Reviving Tourism
The Sunday Times Business Club organised a panel discussion on “Reviving tourism” at the Movenpick Hotel this week. Seen at the event are (from left) Nishad Wijetunga, President, Sri Lanka Association of Inbound Travel Operators, Chalaka Gajabahu, Chairman Sri Lanka Tourism Promotion Bureau and Roshan R. Perera, General Manager, Movenpick Colombo. See story on P4. [...]
Billions of dollars in foreign income stashed overseas
Sri Lanka is losing billions of dollars of much needed foreign exchange as a result of hoarding in earnings overseas by exporters without repatriating it, going against the directive of the Central Bank (CB). According to a report compiled by an official think-tank tracing illicit financial flows, corruption and illicit trade, Sri Lanka has lost [...]
Hospital sector may witness M&A
With high fixed costs prompted by the worst ever economic crisis the country has faced, certain private sector hospitals are up for mergers and acquisitions (M&A), analysts say. All private sector hospitals are facing this issue, they said noting that the high fixed costs with the interest rate hikes etc are making things difficult for [...]
IMF to engage with CB on macroeconomic modelling
A International Monetary Fund’s (IMF) technical team will be visiting Colombo shortly to work with the Central Bank on macroeconomic modelling and forecasting relating to Sri Lanka’s economic programme supported by them, the IMF sources said. In this context, a special meeting was convened at the Central Bank by the IMF Country Representative with a [...]
Money printing, deficits lead to economic crisis
Despite tightening of monetary policy and curtailing money printing, the Central Bank (CB) is compelled to increase the reserve money base as a result of the Finance Ministry’s proposal to raise the government borrowing ceiling to over Rs. 4.5 trillion from the present Rs. 3.84 trillion. State Finance Minister Ranjith Siyambalapitiya has presented the proposal [...]
Apparel sector wants Central Bank to show receipts
Apparel exporters are up in arms over the recent statement made by the Central Bank (CB) Governor Dr. Nandalal Weerasinghe warning to name and shame exporters who don’t convert exports proceeds. After the apex body of the industry, the Joint Apparel Association Forum (JAAF), during an informal discussion with CB officials, challenging the banking regulator, [...]
Migration and retaining talent
Stop-start, stop-start policies: That is the best description of the country’s policies on migration for work, particularly to West Asia. But before I could settle into this week’s topic on the above issue or calling Kalabala Silva, the often agitated academic, for his thoughts on this matter, I was drawn to the conversation under the [...]
Train that headed to a wedding
Only after arriving at the Colombo Fort Railway Station just before dawn that Kapila came to know that there was a railway strike that day. Kapila (not his real name) took the day off from his workplace to go to Kandy for a court case of a relative being heard on that day. This particular [...]
Negative perceptions, travel advisories dog Sri Lanka’s tourism
The biggest challenge for Sri Lanka’s tourism industry these days is the negative perception of the country’s economic issues with global media only portraying the ‘bad side’ of the country while foreign travel advisories declaring ‘only essential travel’ were another drawback. “We need a platform to take the ‘black mark’ out of Sri Lanka and [...]
Canadian diaspora to open tourism in the North
Sri Lanka’s tourism industry is looking at a revival by generating foreign direct investment (FDI) through its diaspora and opening up the North. Sri Lanka Tourism Development Authority (SLTDA) Chairman Priyantha Fernando told a media briefing held at the Government Information Department on Thursday that they would be looking at generating investment to the tourism [...]
Dip in People’s Bank profits due to impairment costs
People’s Bank has recorded a pre-tax profit of Rs.17 billion for the bank itself and Rs. 21 billion on a consolidated basis, for the nine months ending September 30, 2022, The total operating income rose by 41.3 per cent to Rs.91 billion, whilst total operating expenses grew by only 9.6 per cent to Rs.31.4 billion [...]
Need for State Owned Enterprise (SOE) Reforms
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride on. [...]
LAUGFS Gas ensures continuous supply of LP Gas
LAUGFS Gas is currently operating at maximum capacity, filling and distributing its LP Gas cylinders island-wide to restore the current market supply. In the recent past, the market supply was challenged due to several macro-environmental factors. By resolving most of the financial challenges created from the macroeconomic outset, LAUGFS Gas was able secure adequate LC [...]
