Driving tourism prospects
Sri Lanka’s biggest tourism fair – Sancharaka Udawa – will be held on May 20-21 in Colombo. At the launch of the event, from left: Nalin Jayasundara -Vice President SLAITO, S. Hettiarachchi – Secretary Ministry of Tourism, Ms. Padma Siriwardana – Managing Director – Sri Lanka Tourism Promotion Bureau; Imran Hassan, CEO / Managing Director [...]
Sri Lanka seeks IMF, World Bank aid to avert debt crisis
Sri Lanka is seeking a loan package from the International Monetary Fund (IMF) after much delay while also canvassing for World Bank assistance at the 2022 Spring Meetings of the World Bank Group and the IMF and related ancillary events taking place from April 18-24 in Washington, Finance Ministry sources said. The government hopes the [...]
Worse-than-ever forex crunch killing businesses, industries
Sri Lanka’s foreign currency crunch in the country is worse than before despite the depreciation in the rupee, further affecting businesses amidst the threat of wiping out industries. Banks are not opening letters of credit (LC) with importers and businesses in need of raw materials are struggling daily, industry officials say. LCs opening has gotten [...]
Negative policies hurt Ceylon Tea earnings
There is no glyphosate, no fungicide and no fertiliser in the Sri Lankan market and buyers of Ceylon tea are now taking stock of the situation to move out as quantities at the auctions continue to drop. “Buyers will source their teas from elsewhere when their continuous supply of quality teas is not available from [...]
39 strategically important state entities jumpstart reforms
Crisis-hit Sri Lanka government is forced to restructure loss making, strategically important 39 state corporations, institutions, statutory boards, State owned Business Enterprises including the Ceylon Petroleum Corporation, Ceylon Electricity Board and Employees Provident Fund and some public funds under an ambitious public sector reform initiative, high-level official sources confirmed. This plan has been devised in [...]
Power cuts could cripple SL Internet
The 10-hour to 16-hour power cuts will cripple the Sri Lankan Internet, mobile operators fear saying that most of their sites are set up with battery banks and only the critical hubs are equipped with generators. As such the majority of the sites will cease backup power and shut down if power cuts persist, they [...]
With or without IMF…
Whether Sri Lanka should seek IMF assistance or not! This has been a major question which has baffled the government within as well as outside. It has been a “temporary question” anyway, because the time is coming for keeping all disputes aside, no matter how painful it would be particularly for those with vested interests. [...]
Banking on loans
Rhe trio had gathered under the margosa tree and thankfully Aldoris, the choon- paan baker, had resumed his deliveries, although indicating, “Mama danne ne mata me bisness eka kochchara kal karanna puluwan weida kiyala mei wediwena ganan ekka (I don’t know for how long I can continue this business with rising costs).” He was rushing [...]
EZ Stove unveils “Janalipa” and EZ Industrial Stove
Patented charcoal-powered alternative to conventional LPG stoves, EZ Stove, recently unveiled two new products: Janalipa and the EZ Industrial Stove. EZ Stove is a breakthrough social enterprise that empowers communities while also offering a sustainable alternative to LPG from an environmental as well as economic standpoint, especially under the present forex crisis. To date, the [...]
MTI team in Ethiopia to strategise 5 SOEs
An international team of MTI Consultants is in Addis Ababa, the capital of Ethiopia, to work on a strategic assessment and strategising of 5 state-owned enterprises in Ethiopia. The project team is led by MTI CEO Hilmy Cader with team members from Ethiopia, Sri Lanka, Kenya, Rwanda, India, Bahrain and New Zealand. Ethiopia’s Public Enterprises [...]
HNB and related parties snub DFCC Rights Issue at EGM
Banking circles are dismayed and disappointed over Hatton National Bank (HNB) and related parties snubbing fellow DFCC Bank’s capital raising exercise at Wednesday’s Extra Ordinary General Meeting (EGM). DFCC’s Rs. 6 billion Rights Issue was passed at the EGM with votes by the Bank of Ceylon (BOC), Sri Lanka Insurance Corporation (SLIC), Employer’s Trust Fund [...]
Kelsey Homes continues steady growth in Q3 2021
Kelsey Developments PLC’s (Kelsey Homes) robust fundamentals and strategic investments together with the company’s deep ties with its customers and business partners enabled the pioneering real estate developer to tide over challenging market conditions and register modest yet steady revenue growth during the third quarter of FY 2021 – 22, the company said in a [...]
