SL’s economy struggles amid fuel crisis
Sri Lanka’s main industries were queuing up for fuel, running from pillar to post and even resorting to meetings with government bigwigs as they struggled to make ends meet this week facing the worst of the economic crisis. But Finance Minister has assured good news from March 5. Finance Minister Basil Rajapakse on Wednesday met [...]
CEB to devise an emergency plan to avert power cuts
The Ceylon Electricity Board (CEB) has been directed to implement a short term emergency plan to avert power cuts as soon as possible with the involvement of engineers and power sector experts. President Gotabaya Rajapaksa has issued this directive at a top level meeting recently and the CEB has been asked to devise the emergency [...]
NPLs: Banks sitting on ‘time bomb’
The banking sector has made a lot of money during the past few quarters owing to the exchange rate volatility and interest rate fluctuations. Riding high on this, the banks have not seen bad loans as much as they should have with the pandemic-related moratorium being extended a few times by the banking regulator. However, [...]
Restricted imports of 600 non-essentials
Government is restricting the imports of 600 non-essential items to support the ongoing efforts to preserve the stability of the exchange rate and foreign currency market liquidity, particularly by discouraging excessive imports of a speculative nature, official sources said. The Finance Ministry is proposing to suspend the import of 600 non-essential items considering the pros [...]
Maldivian joins Colombo skies
Maldivian, the national Maldivian carrier, will be flying in for the first time to Ratmalana on its inaugural SL flight on March 27. Commencing operations with four flights a week the airline will fly a small Dash 8300 50-seater aircraft on March 27, 29, 31 and April 3, Nawaloka Air Services GM and Head of [...]
Unfolding crisis
The economy has collapsed! That was how Ruwanputha, the young economist, pithily described Sri Lanka’s current dilemma. He is on the money with that statement. According to the unfolding situation this week, as crippling power cuts continue to bite the economy, factories were shutting down, small business owners were shaking their heads being hit by [...]
Rules of the game of debt
Finally, Lebanon, which was once called “Switzerland in the Middle East”, needed someone to bail it out. Along with a foreign exchange crisis, domestic supply shortages and hyper-inflation, it failed to meet its maturing foreign debt obligations; the government had to declare its inability to repay the maturing foreign debt since 2020. And, it was [...]
Central Bank proposes measures to counter economic headwinds
In move to counter economic headwinds in the country, the Central Bank proposed urgent policy measures towards economic stability by managing inflation, attracting non debt creating foreign capital to build foreign reserves while honouring foreign debt payment obligations. This was disclosed by Central Bank Governor Ajith Nivard Cabral when he addressed a media conference on [...]
Ukraine crisis hits SL’s external trade
The Ukraine invasion by Russia is hurting Sri Lanka badly as the two countries are important import sources for wheat and export destinations for Sri Lanka’s black teas as well as foreign exchange earners from tourism and trade accounting for 2 per cent of imports and 2.2 per cent of exports. According to Finance Ministry’s [...]
Zulfiquar Ghadiyali appointed Chairman Green Win Technologies Lanka (Pvt) Ltd
Zulfiquar Ghadiyali has been appointed as Executive Chairman, Green Win Technologies Lanka (Pvt) Ltd, an emerging Information and Communication Technology company in Sri Lanka. Mr. Ghadiyali’s business interests and acumen span different countries and diverse sectors across all major continents. He is a social entrepreneur and a social innovator, who aspires to create a significant [...]
‘Dialog Smart Home’ enables seamless home automation
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has introduced a range of convenient and integrated solutions via ‘Dialog Smart Home’ to enable intelligent automation and intuitive control of homes. The newly introduced range of future-fit smart home solutions by Dialog Smart Home ranges from Home Automation, Home Security & Surveillance and Home Connectivity, and [...]
Strong year for BoC in 2021; pre-tax profit at over Rs.43 mn
The Bank of Ceylon (BoC) has reported a strong performance in 2021 even though it was another tumultuous year for the entire world due to wider and much longer impacts owing to the COVID-19 pandemic. “During this difficult situation the Bank of Ceylon stamped its class by continuing to play the role of being bankers [...]
