“Internet Day”
“Internet Day 2022’ organised by FITIS (Federation of Information Technology Industry Sri Lanka) was held this week at the Hilton Colombo. Seen above is one of its sessions. Pic by M.A. Pushpa Kumara.
New agency to spur investments and export promotion
A top regulatory powered investment promotion agency (authority) will take up the task of expediting the attraction of foreign direct investment (FDI) into the country efficiently and expeditiously, State Minister of Finance Shehan Semasinghe told the Business Times. Institutions connected to investment and exports will function under the proposed new agency following the re-enactment of [...]
No more queues in Sri Lanka, but no one knows!
Sri Lanka’s tour operators have found it hard to change the perceptions of travellers that the country is no longer standing in long queues for fuel. Tour operators speaking with the Business Times noted that this perception has become quite an issue as it is not changing fast enough for travellers to plan on holidaying [...]
Banks pitching for green financing
Sri Lankan banks are aiming to apply for the Green Growth Equity Fund to overcome the current economic crisis and improve relations with investors in impact financing. This is an impact investment fund that mitigates climate change and promotes sustainable economic growth, primarily by investing in measures that reduce energy consumption, resource use, and carbon [...]
Banks to send plans to CEB to recover RE dues
With payment dues by renewable energy (RE) companies piling up for the past one year, banks are requesting the Ceylon Electricity Board (CEB) to change their accounting methods to better accommodate RE sector payment dues. They are requesting to convert RE Net Accounting and Net Plus contracts to Net metering where the user consumes electricity [...]
SEC warns YouTubers, social media content creators
The Securities and Exchange Commission (SEC) is constantly and consistently warning social media content creators on the repercussions of promoting stocks on social media and also taking action against capital market manipulators. The SEC on October 26 issued a letter of warning to K.G.D.C. Rukshan for publishing certain posts on social media, making recommendations and [...]
Central Bank’s independence
It was an early morning call that woke me up on Thursday. It was Ruwanputha, the young economist, calling. “Did you read the latest news,” he asked. “About what,” I queried. “Well the chairman of the National Police Commission has gone and welcomed former Minister Basil Rajapaksa at the airport. That isn’t the right thing [...]
Road to a “developed country” in 2048
The vision for a “new economy” as envisaged in the Budget 2023 entails an export-oriented, competitive economy led by the private sector. It expects Sri Lanka to be a “developed country” by the year 2048, which marks 100 years of independence; therefore, we have 25 years to go. A developed country means a high-income country [...]
Central Bank sole authority of country’s finance: CB governor
Sri Lanka’s parliament has no authority over the entire money in the country although it has the power and responsibility for public money as the Central Bank (CB) is the monetary authority with the power over the country’s finance to determine interest rates and control inflation, CB Governor Nandalal Weerasinghe claimed. Clearing the misconceptions on [...]
Nestlé Lanka expands investments in Sri Lanka
Nestlé Lanka has reaffirmed its commitment towards Sri Lanka by investing over Rs. 2 billion in its state-of-the-art factory in Kurunegala by building a new Vacuum Band Dryer. Aimed at expanding the capacity of its manufacturing facility for malted food, this investment further strengthens the company’s efforts of positively impacting Sri Lanka and its people. [...]
SriLankan Airlines hosts largest GSA conference
SriLankan Airlines, the national carrier in an attempt to increase arrivals to the country, organised a conference of foreign General Sales Agents and travel and tour operators this month, while struggling under an unsustainable debt burden. The airline held a Global Sales Conference this month during a four-day programme that saw the largest contingent of [...]
World Cup and the World economy
LONDON – The 22nd World Cup is under way, but who at the beginning of this century would have thought it might be hosted by tiny Qatar? Yet here we are, and the only surprise is that it doesn’t feel all that surprising. For a large part of my professional career, I explored the links [...]
AGC Innovate wins 1st place of start-up competition
AGC Innovate (Pvt) Ltd has been selected as the winner of the Country Finals of Innovate Lanka 2022 Competition, organised by the Lankan Angel Network together with SLASSCOM and the Council for Start-ups. The Winner AGC International and the Runner – Up will be representing Sri Lanka at the Entrepreneurship World Cup 2023 hosted by [...]
FACETS Sri Lanka returns with flagship gem and jewellery exhibition
FACETS Sri Lanka, among the most sought-after international gem and jewellery trade shows on the global gem procurement and sourcing calendar, is scheduled to make a comeback in 2023 after a hiatus of two years. FACETS Sri Lanka Premier Edition 2023 will make this comeback from January 7 to 9 at the Cinnamon Grand. At [...]
‘SLT-MOBITEL renews contracts and strengthens relationships with SME partners
‘SLT-MOBITEL Enterprise’ hosted a Partner Forum recently, to recognise and reward SME Solution Partners and sign agreements strengthening their mutual relationship, with the aim of helping small businesses scale and grow with ICT specific products and services. The forum comprised two key segments, namely the awards ceremony and the signing of contracts with selected partners [...]
