Brisk sales of bicycles
With more and more people taking to cycling due to the fuel crisis, bicycle shops are having brisk sales like this store at Borella. Pic by M.A. Pushpa Kumara
Case of Sri Lanka’s ‘Nice’ missing fuel shipment
Amidst allegations of irregular deals in the oil business, comes the latest controversy: The case of a missing shipment of 40,000 metric tonnes of fuel which didn’t arrive as planned! This shipment of 40,000 MT ordered by one of the suppliers registered with the Ceylon Petroleum Corporation (CPC) was initially due to arrive in Sri [...]
Debt moratorium looms over tourism industry
Sri Lanka’s tourism industry is bracing for a good winter but the debt moratoriums have come to a screeching halt as the banks feel they will collapse if this continues. The government is facing a catch-22 situation unable to allow banks to go ahead and obtain the claims and neither give-in to the hotels and [...]
CSE sentiment hit by fuel crisis, high interest rates
Current investor sentiment in the Colombo Stock Exchange (CSE) is led by the exhausting fuel shortages exacerbated by the general difficulties stemming from this while high interest rates are also pushing traders to fixed income securities, stockbrokers and analysts said. The fuel shortage has curtailed the movement of people, and which will hit the bottom [...]
Parliamentary committee to probe LP gas deal
The Committee on Public Enterprises (COPE) is to summon the chairman of Litro Gas and its officials to inquire into allegations that a recent deal with Omani company OQ Trading was marred by irregularities. COPE sources said the officials would be summoned pursuant to a request by a COPE member parliamentarian S.M. Marikar to examine [...]
eDrops; offering an affordable and greener solution for your grocery deliveries
Zero-emission delivery is the premise behind eDrops, the newest grocery shopping app, delivering goods solely through electric bikes. A subsidiary of CodeGen International, eDrops is just one of the many initiatives by the company to bring about greener, sustainable solutions to the challenges of the present day. The app is available for download on Google [...]
No clear direction
As Aldoris, the choon-paan karaya, came down the lane happily blaring his signature tune, the trio appeared to be angry and waiting to pounce on him at the gate. “Mae Aldoris, mokada oyage muhunu avaranaya naththe (I say, Aldoris, why are you not wearing the face mask),” shouted Serapina. “Eih Miss, eka den anivarya nae [...]
Fuel supply and oily politics
A few days ago, we were told that Cabinet approval has been granted to open up Sri Lanka’s domestic fuel market for more players – companies which wish to import fuel and carry out domestic sales. In principle, the entry of multiple players in the domestic fuel trade would improve the market competition in terms [...]
Apparel industry facing tough times
The lack of fuel is causing concern among the SMEs in the apparel sector as they are unable to obtain required storage facilities and workers are finding it increasingly difficult to report to work as well. While the large apparel firms do not face any big issue due to the availability of storage tanks to [...]
Sri Lankan airports reduce losses in economic crisis
State-run Airport and Aviation Services (Sri Lanka) Ltd (AASL) entrusted with the task of airport operations ran at a total loss of Rs. 755 million last year as the country gradually opened up for international traffic, but it was a sharp drop from 2020 and largely due to the airport being closed or partially open [...]
Legality and implementation of E-signatures in Sri Lanka
Bridge Advisory and Consulting, together with DocuSign, the world’s No.1 Electronic Signature and Agreement Cloud, recently hosted a webinar on “Electronic Signatures and Agreement Cloud – The Relevance for Sri Lanka”. The discourse addressed key areas on the background and legality of using e-signatures in Sri Lanka, why it should be a commonality, and covered [...]
Samsung launches Good Lock in Sri Lanka
Samsung recently launched their amplified security customization lock system, Good Lock, to Galaxy smartphones in Sri Lanka. Samsung’s new launch comes from the feedback from Sri Lanka’s Samsung Members community, who have long since insisted that the Good Lock application be available locally to enhance their customised experience with Samsung, the company said in a [...]