Start-up winners at successful Venture Engine finale
Venture Engine is once again taking up the mantle of kick-starting Sri Lanka’s start-up sector. As Sri Lanka’s foremost start-up funding platform, and a pioneer in the local start-up sector since 2012, Venture Engine has spotlighted the resurgence of the start-up sector with its successfully concluded Finale, which was held on February 23. This event [...]
Lanka Remit aiming to link entire financial sector
Sri Lanka’s national remittance mobile app, Lanka Remit launched to attract foreign remittances through authorised channels, will eventually connect the entire financial sector in the country, officials said. Channa de Silva, General Manager/CEO LankaClear (Pvt) Ltd said the app is linked to several banks which in turn relate to money transfer houses and money exchanges [...]
Committee on digital currencies making progress on report
Sri-Lanka’s cabinet approved committee to instruct on regulations for digital banking, blockchain and cryptocurrency has progressed with its report and is now looking at prevailing practices in other countries including Singapore, Malaysia and Philippines, with a view to creating a regulatory framework for Sri Lanka. “The committee needs to study other countries’ laws and regulations [...]
ComBank ends tough 2021 with solid growth
The Commercial Bank Group has closed 2021 with gross income of Rs. 163.675 billion, an improvement of 7.70 per cent, with interest income accounting for more than 80 per cent of the top line in a year of mixed fortunes. The group, comprising the Commercial Bank of Ceylon PLC – Sri Lanka’s largest private sector [...]
Crisis situation over availability of life-saving drugs
Sri Lanka is facing a severe shortage of essential medicines due to the dollar shortage in the country. The situation has also got aggravated due to unrealistic price regulations that have hindered drug imports, said Sanjiva Wijesekera, President of the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI), at a media briefing held in Colombo [...]
SL’s joint chambers demand immediate action on fuel/forex crises
Nine chambers of commerce, led by the Ceylon Chamber of Commerce, on Thursday were blunt in their criticism of government policy vis-à-vis the fuel and forex crisis, saying these issues should be immediately resolved. After a meeting on March 3, the trade chambers – in a joint statement – ‘demanded’ that the government should: (1)Establish [...]
Sri Lanka’s largest travel convention with 500 Indian travellers
Sri Lanka is going to witness the largest travel convention ever held in the country when over 500 delegates from India will be attending the TAAI (Travel Agents Association of India)’s 66th annual convention in Colombo on April 19-21. Sri Lanka Tourism and the Sri Lanka Association of Inbound Tour Operators (SLAITO) are coordinating all [...]
Incentive packages to attract more foreign remittances
The government is mulling to attract and retain more foreign exchange in Sri Lanka by offering special incentive packages for Sri Lankans working overseas, Trade Minister Bandula Gunawardena told the Business Times. He noted that these Sri Lankans will be encouraged to deposit their savings and other funds in foreign currency to the country’s banking [...]
Union Bank maintains steady growth despite challenges
Union Bank’s profit after tax in 2021 was Rs.765 million, a 32.7 per cent growth YoY. The reduction in the corporate income tax rate by 4 per cent lead to a positive impact on the income tax charge for the year. The share of profit of equity accounted investees was Rs.66 million. This contribution was [...]
Over Rs.3 b post-tax profit for DFCC Bank in 2021
DFCC Bank PLC, the largest entity within the banking group, has reported a profit before tax (PBT) of Rs. 4,326 million and a profit after tax (PAT) of Rs. 3,222 million for the year ended 31 December 2021. This compares with a PBT of Rs. 3,398 million and a PAT of Rs. 2,388 million in [...]
Ideal Finance rebrands itself to Mahindra Ideal Finance
Ideal Finance Ltd, a subsidiary of Mahindra & Mahindra Financial Services Ltd (Mahindra Finance/ MMFSL), has announced the rebranding of its company name to Mahindra Ideal Finance Ltd (MIFL). This rebranding will form the foundation on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal [...]