‘Natamis’ recover from economic crisis
A ‘Natami’ pulls his cart loaded with bicycles in Pettah, the main business district in Colombo. Business for these familiar workers with their carts in Pettah has improved as the economy slowly recovers. Pic by Akila Jayawardana.
Food ration scheme likely in interim budget 2022
President Ranil Wickremesinghe’s interim budget 2022 to be presented on Tuesday is likely to contain a food ration scheme covering essentials like rice, wheat flour and dhal for the poor and to strengthen nutritional assistance. The interim budget is considered crucial to sustaining Sri Lanka’s recovery from the current economic crisis and social instability triggered [...]
LKR depreciation benefits exporters, forex earners
Sri Lankan export companies and other forex-earning firms are posting hefty results, benefiting from the currency depreciation. Export companies in major conglomerates, plantation companies and logistics firms are recording unprecedented profits with analysts saying that the results show the bulk of their net financing income generated through depreciation of the local currency. Companies such as [...]
Indian flts to Jaffna next month
Air India is set to commence flights to the Jaffna International Airport in Palaly next month. Sri Lanka Tourism Development Authority (SLTDA) Chairman Priyantha Fernando explained that Air India’s representative at a meeting held on Thursday had indicated their intention to commence their operations to Palaly from next month with two flights per week. The [...]
Solar companies awaiting new tariff
The Solar Industries Association is awaiting a justifiable tariff scheme for solar-powered schemes by next month. “We have discussed with the Power and Energy Minister and relevant officials along with the tariff committee to agree upon a new tariff for the solar companies as buying prices must improve to attract new investors and consumers to [...]
Sri Lanka’s demand for legal booze drops by 40 %
Sri Lanka’s economic crisis has affected demand for legally produced liquor by 40 per cent with patrons staying away from liquor bars and wine stores in the country at present, the Excise Department head divulged. Commissioner General of Excise M.J. Gunasiri told the Business Times that the demand for liquor has dropped significantly due to [...]
Fertiliser saga
The protests by farmers have all but ended. There are a few but not as widespread and volatile as they were in the second half of last year after chemical fertiliser was banned in May 2021 and farmers roared in protest. The fuel queues have also reduced with the introduction of the QR code though [...]
Tourism on the rebound in Sri Lanka
Sri Lanka is already witnessing a revival of the tourism industry that had been dormant due to the recent tensions in the country with hotels having great expectations to improve further on the current surge in occupancies. “We are expecting a steady revival since bookings and inquiries are coming in” right now, former Tourist Hotels [...]
BOV Capital leads Rs.205 mln funding round for IFINITY
BOV Capital, through its Digital Innovation Fund (DIF), recently completed a funding round that raised Rs.205 million for IFINITY (PVT) LTD, a financial solutions provider primarily focused on digital transformation within the BFSI sector. In addition to helping raise funds, BOV Capital will mentor and guide the highly experienced senior team at IFINITY in opening [...]
Phoenix’s new collection of crates & pallets now available
Phoenix has unveiled its industrial range of crates and pallets that is specifically engineered and manufactured for the purposes of convenient and safe handling of a wide range of goods. The company released its 2022 Crates and Pallets catalogue which showcases the complete range of products available. The product range is most widely used to [...]
Sarvodaya Development Finance PLC records impressive 1Q
Sarvodaya Development Finance PLC (SDF) has continued to outperform during the first quarter of this financial year with its deposit base growing by 10.1 per cent from end March 2022, to end June 2022. The total assets of the company recorded a marginal growth despite all social, political and economic challenges experienced in the country [...]
MAS Holdings finalist in Reuters awards event
MAS Holdings (MAS) has been selected as a finalist for the Diversity, Equity and Inclusion category at the 13th Reuters Events: Responsible Business Awards 2022 – the world’s leading celebration of responsible business excellence. Group Human Resources Director of MAS Holdings, Dinali Peiris, said, “We are thrilled to be shortlisted in the Diversity, Equity, and [...]
SLIC Insurance among the most profitable state entities
National insurer Sri Lanka Insurance (SLIC) is among the most profitable state entities with a top performance in the first half of the year 2022 recording a profit before taxation of Rs. 7.7 billion, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 21 billion, showing a growth of 13.1 per cent. [...]
