Japan still favours Lanka
Despite being made to feel embarrassed and confused by Sri Lanka’s inconsistent policy decisions in the recent past, the Japanese government is still grateful to a nation that pulled them out of their crisis moment. But Japanese investors in the country may have concerns of Sri Lanka’s future and its fragile macroeconomy. Visiting Japan International [...]
Govt. weeding policy is cash for weeds
Sri Lankan farmers are lacking in weedicides this Maha season due to state policy decisions but the market remains fertile for illegally imported stocks selling at skyrocketing prices. Lack of weedicide alone is set to drop yields by about 40 per cent while the budget offers Rs.5,000 per H to implement policy. Peradeniya University Weed [...]
Government faces dilemma in raising budget 2022 taxes
Sri Lanka’s public debt crisis will become critical in 2022 and beyond leading towards a worse economic downturn in the next three years, economists said analysing the statistics of government borrowings. The government’s debt-GDP ratio is expected to rise to 108 percent by 2022 from 101 percent by the end of 2020, Finance Ministry provisional [...]
CSE traders making hay while sun shines
The Colombo stock market’s newbie traders actively backed by a few of their veteran counterparts are on a mission to make the most of punting illiquid stocks before the new index calculation method arrives next year. Shares ended at record highs for most of this week after the Colombo Stock Exchange (CSE) announced that a [...]
Tourism industry perturbed over Fin Min’s comments
Amidst concerns regarding tourist arrivals for the winter season from Western Europe the tourism industry has been disappointed with the Finance Minister’s startling comments that the sector has not contributed financially to the economy. Expressing disappointment, Past President of Sri Lanka Association of Inbound Tour Operators (SLAITO) Mahen Kariyawasam said “he (the Finance Minister) was [...]
Managing debt, finding dollars
One of the glaring omissions in last week’s budget presentation was the absence of a clear and much-awaited statement on Sri Lanka’s foreign currency crisis and debt management, two vital segments in the country’s economy at present. While everything hinges on the shortage of dollars which has resulted in queues – fuel, kerosene, sugar and [...]
“World in one place”
Faheema Saheed has been one of my students since her undergraduate time. After completing undergraduate studies, she started postgraduate studies too, completed her Master’s degree as well as the PhD degree and, became a visiting lecturer at the University of Colombo. A couple of weeks ago I met her after she had returned from Dubai. [...]
Some exporters to close shop if 2.5% ripped off turnover
Sri Lankan exporters feel that their earnings are being exploited through the new scheme of the government to cash in on 2.5 per cent of their turnover that could result in some exiting the country. FTZ Manufacturers Association President Dhammika Fernando told the Business Times that some of the exporters were considering leaving the country [...]
SL to resolve dearth in manufacturing, says Health Minister
With an ambitious target of producing 80 per cent of medical products locally in the next five years, Minister of Health, Keheliya Rambukwella showed optimism that Sri Lanka can resolve issues in manufacturing, unemployment and foreign exchange in the years to come. While attending the opening of the UK based Flexicare manufacturing facility in Bandaragama [...]
Sri Lanka ranks top in ITU indices
Sri Lanka managed to clinch three top slots in the International Telecommunications Union (ITU) Indices published in their latest report. In the ITU affordability index, Sri Lanka ranks at the 20th position for cheapest broadband end 13th for mobile broadband while clinching a top position at the 7th place for voice mobile services. “Two years [...]
VW Beetle Owners Club AGM
The Volkswagen Beetle Owners’ Club held its 24th/25th AGM recently at the Marco Polo Room of the Excel World, Colombo. Outgoing President of the club Peter Jasinghe, who was re-elected as President, referred to four events that were planned and finalised but was cancelled due to the first and second lockdown and went on to [...]
Sampath Bank, NDB Bank to underwrite SDF IPO
The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on November 23 and will comprise an initial issue of 22,727,273 shares raising Rs. 500 milliom followed by a green shoe issue of a further 22,727,273 shares for an additional Rs. 500 million. Sampath Bank and NDB Bank have underwritten [...]
Expats in the forefront using DFCC’s non-face-to-face account opening platform
Sri Lankan expatriates are in the forefront using DFCC Banks’ online account opening platform, following guidelines issued by the Central Bank of Sri Lanka. Amidst the COVID-19 pandemic, DFCC was the first bank to introduce the non-face-to-face online account opening platform in Sri Lanka, DFCC, Senior Vice President Aasiri Iddamalgoda said in an interview with [...]
