Glittering show
Sri Lankan sapphires were on show at a special exposition of gems and jewellery at the ongoing Dubai Expo 2020 on February 26.
Indian credit-line to set up 14,000 home shops favouring SLPP supporters
The Government is using the recent US$1 billion credit-line from India to set up 14,000 home shops run by female entrepreneurs country-wide while conceding that the move is aimed to solely benefit supporters of the ruling party. These home shops will fulfill the needs of food items and non food products, such as clothing and [...]
Share market to perform sideways in short term
The Colombo share market will perform sideways for the next few months on the back of Sri Lanka trying to go to the International Monetary Fund (IMF) which will see corporate bottom lines getting hit and subsidies being slashed. In a high inflationary environment, real assets such as real estate and stocks will perform well. [...]
Sri Lanka banking sector under pressure
Sri Lanka’s inability to repay mounting foreign debt including a US$1 billion International Sovereign Bond in July and some Chinese Bank loans has become a burning issue amidst the government’s move to restructure debts in the wake of the forex crisis. A new situation faced apart from the present woes by local banks was raised [...]
Tourism industry struggles in crisis-hit Sri Lanka
A tourist coach was recently surrounded by angry people waiting for kerosene; finding fuel has become an undercover operation; items on menus at restaurants are being reduced; power cuts force temporary shutdowns of eating places; and locals are literally begging to buy their wares. This highlights a struggling industry trying to ensure tourists remain safe [...]
Highest inflation in Asia!
It was just a few days ago that Ruwan submitted his price quotation to his client for a “paint work” that he got from a company. When he went there in the evening, the quotation had been approved. He was happy to receive the approved quotation for painting a company building. Ruwan is a self-employed [...]
Taxing the people
Bullock carts have resurfaced on the roads while old bicycles are being dusted and put to use as Sri Lanka battles multiple crises as the shortage of dollars has triggered an energy crisis. Five to seven-hours of power cuts are the order of the day and people are now resorting to coal-fired stoves for cooking. [...]
Ediriweera elected President at Sri Lanka Germany Business Council AGM
Suren Ediriweera, Managing Director of Ceylon Tours, was elected President of the Sri Lanka Germany Business Council of the Ceylon Chamber of Commerce at its AGM held on March 23 at Hilton Colombo Residences. German Ambassador Holger Seubert (Patron of the Council) was the Chief Guest. while Sudath Tennakoon and Asoka Hettigoda were elected as [...]
Yala season to receive home-grown fertilisers
Sri Lanka is planning to depend on its local suppliers at present for the Yala season in providing the required fertiliser for organic paddy farming. However any imported stocks will have to submit to tests in line with the local requirements, an agricultural official said. If Sri Lanka is to import the organic fertiliser from [...]
SLID and EY in National Survey on Board IT Governance
The Sri Lanka Institute of Directors (SLID) in collaboration with EY and supported by the Colombo Stock Exchange (CSE), Ceylon Chamber of Commerce (CCC), National Chamber of Commerce of Sri Lanka (NCCSL), and the Ministry of Finance (MoF) will launch a national survey aimed at assessing the Board IT governance among companies in Sri Lanka. [...]
People’s Bank app wins at ‘Asian Digital Finance and Awards’
People’s Wave Mobile Banking App by People’s Bank was recognised as the ‘Best Mobile Electronic Payment Initiative’ at the Asian Digital Finance Forum and Awards event held recently in Colombo. People’s Bank was represented at the event by Chairman Sujeewa Rajapakse, CEO/General Manager Ranjith Kodituwakku, and Chief Digital Officer Mangala Kariyawasam. A media release by [...]
IMF’s technical assistance alone isn’t enough
While discussing technical assistance with the International Monetary Fund (IMF) will not help Sri Lanka to come out of its crippling debt crisis, initiating these discussions in itself is a positive signal that the country is taking this crisis seriously, analysts say. Of the two different programmes the donor agency extends – Technical assistance and [...]
Bar Association seeks urgent Supreme Court intervention on economic crisis
Two fundamental rights applications were filed in the Supreme Court on Friday by the Bar Association of Sri Lanka (BASL) on the present economic crisis, acting in the public interest. The applications were filed by the BASL President Saliya Pieris PC; Deputy President Anura Meddegoda PC; Secretary Rajeev Amarasuriya; Treasurer Rajindh Perera; and Assistant Secretary [...]
HSBC Sri Lanka’s first ever international student scholarship winner
Ms. Sharmane Surasinghe (John Hopkins University, USA) has been selected as the winner of the US$10,000 scholarship HSBC Sri Lanka offered in its first ever International Scholarship Programme, to further her education in the US. The bank last year launched this scheme to support the ambitions of local students by giving one deserving student the [...]
NDB wins big at the National Business Excellence Awards
National Development Bank PLC was felicitated with the Overall Winner – Silver Award as well as the Gold award in the Banking Sector at the National Business Excellence Awards 2021, hosted by the National Chamber of Commerce, Sri Lanka (NCCSL) at the BMICH Colombo recently. NDB’s CEO Dimantha Seneviratne accepted the awards in the presence [...]
SL reaching out to Paris Club, other lenders on debt restructuring
Sri Lanka government will seek international sovereign bond payment extensions from Paris Club lenders and other creditors following its decision to work out a debt restructuring plan with the International Monetary Fund (IMF), official sources said. The round table negotiations with sovereign bond holders will be carried out in New York or France in accordance [...]
Sri Lankan sapphires capture West Asian market at Dubai Expo
While the US and China are the largest consumers of Sri Lankan sapphires to date, the Dubai Expo 2020 has opened new markets for the gem and jewellery sector. The West Asian market has shown interest in Sri Lanka’s sapphires during the one-day demonstration at the Dubai Expo held on February 26. Last Monday the [...]
Sri Lanka’s extreme money printing spells economic disaster
Sri Lanka’s continuation of extreme money printing since 2020 up to now has been exerting pressure on the exchange rate and inflation to a great extent and it is high time for the Central Bank (CB) to apply the brakes on this process, economic experts warned. The CB has printed Rs.1.62 trillion during the period [...]
AIMGSL hosts first CEOs’ Breakfast Forum
The Association of International Marketing Graduates in Sri Lanka (AIMGSL) recently hosted its first AIMG CEOs’ Breakfast Forum at Earls Court, Cinnamon Lakeside Colombo. The event saw over 100 participants with the presence of the Ambassadors of Australia and France for a knowledge sharing session on the topic of ‘Setting Sights on EU Markets’. In [...]
New drugs made locally will be accepted sans registration delays
The government this week assuaged fears of local manufacturers of pharmaceuticals by thanking them for their continuous supply of drugs to the market during the prevailing crisis situation in the country amidst reducing procedures for drug registration. More products are needed in the market although around 30 products are being supplied to the market at [...]
Sunlight uplift SMEs through ‘Manudam Viyamana’ scheme
Unilever Sri Lanka, under its flagship brand Sunlight, has entered into a partnership with the Small Enterprises Development Division of the Ministry of Youth & Sports, and Singer Fashion Academy, to help uplift the economic stability of Small and Medium Enterprises (SMEs) in the garment sector, through its ‘Manudam Viyamana’ initiative. The programme signifies Sunlight’s [...]