New pharma production facility
Sri Lanka’s first and largest general oral solid and liquid dosage pharmaceutical manufacturing facility by Morison Ltd at Homagama recently began production. Picture shows a view of the lab.
Food crisis: Worst-hit citizens in SL cities
Sri Lanka’s city dwellers are likely to be the worst hit by the impending food shortage for which the government is currently making plans to address by prioritising rice imports and expecting its citizens to have a change in their current consumption pattern. Prime Minister Ranil Wickremesinghe on Monday, chairing a meeting on the future [...]
$5.5 bln spent to defend rupee
Sri Lanka Parliamentary Committee on Public Enterprises (COPE) is to recommend a special commission to investigate and punish officials who were responsible for the action taken by the Central Bank to defend the rupee at the rate of Rs. 200 -203 to the US$, spending much needed foreign exchange. This was stated by COPE Chairman [...]
Tourists: Please visit and save Sri Lanka
Sri Lanka’s tourism industry has made a clarion call for travellers from Europe to holiday in the island nation to save it from its present crisis. The tourism industry met this week, along with the newly appointed Tourism Minister Harin Fernando, ambassadors of key European markets to consider relaxing or removing the travel advisories issued [...]
Firms hit by runaway inflation, fuel hike
Companies are bracing for a major margin decline and drop in consumption in the coming quarters owing to runaway inflation. The high inflation will impact purchasing power and the cost increases in the input raw materials will impact company margins, Krishan Balendra, Chairman John Keells Holdings told the Business Times. Firms that don’t have an [...]
Fate of thousands of garment workers
The lives of thousands of workers generating millions of dollars to Sri Lanka is hanging in the balance as apparel buyers both large and small are concerned about the future economic and political climate as they draw mitigation plans to overcome future challenges. Buyers, speaking with the Business Times, said on Thursday that they are [...]
Rising interest rates
Every morning as he wakes up nowadays, Aldoris, the choon- paan karaya, fires a round of calls. “Has kerosene arrived; has petrol arrived; has the diesel bowser come; and is there cooking gas (LPG)?” He is asking these questions not only on his behalf but also on behalf of his customers, many down our lane. [...]
Satan in guardian angel clothing
I am not surprised about today’s economic crisis in Sri Lanka, but I am very sad about it. This could have been avoided. I am sad about it, because we had enough time to make corrections and change directions to avoid it; but we didn’t, as our priorities were different. Learning from crises There is [...]
IRD ready to implement tax revenue resurgence plan
The Inland Revenue Department’s (IRD) vastly experienced top management team wants the new administration to immediately implement a short term revenue revival plan after the catastrophic two years of COVID-19 pandemic and mindless tax cuts resulted in a loss of over Rs 1 trillion. “Given the multiplicity of taxes and the complexity of the current [...]
Basil’s proposal providing Rs.4 mln each to local authorities suspended
The Finance Ministry has decided to suspend the proposal made by former Finance Minister Basil Rajapaksa in Budget 2022 to allocate Rs. 4 million to each of the 4,917 local government divisions amounting to Rs. 19.67 billion in total. The former minister’s move to allocate Rs. 85 billion for rural community development will also be [...]
CCC view on reducing presidential powers
The Ceylon Chamber of Commerce (CCC) on Tuesday welcomed the proposed 21st Amendment to Constitution which provides minimal powers to the President but said the powers should be further reduced. “The Chamber has considered the draft that was presented to the Cabinet and believes that the proposed amendments contain many positive features that will help [...]
SL’s economy will struggle through a contraction this year
Sri Lanka’s troubled economy will see its worst contraction ever (negative growth) with many jobs lost due to challenging conditions here and abroad, Central Bank Governor Dr. Nandalal Weerasinghe said this week. “The economy will go through a major contraction this year, the worst ever with 3 to 6 months of minimum economic activity, It [...]
Factories on “hand to mouth” existence
Factories in zones are surviving on a “hand to mouth” basis with looming uncertainty as the economic crisis is expected to deepen in the next couple of months. With insufficient fuel, workers arriving at work is less than 80-85 per cent and “things are getting worse,” FTZ Manufacturers Association Secretary Dhammika Fernando explained. With uncertainty [...]
SL tea industry warns of industry grinding to a halt
The Colombo Tea Traders’ Association (CTTA) on Monday urged the government to take speedy measures to resolve the current situation in the country and warned that, if there are no suitable solutions, the entire export industry in Sri Lanka would grind to a halt. “The CTTA firmly believes that the government must give a hearing [...]
Colombo Dockyard builds ship for Norwegian client
Colombo Dockyard PLC (CDPLC) this week launched “Misje Vita”, a 5000DWT EcoBulk carrier (see pic) being built for Misje Eco Bulk AS, Norway (Misje). The launching ceremony is the formal custom that celebrates transferring the vessel to water for the first time. As per the Sri Lankan traditions, this is done by breaking a ‘pot [...]
New economic reform programme for IMF aid
The new administration will formulate and implement a comprehensive economic reform programme soon based on technical discussions with the International Monetary Fund (IMF), Finance Ministry sources said. Sri Lankan authorities will be fast-tracking the procedure to agree on a financial facility (loan by mid-June) enabling it to seek urgently needed funds from other donor countries [...]
HNB in new partnership to help SME customers
HNB PLC recently signed a Memorandum of Understanding (MoU) with PPOD Consultancies, a people and process assessment consultancy firm in Sri Lanka, to provide its SME customers with capacity development and consultancy in running key business functions. This partnership enables HNB’s SME clientele to access much-needed consultation in the areas of accounting, finance, taxes, IT, [...]
BPPL secures $15 mln funding from US-DFC
BPPL Holdings PLC, Sri Lanka’s plastic recycling firm, has secured long-term funding of US$15 million from the US-based International Development Finance Corporation (DFC). The funds raised from DFC, the development finance agency of the US Government, will enable BPPL to expand its monofilament and polyester yarn operations, which use plastic waste as its primary raw [...]
Still no respite for renewable energy plans
It is only a matter of time before the renewable energy power plans breakdown. Industry officials say these plants need regular servicing and that hasn’t been done in a while. “We are short of cash to maintain our plants. If by any chance they breakdown then we need to wait for money in hand to [...]
JKH records strong growth in 2021/22 year
John Keells Holdings (JKH) has seen a strong recovery momentum during the financial year ending March 31, 2022 with the recurring performance of most of its businesses reaching pre-COVID-19 levels. Group revenue increased by 71 per cent to Rs.218.07 billion while recurring group EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 152 per [...]
Seylan Bank retains momentum in Q1 2022
Seylan Bank PLC has recorded a Profit After Tax (PAT) of Rs. 1.1 billion in Q1 2022, maintaining its forward momentum in a period of volatile macroeconomic challenges. The bank capitalised on its strong fundamentals with capital adequacy ratios well above regulatory requirements; whilst ensuring its liquidity position remained above the required minimum ratios during [...]
Glitch in Indian fertiliser imports
Sri Lanka has been awaiting a 65,000 metric tonnes (MT) fertiliser shipment from India under the Indian credit line but this has now run into some concerns in India. Indian official sources speaking with the Business Times indicated that “both the sides (India and Sri Lanka) are working towards taking the discussion on fertiliser imports [...]