Sugar released to the market
Authorities are gradually releasing sealed stocks of sugar to the market after an earlier crisis where sugar was being sold at exorbitant prices. Picture shows stocks from the R.G. Brothers stores at Mabima, Kelaniya being loaded onto lorries at a purchase price of Rs.116.50 per kg of white sugar. Pic by Indika Handuwala
Pressure mounts to import organic fertiliser stocks
Sri Lanka’s agricultural authorities, under intense pressure from the government to import the 96,000 MT of fertiliser for distribution among farmers as the Maha season is already underway, however, want to ensure proper analysis is carried out before the substance is released for use in paddy cultivation during this period which generates the largest harvest [...]
Overseas banks refuse to honour Sri Lankan LCs
In a new twist to the forex crisis, overseas corresponding banks are refusing letters of credit from local banks. Importers lament that they faced several instances during the past month where certain banks overseas refused to honour their letters of credit (LCs) but did not give a good reason for doing so. “But we know [...]
About 1300 containers of essential commodities struck at the port
At least 1300 containers of essential food commodities and other items have piled up at the Colombo Port during the past three months mostly due to the inability of obtaining bank documents on letters of credit (LCs) as a result of the dollar payment crisis and also a limited workforce at the port, importers complained. [...]
New measures to increase FDI, worker remittances
Sri Lanka’s Finance Ministry, worried about falling levels of migrant worker remittances and foreign investment, is currently devising a streamlined and integrated mechanism to enhance investments and remittances, Finance Ministry sources said. Finance Minister Basil Rajapaksa has directed ministry officials at a high level meeting to formulate short and long-term policies in accordance with the [...]
Fertiliser ban could cut estate worker wages
Workers, as a result of the current crisis on the tea plantations due to the ban on chemical fertiliser, will be directly affected with earnings likely to drop by about 30 per cent. By next January workers will lose about 25-30 per cent of their earning capacity due to the lack of crop, Planters Association [...]
As the Maha approaches – 2
The chorus of protests over the abandonment of chemical fertiliser to be replaced by organic fertiliser is growing, compelling us to revisit the fertiliser issue for the second successive week amidst concerns of a drop in production of Sri Lanka’s key crops. Also worrying is that tests of two samples taken of a planned consignment [...]
Rise and fall of import substitution in a International context
In a recent webinar discussion, I was listening to an argument between an economist and a businessman. The economist said, “Exports’ expansion will be discouraged by import protection”. Obviously, it was a confusing statement to many and, exactly that was the point raised by the businessman: “We are talking about import protection, not export expansion; [...]
Sri Lanka e-ROC becomes defective worrying companies
Sri Lanka’s automated real-time company registration process launched with the aim of providing a more efficient and effective service by the Department of Registrar of Companies has now become a defective system with many technical faults, a Government Audit Inquiry has said. The digital platform e-Registration of Companies (e-ROC) is not fully operative at present [...]
99x acquires Seeds Consulting as part of its growth strategy in Europe
Shortly after a group of investors, led by the Private Equity firm Herkules’ “Deal-by-Deal” team, invested in Colombo-based 99x, they have now completed the transaction to purchase Seeds Consulting AS. Led by founders and owners Jo Henrik Endrerud and Steinar Magnussen, Seeds Consulting has proven expertise in the development of digital solutions with multiple public [...]
CB defends transfer of Secretary Monetary Board
The transfer of the Secretary to the Monetary Board of the Central Bank Ms. K.M.A.N. Daulagala was in line with periodic changes, the Central Bank (CB) said on Tuesday, implying that the change was based on service requirements and no other reason. The change was made on the day before Ajith Nivard Cabraal took over [...]
Existing investors show confidence in Sri Lanka, says BOI
The Board of Investment (BOI) said that inspite of the current economic issues and the current emergency laws existing investors have confidence in Sri Lanka and continue to reinvest as was evident last year and so far this year. Last year most investments came in the form of reinvestments as investors are more familiar with [...]
Budget 2022 takes new social direction
Sri Lanka budget 2022 is expected make an enhanced economic move taking a new social direction for the benefit of the public at a critical and challenging time in the country’s recent history, Finance Ministry sources divulged. The exercise of final preparation of the budget will begin next month focusing attention on controlling public expenditure [...]
External review finds deeper rot in World Bank ‘Doing Business’ rankings
WASHINGTON REUTERS Sept 20 -Weeks before the World Bank scrapped its flagship Doing Business rankings following a damning independent probe, a group of external advisers recommended an overhaul of the rankings to limit countries’ efforts to “manipulate their scores.” An 84-page review, written by senior academics and economists, was published on the bank’s website on [...]
New tax system is of paramount importance
A revenue-generating tax system has to be put in place for sustainable development but cannot be done overnight. “We need a clear medium plan to collect 15 percent of the revenue. There had been a steady decline of revenue during the past 25 years. In the 90’s we used to collect around 19-20 percent and [...]
New book on “Attract Potential & Grow Talent”
Dr. Nalin Jayasuriya, a well-known Sri Lankan consultant, has authored a book titled, “Attract Potential & Grow Talent”. He has written this book in a manner that serves as a handbook for practicing managers and Human Resources professionals, it was stated in a media release issued on the book. In this book, Dr. Jayasuriya covers [...]
Better ways of disposing PET plastic waste at home
One of the most common types of plastic found in your home is PET (Polyethylene Terephthalate). PET plastic waste is a valuable commodity when responsibly disposed of and managed, as it is 100 percent recyclable, according to the “Give Back Life” initiative by Coca-Cola Beverages Sri Lanka. Due to this characteristic, PET waste is valuable [...]