Indian loan
Sri Lankan Treasury Secretary Sajith Attygalle (left) and a representative of the State Bank of India exchange documents after Sri Lanka secured a US$1billion credit line from India on Thursday.
SL’s electricity tariffs rise to unprecedented levels
Sri Lanka’s electricity tariffs will go up to an unprecedented level after seven years amidst high cost for power generation incurred by the Ceylon Electricity Board (CEB) as well as the fuel shortage and heavy debts at the Ceylon Petroleum Corporation (CPC), CEB sources said. The Public Utilities Commission of Sri Lanka has approved the [...]
IMF urges Sri Lanka to restore macroeconomic stability
The International Monetary Fund (IMF) has emphasised the urgent need for Sri Lanka to implement a credible and coherent strategy to restore macroeconomic stability and debt sustainability, while protecting vulnerable groups through strengthened, well-targeted social safety nets. This was stated by IMF Director, Communications Department Gerry Rice in response to questions raised by the Business [...]
Maha season harvest to drop by 40%
The Sri Lankan government is desperately trying to buy food to feed its people while bracing for a 40 per cent loss in paddy yield from the Maha season as a result of which analysts believe authorities will be compelled to increase rice imports. Rice is the staple food of the Sri Lankan people and [...]
Debt due to Chinese banks
The Sri Lanka Government is grappling to service loans taken from major Chinese banks amidst the dwindling foreign reserves and US dollar crisis. As Sri Lanka is entangled in a foreign exchange crunch, at least two key banks in China have been pressurising the Treasury demanding the repayment of loan installments this month without delay, [...]
Economy out of control, former CB governor says
The Sri Lankan economy has completely gone out of control today according to former Central Bank Governor Prof. W.D. Lakshman who believes that had the government continued restrictions of certain imports there won’t be a foreign exchange crisis. “Look …the foreign exchange situation was okay by the end of 2020 and we ended up relatively [...]
Banking on SMEs
Once a security guard of a major bank turned away a not-so-well-dressed individual at the door, saying the CEO and others were too busy to meet him. He had wanted to meet officials to explore ways of getting a loan. Years later, the man became so successful – and now dressed in all his finery [...]
Returning to a “Licence Raj”
If you had to marry in the 1970s, I am sure it would have been a “whole new experience” to you – I mean, a whole new “old experience” to you. If you are planning a wedding ceremony, you have regulatory procedures to follow. First and foremost, you need to prepare a set of documents [...]
Vessels to bypass Colombo Port: Cargo misses connections
The Colombo Port is becoming increasingly congested as a result of the lack of insufficient container transport vehicles to move containers within and clear them out. This is likely to aggravate conditions for shipping lines that will bypass Colombo to avoid delays that have been receiving bad publicity lately. Since last week the container transporters [...]
BOC’s new scheme offers 9.5% p.a. interest
The Bank of Ceylon (BOC) brings the best opportunity for people to invest with the best return just within 100 days. “Coupling the highest return for your hard earned money, BOC’s 100 Days Savings certificate will be the most secured and the best short term investment decision you can make for you and your family,” [...]
Havelock City gets connectivity with Dialog Fibre
Dialog Enterprise, the corporate solutions arm of Dialog Axiata PLC, has announced a strategic partnership with Havelock City to extend its state-of-the-art fibre optic network across the entire development. Havelock City will now feature premier Gigabit capable connectivity, offered by Dialog Fibre with the lowest latency, while providing the basis for a multisensory experience for [...]
RPCs mark 30 years of privatisation of plantations
It has been 30 years since the privatisation of the estates in Sri Lanka and today they are struggling to ensure that prices remain competitive enough as costs soar and low productivity compared to other tea producing countries. The Regional Plantation Companies (RPCs) at the time of privatisation were heavily subsidized by the government incurring [...]
Union Assurance records unprecedented growth in 2021
With a remarkable financial performance in 2021, Union Assurance has bolstered its position as a trailblazing life insurer in Sri Lanka, claiming to record the highest regular new business growth among the top five industry players, with a growth of 42 per cent compared to the industry average of 29 per cent. Union Assurance was [...]
Nilmini Kumari Fernando, new Chairperson of Neil Marine and Penthouse Group
Neil Marine and the Penthouse Group, Sri Lanka’s leading manufacturer and service provider for fibreglass boats and other marine services, and one of Sri Lanka’s diversified conglomerates, has announced that Ms. Nilmini Kumari Fernando has taken control, management and ownership of the company. Ms. Fernando succeeds her father, the late Neil Fernando, Founder Chairman and [...]
NDBIB and CT CLSA in strategic partnership
NDB Investment Bank Ltd (NDBIB) and CT CLSA Capital (Pvt) Ltd (CT CLSA) have entered into a Collaboration Agreement to work together in raising capital for Sri Lankan corporates via Equity Initial Public Offerings (IPOs) on the Colombo Stock Exchange. A Collaboration Agreement setting out the framework for cooperation under this strategic alliance was signed [...]
SEC activates slew of rules
Over 10 rules came into effect on March 15 for the capital market, enabled by its regulator, the Securities and Exchange Commission (SEC). Rules in respect of eight market intermediaries namely stockbrokers, stock dealers, credit rating agencies, corporate finance advisers, investment managers, managing companies, margin providers, and underwriters have been finalised and sent for publication [...]
