New tax hike hurts high income earners
The Government’s desperate move of increasing income tax to a very high level under the new tax reforms fulfilling one of the commitments for the US$2.9 billion IMF extended fund facility has hit hard the high income earners and professionals below the belt. Hundreds of professionals including doctors, university professors, lecturers, engineers, bankers and public [...]
Credit-impaired loans in the banking sector increase alarmingly
Stage 3 loans which are credit-impaired loans in the banking sector have increased to 10 per cent from 4 per cent last year. Aruni Gunathilake, Chairperson of Hatton National Bank said that if the banks don’t get paid, the hike impairment in the dollar bonds will hit the capital of these institutions. Noting that the [...]
Apparel SMEs in grave crisis
Sri Lankan apparel workers are returning to their villages unable to fight the crisis of lost labour hours as most small scale garment businesses where they were working are heading towards an alarming situation come March when wages could get delayed and loans go unpaid. “Unlike the government that can print money to pay salaries [...]
Ideal time to invest in start-ups
Economic obscurity is a fact, but great businesses are also built in chaotic times despite the natural tendency for the rational investor amidst the crippling inflation, lower consumer confidence and the higher cost of capital to sit back and watch what happens. Think Microsoft, Airbnb, Pinterest, WhatsApp, Square, Uber, Instagram, and many others that won [...]
Govt. policy on moratorium for hotels divided
The government is divided on extending the debt moratorium of the tourism industry that could be detrimental to a sector trying to raise its head amid slow arrivals. While the Central Bank (CB) Governor Dr. Nandalal Weerasinghe was quoted in the media as stating that extending debt moratoriums to the tourism industry is not a [...]
Promising start for tourism
Oh what a din! Aldoris was coming down the lane in his tuk-tuk with blaring music and stopped at the gate where the trio had gathered. “Aiyo, oyage sangeetha harima saddai-ne (Aiyo, your music is too loud),” exclaimed Serapina. “Samawenna miss. Mama ada sathuten inne mata Honda bisness thibba hinda eeiye (Sorry Miss, I am [...]
Lavish tax shock to middle-class
Ranjan works in a private company in Colombo and holds a managerial level position and thus belongs to the “middle-class” income category in Sri Lanka. He started off his career 28 years ago and acquired both professional qualifications and working experience to receive his promotions to managerial level. He used to travel daily from his [...]
Economic contraction stopped by high interest rates – CB
The Central Bank has prevented a further contraction of the economy already expanded to very high level by tightening monetary policy and raising interest rates and it was like “taking out air by blowing up a balloon to avoid its blast”, Governor of the bank Nandalal Weerasinghe said on Wednesday 25. Addressing the first media [...]
Dhammika Perera may stage a return at SEC after recent acquittal
Former Securities and Exchange Commission (SEC), Deputy Director General Dhammika Perera may come back to the old haunt, after his Wednesday’s acquittal by the Colombo High Court in a case of alleged misappropriation of state funds while in office. Along with Mr. Perera, Sri Lanka Podujana Peramuna MP Dr. Nalaka Godahewa, who was the SEC [...]
Consumer Affairs Authority set to be reformed under a new Act
As a consequence to ever increasing prices and hoarding of essential commodities and the failure in imposing maximum retail price via gazette notifications, the government is set to overhaul the Consumer Affairs Authority (CAA) soon, high level official sources divulged. Action will be taken soon to amend the archaic existing Act of 2003 by replacing [...]
NIDRO bags double at NCE awards 2022
Nidro Supply (Pvt) Ltd (NIDRO) was awarded Gold in the large category for ‘fresh and processed agricultural export crops sector’ and went on to win the coveted challenge trophy for the ‘best ethical trading exporter for 2022’ in the large category at the recent National Chamber of Exporters (NCE) awards. The company counts 48-years in [...]
Cumaraswamy marks 50 years in laundry and dry-cleaning industry
Sri Lanka’s Amaranath Cumaraswamy is completing 50 years of service in the laundry and dry-cleaning field in Sri Lanka. He started his career 50 years ago (1973) in the Laundry Department at the first five-star hotel in Sri Lanka, the Ceylon Inter-Continental Hotel. There he had the opportunity to work in the first fully automated [...]