lanka the [...]
Facebook, CSSL and Ministry of Education train SL youth
Facebook has partnered with the Computer Society of Sri Lanka (CSSL) to launch a training programme for the Teacher Education Administrative Branch of Sri Lanka’s Ministry of Education. This is part of Facebook’s We Think Digital initiative in Sri Lanka, a holistic approach to upskill people on digital literacy and help them become better digital [...]
SriLankan to resume flights to Paris
SriLankan Airlines, with tourist arrivals expected to pick by for the coming winter season, is resuming scheduled flights between Colombo and France from November 1, after a 5-year suspension. The airline said in a media release this week that SriLankan would commence thrice weekly, non-stop flights to France every Wednesday, Friday, and Saturday using a [...]
Outgoing CB Governor calls for collective action to overcome economic challenges
Outgoing Central Bank Governor Prof. W.D. Lakshman on Friday called upon all frontline decision-makers in the government to make collective contributions to overcome the current economic challenges during this difficult period. Sri Lanka is still grappling as a developing country for many decades and several countries which were behind the island have overtaken us, he [...]
SL’s Wire Group moves to the global stage
Sri Lanka’s homegrown Wire Communication Consultancy (WCC) Group this week announced its accelerated growth momentum with the expansion of its Strategic Public Relations, Communications and Corporate Reputation Management services to Maldives, Australia and New Zealand, setting up operations in the Asia-Pacific region. The entry into a global communication footprint would further solidify WCC’s presence and [...]
Journalist Quintus Perera no more
Veteran journalist Quintus Perera, who was a long-standing stringer for the Business Times, passed away on Friday due to a COVID-19 related illness. He had been admitted to the National Hospital, Colombo on August 26 with the COVID-19 infection and was said to be recovering but his condition worsened early on Friday. Quintus worked in [...]
BPPL strongly poised for next phase of expansion
BPPL Holdings PLC, one of Southeast Asia’s largest brush manufacturers and Sri Lanka’s pioneer in recycled plastic products, said this week that it has recorded “impressive” improvements in all key financial indicators in the 2020-21 financial year, while strongly positioning the business for its next phase of expansion. A leader in sustainable business, BPPL which [...]
Green Tape attracts 3000 suppliers, 30 large buyer companies
www.greentape.lk is a Sri Lankan online procuring platform that offers a certified and verified vendor base. “This is a bold venture seeking to revolutionise Sri Lanka’s tender and procurement system by automating the buyer-seller experience and easing the disruptions caused by the COVID-19 pandemic” the company said in a media release. The platform which aims [...]
HNB FINANCE’s new Supply Chain Financing facility
HNB FINANCE, recently launched a new Supply Chain Financing scheme designed to meet the critical financial needs of businesses imposed by the stringent market demands of a pandemic-stricken economy. “This scheme leads the market by the exceptional amount of value it is able to deliver to businesses, as it is a revolving facility designed to [...]
SL must focus on key human capital outcomes-World Bank
Sri Lanka has consistently led South Asia in human capital development but falls below human capital outcome levels seen in upper-middle income and high-income East Asian and European countries. More ambitious policies are needed to tackle the twin challenges of the negative impacts of the COVID-19 pandemic and slower economic development and ensure future generations [...]