Solar powered mini grid
Rainforest Savers together with UK-based Storlion Pvt Ltd and the Sri Lanka Sustainable Energy Authority has designed, built and commissioned Sri Lanka’s first Solar PV powered mini grid successfully in an isolated remote village in the Knuckles forest reserve. Picture shows installed Solar PV Power Plant and (Inset) -Pasidu Pallawela, Founder/Chairman, StorTera / StorLion SriLanka [...]
Major oil supplier threatens to withdraw triggering fuel crisis again
At least one oil supplier has threatened to cancel the fuel supply contract if Sri Lankan authorities fail to pay its balance payment, further exacerbating the crippling fuel crisis in the country. Leading energy trading firm, BB Energy has informed the state-run Ceylon Petroleum Corporation (CPC) that they have the right to cancel the fuel [...]
SEC cracks down on WhatsApp traders
The Securities and Exchange Commission (SEC) is cracking down on social media sites and groups promoting stocks on WhatsApp mainly targeting investors trading on the Internet. “This has been going on for some time and there are a large number of gullible investors being misled but now the new SEC Act has provisions to prosecute [...]
Tourism industry to face cosy winter under chilly conditions
The tourism industry is readying to welcome its winter traffic following a successful roadshow in India that has sparked new bookings; but hotels are trying to overcome some of the key challenges faced by the sector. Fuel and food are available enough to keep the home fires burning but authorities need to heed to certain [...]
Impending recession cuts growth forecast by 7.8% in 2022
The Government is grappling to save the country’s economy from a possible US$10 billion contraction amidst an impending recessionary period, according to econometric models and provisional data of the Finance Ministry. Due to rising inflation and lower growth, the Sri Lankan economy is approaching stagflation. Growth expectations for the country have nosedived after the sovereign [...]
Efficiency in the public sector
When the late D.B.I.P.S. Siriwardene, an eminent civil servant, was the Public Administration Secretary in the late 1970s, he was immaculately dressed in crisp, white short sleeved shirt and white trousers. He was also competent and efficient, without a single file on his desk – all being disposed of as fast as the next one [...]
Oceans silenced, communities whipped: Energy crisis on fisheries
The energy crisis has hit both the producers and consumers of fish with a monstrous force. Fishers are out of sea: no fishing, no fish and no income!! Fish prices have reached unbelievingly high levels, some exceeding even Rs. 3,000/kg mark. Many families have neither physical nor economic access to fish. The World Food Programme [...]
Sri Lanka Tourism rebuilds the nation’s smile
Sri Lanka’s tourism industry headed to India to rebuild the country’s image and bring back the holidaymakers from the subcontinent. Tourism Minister Harin Fernando said at a media briefing held in Colombo on Thursday at the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) that with India’s strong middle class Sri Lanka hopes to [...]
Struggling for their rights
Aggrieved depositors of the failed The Finance Co are still urging the government to repay them. They held a protest this week near the Ceylinco office in Fort. Pic by Akila Jayawardena.
Corruption, indecisive action must be deterred for a country to prosper
Most catastrophes and crises in the country are man- made including corruption and crimes committed by leaders of the country relating to the food industry and fertiliser and other issues affecting the less privileged and privileged segment of the society that finds it difficult to maintain the minimum quality of life that they were used [...]
Uber Eats completes 100,000 deliveries in September on bicycles
As the fuel crisis hit Sri Lanka in the past few months many delivery services switched from their motorbikes to bicycles. A prominent taxi hailing app in the world, Uber launched its first ever Sri Lanka Economic Impact Report on Monday at the Shangri-La Hotel in Colombo. The report revealed that Uber contributed Rs. 81 [...]
Coal procuring deal further messed up without tender
Sri Lanka’s coal procurement process is getting shadier by the day. After the Auditor General confirmed Lanka Coal Company (LCC) not adhering to the tender process, the Cabinet resorted to awarding four more shipments to the controversial Suek AG subsidiary, Black Sand LLC without a tender which has the industry reeling again. The Auditor General [...]
CB Governor warns of business collapse if interest rate lowered
Sri Lanka Central Bank Governor Nandalal Weerasinghe has warned that the local businesses will collapse if there was no control of inflation by increasing interest rates under the present circumstances. The current tight monetary policy helps to control inflation which is the biggest enemy of every one as the skyrocketing of prices has become a [...]
Nation Lanka Finance raises Rs. 1.1 bn in fresh equity capital
Weathering all macro-economic challenges Nation Lanka Finance PLC (NLF) successfully raised Rs. 1.1 billion in equity capital through the recently concluded Rights Issue. This was possible due to the confidence placed by major shareholders and strategic investors who perceive greater potential in the company and its sustainability, a media release issued by the company stated. [...]
CSE Masterminds to kick off its fourth edition next month
Sri Lanka’s Capital Market Quiz, CSE Masterminds, is back for its fourth edition on 3rd November 2022 from 4 pm onwards at the Grand Ballroom, Waters Edge. Participants will be tested on their knowledge of global markets, international businesses, the Sri Lankan economy and businesses, the Sri Lankan stock market, listed companies, sports and entertainment. [...]