Irregular taxes, insider information led to sugar crisis
A combination of irregular taxes, insider information and lack of legislation to act against importers and wholesalers led to the crisis in the sugar import and sale, according to a study by the Business Times (BT). While the Consumer Affairs Authority (CAA) introduced a Maximum Retail Price (MRP) of Rs. 85 per kg, the CAA [...]
Govt. to probe possible contamination of test sample
Authorities have launched a special investigation to verify if there has been some sort of contamination of the test sample of imported organic fertiliser following the recent report that indicated it could prove harmful. Agriculture Department Director General Dr. Ajantha De Silva told Business Times that they cannot yet say anything about the test result [...]
Negative bacteria in organic fertiliser import
In a new twist to the fertiliser imports, a state vetting agency has found bacteria in a sample of an organic fertiliser shipment arriving next month. The National Plant Quarantine Services (NPQS) upon evaluating a sample representing 96,000 metric tonnes of organic fertiliser from China through local agent, Chelina Capital Corporation (Pvt) Ltd, found banned [...]
Forced exporters’ proceeds conversions on the cards
Scrambling for a way out of the fiscal crisis, converting proceeds of exporter remittances is an option the government is exploring, Central Bank (CB) sources said. The CB is exploring ways which would require exporters to send money directly to the CB instead of their dollar accounts in different commercial banks. “Then CB plans to [...]
Despite curbs, import bill in 2021 higher than 2019
Despite import curbs and the pandemic, Sri Lanka’s (merchandise) import bill in January to July 2021 at US$11.7 billion was higher than $11.3 billion in the same period in 2019 (a normal trading year), Central Bank data showed. It was $8.9 billion in the same period in 2020. In terms of merchandise exports, earnings were [...]
New state company enters LPG business
Litro Gas Lanka and Laugfs Gas PLC which dominate the LPG business in Sri Lanka will lose their oligopoly status with the entry of a state-owned entity before the end of this year. While Laugfs is totally private, Litro is owned by state insurer Sri Lanka Insurance Corporation. Preliminary arrangements have been made to establish [...]
As the Maha approaches…
As the Maha paddy season gets into full swing in late September/early October, farmers are getting jittery with widespread reports that their fertiliser requirements cannot be met. While the government banned the import of chemical fertiliser midway during the Yala season and said only imports of organic fertiliser and bio-pesticides and weedicides would be permitted, [...]
Economics of power generation
Very often, it is not strange to hear an important announcement through a loudspeaker tied on the roof of a tuk-tuk passing through the neighbourhood. According to the announcement, the following day – which is always a public holiday -, electricity supply in the area would be disconnected for maintenance purposes! Sometimes the message would [...]
Challenging times ahead for shipping industry
Sri Lanka’s shipping industry is currently facing an unprecedented demand and it is expected to become more challenging in the next few months. Demand has never been stronger in the shipping industry and the ports have seen a surge in demand and Colombo is one of the few exceptions that has no delay whereas ports [...]
BPPL listed in Forbes Asia’s 200 ‘Best Under a Billion’
BPPL Holdings PLC, one of Southeast Asia’s largest brush manufacturers and Sri Lanka’s largest plastics recycler equipped with one of only two plants in the world capable of creating polyester yarn directly from recycled PET plastic flakes, has become the only Sri Lankan company to have entered Forbes Asia’s 200 ‘Best Under a Billion’ current [...]
SL national Sharmini Coorey retires from key IMF position
Sri Lankan national, Sharmini Coorey, Director of the Institute for Capacity Development (ICD) of the International Monetary Fund (IMF), is retiring from the Fund on October 29, IMF Managing Director Kristalina Georgieva announced this week. “Sharmini is one of the great leaders in the Fund. She has made incredible contributions throughout a stellar Fund career, [...]
Sri Lanka’s Exterminators seeking global franchisees
The Exterminators (Pvt) Ltd, Sri Lanka’s premier environmental enhancement solutions provider, is seeking franchisees globally for its specialised services. Exterminators is Sri Lanka’s premier and one of the pioneers in COVID-19 disinfection and sanitation services in the world. The company is probably the world’s 1st ISO 9001, ISO 14001, ISO 45001, ISO 22000 certified and [...]
Samsung’s new foldable phones from Dialog
Dialog Axiata PLC recently announced the pre-order availability for the all new 5G-ready Samsung Galaxy Z Fold3 5G and Z Flip3 5G devices. The latest foldable smartphone range by Samsung is now available for pre-order via Preorder.dialog.lk until September 30. Dialog customers will also receive anytime free Data worth 200 GB (valid for 60 days) [...]
BCC revival through new alliance to meet coconut oil demand
BCC Lanka Ltd, state-controlled and one of the oldest coconut oil producing and marketing companies in the island, has formed a strategic alliance with LHSP Natural Food Products Pvt Ltd, a private company, towards reviving it, the Industries Ministry said in a statement. The two companies recently entered into an agreement to meet the coconut [...]
Defaulting debt repayment can have severe repercussions
Sri Lanka has been running deficits over the decades following the post- independence period when the fiscal deficit was over 10 percent of the GDP. In 2020 it exceeded 10 percent of the GDP and is likely to deteriorate in 2021. “If the government continues to consume more than it earns or when the domestic [...]
Georgieva pressured WB employees to favour China in report – ethics probe
WASHINGTON (Reuters) – World Bank leaders, including then-Chief Executive Kristalina Georgieva, applied “undue pressure” on staff to boost China’s ranking in the bank’s “Doing Business 2018″ report, according to an independent investigation released Thursday. The report, prepared by law firm WilmerHale at the request of the bank’s ethics committee, raises concerns about China’s influence at [...]
LOLC Al-Falaah account offers bonus profits
LOLC Al-Falaah, the alternate Financial Services Unit of LOLC Finance PLC, has introduced another pioneering savings product with a host of features and benefits to suit the needs of its diverse clientele. Mudharabah Super Saver account (MSS), LOLC Al-Falaah’s latest savings product addition offers an exceptional benefit of a ‘bonus profit share ratio’ up to [...]
BoardPAC appointed Strategic Partner of Commonwealth’s Business Network
BoardPAC, the Sri Lanka-based multinational Board meeting automation solutions company, has been appointed a Strategic Partner of the Commonwealth Enterprise and Investment Council (CWEIC), the organisation officially mandated by the Commonwealth Heads of Government to promote trade and investment between the 54 Commonwealth member countries. “This prestigious appointment will see CWEIC relying on BoardPAC’s award-winning [...]
Workers’ remittances fall in June/July 2021
Workers remittances, one of the key sectors that the Central Bank relies on for foreign exchange, fell by 35.4 per cent in July to US$453 million compared to $702 million in the same 2020 month, according to Central Bank economic data for July 2021 released to the public on Monday. It also fell in June [...]