Old coins and stamps
A Sri Lankan vendor sells old coins and old stamps on a Colombo street. Pic by Eshan Jayawardana.
Sri Lanka seeks upto US$3.5 b loan from Japan
Sri Lanka’s debt-ridden government is now negotiating a fresh financial relief package from Japan amounting to between $2billion and $3.5 billion similar to Indian assistance of US$ 900 million granted to Sri Lanka recently, with the aim of overcoming the current economic crisis. The exact amount of the planned swap of the loan into dollars [...]
Exporters resort to imports to evade rules
In a new twist to the foreign exchange crisis in the country, exporters have resorted to new import businesses to circumvent Central Bank (CB) regulations. The CB rules say the exporters who need to import to source raw materials etc don’t need to convert their exports proceeds to rupees. This has got the exporters thinking [...]
Agriculture authorities set the rules
Agriculture authorities have stated that the rules for a new Chinese organic fertiliser shipment will still apply and that they should supply in line with the Sri Lankan requirements subjected to tests at local laboratories. While there has been no communication from the Chinese fertiliser company Qingdao Seawin Biotech Company, the Agriculture Department Director General [...]
EPF to rectify huge losses in past, bad investments
The state–managed private sector superannuation endowment, Employees Provident Fund (EPF) has lost billions of rupees through investments in unlisted and loss-making companies under several regimes, a new government audit has estimated. Some of these companies were poultry farms without chickens, a hotel chain with no building under its name, and property development companies without land [...]
Foreign debt: To repay or not?
Sri Lanka is grappling with a decision on whether or not to repay the US$500 million debt due on Tuesday January 18. Central Bank Governor Ajith Nivard Cabraal has reiterated that the payment will be made and no decision has been taken to default. However several economists have said the best option, given the current [...]
To pay or not to pay?
If M.S. Fernando, a popular singer in the 1970s, was known as the ‘Baila Chakravarthy’, Desmond de Silva, who sadly passed away last week, was known as the ‘king of Baila’. I was reminded of this when Aldoris, the choon-paan karaya, came down the lane in his tuk-tuk — this time with the song ‘Sumihiri [...]
It’s the same pit!
About two decades ago, Professor Chandra Rodrigo and I were working as Sri Lankan partners on what was called a Global Research Project. It was a world-wide research project explaining half a century of growth experience of developing countries in the world from 1950-2000. As the global research project was divided into a number of [...]
CSE in talks with firm to list on foreign currency platform
The Colombo Stock Exchange (CSE) is in discussion with a local company with dollar earnings to go public on the Multi Currency Board (MCB), officials said. This came after the CSE got approval last July from the Central Bank allowing local companies intending to go public on the MCB to open foreign currency accounts for [...]
People’s Bank – over Rs.1.2 trillion worth of transactions in 2021
People’s Bank said this week that that it has facilitated 82.6 million transactions worth over Rs.1.2 trillion in 2021, through its island-wide network of ATMs, CDMs and Self-Banking Kiosks. The country’s second largest commercial bank, People’s Bank also enjoys the largest customer base in Sri Lanka counting over 14 million customers, along with the largest [...]
N- Joy sets industry benchmark with new fresh dry tech
N-Joy, Sri Lanka’s top coconut oil brand, has set a benchmark in the coconut oil manufacturing industry by adopting the state-of-the-art manufacturing process, Fresh Dry Technology (FDT), which further enhances product quality in-line with stringent global standards. The new tech establishes the manufacturer as the only local company to automate its production process and minimise [...]
Debt management reforms to tackle rising domestic borrowings
Sri Lanka’s domestic debt is rising at an alarming rate forcing the government to introduce management reforms to ensure that the government’s financing needs are met at the lowest possible cost, the latest fiscal report of the Finance Ministry says. Currently, the Public Debt Department of the Central Bank is handling debt servicing of around [...]
