Dlr crunch becomes the Grinch this Christmas
Sri Lanka is likely to face a further 10 per cent price surge in imported foods next month as the amount of containers clearing up daily at the Colombo Port has slowed down significantly since banks are unable to provide dollars. Containers cleared daily have reduced from 200 to about 20. Essential Food Commodities Importers [...]
Rating agency downgrades ruin banks’ funding lines
Rating agency downgrades and forecasts on Sri Lankan economy are messing up potential funding lines for the local banks. Exasperated bankers are saying that most rating agencies’ warnings Sri Lanka may not meet its debt requirements are stopping prospective international funding lines for them. “Last October we managed to pay the bond interest, but some [...]
Sri Lanka considers import quotas, coupons for fuel and food
The Government is considering a quota system for essential imports and a coupon scheme for consumers in buying food and fuel, several ministers and high official sources said. The quota-based importation system for food and fuel is being discussed to save US$3 billion expected to flow into the country soon, a top official told the [...]
Omicron dashes winter hopes for tourism
Tourists from Europe and the UK hoping to holiday in Sri Lanka are cancelling bookings due to the raging Omicron variant in their own home countries. “Some people have contracted the disease and there are cancellations from the UK and Europe,” Immediate Past President of Hoteliers Association Sanath Ukwatte told the Business Times. He pointed [...]
Labour minister blasts Govt.
Labour Minister Nimal Siripala de Silva on Tuesday lashed out at his own government saying a cash crisis has affected operations at the ministry. Speaking at the monthly meeting of the National Labour Advisory Council, the minister, in an angry mood, said the ministry didn’t have enough money to send officials on inspection and work [...]
Changing $
In a bid to deter foreign currency investments through money laundering, the Central Bank has issued a circular where depositors must declare that their remittances are from legitimate sources. In the circular issued on December 15 which amends the December 13 circular offering incentives (an extra Rs.10 per dollar) for foreign currency conversions to rupees, [...]
Stepping into 2022
If 2020 was a year of the pandemic, 2021 will go down as the year of crises with no end in sight to the country’s problems. As we step into 2022, we leave behind a year filled with a plethora of issues and ending on a sombre note with a fuel price hike and growing [...]
Modern era of power generation
It’s always pleasant to meet a friend for a meal; but this invite for dinner at Pradeep’s residence was a special one for me. Dr. Pradeep Perera is an Energy and Environmental Economist, working for the Asian Development Bank (ADB). His location of work has always been outside Sri Lanka. Since the outbreak of the [...]
Spate of IPOs at CSE to continue into the New Year
Low-interest rates and lack of alternative investment options are driving the Colombo stock market which saw all its public offers being oversubscribed by large multiples. For instance, Sri Lankan multinational software solutions provider, hSenid IPO opened on December 3, was oversubscribed in a matter of hours, receiving over Rs. 9.3 billion worth of applications from [...]
New laws to strengthen existing e-commerce legal framework
New laws will be introduced to strengthen the existing e- commerce legal framework ensuring fairness and protection of rights for both businesses and consumers who use online e-commerce platforms, Justice Ministry officials said. The aim is to update regulations to provide better protection for consumers in electronic commerce establishing a modern consumer protection structure suitable [...]
ADB invests $80 m in John Keells Holdings food chain
The Asian Development Bank (ADB) has entered into an agreement to invest up to US$80 million (in Sri Lanka rupee equivalent) in John Keells Holdings PLC (JKH) to boost the country’s food value chain and promote economic growth and job creation, the ADB said in a media release. The investment will be a two-phase private [...]
Carsons in share buyback
Carson Cumberbatch Group has announced a share buy back of two subsidiaries, Ceylon Investment PLC and Ceylon Guardian Investment Trust PLC. Carsons is offering a premium of up to 90 per cent over existing market price per share, which is a break from what has been standard practice in Sri Lanka to offer at the [...]
SL’s joint chambers concerned over foreign currency shortage
Sri Lanka main business chambers, in a joint statement, have expressed concern over the depleted foreign currency resources in the country and warned that many local companies might decide to relocate to other countries. “If these conditions that are critical for ease of doing business do not improve, we are concerned that it will result [...]
Supreme Court upholds taxpayer rights
The Supreme Court in a key judgment last week by Justice Priyantha Jayawardena PC, (with Justices Yasantha Kodagoda PC and K.K. Wickramasinghe agreeing) has upheld the principles relating to the time bar which protect taxpayers from the issue of assessments for income tax by the Inland Revenue Department belatedly. According to the judgment, Seylan Bank [...]
Trade Ministry intends intervening in essential food imports
Sri Lanka’s Trade Ministry intends intervening in the importation of essential food items as local importers are struggling to meet their import bills due to a US dollar scarcity resulting in the piling of over 1000 food commodity containers at the Colombo port. In recent weeks, prices of essential commodities have soared to unbearable proportions [...]