Defence headquarters building complex consultancy fees skyrockets
Over 60 per cent of the construction work of Sri Lanka’s Pentagon-styled Defence headquarters building complex at Akuregoda, Battaramulla has been completed amidst the rise in consultancy fees and building material costs, a Cabinet memorandum indicated. A sum of over Rs.810 million is to be allocated for consultancy service fees on engineering and quantity surveying [...]
People’s Leasing joins Beddagana Wetland Park as a conservation partner
People’s Leasing and Finance PLC has joined hands with the Management of Beddagana Wetland Park and installed awareness boards on environment and biodiversity based on a need identification. Through this environmental initiative, People’s Leasing and Finance PLC collaborated with the Beddagana Wetland Park as a partner in conservation with the primary objective of assisting in [...]
Expert advisory committee to assist EC
An expert advisory committee comprising, among others, business leaders Dammika Perera, Krishan Balendra and Ranjit Page, and several eminent economists and university professors has been appointed by the President to advise the recently formed Economic Council. The new advisory committee also included business leaders like Dr. Hans Wijesuriya, Vish Govindasamy, S. Renganathan, Suresh De Mel [...]
BOI Export Processing Zones excluded from power cuts
The Power Ministry has issued a directive to the Ceylon Electricity Board (CEB) to provide power supply to 14 Export Processing Zones in the country to enable all factories in those zones to continue its operations without power interruptions. This directive was issued by the newly appointed Power Minister Pavithra Wanniarchchi after a meeting with [...]
New incentives for foreign remittances stopped after rupee devaluation
Confusion amongst the public over the hurried increase of an incentive payment for foreign remittances by the Cabinet of Ministers within 24 hours after the Central Bank’s decision to allow the exchange rate flexible, has now been cleared. The Cabinet has taken a decision to increase the percent incentive payment for Sri Lankan workers sending [...]
Transition to Renewables: Costs and benefits
The government-specified targets for supplying 70 per cent of the country’s power generation with renewable energy by 2030 have boosted the interest in alternative energy sources and technologies within the country. These targets come with a decision that no new coal power plants will be established within Sri Lanka. Besides, the annual foreign exchange spent [...]
LankaPay Technnovation Awards 2022 to honour ‘Digital Superheroes’
The fourth edition of LankaPay Technnovation Awards – Sri Lanka’s pioneering and the only payment technology innovation awards will be celebrated with a gala event scheduled to be held on March 29 at Shangri-la Colombo under the patronage of Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka. Organised by LankaClear, the operator [...]
CFL opposes move to allow EPF members to withdraw part of their investments before retirement
The Ceylon Federation of Labour (CFL) has raised concerns over what it calls “mild” amendments proposed to the EPF Act. This is in particular reference to the new Section 23 (g) 38 (5) of the Act, that cuts across the original objective of the Act which was to provide a tax-free benefit to individual members [...]
Start-up Celeste Daily on a growth mode
Companies seeking to overcome hurdles consumers face especially during unprecedented times are rare. The tenacity of grocery delivery platform Celeste Daily that started as an arm of a hospitality management company extended to fulfil a critical need during the onset of the pandemic had a major impact on the market showcasing a rare example of [...]
Australian mining company halts mineral explorations in Mannar
Australian mining company, Titanium Sands Ltd, currently carrying out extensive Ilmenite sand mining with a licence obtained in an allegedly irregular way on Mannar Island has decided to halt operations, industry officials said. Sri Lanka’s Mines and Minerals Act has no provisions to issue licences for companies not registered in the country for the exploration [...]
Ceylinco Life invites applications for 21st ‘Pranama’ Scholarships programme
Ceylinco Life this week launched the search for the next batch of 160 young Sri Lankans that will be rewarded with scholarships totaling more than Rs 11 million under the 21st edition of the company’s ‘Pranama Scholarships’ programme. The company said in a media release that it is currently accepting applications for these scholarships under [...]
Foundation for SouthBeach Weligama launched
SouthBeach Weligama, Sri Lanka’s exciting new freehold address on the Weligama coast, entered its first chapter of construction in a groundbreaking ceremony held recently at the site. (See picture) SouthBeach Weligama is internationally designed by trailblazer Balmond Studio led by Sri Lankan born Cecil Balmond OBE, the world’s leading thinker on form and structure. [...]
Currency depreciation will affect firms with dollar borrowings
The recent currency depreciation will see firms with dollar borrowings taking a hit on their profit and loss accounts. According to stock analysts, the currency depreciation will negatively affect the rupee value of the companies’ loans. “As long as the loans aren’t hedged, they need to be settled in rupees which are depreciated,” a stock [...]
Meta launches Instagram Guide for Sri Lankan parents
Meta has brought the Instagram Parents’ Guide to Sri Lanka to provide a better understanding of the features that keep teenagers and youth safe and help them have positive experiences on the platform. The Guide was launched in partnership with the Information and Communication Technology Agency (ICTA), National Youth Services Council (NYSC), Sarvodaya Fusion, Hithawathi, [...]