IMF delegation works to reach consensus on EFF arrangement
A high-powered delegation of the International Monetary Fund (IMF) is continuing talks in Colombo on reaching an agreement on a prospective IMF Extended Fund Facility (EFF) arrangement. The IMF delegation led by senior mission chief Peter Breuer and mission chief Masahiro Nozaki called on Sri Lanka President Ranil Wickremesinghe on Wednesday evening and discussed the [...]
Electric shockwaves hit industries
The government’s latest decision to raise electricity tariffs has created a stir among the different sectors some of whom have received temporary waivers whereas others are in limbo. The Public Utilities Commission (PUCSL) has agreed to provide a 50 per cent reduction on the increased tariff rate to the tourism industry for a three month [...]
NWSDB undergoes restructuring, public to pay high price for water
Sri Lanka’s water supply utility National Water Supply and Drainage Board (NWSDB) is to undergo structural reforms in its operations in line with the modern practices and market requirements. The State-Owned Enterprise (SOE) Restructuring Board has proposed to restructure the NWSDB bringing it under a public private partnership (PPP) entity to transform it to an [...]
Futureworld opens exclusive Apple Store in Colombo
Futureworld Lanka Pvt Ltd, an Apple Authorised Reseller in Sri Lanka, recently opened its flagship store at Ananda Coomaraswamy Mawatha, Colombo 3. The state-of-the-art showroom will showcase the latest range of Apple Macs, iPads and Accessories. To celebrate the opening there was a launch of two new products for the first time in Sri Lanka [...]
Vested interests scuttle important amendment to Industrial Disputes Act-Union
The employer lobby with the support of ‘yellow’ (conspiring) unions that serve vested interests seems to have scuttled the passage into law of an important amendment to the Industrial Disputes Act requiring employers to follow a domestic inquiry process prior to terminating the services of a workman, the Ceylon Federation of Labour (CFL) claimed this [...]
Focus of corporate bodies would be on planet, people and profits
All corporates should prepare and present financial reporting in compliance with Sri Lanka accounting standards with financial and non -financial information to develop the capital market in the country. The idea is to ensure that all stakeholders and the public are benefited by this exercise. The annual awards competition has now been rebranded as the [...]
Sri Lanka tourism looking good
Travel advisories are now being relaxed one by one but the tourism industry is still concerned regarding the Prevention of Terrorism Act (PTA) that has been raised by a number of other states. UK, Switzerland and Norway have followed France in relaxing the travel advisories. The UK issued a travel advisory on July 22 that [...]
Sri Lankan small industries neglected over the years – COSMI President
Micro and small sector industries have been neglected for the past two decades and every successive government that came to power failed to contribute to the micro sector—although it is the largest employer in the country, and the backbone of the economy, says Nawaz Rajabdeen, a veteran on small and medium-scale industries (MSMEs). Mr. Rajabdeen, [...]
India tourism promo takes off next month
As news from Sri Lanka improves the tourism industry is gearing for the much-awaited India promotion backed by popular cricketer Sanath Jayasuriya targeting increased visitors from India. The India promotion campaign is scheduled to take place in the third week of September accompanied by Brand Ambassador Sanath Jayasuriya and SriLankan Airlines with the aim of [...]
Disrespect for human rights, abuse of power and gender inequality causes gender- based violence
Even under normal circumstances sexual and gender-based violence occurs as there is a connection between them. But in a crisis and in a disaster situation it increases rapidly. When a person suffers from gender- based violence it can be assumed that his or her human rights have been violated, said Dr. Neththanjali Mapitigama -Consultant Community [...]
16 private sector leaders join to support food security efforts
The United Nations Development Programme (UNDP) in Sri Lanka recently launched a facility to enable interested private sector organisations to partner and contribute towards procurement of urgent medical supplies and address food security needs with Hemas Holdings PLC, Dilmah Ceylon Tea Company, Brandix Apparel Ltd and Daraz Sri Lanka coming on board to pledge their [...]
Microimage Mobile Media rebrands, now ‘Futura Tech Labs’
Microimage Mobile Media, an innovator in delivering media broadcasting and mobile solutions, has rebranded to ‘Futura Tech Labs’ and opened an office in Singapore to cement its position in the Asia-Pacific region. With a mission to “continuously innovate to deliver digital products and services for media, broadcast, film, and digital services,” this revamped outlook comes [...]