Cricket at fuel station
Workers at a fuel station in Ratmalana play cricket while waiting for supplies. Pic by Akila Jayawardana
ADB ready to help SL amidst forex crisis
The Asian Development Bank (ADB) is ready to assist Sri Lanka in “relevant policy areas” to enhance foreign currency earnings, in particular tourism and trade and investment, according to ADB President Masatsugu Asakawa. In an exclusive emailed interview with the Business Times this week, coinciding with his visit to the island on March 10-11, he [...]
SriLankan Airlines claims turning profitable
SriLankan Airlines aims to expand its services as it targets breakeven next year following the announcement of profits for the first time this year and plans to “go it alone.” The airline’s Chairman Ashok Pathirage speaking with the media on Tuesday said that they want to expand their existing fleet of 24 aircrafts with about [...]
Currency depreciation good but too late
This week’s exchange rate depreciation is a good move, but it has been a long time coming and will not make much difference to certain ground realities, analysts say. “The decision to float the exchange rate is a good one but it is too late. The black economy has grown due to delaying this most [...]
New import curbs tip of the iceberg, say economists
Import restrictions on 367 items from milk products, butter, cheese, chocolates, apples grapes, whisky to cosmetics, kitchen appliances, toys and some sports gear will disrupt the country’s economic growth potential, several economists and leading traders said. Under the new regulations, these restricted items also include food products such as fish, meat, fish fillets, milk and [...]
Absolute chaos
There was absolute chaos in the money markets and foreign exchange trading this week after Central Bank Governor Ajith Nivard Cabraal finally wilted under pressure and allowed the rupee to float. “There is absolute chaos in the markets these days. I don’t know whether I am sitting or standing!” exclaimed Arty, the veteran money market [...]
Russia-Ukraine war impact on Sri Lanka
The oil and food prices in the world market have been rising as the global demand and economic recovery gained momentum, but the current price increase against the war has been huge. In fact, the EU as well as the UK have been considering ways and means of shifting their source markets from Russia to [...]
Apparel buyers worried over Colombo’s economic woes
Foreign apparel buyers visited Sri Lanka last week to assess the ground situation following the news of the economic crisis; clearly sending warning signs of a possible drop in future orders. Two major buyers were in the country last week to understand the ground situation and whether they can continue operations here or would be [...]
Sri Lanka’s export sector fears uncertainty
While the Central Bank devalued the rupee on Wednesday, a move that should have been implemented sometime back before the present fuel and power crisis crippled the economy, exporters’ fear Sri Lanka will now lose its credibility in the international market. The fuel and power crisis have compelled factories to shut down or rather delays [...]
Quo vadis tax policy 2022 of Sri Lanka
The rationale of the policy makers in slashing the taxes drastically was with the aim of promoting investment and expectation of an increase in consumer spending that would spur a vibrant economy. It is no secret that the tax collected by the Commissioner General of Inland Revenue experienced a drastic decline recently due to the [...]
IFC reaffirms commitment to SL with plans to increase investments
The World Bank-affiliated IFC aims to boost its investments in Sri Lanka, with a focus on supporting private sector job creation, paving the way for robust investments to help spur the country’s recovery and future growth. These comments were made by IFC Regional Vice President for Asia and the Pacific, Alfonso Garcia Mora, at the [...]
Traffi Safe launches world’s First Carbon Neutral Disposable Gloves
Traffi Safe Ltd, industry leaders in the sphere of hand protection and pioneers of the colour-coded safety glove system, has once again demonstrated its commitment towards making the earth a safer planet by launching the first ZeroCarbon® Certified Disposable Rubber Gloves in the world. Already equipped with numerous sustainability certifications including ZeroCarbon® Certification for their [...]
Forex crisis, power outages severely affects exports
The Joint Chambers of Commerce that met last week discussed the on- going forex crisis in the country and its impact on businesses and its economy. The chambers have come together as in the past when the country is facing a national crisis such as the current forex crisis that has paralysed the economy. “There [...]
Essential commodity importers suffer in dollar crisis
Sri Lanka is facing a shortage of essential commodities such as rice, sugar, dhall, chickpeas, coriander etc as imported stocks are stuck in the Port of Colombo (as far back as November 2021), not being able to clear it in the current foreign exchange crisis, commodity importers complained. They noted that port rent and container [...]
CB urged to formulate short-term crisis management plan
Sri Lanka’s need of the hour is to work out a comprehensive short-term plan to avert the US dollar crisis and economic setback along with the upcoming debt repayments without looking at it as a short-term liquidity issue. The present serious fiscal situation has been brought to the notice of the Central Bank Governor Ajith [...]
