Overcoming the economic crisis
President Ranil Wickremesinghe (second from left) with business leaders and chamber officials at the annual economic summit organised by the Ceylon Chamber of Commerce this week in Colombo. Pic by M.A. Pushpa Kumara.
Sri Lanka seeks $850m loan from India, Japan, Singapore
Sri Lanka is seeking funds from India, Japan, Singapore or some other donor agency totalling US$850 million as bridging finance until the proposed IMF facility is approved in the New Year, Finance Ministry sources disclosed. Talks are underway with these parties to get funds for a short period of six months. It has already obtained [...]
Start-ups to see more M&A, less listings
Public listings have taken a beating owing to the ongoing economic crisis with some companies hitting the brakes on raising funding via this route. For instance, start-up company, Roar Global, a media network that builds, operates, and invests in distinct media brands producing content and media solutions across the Asian region was to be listed [...]
GRI rolls out the green tyre across the globe
Sri Lanka’s rubber industry’s global venture Global Rubber Industries (GRI) has today moved into the green tyre manufacturing sector taking the country into a new market space in line with a growing demand that is seeing only a few taking strides in this area. Sustainability is ingrained in the company and the technology used to [...]
Only $20 bn FDI raised by BOI in 40 years
Sri Lanka’s Foreign Direct Investment (FDI) has failed to achieve the desirable impact amidst the present economic setback, policy uncertainty and political instability along with the removal of tax concessions including tax holidays, a ministerial consultative committee report has revealed. The Board of Investment (BOI), now acting as an intermediary rather than facilitator, has been [...]
Plan to integrate renewable energy to national grid
To achieve 70 per cent electricity generation in the country by 2030 it is necessary to add 5,766 MW (megawatts) of renewable power capacities, according to a recent report on the way forward of integration of renewable energy resources to the national grid from 2023 to 2026 of appropriate business models prepared by a committee [...]
Struggling small businesses
It was one of those days when the trio didn’t meet under the margosa tree for their weekly conversation which often inspires many a column piece. Serapina had gone back to the village to inquire into one of her relatives who was stranded in West Asia, one among several domestic workers who had gone on [...]
Something good, when everything’s bad
Sri Lanka is one of the “cheapest” countries to live, the Economic Intelligence Unit (EIU) says in its latest report on “Worldwide Cost of Living 2022”. This is crazy! We in Sri Lanka experienced the highest ever inflation, which is also the highest in Asia, reaching 70 per cent last September. But the EIU report [...]
Ceylon Tea demand slows down
Sri Lanka is currently facing a significant sales drop in Ceylon Tea to two of its key markets, Iran and Syria that are reeling from economic crises in their own countries. Imperial Tea exports Managing Director and former Tea Exporters Association Chairman Jayantha Karunaratne told the Business Times that in some months there have been [...]
Remittances via Delma Exchange through NDB services in UAE
National Development Bank PLC (NDB) has made remittance transfers via Delma Exchange more convenient and hassle-free to Sri Lankans living in the UAE by appointing an NDB representative in Dubai to boost this service. Delma Exchange is one of the top foreign exchange providers in UAE that delivers regional gulf businesses engaged in international trade [...]
Public sector entities excel at CA Sri Lanka’s Annual Reports Awards 2022
A total of 12 public sector organisations walked away with gold awards in recognition of their high-quality financial reporting at the Best Annual Reports and Accounts Awards 2022 organised by the Association of Public Finance Accountants of Sri Lanka (APFASL), which is the public sector wing of the Institute of Chartered Accountants of Sri Lanka [...]
SEC chief urges importance of professional ethics
The importance of professional ethics in Sri Lanka was stressed this week by Chairman of the Securities and Exchange Commission of Sri Lanka Viraj Dayaratne. Speaking as the Chief Guest at the 5th Graduation Awarding Ceremony of the Institute of Certified Management Accountants (ICMA) Australia’s Sri Lankan Branch held on Wednesday at the Galadari Hotel, [...]
Hirdaramani Industries Kuruwita celebrates 30 years of operations
Hirdaramani Group, a pioneer of the Sri Lankan apparel industry, recently celebrated the 30th anniversary of one of its oldest and largest manufacturing facilities, Hirdaramani Industries Kuruwita. Founded on November 26, 1992, the manufacturing facility has continuously undergone technological, product, and environmental evolution to provide world-class apparel for leading international brands. The LEED-certified manufacturing facility [...]
Increased spending required for health and education: IHP survey
As the government struggles with rationalising spending amidst the crisis, most Sri Lankans have surprisingly similar views to the International Monetary Fund (IMF) on spending priorities, a survey by the Institute of Health Policy (IHP) has revealed. “Large majorities of Sri Lankans want the government to prioritise increases in health and education spending, whilst there [...]
Sri Lanka confident to onboard China this month for debt restructuring
Sri Lanka, by end of this month, is hoping to get China’s approval for debt restructuring, Dr. Nandalal Weerasinghe, Governor Central Bank told an economic forum earlier this week. Speaking at the Sri Lanka Economic Summit 2022 by the Ceylon Chamber of Commerce themed ‘Resetting from Turmoil to Opportunity’ held at the Shangri-La hotel in [...]
Hayleys, JKH, Softlogic Life and LB Finance excel at CA Sri Lanka Awards
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) celebrated excellence in corporate reporting at the TAGS Awards 2022 on Tuesday by honouring leading corporates, multinationals, small entities, and non-profit organisations for producing insightful and transparent annual reports amidst increasing expectations from multiple stakeholders, including investors. Hayleys PLC triumphed with the coveted gold [...]