Sri Lanka Government’s cash management under fiscal stress
Sri Lanka Government Treasury’s cash flow has been severely affected as expenditure outpaced revenue growth resulting in debt increasing beyond already elevated levels, the Finance Ministry’s recent report divulged. The Government is compelled to borrow an average sum of Rs10.50 billion daily to meet daily expenses while collecting a revenue of Rs.6.53 billion and spending [...]
Local Pepsi bottler rewards long-service employees
Varun Beverages Lanka Pvt. Ltd (VBLL), a subsidiary of Varun Beverages Ltd., which is the largest bottler of PepsiCo outside U.S., recently held an award ceremony to express their gratitude to employees who have served with the company for 25 years or more. The event was held at Taj Samudra Hotel for felicitation of such [...]
NDB Bank partners with FoSLA (UK)
The Friends of Sri Lanka (FoSLA) recently hosted their Gala fundraiser in Leicestershire County Cricket Club Padiham, England sponsored by NDB Bank. In his speech, the Chief Executive of Leicestershire Country Cricket Club Sean Jervis spoke of his commitment to a productive bilateral relationship with Sri Lanka and he said “we stand with you, the [...]
HIP supplies electric fence to protect agriculture in Hambantota
Agricultural land in the Thammanawa area in the Hambantota district is now protected with a 15 feet high hanging electric fence that will keep away wild elephants. The Hambantota International Port (HIP) handed over the 5 ½ kilometre fence to the Thammannawa village agriculture committee last week. This area which was frequented by wild elephants [...]
PickMe modifies platform to boost Colombo’s restaurant economy
PickMe has taken its technology interface a couple of notches higher, with the platform modifying its algorithms to introduce a new product that will provide more benefits for the company’s customer base, increase growth of its merchants and enhance rider income. Zulfer Jiffry, CEO of PickMe says the company’s new product, ‘PickMe Pass’ is a [...]
Sri Lanka embarks on difficult economic mission: Dr. Indrajit Coomaraswamy
Sri Lanka is only at the beginning of a very arduous and painful journey towards economic stability amidst a fiscal crisis and it is now being called upon to do something it has not been able to achieve to date, former Central Bank Governor Dr. Indrajit Coomaraswamy disclosed recently. He said that the country has [...]
Unfair fertiliser price hike due to shortage
Sri Lanka is currently facing a price increase in imported chemical fertiliser as a result of the increased demand and shortage of supply, coconut growers complained. Coconut Growers Association (CSA) President Jayantha Samarakoon told the Business Times that the price increase in imported chemical fertiliser is a result of a shortage in the market and [...]
Unique rare gemstone discovered in Elahera
A rare gem-quality Serendibite was recently discovered in Elahera in the North Central province. Serendibite is an extremely rare silicate mineral that was first discovered in Sri Lanka in 1902 and named after Serendib, the old Arabic name for Sri Lanka. Serendibites have also been discovered in Myanmar, however, gem-quality Serendibite is only found in [...]
Brandix scholarships nurture the future potential of youth
Helping to shape the future of many youth, Sri Lankan apparel manufacturer Brandix Apparel Ltd, under its ‘Manusathkara University Scholarship’ initiative, presented outstanding A/L performers with higher education opportunities, at a ceremony held recently. The 18 student beneficiaries, who have to-date completed their Orientation and English pre-academic programmes and about to enter formal undergraduate programmes [...]
Rebooting the World Bank
LONDON – The World Bank is on the cusp of a major transformation. Led by the United States, G20 governments have pushed it to increase support for the fight against climate change. Following recommendations by a G20-created independent panel on how to update the Bank’s financial policies to respond faster to global crises, shareholders have [...]
Dankotuwa Group records commendable performance
Dankotuwa Porcelain PLC globally renowned for its luxurious and elegant porcelain tableware, and manufacturer of superior quality porcelain tableware for reputed international brands, has recorded impressive results for H1 of the financial year 2022/2023 according to the latest financial results released to the Colombo Stock Exchange. For the quarter ended 30th September 2022, Dankotuwa Porcelain [...]