Statues for cribs
Workers at Angle Arts, Mattakkuliya preparing statues to be used in cribs during the Christmas season. They said this was the best Christmas season so far in the past three years. Pic by M.A. Pushpa Kumara
Sri Lanka’s economic woes likely to worsen in 2022
Sri Lanka is heading towards a major economic crisis in 2022 amidst dwindling foreign reserves and pressure on the monetary system with no immediate signs of recovery, official statistics and estimates computed by government agencies with the use of financial modeling has revealed. While Sri Lanka is due to repay close to US$1 billion worth [...]
Fertilisers allocated for tea industry grabbed
Amidst speculation that foreign exchange coffers are fast running out of dollars, fertiliser importers are caught in a tight situation unable to bring down adequate stocks for the next Yala season even at skyrocketing global prices. The ban on chemical fertiliser imports was lifted about two weeks back. Agriculture Minister Mahindananda Aluthgamage during a meeting [...]
ADB-funded health sector enhancement project marred by irregularities
Sri Lanka’s ongoing Asian Development Bank (ADB)-funded Health Sector Enhancement Project (HSEP) progress has been slowed down by improper prioritisation of procurement, underutilisation of allocated funds and accountability issues, according to the Quarterly Progress Report submitted by the Health Ministry to the Finance Ministry. The outcome and the status of the US$ 60 million (Rs.12 [...]
Fresh organic tender for Yala season
Sri Lanka is likely to call for a fresh international tender for the Yala season in a bid to ensure that the organic farming process has adequate fertilizer. Agriculture Department (DOA) Director General Dr. Ajantha De Silva told the Business Times on Wednesday that they will be calling for a fresh international tender for organic [...]
Chinese fertiliser case: Sri Lanka reverses decision
Scurrying to reach a settlement ahead of the High Court order on December 23 the Sri Lankan government is drafting a settlement with the Qingdao Seawin Biotech Fertilizer Company to complete payment and close the deal without accepting the fertiliser in question. This was following a Cabinet decision made this week. The Attorney General has [...]
Mandatory conversion of foreign earnings
It was that time of the morning on a Thursday that I received a call. It was ‘human resource’ pundit HR Perera, popularly known as HR. “I say, lots of stuff to talk about. I’ll start with a CEB announcement of power cuts. That was followed by a notice saying there won’t be any more [...]
Knife with a double edge
UDA seals deals worth US$ 1b” was the headline of a story in the Sunday Times last week. After going through the news, one of my friends called me for a clarification on its economic implications. “Does it solve our foreign exchange problem? Or does it worsen it further?” he asked me. I knew his [...]
Tracified says helps 10,000 Lankan farmers to move up the value chain
Tracified Technologies has initiated a blockchain based traceability solution targeting 10,000 farmers in Sri Lanka who export to the EU. Commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ), co-financed by the European Union (EU), and implemented by GIZ Sri Lanka, the solution will be a platform for farmers to provide transparency [...]
New committee at Ship Suppliers Association
The Sri Lanka Ship Suppliers Association (SLSSA) held its 46th Annual General Meeting recently with Capt. Nirmal. P. Silva, Harbour Master, Sri Lanka Ports Authority as the chief guest. The SLSSA was established in 1973 for the betterment of the ship chandlers in Sri Lanka with the objective of enabling an interchange of ideas, information [...]
Vehicle importers urge government to introduce credible survival plan
Sri Lanka’s vehicle importers have urged the government to introduce a credible survival plan as well as the fullest support of the government to overcome their present difficulties. They made this call following Finance Minister Basil Rajapaksa’s recent statement that vehicles will not be imported in 2022 even after halting car imports for two years. [...]
Taprobane Seafoods announces strategic diversification plans
Taprobane Seafoods, Sri Lanka’s largest and most integrated seafood company, is gearing up to announce a host of new strategic initiatives. The company is introducing new shrimp services by leveraging on its first-mover status as the pioneer of SPF Vannamei, a shrimp variety that is disease-free and in line with state rules to ensure only [...]
