Less crowds for Avurudu shopping
There were fewer crowds seen during Avurudu shopping at Nugegoda on Friday. Pic by Eshan Fernando
New agri policy to focus on entrepreneurial agriculture
A new agriculture policy focused on entrepreneurial agriculture is to be introduced once the new draft is approved by Cabinet by the end of this month, official sources said. Sri Lanka is planning on introducing this new agriculture policy for human and animal consumption to ensure the food security of the country in future. The [...]
CPC, CPSTL staff default billions of rupees obtained as loans
The Ceylon Petroleum Storage Terminal Ltd (CPSTL) and Ceylon Petroleum Corporation (CPC) are now facing serious financial consequences as a result of defaulting loans taken by its employees, a recent Auditor General’s report exposed. This was in addition to massive loss and debt running up to billions of rupees by the CPC and the CPSTL [...]
Bad news for apparel after the holidays
At least 30 per cent of Board of Investment (BOI) companies are downsizing and many are unlikely to re-start operations after the New Year holidays this year and 40 per cent of those in the SME sector are also on the brink of downsizing and closure. As a result of the global economic downturn factories [...]
Softlogic Life planning overseas expansion
Softlogic PLC’s life insurance arm, Softlogic Life is planning to venture into the region. A subsidiary of Softlogic Capital and part of the Softlogic group, the firm has plans to venture into the countries like Bangladesh and Indonesia, Softlogic Life Managing Director Iftikhar Ahamed told recently at an investor forum showcasing the company operations, financial [...]
From housemaids to housekeepers
Aldoris, the choon-paan karaya, came speeding down the road in his tuk-tuk but braked to a halt outside our gate when he spotted the trio. “Mokada mechchara haddisiyen (Why are you in such a hurry),” asked Kussi Amma Sera. “Mata mage duwage iskoleta yanna thiyenawa, paan wikunuwata passé (I need to go to my daughter’s [...]
New international monetary system?
Everybody loves dollars, but not anymore. Some countries are interested in replacing the US dollar with the Chinese Yuan for either economic or political reasons. They also like to promote their own national currencies for international trade. It is, however, a fact that Chinese Yuan is gaining momentum as an international currency, while some have [...]
Sri Lanka Telecom under restructure for the second time after 1996
The Sri Lanka Telecom Group (SLT Group) is to undergo A restructuring process following the government’s decision to eliminate its inefficiency, unproductivity and less contribution for economic growth with massive overheads, although it has been considered as a profit- making institution. The aim of the government is to restructure it making the national telecom provider [...]
Sri Lanka on to recovery phase, says ADB
Sri Lanka’s inflationary pressures are expected to ease off this year and return to single digits in 2024, the Asian Development Bank Outlook Report forecasts against the historic back-to-back contraction of the economy. Inflation is projected to average 24.6 per cent in 2023 as fiscal tightening and double-digit interest rates weigh on domestic demand, supply-side [...]
Manufacturing and services moving into RE sector to cut costs
Increasingly, manufacturing and service industries are deploying solar and other renewable energy sources for their energy requirements amidst the high power costs, officials said. The Power Ministry’s decision to change solar energy tariffs depending on the market variations has given these industries renewed hope of saving on energy bills, officials said. The country spent Rs. [...]
Ceylinco Life wins ‘most popular life insurer’ award for 17th year
Sri Lankan consumers have chosen Ceylinco Life, which recently celebrated its 35th anniversary, as the most popular life insurance company in the country for an unprecedented 17th consecutive year, leading to the life insurance leader receiving the prestigious SLIM Kantar Peoples Award at the awards gala hosted by the Sri Lanka Institute of Marketing (SLIM) [...]
LOLC secures people’s top choice for the 6th consecutive year
LOLC Holdings PLC, Sri Lanka’s multinational financial conglomerate, has clinched the coveted title of “People’s Financial Services Brand of the Year” at the 2023 SLIM-Kantar People’s Awards. This marks the sixth consecutive year that LOLC has been recognised by the Sri Lankan public as the top choice in the country’s financial services industry, the company [...]
Union Assurance sets new standards in 2022
Union Assurance has ended the fiscal year of 2022 recording outstanding performance in key financial indices. The company, said in a media release, that it recorded impressive growth in key areas, including increasing the Gross Written Premium to Rs. 16.7 billion from the previous year’s figure of Rs. 15.4 billion, while the regular New Business [...]
Ceylon Chamber welcomes moves to liberalise petroleum sector
The Ceylon Chamber of Commerce has welcomed steps taken in the Power and Energy sector by policymakers. “It is encouraging to note that competition is being introduced to the petroleum sector which was previously dominated by the state. Opening the retail distribution business to three additional players will allow for competition, an increase in quality [...]
Govt. to announce parameters of foreign and domestic debt operations this month
State fiscal and monetary authorities, assisted by their leading financial and legal advisory firms Lazard and Clifford Chance LLP, will continue to engage with Finance Ministry and Central Bank staff on their scenario analysis. The Government is expected to make an announcement on the coverage and parameters of the external and domestic debt operations before [...]
Bosch unveils new office in Colombo
Robert Bosch Lanka Pvt Ltd has unveiled its new corporate office in Colombo, showcasing the company’s commitment to further strengthen its foothold in Sri Lanka. The move is a significant milestone for the company, which has been a trusted brand in the country since its inception, it said in a media release. The inauguration ceremony [...]
Dialog, Meta launch Text-only Facebook, Discover app for under-connected
Dialog Axiata PLC has partnered with Meta to launch text-only Facebook and Discover app to enable those who are under-connected due to affordability constraints to access a text version of Facebook and browse text on the Internet without incurring data charges. The text-only version of Facebook allows users to stay connected with friends and family, [...]
Five SOEs sign Statements of Corporate Intent to strengthen governance
The Government has expedited the State owned Enterprise (SOE) reforms to meet one of its main tasks in the 48 commitments including 9 prior actions and 39 structural benchmarks stipulated by the International Monetary Fund (IMF) under the mutually agreed economic reform programme. It has already fulfilled nine prior actions and 33 per cent of [...]