Inflation eases in October 2022
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 which followed an increasing trend since October 2021, declined to 70.6 per cent in October 2022 from 73.7 per cent in September 2022, the Central Bank said. Similarly, Food inflation (Y-o-Y) decreased to 80.9 per cent in October [...]
Government overhauls taxation effecting 10 tax changes
The cash-strapped government has effected an unprecedented taxation overhaul this year by introducing 10 tax changes while amending value added tax (VAT) four times to increase revenue. According to the Central Bank’s report on “Recent Economic Developments: Highlights of 2022 and Prospects for 2023”, 35 tax amendments including these 10 changes were made since 2019 [...]
CCC Economic Summit to attract green financing to SL
The Ceylon Chamber of Commerce (CCC)-hosted Sri Lanka Economic Summit (SLES) based on the theme “Resetting from Turmoil to Opportunity” set to open next month, will aim at garnering green financing for Sri Lanka. “We are looking for sustainable financing opportunities. These are initially investments that are compliant with sustainable development goals. For investment professionals, [...]
“Friends in the Sky (Fits)”
Fits Air which stands for “Friends in the Sky” was recently launched. Pictured is the flight crew of the airline in colourful jeans and t-shirts. The airline owned by Sri Lanka’s Aberdeen Holdings started off as a cargo carrier and now operates as a passenger airline having 3 Airbus 320-200 aircraft and flying to Dubai [...]
Brandix Sustainability Summit focuses on ethical impacts
Brandix Apparel Ltd’s Sustainability Summit for 2022, held for the second consecutive year on Tuesday at the Brandix Essentials office complex in Ratmalana, focussed on ethical impacts driving future business operations. The hybrid event included virtual participants as well as an audience of multiple stakeholders such as business leaders, government representatives, NGOs, and guests keen [...]
CICT pledges $25,000 for sight-saving surgeries in Sri Lanka
Another group of Sri Lankans with correctable eye diseases and disorders will soon begin surgery to restore clearer vision, thanks to the latest phase of a community initiative of Colombo International Container Terminals (CICT) in partnership with the Nawaloka Hospital. CICT recently donated US$ 25,000 (Rs 9.25 million at current exchange rates) it has pledged [...]
Central Bank Governor outlines drastic changes
Sri Lanka needs to open up to the world and engage competitively for its future progress and adopt technology for ease of doing business and improve the country’s attractiveness, the country’s top financial regulator said on Tuesday. Central Bank Governor Nandalal Weerasinghe speaking at the discussion held on Sri Lanka Internet Day 2022 at the [...]
CSE partners with Wayamba/Jaffna universities to improve financial literacy
The Colombo Stock Exchange (CSE) recently signed Memoranda of Understanding (MoUs) with the Wayamba University of Sri Lanka (WUSL) and the University of Jaffna Sri Lanka (UOJ) to formalise collaborative efforts to improve financial literacy among undergraduates. The MoUs were signed respectively with the Vice Chancellor of Wayamba University, Senior Prof. Udith K. Jayasinghe, and [...]
Christmas cake mixing on board Navy vessel
Hambantota International Port (HIP) was host to Shangri La Hotel – Hambantota as the latter kicked off the year-end festive season with their Christmas cake mixing ceremony held recently. The event was held on board a Sri Lankan Naval vessel docked at the Hambantota International Port. The Christmas cake, which is complex and unique in [...]
Widespread pessimism about the future of Sri Lanka’s social sector: IPS
Optimism among social sector organisations in Sri Lanka is low, according to Doing Good Index 2022, a new report from the Centre for Asian Philanthropy and Society (CAPS) in partnership with the Institute of Policy Studies of Sri Lanka (IPS). The social impact study exposes the underlying structural conditions preventing the region’s social sectors from [...]
ComBank wins National Quality Award
The Commercial Bank of Ceylon was recently honoured by the Sri Lanka Standards Institution (SLSI) with the National Quality Award – the highest award presented in the country to recognise performance excellence in quality. Commercial Bank is the only bank in the country to be bestowed this prestigious award, the bank said in a media [...]
CB should remain independent, urges Ceylon Chamber
Sri Lanka’s top business chamber on Monday urged that the Central Bank and similar institutions should be allowed to function independently without any control from state authorities. “The Ceylon Chamber of Commerce (CCC) is firmly of the view that institutions like the Central Bank of Sri Lanka should be allowed to function independently in performing [...]
MAS Fabric Park completes 16 years of sustainability, innovation, and ethical production standards
MAS Fabric Park (MFP), owner and operator of Sri Lanka’s first, second and only privately owned apparel intensive free trade zones in Thulhiriya and Giriulla, recently celebrated 16 years of Sustainable Industrial Transformation. Its operations focus primarily on the development and value addition of fabrics. MFP spans across a sprawling 165 acres in Thulhiriya and [...]