Debt crisis
Officials of Sri Lanka’s tourism industry at a news conference this week (see picture) urged the authorities to extend the debt moratoriums as the sector is struggling to survive amidst these uncertain times. (See story on P1). Pic by Indika Handuwala
SL’s economic situation uncertain with high local and foreign debt
Sri Lanka’s economic situation has become highly uncertain with mounting local and foreign borrowings in the 18 months adding to the accumulated external debt of US$ 51 billion, Finance Ministry sources divulged. The Ministry is taking urgent fiscal policy measures to tackle domestic debt and debt service while focusing on preliminary arrangements of external debt [...]
CCC urged Govt. as far back as March ‘20 to seek help from the IMF
It was the Ceylon Chamber of Commerce (CCC) which first urged the government in March 2020 to seek assistance from the International Monetary Fund (IMF) through the Rapid Financing Instrument but that was not pursued, said Vish Govindasamy, Chairman of the chamber, speaking at the chamber AGM held on Thursday where he was duly re-elected [...]
Horana Plantations explores frontiers of true diversity in the plantation industry
For innovation to be impactful, it needs to be leveraged in pursuit of long-term competitive advantages that create sustainable growth opportunities. When applied correctly, they have the capacity to elevate their entire industry, by transforming innovation into established best practices. Horana Plantations PLC, one of Sri Lanka’s most diversified Regional Plantation Companies (RPCs), provides an [...]
Top banker Cabraal joins Sampath Bank board
Hiran Cabraal, a veteran international banker and risk management consultant has joined the board of Sampath Bank PLS as a Non-Executive, Independent Director with effect from June 30. With a rich and diverse experience and a proven 34-year international track record in leadership roles, Mr. Cabraal brings with him a wealth of strategic risk management [...]
Strong revenue, profits from Dankotuwa Group in 2021/22
Dankotuwa Porcelain PLC, renowned for its luxurious and elegant porcelainware, has posted strong revenue and profit for the financial year 2021/2022. As a company, Dankotuwa Porcelain PLC, recorded a revenue of Rs.2.36 billion for the financial year 2021/2022, a 56 per cent growth when compared to the Rs.1.51 billion achieved last year. The company achieved [...]
SLT-MOBITEL launches new campaign tapping innovators
SLT-MOBITEL, in a move to improve the lives of 22 million Sri Lankans, is calling on ‘Dreamers’ – visionaries, inventors, geniuses and outside-the-box thinkers – to step forward with prototypes or working solutions that can meaningfully alleviate the larger problems or concerns the country is facing. In a media release, the company said it launched [...]
Foreign buyers cancel export orders owing to current crisis
At least four export companies are losing orders this year unfortunately thanks to the economic meltdown in the country, partly due to the fuel crisis. A manufacturing company CEO who did not wish to be identified told the Business Times on Thursday that two American buyers have cancelled orders. “These were confirmed orders and early [...]
Sriyan Cooray appointed Chairman-NDB Bank PLC
Veteran banker and current independent non-executive director Sriyan Cooray has taken over as the Chairman of National Development Bank PLC with effect from July 1. Mr. Cooray succeeds outgoing Chairman Eshana de Silva who tendered his resignation from the post last week for personal reasons having steered the bank through the challenges brought on by [...]
People’s Bank recognised with multiple international awards
People’s Bank, Sri Lanka’s largest state bank, bagged multiple prestigious awards at the Global Business Review Magazine Awards 2022 and International Business Magazine Awards 2022 held recently. The Global Business Review Magazine awards won by People’s Bank included ‘Most Responsive Bank Sri Lanka 2022’, ‘Best Consumer Digital Bank Sri Lanka 2022’ and the ‘Best Development [...]
UAL rewards at Bancassurance Awards
Union Assurance (UAL) was recently honoured with top awards at the Bancassurance Annual Awards 2021. The company performed exceptionally well in 2021, becoming Sri Lanka’s No. 1 Bancassurance provider with an ANBP (annualized premiums) of over Rs. 1 billion and coverage of over 618 bank branches of seven leading bank partners, it said in a [...]
WSO2 named a Leader in Two G2 Summer 2022 Grid Reports
WSO2, a global leader in digital transformation technology whose main development centre is in Colombo, on Thursday announced that two of its products have been recognised as leaders by G2, the world’s largest and most trusted software marketplace. WSO2 API Manager has been named a Leader in the Summer 2022 G2 Grid Report for API [...]