Sri Lanka’s economy contracts in 3Q 2021-DCS
Though Sri Lankan lifestyes were restored to near normalcy from the pandemic, economic growth rate for the third quarter of 2021 is estimated at a negative growth rate of 1.5 per cent, the Department of Census and Statistics (DCS) said in a statement on Wednesday. It said the Gross Domestic Product (GDP) at constant prices [...]
HSBC’s Rajagiriya facility to move to Havelock City
HSBC Electronic Data Processing Lanka (Pvt) Ltd (HSBC EDPL), located for many years at Rajagiriya is being relocated to Havelock City’s Grade-A office space, Mireka Tower. The Havelock City office tower is set to open in mid-2022 and its opening has been further bolstered by the announcement of HSBC EDPL as its latest tenant, according [...]
Janashakthi Life GWP grows at 42%
Janashakthi Insurance PLC has recorded a growth of 104 per cent in first year regular premium with 42 per cent growth in Gross Written Premium as per IASL reported industry figures for the third quarter 2021, reaching a total income of Rs.5.2 billion for the period under review, the financial year 2021. The company posted [...]
Eco Spindles aims to increase plastic recycling by 10%
Eco Spindles, 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 significantly increased Sri Lanka’s recycling capabilities by creating an ecosystem for recycling within the country. This year, the company has seen the culmination of its significant [...]
Sarvodaya Development Finance starts trading at CSE
The shares of Sarvodaya Development Finance Limited commenced trading on the Colombo Stock Exchange (CSE) yesterday with a bell ringing event at the CSE. The listing follows a successful Initial Public Offering (IPO) by the company, through which it raised approximately Rs. 01 billion through a share issue of 45.45 million at an issue price [...]
Co-operative Insurance to open IPO tomorrow
Sri Lankan insurer Co-operative Insurance will open its Initial Public Offering (IPO) tomorrow in the Colombo Stock Exchange. In a media release, the company said that it secured a strong financial performance for the past year and was able to grow its Net Earned Premium (NEP) by 5 per cent in a challenging, economically-crippling environment [...]
Most SOEs incur losses today- Prof. Samarajiva
Sri Lanka Telecom that was not providing a good service to the public and making losses was then privatised and is now providing a good service and employing more than double the employees it had previously. It also provides a dividend revenue to the government, said Prof. Rohan Samarajiva, advisor of the Advocata Institute, on [...]
Ways of mitigating Sri Lanka’s dollar crisis
Since it is reported that Sri Lanka (SL) has less than US$2 billion in its reserves, immediate action has to be taken to prepare a plan to earn the dollars required and for the country to alleviate poverty. Long term action to overcome the absence of political stability and good governance to establish an enabling [...]
Sri Lanka Virtual MICE Expo 2021 breaks new ground
Sri Lanka’s inaugural Virtual MICE Expo received an overwhelming response from stakeholders as the value-added event provided a much-needed impetus for MICE tourism, Sri Lanka Tourism said in a media release. The Sri Lanka Convention Bureau (SLCB) organised the event from 1st – 3rd December 2021 in collaboration with the Sri Lanka Association of Professional [...]
Jury for Effies Awards Sri Lanka 2021
Effie Sri Lanka Awards has announced its 2021 jury line up. Organised by the Sri Lanka Institute of Marketing the Effies Awards are open to all agencies and brands that strive to be recognised for their most effective marketing efforts. This year’s awards programme is special in it being a bumper year where more than [...]
Lanka’s apparel sector well- positioned to reach $8 b export earnings target by 2025
Sri Lanka’s apparel industry has expressed confidence in reaching its target of US$8 billion in export earnings by 2025, by implementing the concerted initiatives put in place by the sector, in collaboration with the authorities. These views were expressed at the ‘Sri Lanka Economic Summit 2021’, the flagship event of the Ceylon Chamber of Commerce, [...]
Lower milk output from Sri Lankan cows than foreign cows
The Pelwatte Dairy Industries Ltd located in Buttala in the Uva Province takes around eight hours by coach to reach there from Colombo during a visit by a media team to learn many facets of milk production by Pelwatte Industries under difficult conditions. Production Manager of the Pelwatte Dairy Industries Ltd, Prabash Liyana Pathirana explained [...]