Tokyo Cement’s terminal expansion to cost Rs. 2.5 b
Tokyo Cement Group recently commissioned operations of the newly expanded capacity at the Tokyo Cement Colombo Port Terminal in a soft opening ceremony. This operations’ expansion further reiterates the company’s commitment to boost the local economy as a truly Sri Lankan organisation, according to a company media release. Once fully operational the Tokyo Cement Terminal [...]
CMA’s proposed amendments to Apartment Ownership Act
The Condominium Management Authority (CMA) has finalised proposed amendments to the Apartment Ownership Act No.10 and 11 of 1973 which were recently presented to Justice Minister Ali Sabry by CMA Chairman Sarana Karunaratne CMA General Manager Dr. Indunil Liyanage, Deputy General Manager Regulatory Nalin Gankanda and Legal Consultant Tissa Perera of CMA and Co-Chairs and [...]
CICT aims for record 3.1 m teus in 2021
Colombo International Container Terminals (CICT) is ending 2021 on a high note, celebrating its milestone 10th anniversary in Sri Lanka on December 22 and reaching 3 million teus within a year for the first time. In a media release, the company said its throughput for the full year is expected to reach approximately 3.1 million [...]
Farm to doorstep in 24 hours from Lassana.com
Lassana.com, the leading flowers, cakes and gifting service provider in the country, has enhanced its product portfolio to introduce fresh fruits and vegetables by re-engineering its business operations to better fit market needs in a time of crisis. Lassana has fine-tuned a revolutionary methodology where most of its fresh produce reaches the customer within 24-hours [...]
China’s GoalFore enters Sri Lanka’s investment market
GoalFore Advisory Company, one of China’s leading investment and investment facilitation companies, has announced its strategic cooperation with STS International (Pvt.) Ltd, an investment and project consultancy company in Sri Lanka. Expanding its global foothold, GoalFore plans to establish its presence in the lucrative investment economy of Sri Lanka. Accordingly, forming a strategic partnership with [...]
ComBank gifts 100 STEM Smart Classrooms
The Commercial Bank of Ceylon has completed its project to equip 100 schools island-wide with Smart Classrooms that deliver digitised educational content, a commitment it embarked on in its centenary year to transform orthodox educational institutions to STEM (Science, Technology, Engineering, and Mathematics) Centres. The digital learning content required to implement this project was created [...]
Sri Lanka signs tea for oil deal with Iran
Sri Lanka on Tuesday inked a contra deal to sell Ceylon Tea in return for the oil purchases made by the Ceylon Petroleum Corporation (CPC). Official sources told the Business Times that an Iranian delegation in the country had signed the tea for oil deal with the Sri Lanka Tea Board. Iran and Sri Lanka [...]
Ceylon Tea bags mixed hopes in 2022
Sri Lanka’s tea industry is hopeful of a good Dimbula season in January but hopes are dimmed for the rest of the year as the fertiliser coming in this week is likely to increase cost of production. “That is the only bright season,” Hayleys Plantations Managing Director and Plantation Association Spokesman Dr. Roshan Rajadurai told [...]
MAGA completes 528-unit urban regeneration housing project
Maga Engineering has completed construction of a new 528-unit housing complex consisting of three 11-storey blocks situated off Kalinga Mawatha in Polhengoda, Colombo 05. The housing complex, named “Colomthota Sarasavi Uyana”, was opened on December 15 by Prime Minister Mahinda Rajapaksa, on the invitation of State Minister of Urban Development, Dr. Nalaka Godahewa. Maga said [...]
LOLC Finance named ‘The Finance Company for Credit Cards’
At the recent 2021 Next 100 Global Awards, LOLC Finance was named the Finance Company for Credit Cards. The Next 100 Global Companies list recognises companies at the forefront whose strategies, achievements, dedication, and leadership of those who demonstrate outstanding achievement and are committed to delivering the products clients need and the results clients want, [...]
‘Dialog Ridee Reyak’ to be telecast on Dec 31
“Dialog Ridee Reyak 2021”, the premier silver carpet event, will be telecasted on Swarnawahini from 9 pm onwards on December 31. “As one of the most looked forward to events in the Sri Lankan entertainment calendar, Dialog Ridee Reyak has also cemented its status as one of the most-watched programmes on television on December 31 [...]
SampathCards offers during this festive season
SampathCards has announced the roll out of a wide range of additional discounts and benefits to deliver tidings of great joy to Sampath Credit and Debit Cardholders during the festive season, the bank said in a media release. Savings of up to 50 per cent are on offer at leading partner outlets around the island, [...]
IRD records around Rs.70 m in VAT defaults
Sri Lanka’s Inland Revenue Department (IRD) has incurred a revenue loss of around Rs. 70 million last year, due to Value Added Tax (VAT) defaults involving Ceylon Fertilizer Company and seven other private institutions, the Auditor General Department’s recent report revealed. The IRD removed nearly 54,000 businesses from the books from VAT payments earlier this [...]