SLID launches its’ Family Business Forum
The Sri Lanka Institute of Directors (SLID) launched its Family Business Forum recently via the virtual platform aimed at inculcating sound board leadership and good governance practices in family-owned businesses. In his opening remarks (released through a media statement issued by the organisation), SLID Chairman Faizal Salieh said: “We at SLID recognise the presence, growth, [...]
Sri Lanka Retailers’ Association urges cuts in lease rentals
The Sri Lanka Retailers’ Association (SLRA), the apex body for organised retail in Sri Lanka, is requesting landlords, lessors, and business partners to reduce leases and rentals for the association’s membership. In a media release, President of SLRA, Murali Prakash appealed to landlords and lessors to provide a 50 per cent concession on rentals and [...]
IMF: How soaring shipping costs raise prices around the world
The sea carries more than 80 per cent of the world’s traded goods, most of which sail inside 40-foot-long steel containers stacked by the thousands atop some of the largest vessels ever built. The shock of the pandemic underscored just how crucial the maritime container trade is to the global economy. From Shanghai to Rotterdam [...]
South Asia Textiles on par with global standards in employee safety and environmental sustainability
South Asia Textiles (SAT), a leading Sri Lankan manufacturer and exporter of textiles, has received ISO 14001 and ISO 45001 certifications for elevating its environmental sustainability and employee health and safety systems on par with global standards. South Asia Textiles, a fully owned subsidiary of Hayleys Fabric PLC, made significant investments to upgrade its effluent [...]
Government back in Development Bond market to raise dollar debt
The Government is back in the debt market with the issuance of US dollar denominated Development Bonds (SLDBs) at high interest rates for investors soon as it desperately seeks more dollars, Finance Ministry sources confirmed. The Central Bank has already announced the latest Development Bond issue notifying investors’, exporters of goods and services, expat workers [...]
Janashakthi Life says it does well in 2021
Janashakthi Insurance PLC has recorded a 45 per cent growth in Gross Written Premium for the financial year ended December 31,t 2021, reaching a total income of Rs. 7.2 billion for the period under review. The life insurer posted a profit before tax of Rs. 1.2 billion at the end of the financial year, and [...]
LAN channels Rs. 150 mln into tech start-ups
Sri Lanka’s first Angel Fund has, to date, channelled investments totalling up to Rs. 150 million to four home-grown start- ups – Niftron, Magicbit, Mintpay and Chakra Suthra – while also helping these companies scale and access new markets both at home and abroad. “Since August 2020, our team has evaluated over 400 start-ups from [...]
Hela Apparel Holdings achieves new milestones in building social capital
Hela Apparel Holdings recently successfully concluded its biggest graduation ceremony under the P.A.C.E. (Personal Advancement and Career Enhancement) programme alongside the launch of the Hela ‘Diriliya’ initiative. These initiatives are driven by the organisation to uplift and enhance the livelihoods of Hela employees across the globe. As a social capital focused company, Hela believes in [...]
Is the new stagflation policy-proof?
NEW YORK – The global economy has suffered two large negative supply-side shocks, first from the COVID-19 pandemic and now from Russian President Vladimir Putin’s invasion of Ukraine. The war has further disrupted economic activity and resulted in higher inflation, because its short-term effects on supply and commodity prices have combined with the consequences of [...]
Apologies amid brickbats at FTZMA AGM
Apologising for the current state of affairs the government has assured the Free Trade Zone companies that they will not be subjected to any more electricity interruptions and approval for five year resident visas for expatriates. Export Zones Development Minister D.V. Chanaka addressing the41st Annual General Meeting (AGM) of the Free Trade Zone Manufacturers Association [...]
Mountain Lion Ventures invests in Infragist
Mountain Lion Ventures, a Sri Lanka tech sector-focussed investment vehicle, has taken a strategic stake in Infragist, a cutting-edge technology services company with its design thinking capabilities spreading across Metaverse, Cyber Security, Blockchain, Machine Learning and AI Solutions apart from its full stack tech services offering. A media release issued by Mountain Lion said Infragist [...]
Issue over special deposit renewal
Sri Lankan banks have advised customers that the renewal of their special deposit scheme fetching an interest rate of 15 per cent on a Rs.1.5 million (only for senior citizens) deposit should be done by presenting themselves to the bank in person for this purpose. This scheme has been in force for several years but [...]
Mineral exploration in Mannar continues after short term suspension
Australian company, Titanium Sands Ltd is continuing its heavy mineral sand exploration project in collaboration with its local partner Kilsythe Investments (Pvt) Ltd although the work had been suspended for a short period due to unavoidable circumstances, company officials said. The local company has dug around 4000 mineral exploration drill holes with 50 mm outside [...]