UNFPA: Prioritising ageing in times of emergencies
The rapid ongoing spread of COVID-19 continues to impact billions of lives around the world. The pandemic has also further exacerbated existing inequalities, pushing vulnerable populations deeper into poverty and into the hidden fringes of society, according to UNFPA. Further, as an island nation, Sri Lanka is vulnerable to the rapid effects of climate change [...]
DFCC Bank recognised at the Karlsruhe Sustainable Finance Awards in Germany
DFCC Bank was recently recognized at the Karlsruhe Sustainable Finance Awards 2021 in Karlsruhe, Germany for the 9th consecutive year with two awards. They were – Sustainability Leader of the Year Certificate of Merit to the CEO of DFCC Bank, Lakshman Silva recognising his exceptional leadership in driving the business performance of DFCC Bank PLC, [...]
NCINGA empowers Telecom Fiji
NCINGA (Pvt) Ltd, one of Sri Lanka’s leading IT solution providers, continues to advance the emerging markets in the telecommunications industry, acting as a powerful force behind the infrastructure development of Telecom Fiji in the Fiji islands, located in the Pacific Ocean. The Sri Lankan IT firm has levelled up its partnership with Telecom Fiji [...]
Microsoft and Trainocate to bridge digital skills gap
Microsoft and Trainocate, a learning and development service provider, will work together to bridge the digital skills divide in Sri Lanka and route students to diverse and equitable hiring and employment opportunities. With this partnership Microsoft is aiming to reach more than 600 undergraduate and graduate students in Sri Lanka to address the needs of [...]
GDP’s days are numbered
CAMBRIDGE – How should we measure economic success? Criticisms of conventional indicators, particularly gross domestic product, have abounded for years, if not decades. Environmentalists have long pointed out that GDP omits the depletion of natural assets, as well as negative externalities such as global warming. And its failure to capture unpaid but undoubtedly valuable work [...]
CA Sri Lanka signs MoU with University of Jaffna
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently entered into a Memorandum of Understanding (MoU) with the Faculty of Management Studies and Commerce of the University of Jaffna. The MoU signed by President of CA Sri Lanka Manil Jayesinghe and Vice Chancellor of the University of Jaffna Prof. S. Srisatkunarajah aims [...]
EDB’s coaching programme to enable SMEs access export markets
The Sri Lanka Export Development Board (EDB) – Regional Development division recently implemented an Export Coaching Programme as a pilot project for 25 selected, export potential SMEs that are registered under the EDB – New Exporter Development Programme and assist them to develop capacities to enter the export market. The programme consisted of three phases [...]
New kithul-based products launched
raga, an innovative line of organic, kithul-based products was launched by Agri Deshiya (Pvt.) Ltd, a local company aimed at elevating Sri Lanka through value-added agricultural products of Sri Lankan origin to international fame. The official launch took place on December 14 with the opening of the Agri Deshiya factory inaugurated by Minister of Industries, [...]
Learning Premier League Season kicks off at HNB
Hatton National Bank launched an innovative employee engagement and development initiative – the HNB Learning Premier League – last week. The HNB Learning Premier League would be a first, connecting virtual learning with cricket. Modelled on the popular cricket format, the HNB Learning Premier League would connect with staff on a virtual gaming platform to [...]
INSEE Cement announces 1 mln ton capacity expansion at Ruhunu Plant
INSEE Cement, the country’s largest cement manufacturer, has announced a state of the art one million ton per annum grinding capacity expansion at its Ruhunu Cement Works (RCW) plant in Galle, investing in strengthening the local economy by increasing domestic production and manufacturing more sustainable construction products for Sri Lanka. The investment decision was presented [...]
Advantis 3PL Plus expands ALC, Sri Lanka’s largest distribution hub
In contributing towards developing Sri Lanka as a globally competitive hub for logistics, Advantis 3PL Plus, a member of the Hayleys Advantis Group, announced a major expansion of its mega distribution centre, Advantis Logistics City (ALC), strategically situated at Kotugoda, Ja Ela. The new wing, constructed on two acres, will add 121,000 square feet of [...]