UK warns of economic crisis in Sri Lanka
UK has warned travellers of the grave economic situation in Sri Lanka and shortages of essentials and power outages if they choose to visit the country. The tourism industry found that they were slapped with a travel advisory over the current economic crisis and shortages of essentials by the UK that could hurt arrival numbers [...]
Lanwa’s state-of-the-art manufacturing facilities for steel and roofing sheets
Ceylon Steel Corporation Ltd (Lanwa), recently laid the foundation for two state-of-the-art production facilities for steel and roofing sheets at the Lanwa Sanstha Industrial Precinct in the Mirijjawila Export Processing Zone. The aim of this project is to revitalise the local construction sector in the post-pandemic context by making essential raw materials readily available, the [...]
Silk Road Partners, SL’s first company to launch a 4-day work week
Silk Road Partners (Pvt) Ltd, a corporate advisory and investment company with offices in Colombo and Galle, has become Sri Lanka’s first company to launch a 4-day work week for all employees. This initiative will allow all staff to work four days of the week and then enjoy a 3-day weekend. Aaron Rusell-Davison, a veteran [...]
Dollar crisis and approval for development projects
As we all know foreign income is at a crisis, with the current pandemic situation. It is not only in Sri Lanka but most tourism based economies have come to a standstill in the world. On the other hand, we generate foreign income through the millions of Sri Lankans working abroad and sending money to [...]
People’s Bank’s pre-tax profit for 2021 Rs. 37.2 bln
People’s Bank, releasing results for the year ended December 31, 2021, said this week consolidated total operating income reached Rs.110.7 billion while total operating expenses amounted to Rs.50.5 billion, much higher than in 2020. Consolidated pre-tax and post-tax profits amounted to Rs.37.2 billion and Rs.28.1 billion, representing a 51.1 per cent and 74.6 per cent [...]
Telecommunication levy to undergo transformation
The Finance Ministry is contemplating bringing an amendment to the Telecommunication Levy Act to change its present administration and revenue collection process. The aim is to replace the present administrator and the collector of the levy Telecommunication Regulatory Commission (TRC) to introduce uniform levy structure under the purview of Inland Revenue Department (IRD) while strengthening [...]
Keells opens first ever state-of -the-art Distribution Centre
Keells Supermarkets on Friday officially launched its Rs.4.6 billion, state-of-the-art centralised distribution centre (DC) in the industrial zone at Kerawalapitiya. The facility is equipped with latest cutting-edge technology and systems on par with global retail giants. This will serve as Keells Supermarkets’ first owned and operated DC and is a testament to their commitment to [...]
SL-born entrepreneur listed as FT1000 Europe’s fastest growing companies
The luxury brand of British award-winning toiletries and gifts ‘Winter in Venice (WIV)’ has earned a place in FT 1000 Europe’s Fastest Growing Companies in 2022. Sri Lankan-born Ermila Jayasuriya-Curtis is the Founder and Managing Director of WIV Global Limited and WIV Property Holding Ltd in the UK. The survey was carried out by Statista, [...]
Raid Amazones to promote Sri Lanka
The adventure sporting event Raid Amazones held annually is expected to generate Euros 15 million media exposure for Sri Lanka in Europe becoming the largest event since the pandemic, organisers of the event said. At the media briefing held in Colombo on Tuesday the national carrier SriLankan Airlines along with the French Embassy and Connaissance [...]
Hallmark of Brightly College is to create global citizens
Educationist Andrew Fowler -Watt is the brainchild behind creating Brightly College located at a convenient and accessible location at the Innovation Tower at Colombo 4. Mr. Fowler-Watt is a celebrated educator with a proven track record for many years in Sri Lanka and abroad as well. The institution was officially launched at a press conference [...]
Short/long-term solutions to overcome power cuts
All electricity consumers are currently affected due to power cuts, one way or another. Everyone is looking for solutions and they are frustrated, trying to find the ideal solution which is reliable and fits their budget. The truth of the matter is that there is no simple solution for a complex problem such as the [...]
SLIC extends insurance to the masses
Sri Lanka Insurance (SLIC) has introduced “Jana Rakuma” Individual Personal Accident Cover to extend the benefits of insurance to the general masses of Sri Lanka. The “Jana Rekuma” Individual Personal Accident Cover caters to the mass market covering individuals who are not insured, yet are highly vulnerable to various risks. The cover is specially designed [...]