Gas crisis continues
Sri Lanka’s gas crisis continues. In this picture taken in Ambalangoda on Friday, people queue outside the Police Station after police helped to distribute LPG. Pic by Hemantha de Silva
Impunity for state tourism officials
Sri Lanka’s new draft Tourism Act has come in for sharp criticism from tourism stakeholders as the proposed new law grants impunity for state officials for any act carried out in “good faith.” Part 22 titled “Miscellaneous Provisions” of the draft Act Section 89 (1) states, “No suit or prosecution shall lie against any member, [...]
Military deployed for organic farming
The Army has been sent in to implement government policy on organic farming by monitoring and educating farmers on the job they have to do. The Maha season is likely to see a 30 per cent drop in yields but the authorities are convinced the people will not starve. Army deployment towards this project was [...]
Massive fertiliser import scam under the subsidy scheme exposed
An unprecedented financial scam in fertiliser imports under the subsidy scheme has been exposed during a government audit query. Revealing details, a recent Auditor General’s report noted that the National Fertiliser Secretariat (NFS) has overpaid millions of rupees in the payment for the purchase of chemical fertiliser stocks from importing firms under the government’s subsidy [...]
CB requests two state banks to curtail LCs
The Central Bank (CB) has requested at least two state banks to curtail opening letters of credit (LC) till next Tuesday to shore up reserves to meet the US$500 million sovereign bond payment due on January 17. A top importer told the Business Times that recently a state bank refused to open a LC with [...]
Stock market investors won’t return to old businesses
Businessmen investing in the stock market for the past year are hesitant to return to their original businesses now that they have the taste of easy cash. The Colombo Stock Exchange (CSE) has been posting unprecedented highs from last year spilling over to this year. After the CSE digitalisation new entrants to the market have [...]
Rising inflation
The familiar sounds of ‘choon-paan karaya’ Aldoris’s trishaw could be heard in the neighbourhood but this time he was late, arriving close to 9 a.m. “Mokada ada parakku (Why are you late today?),” asked Kussi Amma Sera. “Aney Miss, mata kiri-piti ganna polime inna wuna (Aney Miss, I had to wait in one of the [...]
Not for a few dollars more!
How did the government find dollars overnight? It was a question that a couple of my friends asked me, after reading my column on “Import controls, then and now” last week. I explained the government’s import controls and the Central Bank’s foreign exchange restrictions in the 1970s and its consequences on domestic production in Sri [...]
Employers’ Federation comes out of the woods
The private sector representative body, the Employers’ Federation of Ceylon (EFC) professional staff and its trustees are now working things out between them as a key appointment to the EFC from outside had become a bone of contention literally bringing matters to a head. Sources at the EFC told the Business Times on Wednesday that [...]
Hela Apparel soon in Egypt
While globally expanding its footprint in a US$ 3 trillion apparel industry, Hela Apparel is to start a new manufacturing facility in Egypt in the next few weeks, said Hela Apparel Holdings, Group CEO, Dilanka Jinadasa during a media briefing held at the Galle Face Hotel in Colombo on Wednesday. Mr. Jinadasa said, “Hela has [...]
PickMe: Double digit growth in taxi-hailing industry
With fuel prices at the pump increasing and commodities set to take another bump, PickMe says it is vital not to take “our eyes off the ball”. “Despite all shortcomings, the wheels of the economy must not stop turning,” says Zulfer Jiffry, CEO of PickMe. In a media release, the company said it has increased [...]
Foolproof stickers made compulsory for all local alcoholic beverages
The much delayed controversial fool proof sticker and labeling system for local and imported alcoholic beverages is now fully operational and affixing these stickers on manufactured liquor bottles and cans will be completed by March, M..J. Gunasiri, Commissioner General of Excise confirmed. The implementation of this system came into effect on January 3 with a [...]
Don’t sell the Trinco Oil Tank Farm
Eureka!! Our Energy Minister has given a heroic explanation on TV; that he has managed to regain the ownership or possession of the Trincomalee (Trinco) Oil Tank farm and intends giving 24 tanks to the Ceylon Petroleum Corporation (CPC), extends the ‘purported 35 year lease” (said to be ending in 2038) of 14 tanks to [...]
Joint software venture between Sri Lankan and Indian companies
Linear Squared (Pvt) Ltd, a Colombo-based Cloud business technology company will be acquired by Algonomy, a leader in Artificial Intelligence and Algorithmic software company based in Bangalore and in the US to further enhance business application in AI technology globally, said CEO/Co-Founder of Linear Squared company, Sankha Muthu Poruthotage at a joint media briefing held [...]
t-Lounge by Dilmah launched at Pullman Dubai Creek City Centre
The t-Lounge by Dilmah was recently launched at Pullman Dubai Creek City Centre, Dubai. To celebrate the launch of the t-Lounge by Dilmah, Pullman hosted VIPs and media with a live art session while presenting a curated 21st century high tea. The menu for the launch featured an array of multi-culturally inspired fusion cuisine ensemble [...]
Jaffna International Trade Fair on Jan. 21-23
The 12th edition of the Jaffna International Trade Fair (JITF) will be held in Jaffna from January 21 to 23, organised by the Lanka Exhibition & Conference Services (Pvt) Ltd (LECS) in association with the Chamber of Commerce and Industries of Yarlpanam (CCIY) and endorsed by International Business Council, the Ministry of Industry & Commerce [...]
Local company, bucking trends, opens new resort
A local company, bucking trends where resorts are struggling to survive due to lower tourist arrivals owing to the COVID-19 pandemic, has launched a new tourism product. The Wild Glamping Gal Oya tented luxury chalets, part of the Theme Resorts portfolio, was opened last month, amidst the pandemic. Situated in a 30-acre good practices’ agriculture [...]
Two Chinese firms take over ECT project phase11 sparking controversy
Two Chinese companies have bagged deals of Eastern Container Terminal (ECT) development project phase11 arousing suspicions of underhand dealings, Sri Lanka Ports Authority (SLPA) trade unions alleged. International competitive bids had been called and six bids had been received for the supply of cranes and civil works of the project. The Cabinet of Ministers approved [...]