Opposition blueprint for a better Sri Lanka
The main opposition Samagi Jana Balawegaya (SJB) presented its sustainable economic plan this week. SJB leader Sajith Premadasa is seen in conversation with two invitees at the meeting. See story on Page 4. Pic by M.A. Pushpa Kumara
Treasury takes over CPC’s debt owed to People’s Bank
The Treasury has taken over the Ceylon Petroleum Corporation (CPC)’s debt owed to the People’s Bank (PB) which runs into billions of rupees or foreign currency, according to PB Chairman Sujeewa Rajapakse. “That is a huge burden taken off our shoulders. In future the Treasury will look after CPC’s liabilities to our bank,” he said [...]
Haycarb PLC riding the black gold wave
Haycarb PLC, a global manufacturer and marketer of coconut shell activated carbon completing 50 years this year, is expanding the capacity and position of products in emerging markets, niche high-end applications, and other specialised segments, a top official said. Taking a teaspoon of activated carbon made from coconut charcoal, Rajitha Kariyawasan, Managing Director Haycarb PLC [...]
Fertiliser everywhere but tea smallholder in crisis
Tea smallholders are finding it hard to purchase fertiliser since the subsidy scheme has been scrapped as a result of which at least 40 per cent of them are not applying adequate nutrition to tea plants that could eventually lead to a further crop drop this year as well. Sri Lanka Tea Board Chairman Niraj [...]
Shock waves send industries reeling!
Industries will face a crisis as they get clamped down with an increased electricity tariff that is set to cause a surge in production costs resulting in Sri Lanka becoming less competitive in the global market. FTZ Manufacturers Association Secretary Dhammika Fernando told the Business Times that the recent increase in electricity tariff will lead [...]
Cleaning up SOEs
Governments have been talking about it for ages; the International Monetary Fund (IMF) has been pushing for it over many years but still nothing has been done. I am talking about restructuring of loss-making state-owned enterprises (SOEs) or selling them off, a conversation that has been had for many years but without any forward progress. [...]
Flying through headwinds
When the late Prime Minister of Japan, Shinzo Abe was elected to office in 2012, he had to deal with Japan’s unusual macroeconomic problem – deflation. Japan was a country that had been caught up in a “deflationary” problem since the 1990s. Deflation is the term for decline in average prices. Although consumers are cheerful [...]
Sri Lankan hoteliers face “suicidal” tariffs
Hoteliers in Sri Lanka believe that the increased electricity tariff is “suicidal” coming at a time when about 10-12 resort hotels in the SME sector are looking at closing operations as they continue to make losses. Promotions are the only way out. At least 10-12 hotels in the resorts who are SMEs are looking at [...]
Government initiates innovative venture to clean up coast line
With a view to keeping Sri Lanka’s beautiful and pristine coastline immaculate, the government is set to implement an innovative initiative of cleaning beaches in the country by using the machinery brought down to clean the coastal areas polluted by the X-Press Pearl ship disaster. The aim is to minimise the involvement of labour to [...]
IMF expects creditor assurances with perimeters to unlock Lanka’s bailout
Sri Lanka continues its consultations and compromise to reach consensus with all bilateral, multilateral and individual creditors on their formal assurance for a US$ 11.2 billion debt restructure acceptable to the International Monetary Fund (IMF) to unlock the $2.9 billion Extended Fund Facility (EFF), Finance Ministry sources confirmed. It is essential to reach an agreement [...]
‘ World for Lanka’, web platform to shore up Lanka’s $ reserves
‘World for Lanka (WFL)’- a web platform designed to appeal directly to global netizens to support Sri Lankan people was launched recently. The organisation said in a media release that it is a credible, transparent, and verifiable platform which anyone can use worldwide to help Sri Lanka in this period of economic crisis. Santosh Menon, [...]
LOLC to reach out to 22 countries by end 2023
LOLC, which has expanded its horizons outside Sri Lanka in 2007 by setting up its first operation in Cambodia, is aiming to have a presence in 22 countries by the end of 2023 while at present its coverage is 15 countries. In a media statement, LOLC said its largest inclusive finance target markets are in [...]
Hela Apparel highlights challenging environment in 3rdQ 2022/23
Hela Apparel Holdings PLC says it navigated an exceptionally challenging global operating environment during the third quarter of FY 2022/23. While the group’s quarterly revenue of Rs. 21.8 billion represented a 44.8 per cent increase compared to the same period of the previous year, this primarily reflected the impact of the rupee’s depreciation during this [...]
Key strategies to be explored at retail conference
Sri Lanka’s leading retailers will share the strategies they focused on to ensure stability and growth during the global and national economic challenges of the past two years, and the key takeaways that will drive their future vision, at the Sri Lanka Retail Forum 2023 to be held on March 1st at the Cinnamon Grand [...]
SJB tables plan for sustainable and inclusive development for Sri Lanka
The main opposition, Samagi Jana Balawegaya (SJB) made its enhanced economic blueprint for a better Sri Lanka with good governance and inclusive prosperity public this week. Addressing a forum representing a cross section of the local population, SJB and Opposition Leader MP Sajith Premadasa said Sri Lanka is currently trapped in a stagnant mud pool. [...]
Jaffna trade fair hangs in the balance
The Jaffna Municipal Council on Thursday, decided not to give permission to the Jaffna International Trade Fair (JITF) organised by Lanka Exhibition & Conference Services set for the first week of March, till they settle the arrears amounting to Rs. 4 million. A Council member told the Business Times that they have been in contact [...]