Novel approach to queues
Amidst the queues for diesel and petrol, a fuel station at Flower Road, Colombo has adopted a novel approach to the problem. It has put up a board which explains when fuel is available and when not. Pic by Akila Jayawardena.
SL renewable energy players move overseas
Local renewable energy players are gradually shifting their projects to Africa or altogether stalling the current projects as they lose interest in pursuing business in the country – at a time when President Gotabaya Rajapaksa has instructed officials to immediately implement projects in the pipeline. “Sri Lanka renewable energy players have gained good experience and [...]
Indian, Russian tourists a quick fix for forex
Tourism authorities are drawing up plans to generate revenue through “instant” solutions by targeting India and Russia to increase the foreign exchange earnings. Sri Lanka Tourism Promotion Bureau (SLTPB) new Chairman Chalaka Gajabahu told the Business Times that they are currently drawing up mid-term and long-term strategies to generate increased number of tourists. In this [...]
Govt. favours foreign finance repurposing
The Government will soon adapt a short-term foreign finance mobilisation strategy of repurposing financial resources granted by international donors and the undisbursed loan balance of billions of dollars to maintain basic living standards of the people. The total undisbursed loan balance of foreign financing and foreign financial resources available from the already committed loans for [...]
“Casinos owe huge sums in taxes to the IRD”
Referring to the above story last week, Bally’s Ltd has sent us the following letter: “Bally’s Ltd states that it has at all times acted fully in compliance with all applicable laws and regulations of the Sri Lankan Government. Our company pays a 10 per cent turnover tax, 40 per cent corporate tax and an [...]
Leaving in droves
Aldoris, the choon-paan karaya, had arrived down the lane and was engaged in a chat with the trio at the gate. Kussi Amma Sera had purchased a few ‘tea-buns’ for breakfast and after leaving them on the kitchen table, joined the conversation. “Mage gamey, me davas wala kathawenney tharuna kattiya rassawal hoya ganna hadanawa kiyala [...]
Twins who don’t know each other
Mundy vs. Central Environmental Authority and others (2004) is an interesting court case in Sri Lanka, which has received international attention in the study of law and and which has also been referred to in the United Nations Environmental Programme (UNEP). During the time of its construction, the Southern Expressway had cut across private lands [...]
Rhoda electric smart bicycle has 75% imported components
While commute is becoming a costly affair to the public with the soaring fuel prices resulting in bus, train and trishaw fares being increased exorbitantly, people are looking at alternatives to travel. One such substitute is the Rhoda electric smart bicycle, a bicycle launched in 2020 in Sri Lanka by a Mechatronics Graduate, Eyas Fazal [...]
Attracting forex by digital freelance entrepreneurs
Cash-strapped Sri Lanka can mobilise its over 135,000 freelance digital entrepreneurs to bring in the much-needed foreign exchange but authorities have turned a blind eye to this fact for far too long, digital entrepreneurs say. A social media platform called the online entrepreneurs club has around 135,000 such digital freelancers who work remotely or within [...]
25% crop loss for Ceylon Tea in 2022
Ceylon Tea is estimated to hit a crop loss of about 25 per cent by the end of this year as a result of a myriad of issues resulting in the drop in production amidst new state policy to cultivate uncultivated lands including Regional Plantation Companies’ (RPCs)-held properties. “Slow but sure and steady reduction in [...]
Sri Lanka banking sector continues to expand moderately
Sri Lanka’s banking sector continues to expand at a moderate speed remaining resilient with adequate capital and liquidity buffers amidst negative growth in off-balance sheet exposures and decline in net foreign assets, a Finance Ministry report highlighted. Despite 2021 being a challenging year for all sectors of the economy, the banking sector remained resilient owing [...]
Thousands of women benefit under an IFC/NDB scheme
There has been significant growth for women in small and medium sized businesses in Sri Lanka, even amid countless market challenges, as a result of an initiative between the National Development Bank PLC (NDB) and IFC, a member of the World Bank Group. Initially set up five years ago, the partnership between NDB and IFC [...]
Crafting a future for the nation
It has been clearly identified that the devastating circumstances the country faces are the outcome of prolonged economic mismanagement and default policymaking. Hence, probing into the chaos will bring no advantages to any stakeholder any further. Instead, a suitable and sustainable resolving mechanism must come on to the surface. In this context, I believe the [...]
MAS Holdings launches Foundation for Change
MAS Holdings, the largest apparel tech company in South Asia, has announced the launch of the ‘MAS Foundation for Change’, an independent non-profit organisation aimed at tackling the social and environmental challenges faced due to biodiversity loss, ocean pollution, and lack of access to clean water. The creation of the MAS Foundation for Change is [...]
Solar Energy – Solution for the energy crisis?
Our country is currently undergoing a serious energy crisis, mainly due to lack of foreign exchange to buy diesel and other fossil fuel that is needed to generate energy. As our hydro power generation capacity is around 30 per cent of the total energy requirement, we depend on thermal energy as a main source of [...]
Sri Lanka in top notches for digital nomads
Sri Lanka is described as a paradise for nomads on the hotel website, Club Med, and is listed as the second-best country for digital nomads to visit. The latest data collected by local digital nomads – described as persons who earn a living working online in various locations of their choosing – show that over [...]
Many countries stockpiling food for their people
The COVID-19 pandemic, the war in Ukraine and climate change have been the cause for the current global food crisis. Currently 40 of the global economies are stockpiling food and agriculture inputs for their own citizens. “A few years back we produced more rice than what we consume. But today there is a 50 per [...]
SLT-MOBITEL unveils ‘The Directory’ 2022”
As a one-stop-shop for all marketing and advertising solutions for Micro, Small and Medium Businesses (MSMBs), SLT Digital Services (Pvt) Ltd (SLT-DIGITAL), a fully owned subsidiary of SLT-MOBITEL, the National ICT Solutions Provider, recently unveiled ‘The Directory’ 2022, the refreshed and advanced version of its national business directory. ‘The Directory’ 2022 is the latest version [...]
Sri Lankans: Waiting to get out!
The number of Sri Lankans waiting in line for a visa to most European destinations has increased in the past few months which travel agents state is due to reduced staff at these offices. “It has been like this for a while,” former Travel Agents Association President and UFTAA Director Trevor Rajaratnam told the Business [...]
JAT Holdings post-tax 2021/22 surges to Rs.1.2 billion
Sri Lankan multinational conglomerate and market leader in wood coatings, JAT Holdings PLC, has posted its best ever financial year on record, doubling its Profit After Tax (PAT) during FY2021/22. The company’s revenues rose by 66 per cent to Rs.8.897 billion, from Rs.5.36 billion in the year prior. Gross profit grew by 58 per cent [...]
SoftwareONE expands its presence to Sri Lanka
SoftwareONE, a leading global provider of end-to-end software and cloud technology solutions with service delivery covering 90 countries, recently expanded its presence to Sri Lanka aimed at partnering and enabling companies to holistically transform their commercial, technology and digital business strategies. With many businesses in Sri Lanka realising the potential of digital transformation across their [...]
Solid Q1 performance boosts Union Assurance
Union Assurance PLC has begun 2022 with yet another strong performance, achieving impressive financial growth. Despite operating in a challenging environment, the company closed its first quarter with progress across key areas ranging from gross written premium to profit before tax and total net revenue. It also honoured Rs. 1.4 billion in claims, compared to Rs. [...]