Tourism industry veterans demand solutions
Jetwing Group Chairman Hiran Cooray speaks to the media during a protest flagging many economic issues by tourism industry stakeholders on Tuesday outside the Kollupitiya office of Sri Lanka Tourism. Pic by M.A. Pushpa Kumara
Economy at breaking point, job losses feared
Sri Lankan corporates have seen an over 50 per cent to 70 per cent drop in their total potential output over the past two months owing to the worst political and socio economic crisis the country has witnessed since independence. This is after the authorities failed to resuscitate the economy that went through a gruelling [...]
Sri Lanka runs out of time for IMF bailout
Time is running out for Sri Lanka to start talks with the International Monetary Fund (IMF) at its spring meetings in Washington on April 18 -24 as the country is yet to restore political stability. Political stability of a country is essential to reduce the risk of default on loan repayments and minimise moral hazards [...]
Ceylon Tea on a week’s fuel
Sri Lanka’s tea industry will run out of fuel in a week as they face a crisis that stakeholders insist will trickle down to even job losses if this situation continues. The estates are already witnessing rising social tensions as those without work in Colombo return home. The Business Times learns that the tea industry [...]
Tourists cancel holiday plans to Sri Lanka
Sri Lanka is facing its worst crisis and just when the tourism industry was trying to raise its head tourists are calling to cancel their holiday plans on the back of harsh travel advisories. The industry is wandering in the dark with no one to turn to as the Minister has resigned. Transporting tourists has [...]
Economy in tatters
Just as the economic crisis snowballed into a political crisis with a people’s uprising against President Gotabaya Rajapaksa and the government, the trio rushed to the gate hearing the familiar sounds of Aldoris, the choon-paan karaya’s tuk-tuk as he came down the lane. “Monawada wenne, monawada wenne (What’s happening; what’s happening),” they asked in unison, [...]
Russian case of oily gold
Once, an amateur in the study of economics, asked me an intriguing question: “Sir, we like to have US dollars and other international currencies like Japanese yen, British pounds, and Euros! In the same way, why can’t people from other countries also opt to use Sri Lankan rupees?” I responded with a question: “Why do [...]
Another mass mayhem looms following the end to to loan moratorium
The crisis-ridden government is about to face another humanitarian issue in finding a redress for distressed borrowers and managing their grievances while safeguarding the banks and financial institutions following the March 31 expiry of moratoriums given to repay loans. It has to take an urgent decision on this issue involving a large number of people [...]
Food processors industry employs over 600,000 people
Sri Lanka’s Processors Association employs over 600,000 people and is connected to farming communities around the country. The sector represent all national brands manufactured in Sri Lanka and indirectly support over four million people depending on agricultural livelihood. “We are committed to developing the processed and beverage food industry by supporting policy development, technology and [...]
Two Sri Lankan women receive international recognition
Two Sri Lankan women have received international recognition at the 6th International Conference for Women Entrepreneurs held recently in New Delhi, India, organised jointly by the Federation of Indian Women Entrepreneurs, Ministry of MSME, Government of India and the Institute of Studies in Industrial Development (ISID). They were bestowed with the ‘Priyadarshini Lifetime Achievement Award’. [...]
Margin providers meet SEC for moratorium
Margin providers met with the capital market regulator, Securities and Exchange Commission (SEC) last week to discuss the moratorium for them amidst heavy margin calls issued to investors. The discussion centred on what kind of concessions can be given to the margin providers in this crisis to curtail the stock market’s downward spiral. The margin [...]
Hemantha Gunetilleke to head Nations Trust Bank
Hemantha Gunetilleke, currently Deputy Chief Executive Officer at Nations Trust Bank, has been appointed to the position of Director/ Chief Executive Officer, with effect from April 4, 2022. He succeeds Priyantha Talwatte at the helm of the institution, the bank said in a statement. Mr. Gunetilleke is a career banker with extensive international banking experience [...]
Dialog fastest 5G Speeds in Sri Lanka at Samsung event
Dialog Axiata PLC recently demonstrated 2.7Gbps 5G speeds, the highest speed recorded in Sri Lanka, at the official Samsung S22 launch event held at Shangri-La Colombo. All Samsung Galaxy S22 flagship devices have been enabled to experience the power of 5G on Dialog’s 5G trial network, the first of its kind in South Asia. The [...]
Coconut industry wants fertiliser or face imminent collapse
Sri Lanka’s main traditional export, coconut is facing imminent collapse if the much needed fertiliser is not made available these two years to provide the plant its required timely application. If this does not happen by 2025 Sri Lanka will have to import coconuts. “Next year is the critical year”and after that there is no [...]
When we are entirely defined by economics!
We are passing one of the most arduous periods in our lives. For two years we were beaten by an invisible enemy, COVID-19. We were trying to bounce back but were smacked on the face by economic hits. Problems do not end there, now we are anchored at civil unrest, riots on roads, and a [...]
Switching to renewables of immense benefit to Sri Lanka
Sri Lanka is one of many countries affected by climate change that has agreed to ambitious renewable energy targets by 2050. Sri Lanka is strategically positioned and has the capacity to achieve this goal very effectively and in the long term. The country will benefit immensely from this transition, said the Norwegian Ambassador Trine Joranli [...]
Dilmah initiated Merrill J. Fernando Innovation Awards 2021 unveils winners
The winner of ECOVATION 2021 is the innovator-duo Prof. Rangika Halwatura and Ms. Himahansi Galkanda, affiliated to the University of Moratuwa, who created an eco-friendly wall-putty out of waste alum sludge. In addition to being honoured as winner of Ecovation 2021 with the Merrill J Fernando Innovation Awards 2021 trophy, the duo received a cash [...]
Water for All project tender scam looms large over political instability
Even before the dust settled following the action of Water Supply Minister Vasudeva Nanayakkara to remain independent in Parliament making the ministry virtually headless, details of an irregular tender of the National Water Supply and Drainage Board (NWSDB) have come to light. A tender manipulation with favoritism in the procurement of necessary accessories for 10 [...]
EU says freedom of expression pillar of democracy
Freedom of assembly and freedom of expression are pillars of any democratic society, when they remain peaceful, the European Union, addressing the Sri Lankan crisis, said on Friday in a statement. “We therefore encourage all parties to continue acting with restraint. We consider the end of the state of emergency as a positive step. We [...]
Joint Chambers: Appoint Finance Minister immediately
The joint chambers of commerce and industry have welcomed the appointment of two experienced professionals to the posts of Governor, Central Bank and Secretary, Ministry of Finance but said it was critical also to appoint a Finance Minister. While extending their fullest cooperation to the new appointees in navigating the Sri Lankan economy out of [...]