Low-value currency
Loose change, as this picture depicts, is often kept in cars to be given for the purchase of goods or to beggars. However with inflation reaching the hyperinflation stage, very soon currencies of Rs. 10 to 20 will be of little or no value. Pic by M.A. Pushpa Kumara.
SL firms assist staff to endure economic crisis
With the cost of living hitting the roof and rising rapidly, Sri Lanka companies are helping their staff to weather the crisis by launching different initiatives. Krishan Balendra, Chairman John Keells Holdings PLC (JKH) and Chairman Employer’s Federation of Ceylon (EFC) told the Business Times on Wednesday that employers have taken various initiatives such as [...]
New twist in the controversial LPG tale
A highly- influential company won an unsolicited bid to supply LP gas but as it failed to supply the gas, the contract was given to others in a never —ending saga of the controversial LP deal that has thrown open a fresh controversy. This information emerged when on Tuesday the Committee on Public Enterprises (COPE) [...]
UN proposes Debt-for-Nature swap to Sri Lanka
A UN agency has proposed a Debt-for-Nature Swap (DFNS) as part of a medium-term strategy in responding to Sri Lanka’s economic crisis. A Policy Memorandum on Urgent Macroeconomics and Human Development Priorities dated April 12, had been submitted by the United Nations Development Programme (UNDP) in the lead up to Sri Lanka’s negotiations with the [...]
Restructured CPC to avert possible collapse
Debt-ridden Ceylon Petroleum Corporation (CPC) is to be restructured as the entity is faced with severe cash flow problems with no rupees or dollars to continue its operations, top senior officials disclosed. Total liability payable to the two state banks as at April 30, 2022 reached Rs. 1,223.63 billion, latest Finance Ministry data shows. CPC’s [...]
Rampaging inflation
Fuel. The single-most commodity that people are desperately chasing after as the country’s economic crisis deepens. It has aggravated all our problems and disrupted the vital supply chain that keeps the cogs of the economy functioning. In another angle to this dilemma and nightmarish situation for scores of the population, one may ask what happened [...]
Road to fuel crisis
In 1964, the US government passed the so-called “Hickenlooper Amendment” to the Foreign Assistance Act of 1962; it was named by its sponsor, Senator Bourke Hickenlooper. The Amendment was aimed at protecting American investment abroad, by empowering the US government to cutoff US aid to any country which nationalises or takes over American businesses without [...]
FTZ grinding to a halt takes to cycling to work
Hit by a fuel crisis Sri Lanka’s Free Trade Zone (FTZ) workers will be compelled to cycle to work no sooner the industries come to a standstill in two weeks should the current crisis continue. The Board of Investment (BOI) has been submitted with a proposal pending board approval to allow companies within the zones [...]
Treasury outflows surpass inflows by Rs. 650.8 bln
The Treasury is barely managing daily public financial affairs with the cash outflow surpassing inflows, Finance Ministry data shows. During the first four months of this year cash inflows by way of revenue and other receipts amounted to Rs. 598.5 billion as against the estimation of Rs. 613.7 billion, achieving 97.5 per cent from the [...]
AmCham, Teejay and Habitat for Humanity uplift sanitation facilities at local schools
The Helping Hands project, a three-year partnership between the American Chamber of Commerce in Sri Lanka and Habitat for Humanity Sri Lanka, recently completed its first phase with the support of Teejay Lanka PLC. Positively impacting over 3000 students, the project involved the provision of three toilet units each to three government schools in Yatiyantota [...]
Local banks run short of paper slips
Walking into a well-known private bank in Sri Lanka, a customer found himself looking for a deposit slip everywhere. When he questioned the officers at the counters, an officer informed him, “Sir we don’t have printed deposit slips anymore. You can tell the account number to which you want to deposit at the deposit counter [...]
Sri Lanka faces hyperinflation as inflation surges
Sri Lanka is now facing a hyperinflationary situation with the country’s inflation hitting a new high of 54.6 per cent in June, several leading economists said referring to the Central Bank’s latest announcement of the official economic indicator data. The Sri Lankan rupee depreciated more than 50 per cent against the dollar this year compelling [...]
