Tightening your belt
In today’s economic crisis, survival is the key word as its impact is felt by every single citizen. There were only a few customers at this stall selling belts in Colombo probably because apart from tightening one’s belt, people are unable to even buy a belt! Pic by M.A. Pushpa Kumara
Sri Lanka’s audit service lacks teeth to combat corruption
Over 200 audit reports by the Auditor General’s Department exposing corrupt practices, financial misappropriation and irregularities of state institutions are stagnating without any action against relevant perpetrators and recovering losses caused to the state, department sources revealed. Among these reports were findings on massive financial misappropriations and irregularities in recent mega transactions in the importation [...]
Businesses moving to other countries amidst tax hike
The general dreariness in the economy inflated by the twin forex and fuel crises along with the looming tax hike of 30 per cent in corporate tax is pushing companies to shift their businesses and main offices to other countries. More and more companies are looking out to set up their businesses in other countries [...]
Tea industry brewing in troubled times
The tea industry is facing tough times as the required chemicals are unavailable or too high priced just as competing markets attempt at changing buyer perception regarding the Sri Lankan situation. Planters Association Spokesman Dr. Roshan Rajadurai told the Business Times that despite the lifting of the ban on the use of glyphosate on the [...]
Banking sector forges ahead of challenges
The letters of credit backlog has been cleared and inward remittances from migrant workers are firming up in the banking sector but prohibitive interest rates will jack up non-performing loans and block new projects and general business growth, analysts say. “The letters of credit backlog has been cleared. We are also seeing a modest month-on-month [...]
Sri Lanka Tourism in desperate push at FIFA
Sri Lanka is desperate to get travellers back on the island and in this respect visitors to the FIFA World Cup next month in Qatar are the next bet but a hurried digital marketing campaign needs to be carried out, industry officials say. The industry believes that though this is a last minute plan it [...]
Council for national policies
The trio was in conversation under the margosa tree when Aldoris, the choon-paan karaya, came along in his tuk-tuk with breakfast goodies. After purchasing maalu paan and kimbula bunis, they returned to the margosa tree where Kussi Amma Sera, resuming the conversation, said: “Me davas wala deshapalagnayan-gen kisima wedak ne (Politicians these days are useless).” [...]
Sri Lanka is becoming a pricey destination for tourists
The tourism industry makes a significant contribution to the national economy by directly contributing to the government’s budget, foreign exchange earnings and employment generation, it contributes both direct and indirect benefits in the provision of goods and services. Tourism as a single industry has been able to generate substantial foreign currency earnings with relatively low [...]
SSC levy waived off on pharmaceuticals but not imported medical devices
While the government has waived off the 2.5 per cent social security contribution (SSC) levy on pharmaceuticals, the same concession was not given to imported medical devices. Sri Lanka Chamber of Medical Devices Industry (SLCMDI), President Sundararaja Prabhu raised this concern at the chamber’s seventh annual general meeting held at the Hilton Colombo last week. [...]
Sunday Times journalist Jayampathy passes away
Senior journalist Jayampathy Jayasinghe attached to the Business Desk of the Sunday Times, passed away on Thursday morning. He was in his mid-70s. Jayampathy had a long career in journalism, joining the now defunct Sun newspaper in 1985 after a stint in the Police from which he retired as an Inspector after serving in the [...]
CCC’s Sri Lanka Economic Summit 2022 in December
The Sri Lanka Economic Summit (SLES) 2022, annually organised by the Ceylon Chamber of Commerce (CCC), will be held under the theme ‘Resetting from Turmoil to Opportunity’, on December 5-6 at the Shangri-La, Colombo. The SLES 2022 will focus on key levers that will lead to macroeconomic stability as well as ensure private sector-led growth, [...]
ComBank website wins global award from USA’s Web Marketing Association
US-based Web Marketing Association (WMA) has recognised Commercial Bank of Ceylon with a ‘Bank Standard of Excellence’ award at the Association’s WebAwards 2022, at which the world’s best websites in 86 industries were honoured. The awards, adjudicated by a team of eminent independent Internet professionals, were based on an evaluation of the Design, Innovation, Content, [...]
Cost reflective pricing formula on the cards for water supply
The National Water Supply and Drainage Board (NWSDB) is to adopt a cost-reflective pricing formula to improve its financial situation enabling it to pay their loans without burdening the Government, a top official of the board divulged. The estimated marginal cost of water supply of Rs. 16.50 per cubic metre in the short run, rising [...]
Nature tourism gains momentum with “Yala wild trails by Suri”
Dynamic and contemporary wildlife and nature-based tourism is rapidly gaining momentum and becoming popular among foreign and local travellers in southern Sri Lanka’s national parks including Yala, Bundala Lunugamavehera and Kumana creating new economic opportunities closely tied to natural environments. Camping in Yala national park is a popular recreational activity in the nature-based tourism domain [...]
CA Sri Lanka conference takes the high road to transformation
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Wednesday ceremoniously inaugurated the 43rd National Conference of Chartered Accountants with the ambitious aim of taking the lead to transform self, society, corporate and the country. Supreme Court JusticeYasantha Kodagoda, PC was the Chief Guest while Rohan Pethiyagoda, Biodiversity Scientist, delivered the keynote [...]
Teejay extends partnership with Moratuwa University for 10th year and beyond
A milestone in industry – academia collaboration was reached recently when Teejay Lanka PLC extended its partnership with the University of Moratuwa for two more years, a period that will encompass the 10th anniversary of the relationship. The decade-long collaboration between the Sri Lanka’s first multinational textile manufacturer and the country’s largest provider of manpower [...]
SLID webinar on SL’s crisis highlights lessons from Greece
The Greek financial and economic crises were longer than it should have been due to mistakes that were made which need to be avoided in Sri Lanka, according to a former Finance Minister of Greece Dr. George Papaconstantinou. He was speaking at a recent Sri Lanka Institute of Directors (SLID)-organised webinar titled “Sri Lanka’s Economic [...]
SL’s World Trade Centre celebrates 25 years
Uniquely located in the heart of the Central Business District, the World Trade Centre (WTC) Colombo celebrates 25 successful years, continuing to mark its presence as the city’s most iconic commercial landmark and sought-after business address. In 1991, founder and chairman of the Shing Kwan Group, Singapore S.P. Tao, with visionary foresight and entrepreneurial spirit [...]
Sri Lanka’s eligibility for IDA concessionary loans comes under scrutiny
Sri Lanka’s latest attempt of seeking assistance from international financial agencies offering concessionary loan facilities normally given to low income countries while maintaining its status of a lower middle income earning country has raised issues relating to eligibility. The aim is to obtain the funding from international financial agencies such as the international Development Association [...]
Pioneering BOI bonding garments firm opens new facility
A Sri Lankan company that is pioneering bonding of garments instead of the needle-and-thread technology has set up a new factory in Gonapola in the Kalutara district to manufacture bonded garments for export purposes. The agreement in this regard was signed recently at the Board of Investment (BOI) Head Office in the presence of the [...]
XpressJobs acquires MyJobs.lk making it SL’s largest online recruiter
Online recruiters – XpressJobs and MyJobs.lk have merged into one company marking a most significant turning point in the recruitment platforms in Sri Lanka. The acquisition has made XpressJobs the biggest player in the online recruitment field, adding to its renown as the most technologically advanced, the company said in a media release. “The merger [...]