New 20 rupee coins
New 20 rupee coins have come into circulation. The coin was released a few months back to mark 150 years of the Census of Population and Housing (CPH) in 2021 with the first CPH conducted in 1871. The 15th CPH was originally planned to be conducted in 2021, concurrently with its anniversary but due to [...]
Controversy over LPG supplier in ‘influential’ deal
State-owned Litro Gas Lanka Ltd with a market share of 75 per cent of liquified petroleum gas (LPG) is to make a costly change by replacing the present selected LP gas supplier, company sources said, adding that an influential party is behind this deal. Newly-appointed Litro Chairman Muditha Peiris disclosed to reporters recently that a [...]
Electricity Act amendment may see new power plants
The amendment to the Sri Lanka Electricity Act has been welcomed by those in the power sector and already some are canvassing for power plants, renewable industry officials say. Despite the power sector unions and opposition parties opposing the amendment saying it removes competitive bidding for new power projects, more and more businessmen are coming [...]
Coconut prices set to skyrocket amid crisis
The crisis-hit coconut industry is set to see a spike in the price of coconuts reaching Rs.200 with farm gate prices pushing towards Rs.100 in a bid to overcome the rising cost of production. Colombo University Emeritus Prof. of Bio Chemistry Deepal Mathew, an Executive Member of the Coconut Growers Association, told the Business Times [...]
Inverters: Beating the power crisis
More and more Sri Lankans are opting for substitutes to power their electricity requirements in the wake of a crippling power crisis. Solar panels, net metering, and generators have now taken a back seat due to a more cost-effective option which is inverters. Nabeel Nular, Proprietor Lunar Engineers told the Business Times that inverters save [...]
Tourism moratoriums need extension
Sri Lanka’s tourism industry is worried that the government has not yet agreed to extend the moratorium on loans that allows them to stay afloat. SMEs will be the first to be hit if the hotels cannot continue operations. While the industry is making all efforts to get the multiple travel advisories to be relaxed [...]
Right royal mess
Have some trade unions, not all, become a harbinger of bad news? This is what a colleague asked me the other day when there was outrage over reports of high salaries of a few top officials of the Ceylon Electricity Board (CEB) who are powerful union leaders. No one would grumble if officials are paid [...]
Paying foreign debt from domestic income
One of my friends sent me a text message seeking clarification on the country’s foreign exchange problem. The foreign exchange shortage has resulted in domestic supply shortages in fuel, gas, food, medicines and others; and it’s getting worse in the coming weeks, as the government keeps announcing. Our export income remains nearly the same as [...]
Excise Department goes for digitisation to enhance tax revenue
Sri Lanka’s Excise Department is in the process of enhancing revenue collection and strengthening tax administration with the aim of contributing much needed cash for state coffers in the severe economic crisis, top official of the department said. It has collected Rs. 80 billion up now this year from the set target of Rs.180 billion [...]
Colombo YMBA helps digital entrepreneurs contribute to economy
Having identified the immense potential and bring about a solution to the foreign exchange crisis in the country, the Colombo YMBA is helping digital freelancers to set up business, marketing their services, and help solve day-to-day problems. Mahendra Jayasekera, President, Colombo YMBA told the Business Times that so far the organisation has conducted two online [...]
SL’s legendary biscuit maker passes away
Legendary Mineka (Micky to friends) Wickramasingha, a pioneer biscuit entrepreneur and founder of the popular Munchee brand of biscuits, passed away in Colombo on Wednesday. He was 87. The funeral was held on Friday. Apart from his contribution towards revolutioning this sector through a wide range of biscuits and chocolates, Mr. Wickremasingha also made several [...]
CSE sponsors key debating competition
The All Island Inter School English Debating Competition conducted by the English Debating Society of Ananda College for the prestigious Dr. N.M. Perera Memorial Challenge Trophy, will take place on June 17 to 19, with the main sponsor being the Colombo Stock Exchange. The English Debating Society of Ananda College, established in 1915 is one [...]
SL apparel industry highlights impact of crisis on its workers
Sri Lankan apparel manufacturers, in an effort to reduce the burden of the ongoing economic crisis and help workers cope with the rising cost of living, are taking measures to provide both financial and non-financial support to their workers. The apparel industry is Sri Lanka’s largest export earner and accounts for 40 per cent of [...]
Port City Development Regulation irregularities come to the forefront
Numerous concerns are being raised over irregularities and alleged unlawfulness of outdated physical model (town planning/urbanisation) under the Colombo Port City Development Control Regulations (DCR). The DCR was unveiled on June10. These regulations were aimed at building a world class city for South Asia, generating business, tourism and supporting a high quality of life, the [...]
The Russians who are leaving
WARSAW – In the broader discussion about Russia’s war on Ukraine, an important but overlooked element is the exodus of Russians from their homeland. Though it is impossible to determine the scale of this phenomenon, we can expect the outflow to continue, especially if the US pursues a policy to lure highly skilled specialists and [...]
Better deal for estate workers now than during colonial period
When the foreign agency companies ran the tea industry for more than a century ago little progress was made to improve the social welfare aspect of the plantation community. In 1992 the state nationalised companies were handed over to private companies which comprise 63 per cent to smallholders. Regional Plantation companies (RPCs) comprise 33 per [...]
“When will the foreigners come?”
This is the most common question from my Sri Lankan friends but the right query should be: “WHY the foreigners don’t come here.” Due the economic crises sure, this is partially true, but the main reasons are the arrogance and ignorance of many subjects involved in tourism industry plus lack of marketing and business strategy. [...]
Hanthana Eco Lodge: A luxury nature retreat
Perched atop a hillside, Hanthana Eco Lodge is oriented towards a sprawling, scenic vista, cocooned by the Hanthana mountain range. With an elevation of over 2500 feet above sea level and just 8 km from the Kandy city, it is the perfect holiday getaway for all nature lovers, where everything about the Lodge is thoughtfully [...]
Sarvodaya Development Finance records historic year
Sarvodaya Development Finance PLC (SDF) which made history in 2021 by becoming Sri Lanka’s first impact investment company to list on the Colombo Stock Exchange (CSE), has reported its best profits to date, for the financial year 2021-22. SDF made its debut onto the Main Board of the CSE on November 23, 2021, by raising [...]
Lanka Accelerator launched in Sri Lanka
Kaleidoscope (Pvt) Ltd has announced the launch of Lanka Accelerator brand in Sri Lanka. Lanka Accelerator is powered by India Accelerator (iA) which was adjudged the Best Accelerator in India by Start-Up India. Lanka Accelerator’s agreement with India Accelerator is to help support its design, development and success. India Accelerator is part of GAN (Global [...]
US strengthens SL’s dairy industry with $27 mln support
Under a Memorandum of Understanding (MOU) with the Sri Lankan Department of Agriculture a US Government $27 million project aims to double the milk production of Sri Lankan dairy farmers participating in the US Department of Agriculture (USDA)’s “Food for Progress” initiative. In close partnership with the Government of Sri Lanka, the project began in [...]