Several lands available for investors
A panel discussion at the UDA investor forum on Thursday convened to offer 45 properties to investors. Turn to page 3 for coverage of the event.
SL courts automation tender embroiled in controversy
Startling revelations have emerged on alleged procedural irregularities in awarding the Justice Ministry tender for the design, supply, implementation and maintenance of a ‘Court Automation System’ in Sri Lanka. This project envisages automating the Court hearing process and related activities with key modules of e-filing, case management and transcription along with other related sub-modules, officials [...]
Health checks on the cards for Yala
As Sri Lanka’s new agriculture policy sent the Maha season on an adventure drive in search of organic farming but ended up using chemical fertiliser instead; plans are now underway to venture into the Yala season with new enthusiasm and a soil health card. Agriculture Minister Mahindananda Aluthgamage told the Business Times on Thursday that [...]
Target for $3 b ICTA industry as planned
The target to make US$ 3 billion ICT industry in three years from the current $ 1.5 billion is underway with the Information and Communication Technology Agency (ICTA) incubating 450 start-ups by year-end, officials said. “In the next year, we aim to have 600 start-ups and bring it to 1000 more start-ups. Within three years [...]
Indian line of credit next week
The US$500 million credit line for fuel from India would be received next week, officials said. Negotiations on petroleum-linked credit lines from West Asia and other regional economies are ongoing, according to senior Central Bank officials. They said that the regulator is currently arranging high-level discussions with respective Governments to secure short to medium-term government [...]
CEB plans to divide to 8 units amidst protests
The Ceylon Electricity Board (CEB) is now in for systematic restructuring process by unbundling it into eight separate corporate entities for power generation, transmission, and distribution, a recent board paper on the administration specified. Workers are protesting the move. The board paper indicated that it plans to reduce massive losses of the CEB by transforming [...]
Public scrutiny of state ‘secrets’
Some years ago, when the Business Times sought information from the Sri Lankan Bureau of Foreign Employment (SLBFE) about MOUs and/or bilateral agreements pertaining to migrant workers between the Government of Sri Lanka and Saudi Arabia, Qatar and Kuwait, the point blank response was that these agreements were confidential and cannot be released. This was [...]
Back to inflationary times!
The announcement of the latest headline inflation rate as 8.3 per cent for the month of October caught the attention of all sorts of media – electronic, print and social. The rate has moved beyond the “medium-term” flexible inflation targeting (FIT) framework of the Central Bank as well. Even before the increase in prices was [...]
IMF or no IMF, Sri Lanka has expertise to tackle economic issues – Cabraal
Sri Lanka will not seek IMF assistance and their economic restructuring programme for debt servicing and economic reforms as the country is already implementing a publicly-backed plan. Such a pragmatic plan has been devised by Central Bank (CB) experts who are very capable of handling all sectors of the economy, CB Governor Ajith Nivard Cabraal [...]
45 state properties to be leased to local, foreign investors
The Urban Development Authority (UDA) is set to release 45 properties and lands worth US$ 6 billion in Sri Lanka to local and foreign investors beginning next year. Potential investors could lease the properties up to 99 years. This announcement was made at the UDA Investment forum held at the Water’s Edge in Colombo on [...]
Southeast Asia’s migrant labour dilemma
KUALA LUMPUR – COVID-19 has disrupted labour markets around the world, causing a global manpower shortage. Lockdowns in the early months of the pandemic triggered an exodus of millions of rural migrant workers from booming megacities like New Delhi and Dhaka. In the Global North, the UK has experienced the largest decline in its foreign-born [...]
Shangri-Las provides free medical cover for guests
International guests arriving in Sri Lanka and staying in Shangri-La Colombo and Shangri-La Hambantota, are covered under COVID-19 insurance at no additional charge effective from November 15, the hotel company said in a media release this week. Highlights of the coverage include emergency medical expenses of up to a total of US$184,000 for medically necessary [...]
Worst days are yet to come for Sri Lanka – PBJ
While Sri Lanka’s economy is getting from bad to worse with the US dollar crisis and import restrictions tightening up severely, the country is yet to witness days that are unimaginable. It’s not a good time for Sri Lanka, several activities that kept the economy going have collapsed. Permanent, sustainable long term plans need to [...]
ComBank wins ‘Best Corporate Citizen Sustainability Award 2021’ for the first time
Commercial Bank of Ceylon PLC won the coveted ‘Best Corporate Citizen Sustainability Award 2021’ at an annual event organised by the Ceylon Chamber of Commerce to recognise sustainable champions of the local corporate world. Citizens Development Business Finance PLC and CBL Investments Ltd (CBL Group) were adjudged the first and second runners-up of the competition, [...]
Sexual harassment at work keeps women away from the workforce
“My childhood dream was to become a teacher. When this dream became a reality, I had high hopes to reach my goals and contribute to my country. But instead, I had to constantly endure sexual harassment from a co-worker. All this was because I was a woman. My dreams were shattered, and my job became [...]