SL’s predicament: 70 % mismanagement and 30 % misfortune
While Sri Lanka is in an utter mess with the current economic crisis, it is the country’s mismanagement on one side and misfortune on the other that is the two root causes for the chaos. Sri Lanka’s predicament lies at 70 per cent mismanagement and 30 per cent misfortune, says Murtaza Jafferjee, Chairman of Advocata [...]
Tourist bookings gone, cancellations on
Sri Lanka’s travel industry is managing with new bookings amidst cancellations since the UK and other countries imposed essential only advice to travellers. This and the withholding of the extension on moratoriums have clearly adversely impacted SMEs that comprise at least 80 per cent of the industry. Last month Santani had about 10 per cent [...]
SEC calls for RFPs for CCP
The Securities and Exchange Commission (SEC) having approved the model for the Central Counterparty system (CCP) at the last Commission meeting had the Colombo Stock Exchange (CSE) recently called for request for proposals for companies to come forward and set it up. It was advertised last week and the regulator is expecting international leaders to [...]
Call for 5th PropertyGuru Asia Property Awards (Sri Lanka) applications
The PropertyGuru Asia Property Awards (Sri Lanka) programme returns in 2022 with a diverse roster of titles for outstanding property developers and real estate developments in South Asia’s most dynamic island markets. Organised by leading property technology company PropertyGuru, the 5th Annual PropertyGuru Asia Property Awards (Sri Lanka) will be celebrated on October 14, 2022 [...]
SLFA holds 2nd Annual EFMP in June
The second Annual International Emerging Financial Markets and Policy Conference (EFMP 2022) of the Sri Lanka Finance Association (SLFA) was held virtually on June 17 hosted by the Department of Finance of the Faculty of Management Studies and Commerce at the University of Sri Jayewardenepura. This annual event is the flagship conference of the SLFA [...]
NDBIB successfully concludes another M&A Transaction
NDB Investment Bank acted as exclusive sell side advisors to a consortium of exiting investors led by Browns Investments PLC and Faber Capital Group for the divestiture of Sagasolar Power (Pvt) Ltd to Aitken Spence PLC for a purchase consideration of Rs.1,400 million. Sagasolar Power is a 10MW solar power plant located in the Hambantota [...]
Airtel Lanka helps students of Galle College of Technology
Airtel Lanka, recently partnered with the College of Technology, Galle (COT, Galle) to support a new generation of tech-experts and entrepreneurs with learning and development in both technical and soft skills. Through the partnership, Airtel Lanka will be providing 30 students from COT, Galle’s junior and senior batches with access to training and skills development, [...]
Sri Lanka struggles to settle massive organic fertiliser bill
Sri Lanka’s Treasury, due to a decision to reverse the move of resorting to organic agriculture, is compelled to pay billions of rupees for organic fertiliser stocks procured from local manufacturers last year. Organic fertiliser producers have demanded the Finance Ministry to pay Rs.14 billion for their supplies. As a result of spending almost all [...]
Ceylinco General offers insurance services to Visa cardholders
Ceylinco General Insurance has entered into an agreement with Visa to offer attractive insurance services to all Visa cardholders across Sri Lanka at affordable rates. Initially, they can avail of three exclusive health insurance covers from Ceylinco General Insurance with benefits ranging from Rs. 100,000, Rs. 200,000 and Rs. 500,000 per annum, priced at an [...]
Mövenpick strengthens management team
Mövenpick Colombo has appointed Avantha Wadugodapitiya as Director Sales and Marketing strengthening its leadership team. A veteran hotelier with over 25 years of experience in sales and marketing, Mr. Wadugodapitiya counts leading hospitality chains such as Hilton, Aman Resorts – Singapore, Centara Hotels & Resorts and Taj Hospitality as part of his expansive career repertoire [...]
IMF in two minds on bailout loan to Sri Lanka, economists say
The International Monetary Fund (IMF) is in two minds in granting a bailout package under its Extended Fund Facility (EFF) as Sri Lanka is still to restore political stability and start its massive external debt restructuring process, several local and international renowned economists said. Sri Lanka is in a death spiral in an economic downturn, [...]
CB chief stresses need for fiscal and monetary measures
In the wake of the current crippling economic crisis, it has become necessary to implement not only tightened monetary policy but also Government’s fiscal policy along with the economic and structural reforms concurrently, Central Bank (CB) Governor Dr, Nandalal Weerasinghe said. He told a media briefing in Colombo on Thursday that the present critical economic [...]