CB acts tough against money changers
The Royal Money Exchange (Pvt) Ltd and Prasanna Money Exchange (Pvt) at Wellawatte after the Central Bank on Thursday threatened to revoke their licenses for selling foreign currency above the prescribed rates by licensed banks. Pic by M.A. Pushpa Kumara.
State fertiliser subsidy bills escalate to Rs.27 b
The Government owes Rs.27 billion in subsidy payments to private sector fertiliser companies since the first quarter of 2020. Companies are now facing the daunting task of importing stocks at skyrocketing prices with dollars that are hard to find in local banks. The Treasury has not been making regular bill payments to fertiliser companies since [...]
Passport printing contract award to Govt. Printer raises feasibility issues
A new plan to hand over the passport printing contract to the Department of Government Printing has raised technical feasibility issues owing to its lack of resources specially machinery despite the directive issued by Mass Media Minister Dullas Alahapperuma. He has directed the Secretary to the Ministry of Mass Media to take over the printing [...]
Fit and proper rules for directors soon in CSE listing rules
The fit and proper criteria for publicly listed company director appointments will be included in the Colombo Stock Exchange (CSE) Listing Rules after the capital market regulator, the Securities and Exchange Commission (SEC) approves them, officials said. These rules will broadly be based on the honesty and integrity of an individual and his/her competence to [...]
Christmas brings hope for tourism
The dejected tourism industry is currently studying the new draft Tourism Act which has not included any of their previous proposals and is hoping the health regulations will not change since they are still cashing in on the tourism industry’s revival this Christmas. Sri Lanka Association of Inbound Tour Operators (SLAITO) past President and Andrews [...]
BOI Chairman, DG continue
While the row between the Board of Investment (BOI) senior management and unions continues, organisation chairman Sanjaya Mohottala and Director General Pasan Wanigasekera are said to have resumed office since their resignations were not accepted by the President. Both these officials and board members Dr. Sanjaya Kulatunga, Dr. Harsha Subasinghe and Dr. Harsha Cabraal stepped [...]
Sri Lanka vs Ceylon
Hiran Cooray, chairman of Jetwing Symphony hotels and tourism industry veteran, raised an interesting point the other day, which should generate a lot of debate and discussion. He told a marketing seminar that the country is struggling with a brand identity. “This is a country that’s struggling with (a) brand image. We have two names [...]
Remembering the “gala time”
By March 2009, Sri Lanka was at the doorstep of a foreign exchange crisis. Official foreign exchange reserves had dropped to US$ 1.2 billion, while it was enough to finance just 5 weeks of imports. As investor confidence had also deteriorated, Sri Lanka was not in a position to borrow either. It was the last [...]
Green Agriculture Centre to operate thro’ merged state fertiliser firms
Two state entities, Colombo Commercial Fertilizers Ltd and Ceylon Fertilizers Company Ltd will be merged as the National Organic Fertiliser and Distribution Company to facilitate and increase solid and liquid organic fertiliser production, according to an Agriculture Ministry memorandum. Ceylon Fertiliser Company currently imports chemical fertiliser, producing quality fertiliser mixture and marketing, distributing through an [...]
Tokyo Cement tackles cement shortage with low price product
Tokyo Cement Company this week commenced distribution of a shipment of bagged cement offered to consumers at the lowest price in the market. The company stepped forward to immediately bring down a shipment of cement in bag form, to fill the vacuum created in the market when cement importers discontinued bag cement importation. In this [...]
Strong call for realistic government policy
A strong call to ‘live in the reality’ when making government policy came from many participants across different sectors at the recently held Ceylon Chamber of Commerce (CCC) Sri Lanka Economic Summit 2021. Dr. Nishan De Mel, Executive Director, Verite Research speaking on ‘Setting the Foundation for Macro Growth’ pointed out that it is vital [...]
University of Kelaniya signs MOU with Ogilvy Digital for new Digital Marketing Degree
The University of Kelaniya recently signed a Memorandum of Understanding (MOU) with Ogilvy Digital, the leading digital technology agency in the country, to impart its industry expertise and knowledge for the university’s specialised Digital Marketing Degree Programme. The Digital Marketing Degree is the first such programme to be introduced by a state university. With this [...]
LOLC General Insurance IPO opens on Dec 16
The Initial Public Offering (IPO) of LOLC General Insurance Ltd, offering 120,000,000 shares held by LOLC Asset Holdings Ltd, will be available for sale at a price of Rs.7.90 per share and opens on December 16. The offer will amount to Rs.948 million, LOLC said in a statement. After the IPO offer, LOLC Asset Holdings [...]
Sustainability made simple at Ecohub.lk
Ecohub.lk said this week that it is a virtual marketplace that brings together the best eco-friendly, natural and sustainable products to make healthy and sustainable living easier than ever before. Driven by the vision of making sustainable and earth-friendly commerce the new normal, Ecohub.lk provides convenient access to a wide range of local eco-friendly products [...]
Seminar on global trends in philanthropy
The Colombo-based Centre for Advancement of Resource Mobilisation (CARM) is organising a seminar titled “Global trends in Philanthropy – Their relevance to Sri Lankan organisations” tomorrow December 13 at the Sri Lanka Foundation Institute in Colombo. The resource person is Mr. Venkatesh Raghavendra, a social entrepreneur with over three decades of philanthropy and development experience. [...]