Submerged by the COVID-19 pandemic
BERKELEY– The wildfire spread of the Omicron variant adds a new element of uncertainty to the global economy. But when it comes to emerging markets, the consensus view is that these countries’ prospects remain bright. J.P. Morgan Global Research expects their collective GDP to grow by 4.6 per cent this year, faster than its 2015-19 [...]
Ceylon Tea fights its own battles
Ceylon Tea is now in the Dimbula season and the concerns are grave as the industry fights against a high cost of production and comparatively the prices are marginally higher than last year. The cost of production of Ceylon Tea has increased from Rs.150 -175 with the labour cost accounting for 70 per cent of [...]
Brand View Labels obtains ISO 9001: 2015
Brand View Labels Lanka (Pvt) Ltd has obtained the certification ISO 9001: 2015 granted by Ind-Expo Certification Ltd established by the Ceylon National Chamber of Industries. The company said in a media release that it provides label solutions to all industries with its main product identification labels being printed fabric labels, thermal printing, offset printing, [...]
Pharma chamber say shortage of medicines inevitable owing to dollar crisis
Imports of pharmaceuticals and drugs are done on the availability of foreign currency and not on the needs of the country or its patients. “In this situation, it is inevitable that there will be shortages of more and more medicines as the foreign exchange crisis deepens,” said the Sri Lanka Chamber of the Pharmaceutical Industry [...]
SEC probing anonymous social media posts
In an expected twist, the many evils of social media are shadowing the stock market. The Securities and Exchange Commission (SEC) is examining anonymous social media posts promoting stocks with company logos targeting investors trading on the Internet. These are not company-sponsored, and some may even be fooled into thinking this is an official company [...]
Sail Lanka launches Marine Training Project in SL’s North
Sail Lanka Yachting Group (SLYG) and ‘Building a Future Foundation (BAFF)’ are to replicate in the north of Sri Lanka, their successful boat-building and marine training project for youth. Following the recent inauguration of the project in Velanai in the Jaffna district, Pierre Pringiers, Chairman of SLYG said, “Our idea is to replicate in the [...]
SL’s banking system not geared for entrepreneurship
While finance is one of the key challenges a start-up and an aspiring entrepreneur face in this day and age, it is the least encouraged aspect of the banking system in Sri Lanka. Value of the assets and how the balance sheet looks like is what Sri Lanka’s banks are forced to look at, says [...]
ComBank Bangladesh developing digital banking platform
Digital Payment Services (Pvt) Ltd (DPS), an award-winning fintech software development provider, has been selected to custom develop a comprehensive digital banking platform for Commercial Bank of Ceylon Bangladesh. The solution will be the first of its kind in Bangladesh, incorporating a number of innovative features to improve the speed of on boarding new customers [...]
Private sector needs more incentives to boost exports-CMA President
While the recent budget allocation of 60-70 per cent of money has been allocated to government ministries, one must question the value created by each of these ministries to the country and the society at large. “On the contrary the private sector is the most important component of the country and if not for the [...]
University-industry collaboration: Role of management
Knowledge sharing and transfer through University-Industry collaboration (UIC) is identified as the third mission of universities supplementary to Mission 1: ‘Teaching’ for production of quality graduates, and Mission 2: ‘Conducting economically, socially and culturally relevant ‘research’. The third mission, like the third eye chakra of humans, opens up the wisdom, clears the path, encourages concentration [...]
AIA Sri Lanka says safe and rewarding workplace for women
AIA Insurance has been recognised as one of the ‘Best Workplaces for Women’ in Sri Lanka for the fourth consecutive year in 2021 by the independent analysts at Great Place to Work® in Sri Lanka. AIA Sri Lanka was also acknowledged by another awarding body for its efforts in creating a safe working environment for [...]
Ogilvy Redworks, stepping into a decade of excellence
Redworks, the specialised corporate communications arm of Phoenix Ogilvy Group, completed a successful year in 2021 by gaining momentum in performance despite the challenging business environment. Redworks is backed by one of the most diversified communications agencies in Sri Lanka, the Phoenix Ogilvy Group. Thereby, the company, said in a media release, that has gained [...]