Hambantota’s industrial park
This is a project development site at the Hambantota International Port’s Industrial Park where a number of projects are nearing completion. In spite of a slowdown during COVID-19, this international industrial park has secured over 40 projects from over eight countries, the company said in a media release.
Gold loans, defaults of dues soar in a sign of public distress
Sri Lanka bank’s gold–backed loans (pawning) have been increasing rapidly in recent times as the low and middle income households continue to be hit by reduced earnings and the cost of living in the present economic crisis, Finance Ministry statistics indicated. Gold jewellery worth Rs. 193 billion was pawned at banks in the first 10 [...]
Hotel staff leave Sri Lanka as take home pay slumps
Hoteliers, especially the SMEs, are finding it hard to pay salaries of the few workers left behind, in a country bereft of its visitors as earnings of hotels staff slumps significantly. Sri Lanka’s economic crisis has hit hard to where it hurts the most – staff in hotels – that face a reality of a [...]
5G launch to be delayed at least by one year
Deploying the 5G network in Sri Lanka will be delayed by at least one year due to the prohibitive costs and the current economic crisis along with ensuing issues after COVID-19. Thirukumar Nadarasa, CEO Hutchison Telecom Sri Lanka told the Business Times last week that deploying the 5G network cost double of what it cost [...]
Sri Lanka unlikely to become competitive nation in 2023
Sri Lanka is unlikely to become a competitive nation to produce garments if a further price hike in electricity tariffs is carried out next year. FTZ Manufacturers’ Association Secretary Dhammika Fernando said that going forward if there is a further increase in electricity charges next year it could mean that the country will not become [...]
Directors’ dealing disclosure dates to be immediate
Stock market industry officials are seeking rules to restrict when top executives can unload company shares and to disclose more information about their planned stock sales to better combat insider trading. They say that the same day disclosures for in-house company share dealings must be imposed and that the loophole that allows five market days [...]
That ubiquitous code
Who would have ever thought that a simple application (however to some it’s still complicated), would end the recent queues at fuel stations! I was gently reminded of the QR (Quick Response) code having overheard a conversation among the trio on Thursday morning. And as it had been on many occasions that conversation led to a [...]
Can’t rely on cherry on the cake
If you carry your money to a desert, it is not strange that you may not find anything worth there to spend your money; you may return with your money. As far as tourist arrivals are concerned, there are similar places on earth, not only deserts. People who have money, wish to travel and spend, [...]
Daily egg production drops to 3.5 m from 8 m
Sri Lanka’s daily production of eggs has drastically dropped to 3.5 million from eight million, All-Island Poultry Farmers’ Association Chairman, Ajith Gunasekara revealed adding that “prices have also gone up to Rs.55 at present from Rs.20 in March this year due to shortage of feed and other inputs”. National Animal Farmers’ Union Convener, Sujeewa Dhammika [...]
“After Dinesh Schaffter” – Three Prompts for Corporate Leaders
“While they saw no value in life, there was a price on offer for a death” – so goes a deep-rooted adage. For some people, netting a few dollars more or pure vengeance is all what it takes to embrace such impulses. That usually is the psychic status of felonious man hunters – mercenary or [...]
Govt.to take over 100,000 acres of barren land for paddy cultivation
The Government is embarking on a massive countrywide paddy cultivation drive with a firm decision to take over 100,000 acres of barren paddy lands for five years commencing from the New Year 2023. The Agriculture Ministry will implement this initiative of agriculture modernisation for food security on the directions of President Ranil Wickremesinghe, Minister Mahinda [...]
ComBank wins “Bank of the Year’ award from ‘The Banker’- UK
The Commercial Bank of Ceylon has been crowned Sri Lanka’s ‘Bank of the Year’ by the respected ‘The Banker’ magazine of the UK, the Oscar equivalent of the banking fraternity. This is the 12th occasion that Commercial Bank has won this coveted award which is presented in recognition of the bank’s ability to deliver returns, [...]
People’s Bank’s 2021 Annual Report recognised at international awards event
People’s Bank has announced that its 2021 Annual Report garnered yet another honour at the recently concluded South Asian Federation of Accountants (SAFA) Annual Report Awards 2022, receiving Joint Bronze in the Public Sector Bank category. The awards are conferred based on the criteria of improvement in transparency, accountability and governance and are selected from [...]