Dilmah secures three wins at Presidential Export awards
Scoring a hat-trick of accolades at the 2021 Presidential Export Awards, Dilmah has been selected Most Globally Outreached Sri Lankan Brand, Market Diversified Exporter and Contributor to Sustainable Development in the Export Industry for 2019/20. The 24th Presidential Export Awards (PEA) by the Export Development Board was held at the BMICH recently with President Gotabaya [...]
Ceylon Tea has no subsidy, no glyphosate
Ceylon Tea is becoming more expensive to buy and is facing stiff competition from highly subsidised countries like Kenya and India and to add to its troubles the herbicide glyphosate remains banned under the new gazette published last week. Plantations Association Spokesman and Hayleys Plantations Managing Director Dr. Roshan Rajadurai said that in the absence [...]
Sri Lanka’s lopsided economy
Many analysts highlighting the state of our economy offer “solutions” such as either more borrowings or attracting more Foreign Direct Investments (FDI) while others say the only “solution” is to go to the IMF. It is a hackneyed joke that if you put your neck out the window to say hello to the IMF they [...]
Welikada Prison Complex relocation requires raising alternate funds
The Welikada Prison Complex relocation and construction project in a 200 acre land at Horana, Millewa (Millaniya) area is expected to be completed in 2024 with funding raised from alternate means as the Treasury will not allocate money owing to financial constraints, according to a paper by the Prime Minister’s office. An additional sum of [...]
CSE may tighten lock-in rules for preferential IPO share allotments
The Colombo Stock Exchange (CSE) is exploring suggestions in tightening lock-in rules for preferential allotments in public listings, officials said. This came after the Initial Public Offering (IPO) of Capital Alliance Ltd. (CAL) which was oversubscribed on its official opening day on November 25 took some dissension from retailers after the allotments. The CAL IPO [...]
DFCC and National Chamber of Exporters join to drive Sri Lanka’s export sector
DFCC Bank has entered into a strategic partnership with the National Chamber of Exporters (NCE) through a Memorandum of Understanding (MOU) and will now act as one of the chamber’s key strategic partners. Through this MOU, DFCC Bank extends the comprehensive array of end-to-end financial solutions to all members of the NCE, providing access to [...]
Triad wins South Asia campaign agency of the year awards
Triad has marked a new milestone in its trajectory of excellence, being named South Asia’s Independent Agency of the Year 2021. In the last two years alone, Triad has won 27 international awards, the agency said in a media release. The latest recognition at Campaign’s Agency of the Year Awards, saw Triad becoming the first [...]
New SEC Act streamlining do’s and don’ts
The Securities and Exchange Commission (SEC) is crystallising its new rules and regulations in the new Act introduced in September and hopes to finalise many elements by the start of the next year. The new Act embodies all the provisions and the powers of the SEC in executing its duties and acts as a good [...]
USA-Sri Lanka Chamber of Commerce unveils official website
NEW YORK – The USA-Sri Lanka Chamber of Commerce (USASLCC), founded in 2009 in close collaboration with the Permanent Mission of Sri Lanka to the United Nations and the Sri Lanka Embassy Washington D.C., recently launched its newly designed website. Officially unveiled to the worldwide web, the website would serve as an important source of [...]
McLarens Group Shehara De Silva named ‘Woman in Shipping’
Managing Director of McLarens Group Ms. Shehara De Silva, recognised for her immense contribution towards the maritime sector and her dynamic leadership excellence, was recently bestowed with the ‘Woman in Shipping’ award at the recent Maritime Standard Awards. McLarens is one of Sri Lanka’s largest diversified conglomerates with a corporate heritage spanning over seven decades, [...]
Lankan apparel exporters seek collaboration to realise industry’s potential
Sri Lanka’s apparel industry has risen to the challenges posed by the pandemic and the sector can contribute further to the country’s economy, provided that all stakeholders collaborate to address critical constraints, apparel exporters point out. These views were expressed at the recent 39th Annual General Meeting (AGM) of the Sri Lanka Apparel Exporters Association [...]
LAN celebrates record year of supporting entrepreneurs through investments etc
Lankan Angel Network (LAN) has celebrated a record 2021 in which it helped local entrepreneurs grow to reach larger markets at home and internationally, through a combination of investments and mentorship. In 2021 alone, LAN evaluated over 250 start-ups, with over half going on to receive detailed feedback and mentoring to help them grow and [...]
Kapruka launches platform “partner central”
Kapruka, the pioneering e-commerce platform that has evolved into Sri Lanka’s largest locally owned global e-com platform, ahead of its upcoming initial public offering (IPO) has announced its plans to develop ‘Kapruka Partner Central’ – a premier marketplace platform for well-established brick and mortar shops in Sri Lanka. The platform will connect buyers and sellers [...]
NDB first bank to pave the path to digitalisation with TradeLens
NDB Bank recently signed up with “TradeLens”, a Blockchain platform jointly developed by Maersk and IBM, as the first bank in Sri Lanka enabling the possibility of providing digital trade finance to its valuable customers. Joining hands with the world’s most expansive blockchain supply chain network, NDB will gain access to critical trade data to [...]
Highest food prices recorded last month – Advocata says
Advocata’s Bath Curry Indicator (BCI), which tracks the monthly changes in the price of a basket of commonly consumed food items, recorded the highest retail prices since 2019. Since 2019, prices have increased by 44 per cent, Advocata said in a media release. This means that an average family, who spent Rs. 960 weekly on [...]