Permits required for sand transportation, mining
The Government has reintroduced the earlier requirement of issuing permits for the transportation of sand, soil and clay, which was suspended two years ago. This decision has been taken following protests of environmentalists and environmental conservation associations against the easing of restrictions by the government that paved the way for large scale sand mining. Environmentalists [...]
Calls to convert roofs to solar power generators
Investment inquiries for solar transformation are encouraging and the government expects 2000 megawatts (MW) of renewable energy in the next two to three years, Secretary to the President Dr. P.B. Jayasundera said calling to convert any exposed roof to solar power generating units. “We are inviting all public and private sector investors to make this [...]
Aitken Spence records Rs. 2.9 bln EBITDA across all sectors for 2Q
Aitken Spence PLC said this week that it has reported “an impressive growth of 388 per cent” from its earnings before interest expense, tax, depreciation and amortisation (EBITDA) of Rs. 2.9 billion compared to Rs. 595 million in the 2Q of the previous year. During the 2Q the group’s non-tourism sectors recorded a growth of [...]
MiHCM celebrates 2 years in JV with MyHCM Pakistan
MiHCM, a global human capital technology company, recently marked the completion of their second-year operation acquiring over 50,000 users in Pakistan. MiHCM operates as MyHCM through a joint venture that offers MiHCM’s digital HR solution to businesses across Pakistan. MyHCM has now has become a progressive digital HR solution in Pakistan which automates HR activities [...]
Cost efficiencies drive vibrant 9-mth growth for ComBank
The Commercial Bank of Ceylon Group has achieved equitable growth for the nine months ending 30th September 2021, despite a slowing down in some key contributors in the third quarter of the year. The group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector bank – its subsidiaries and an associate, [...]
Ceylinco Life policy to support continued education of children
An insurance plan designed exclusively for the purpose of ensuring the continued education of children has been launched by Ceylinco Life in response to one of society’s most pressing concerns, the company said this week in a media release. Ceylinco Life ‘Education Protector’ enables a parent to, with just a single one-time premium payment, secure [...]
Amana Bank achieves 89 % growth in 9 month PBT
Amana Bank continued its impressive profitability trend as it recorded a significant 89 percent YoY growth in Profit Before Tax (PBT) for the nine months ending 30 September 2021 to close at Rs. 736.3 million in comparison to Rs. 389.4 million recorded for the corresponding period of 2020. In a media release, the bank said [...]
Lamp shades, beeralu establish new venture at LP
Reviving a family business started three generations ago, Shade House is the name of a successful venture into lamp shades kicked off by two sisters in 2011. It has today collaborated with a complementary business Priyani Lace, both of which are located at Liberty Plaza, launching a new chapter in their operations. Shade House founder [...]
Inconsistent policies deter foreign investors
Sri Lanka’s problem was not pandemic but a long- standing pre-pandemic problem that affected the country. But now the problem is different because the country has to face a recovery path of the economy. “When the Central Bank’s intervention wanes out how does the Treasury find the money? With the recovery, tourism will be able [...]
Strong revenue growth at Softlogic Holdings
Consolidated revenue at Softlogic Holdings PLC recorded a strong growth of 46 percent to Rs.52.6 billion during the 6-month period ending September 2021 with the quarter registering a commendable growth of 29 percent to Rs.28.1 billion. Operating profit for the six-month period recorded a two-fold increase to Rs.5.9 billion while the quarter witnessed an increase [...]
iPay -official LANKA QR acquiring partner of PickMe
The LANKAQR Nationwide Rollout Campaign was launched recently at the Central Bank of Sri Lanka (CB) with the aim of promoting LANKAQR payments amongst the small and medium merchants as well as consumers throughout the nation. During this national event, iPay – part of LOLC Finance – ceremonially launched the fare enablement feature for QR [...]
HNB reiterates commitment to support grassroot-led economic revival
A resilient business model and continued focus on sustainable growth was reaffirmed as Hatton National Bank PLC (HNB) reported Rs.12.2 billion in Profit After Tax (PAT) for the 9-month period ended September 2021. HNB Group recorded Rs.13.4 billion in PAT for the same period. The loan book recorded a sound growth of 15 percent during [...]
Fly Lankan Asia low cost airline takes wing in January
A US-based investor has invested US$10 million in operating Sri Lanka’s third international carrier, Fly Lankan Asia set to take wing as a low cost regional airline commencing January 2022. Fly Lankan Asia is set to operate as a regional carrier to destinations like (2-3 cities in) India, Maldives, Indonesia (2-3 cities), Malaysia (2 cities), [...]