Mega logistics conference
Colombo International and Logistics Conference founder Rohan Masakorala (right) hands over a special supplement to Ministers Nimal Siripala De Silva and Ali Sabry, and former Speaker Karu Jayasuriya. Pic by Akila Jayawardena.
Sri Lanka’s T-bill sales slump amidst muted investor sentiment
Sri Lanka’s last quarter borrowing plan via the issuance of treasury bonds and bills to meet recurrent expenditure while cutting down bank borrowings and money printing is in a bind following the recent downward trend in sales in the secondary bill and bond markets, CEOs of banks and dealers confirmed. The General Manager of a [...]
Debt -financed Govt. spending rises
The Sri Lanka government has been continuing its spending spree during the first four months this year surpassing the revenue by 83 per cent resulting in a budget deficit of Rs.524.1 billion, 0.7 per cent higher than the Rs.520.5 billion budget deficit in the same period of 2021, the Finance Ministry fiscal position report revealed. [...]
Assess domestic debt stock before restructuring
The government is in a rush to implement the recommended austerity measures by the International Monetary Fund (IMF) to get its bailout leading to a discussion on domestic debt restructuring, putting pressure on the local banking sector, analysts say. However, it is important to get a proper analysis done on the debt stock the sector [...]
Rubber to be tested with Indian fungicide
Sri Lankan authorities will be testing a fungicide from India to ascertain if it could be used on the local rubber plantations in a bid to overcome the pesta disease. Following a workshop in India and understanding how they had contained the disease with another fungicide, Sri Lanka has already made plans to get samples [...]
Hameedia to take on the world amidst economic crisis
Sri Lankan apparel brand Hameedia, on the back of its recent expansion to Dubai, is looking to expand to major markets such as Australia, Qatar, and India. The limitations in the country to expand business such as too many restrictions on imports and other impediments have prompted the company to venture into other markets, Hameedia’s [...]
Playing games with energy
Just as Aldoris drove into the lane with his food-filled tuk—tuk accompanied by the usual music, the trio walked towards the gate and warmly greeted him. The trio’s regular conversations, sometimes ‘hot’ sometimes ‘cold’, with Aldoris was a welcome feature on an otherwise quiet morning in the household. “Ah…….Aldoris, wessata ahuwuna-neda (Ah… Aldoris got caught [...]
Holidays and “non-working” days
When the ‘moon is full’, you have a holiday? Wow…!” Foreigners often are surprised when informed that every full-moon day is a holiday in Sri Lanka. The term “poya day” is not an internationally known day, except for the Sri Lankans or particularly the Sri Lankan Buddhists; therefore, “full-moon day” may be the simple way [...]
Sri Lanka’s financial literacy improved by 23% in 2021
Sri Lanka’s financial literacy in 2021 stood at 57.9 per cent, a 23 per cent improvement from the previous 35 per cent as reported by the then Global Financial Literacy Survey in 2014. Out of the 57.9 per cent financially literate adults, 61.1 per cent are males and 55.2 per cent are females with a [...]
SL seeks assurances of creditors for debt restructuring
Sri Lanka has now engaged with all its official bilateral creditors as well as International Financing Institutions (IFIs) with a view to obtain financing assurances for debt restructuring, Finance Ministry sources revealed. In practice, financing assurances from official bilateral creditors are obtained once each bilateral creditor (or all official bilateral creditors collectively) officially confirms its [...]
Bleak future for logistics in Sri Lanka
Sri Lanka’s shipping industry requires liberalisation and reforms and this requires the support of the people without the constant interference by politicians wanting to secure their political future with jobs for voters. These were the concluding thoughts that highlighted the recurrent problems in the logistics sector that has made Sri Lanka unfavourable in the eyes [...]
Flood waters should be conserved for the country’s needs
In Sri Lanka, over the past 20 or 30 years, we have experienced severe flooding each year due to the natural traces for flood water to disperse the water being blocked or used for other land use requirements including expressways construction. As a result, massive damage is caused to the built up area and the [...]
Namalie Herath, new Managing Partner for GroupM Sri Lanka
Namalie Herath, CEO Wavemaker Sri Lanka has been appointed as Managing Partner of GroupM Sri Lanka. An alumna of the University of Colombo, Ms. Herath started her career at J Walter Thompson Sri Lanka. She was instrumental in launching MEC in Sri Lanka, and then went on to head Wavemaker when the two entities, MEC [...]
Easier ways to pay taxes
The present draft tax proposals states that the introduction of Withholding Tax (WHT) would be only an advanced deduction and the payees will be subjected to file tax returns each year and make the balance payments, over and above the WHT percentage if they are liable to do so. In effect all those whose income [...]
Classic Destinations represents Liberty Group in Sri Lanka and the Maldives
Classic Destinations, a leading Destination Management Company (DMC) in Sri Lanka, has acquired the franchise to represent the Liberty Group both in Sri Lanka and the Maldives. The Liberty International Tourism Group is the largest privately-owned global Destination Management Company (DMC). Founded in 1991, it have over 30-year expertise with offices established on all continents, [...]
Increase usage of blockchain technology attracting its service providers to Sri Lanka
The increase in cryptocurrency usage in Sri Lanka has attracted blockchain ecosystem and cryptocurrency infrastructure provider, Binance to gauge and understand the local market. “We also want to educate the Sri Lankan market on blockchain ecosystem and cryptocurrency infrastructure,” Raj Karan, Regional Strategy and Operations Director for Asia and Eastern Europe at Binance told the [...]
Binance is only an ecosystem provider in Sri Lanka
While digital wallet and virtual money are emerging as future trends of currency globally, Sri Lanka is also looking at it on a positive note. Dispelling the myths on crypto industry and bridging the knowledge gap on the lack of awareness on Binance as an ecosystem provider, is ‘our’ mission in Sri Lanka, says Raj [...]
Thanzyl Thajudeen joins PRCA Asia Pacific Regional Board
The Public Relations and Communications Association (PRCA) has appointed Sri Lanka’s Thanzyl Thajudeen to its Asia Pacific Regional Board for two years from October 2022. The Regional Board provides a formal mechanism to consult with the industry’s most senior practitioners on the issues PR and communications faces; to act as a think-tank for the industry; [...]