Spicemo awarded 4 ISO Certifications
Island Nature Leaf (Pvt) Ltd, the premium spice producer and exporter, under its retail brand Spicemo, was recently certified with Good Manufacturing Practices and four esteemed ISO certifications. The Integrated Management System of the company was certified by Bureau Veritas under the accreditation of UKAS for ISO 9001:2015 (Quality Management), ISO 22000:2018 (Food Safety Management), [...]
Asia Asset Finance PLC to raise Rs. 2 b
Asia Asset Finance PLC is raising Rs. 2 billion during the 4th quarter 2021/22 while gaining Rs. 1 billion recently from the market through a listed debenture issue, a press release of the company revealed. This was the second successful Debenture Issue by the company. Both Debenture Issues were oversubscribed reflecting the trust and the [...]
PB expands balance sheet by close Rs.350 b during 9mts in 2021
People’s Bank on Wednesday announced the results for its nine months period ended September 30, 2021 reporting asset and deposit growth at a record Rs. 349.7 billion and Rs. 276.6 billion, respectively, growing by 15.7 per cent and 15.1 per cent during the said period. Growth in net loans and investment in treasury securities was [...]
Meta, Sarvodaya-Fusion’s IT Yahamaga Programme in digital literacy training
Meta is partnering with Sarvodaya-Fusion’s “IT” Programme, to launch a new phase of digital skills training programme to equip Sri Lankans with the necessary tools to become more aware and responsible digital citizens. Continuing the partnership since 2018, Meta and Sarvodaya-Fusion, in collaboration with the Ministry of Education and Information and Communication Technology Agency (ICTA) [...]
Hatch expands to Bangladesh, Pakistan and Maldives
With the co-working space culture kick starting to evolve among local start-ups and entrepreneurs, Hatch, a Sri Lankan co-working space, start-up incubator and accelerator is collaborating with Bangladesh, Pakistan and Maldives. Hatch was awarded the ‘Best Co-Working Space in the World’ at the Global Start-up Awards 2021. This is the first time a Sri Lankan [...]
Sri Lanka grapples to maintain inflation target
Sri Lanka’s inflation accelerated recently mainly due to supply side disturbances and the surge in commodity prices internationally while economic growth will also be subdued due to the rise in COVID-19 infections, both globally and domestically . Inflation as measured by the change in the Colombo Consumers’ Price Index (CCPI) increased to 7.6 per cent [...]
State fertiliser companies to amalgamate
Government has plans to amalgamate the two state-run fertiliser companies in a bid to restructure them and ensure that they will add value without duplicating the workload. Agriculture Minister Mahindananda Aluthgamage pointed out, to the Business Times, that they have received proposals from countries like Norway, US and India to assist in the provision of [...]
Ideal time for private equity for finance company revival
Private equity investment is now active in Asia with global mega funds seeking to infuse capital or resort to buyouts enabling Sri Lankan companies to revive their business activities affected by the economic downturn, asset management specialist Dhakshitha Bogollagama said. Billions of dollars are available for growth capital investments, when funds take a minority or [...]
Not building an oil refinery has incurred a loss of $300 m annually
Wrong decisions and indecisions made over the years on power generation, distribution and transmission was a consequence that led to be termed as “the agony of Sri Lanka’s power sector”, said Dr. Tilak Siyabalapitiya, an energy consultant at a webinar hosted by the Sunday Times Business Club on the “Yugadanavi Power Debate” on Tuesday. He [...]
Hambantota Port first SL port to receive ISO Integrated Management System Standards
Hambantota International Port (HIP) was the recipient of ISO Integrated Management System standards for its quality, environmental consciousness and health and safety. This was an initiative, which supported cross-functional project commitment of all staff who are focused on the port’s “Quality and Consistency” values. The ISO Integrated Management system will enhance performance driving everyone from [...]
India to reduce government stakes in state banks
NDTV, Nov 24 – The Indian Government will cut down its stake holding in public sector banks from 51 per cent to 26 per cent, a move which will help bring in public investments in these banks. To enable this, the government will introduce the Banking Laws (Amendment) Bill 2021 in the forthcoming Winter session [...]
Sarvodaya DF IPO oversubscribed on opening day
Sarvodaya Development Finance (SDF)’s Rs. 1 billion Initial Public Offering (IPO) was oversubscribed on the initial opening day this week. The company secretary issued the announcement of the oversubscription within two hours of the opening. Underwritten by NDB Bank and Sampath Bank, the IPO was aimed at raising Rs. 1 billion, through 45 million ordinary [...]
53 international, 11 local speakers at World HR Congress 2021
CIPM Sri Lanka, the country’s leader in human resource management, has announced a line-up of 53 international and 11 local speakers including Chairpersons, CEOs, and General Managers of top Sri Lankan blue-chip companies together with leading academics in Sri Lanka who will share their knowledge and insights at the World HR Congress 2021. The World [...]
Crescat Boulevard re-opens
Crescat Boulevard shopping mall, adjoining the Cinnamon Grand hotel, re-opened its doors on November 19 after an extensive refurbishment in time for seasonal shopping. The newly revamped mall features sleek, enhanced interiors and fresh shopping and dining experiences within the well-loved and familiar venue in the heart of the city, the company said in a [...]