Celebrating Vesak
Lanterns, to celebrate Vesak, seen on the roadside at Havelock Town, Colombo on Friday. Vendors said sales were low this season as costs have gone up. Pic by Eshan Fernando
Central Bank suspends issuance of Treasury Bonds
Sri Lanka’s Central Bank appears to have suspended the issue of Treasury Bonds (T-bonds) since January this year owing to multiple reasons including ongoing negotiations relating to debt restructure under the International Monetary Fund (IMF)’s Extended Fund Facility (EFF) of US$2.9 billion. No official announcement has been made of any suspension however the Business Times [...]
Govt.’s key initiatives to restructure SriLankan Airlines
In view of the fiscal burden, SriLankan Airlines (SLA) and its subsidiary companies are to be restructured by handing over a considerable number of shares and management of the company to selected investors, through a transparent procurement process, according to official sources. Accordingly, the State Owned Enterprises Restructuring Unit of the Ministry of Finance has [...]
Former CB officials on the block after SEC move
The recent trading suspension of key managers in stockbroking by the stock market regulator for share price manipulation of Ceylon Grain Elevators PLC (CGE) will put former central bankers (CB) in trouble, industry analysts say. The Securities and Exchange Commission (SEC) issued directives suspending Sriyan Gurusinghe and Dinal Wijemanne who were trading at Ceylinco Stockbrokers [...]
Proposal to change labour laws to Cabinet in June
The Labour Ministry is likely to submit the proposal to change the existing labour laws under a new framework to Cabinet in June. Labour Minister Manusha Nanayakkara told the Business Times that the authorities are likely to submit to Cabinet the proposal to change the existing labour laws in June so as to enact new [...]
Trends in education
Some years ago, rural graduates were given placements in the private sector on a reasonable salary under a new programme of recruiting state graduates to the private sector. While the wages were decent, they had to pay for accommodation in Colombo, food and other costs. However, when the government announced a scheme to recruit graduates [...]
Tea with milk in “Little England”
After passing Gampola on our way to Nuwara Eliya, I decided to take a detour to visit my friend Sebastian Retty at his Orange Field Tea Factory. It has been one of the first few tea factories established in Sri Lanka during colonial times which continued to be in operation with renovation and modernisation afterwards, [...]
Sri Lankan banks still awaiting Yes or No response on DDR
Sri Lanka’s banks are still in the dark on the proposed domestic debt restructuring, saying they need an urgent yes or a ‘no’ to prepare for the future. “If there is a domestic debt restructure (DDR), we need information on how to re-profile debt or prepare for their adjustment rates and such,” a senior banker [...]
Contingency plans to mitigate IMF programme risks
The government is now considering crucial contingency plans as the risks in the implementation of the International Monetary Fund (IMF) approved economic reform programme are exceptionally high, official sources divulged. The need for such plans has arisen following the complex debt restructuring process, unfavourable external environment, elevated risks of persistently high inflation, and challenging political [...]
Digital platform for migrant workers safety, welfare, and job security
The Government plans to overcome cumbersome official procedures for migrant workers with the introduction of a single digital platform for their safety, welfare, and job security preventing malpractices, corruption and abuses in the industry. The aim is to make the foreign employment from the time of the recruitment process up to completion of their services [...]
Expolanka ends FY 2023 focusing on consolidation strategy
Overseas-exposed Expolanka Holdings PLC ended its financial Year (to end March) 2023 with revenue of Rs. 546 billion and Profit after Tax of Rs. 31 billion, displaying resilience in the face of a challenging macro environment, while pursuing a strategy of consolidation paving the way for future growth. Expolanka’s international business operations contributed 95 per [...]
Lassana Innovations launches ‘Treats of Ceylon’ range of cookies
Lassana Innovations (Pvt) Ltd, a fully owned subsidiary of Lassana.com (Pvt) Ltd, recently launched ‘Treats of Ceylon’, an exclusive brand of premium quality cookies, blending authentic, traditional Sri Lankan flavors with unique tastes loved by discerning food lovers around the world. These high-end, export quality gifting cookies are made using the finest of Sri Lankan [...]
Pan Asia Bank records steady performance in 1stQ 2023
Pan Asia Banking Corporation PLC has seen a positive performance amidst a multitude of adversities emerging from challenging macro-economic conditions with a sharp rise in profits in the first quarter of 2023 For the quarter ended March 31, 2023, the bank reported a Pre-Tax Profit of Rs. 540 million, which reflects a 72 per cent [...]
Moose Clothing Company enters Singapore market with Mustafa Centre
Moose Clothing Company has expanded its global footprint of the brand through their latest partnership with the well-known retail giant – Mustafa Centre in Singapore. Mustafa Centre is an iconic landmark in ‘little India’ Singapore, and a favourite place for many tourists. The shopping centre offers a 24-hour market style shopping experience. Known for offering [...]
New E-commerce report highlights ways to grow digital commerce
A new report titled “E-commerce: A Driver of Inclusive Growth in Sri Lanka?” has highlighted ways to grow the digital commerce industry and its potential. The report was recently presented to President Ranil Wickremesinghe by Managing Director of Daraz Sri Lanka Rakhil Fernando (sponsors of the report) and co-authors of the report, Dr. Ganeshan Wignaraja [...]
Dialog-Airtel deal prompted by high tariffs, economic crisis
Sri Lanka’s telco sector will be further consolidated with the recent share swap between major telco operators, Dialog Axiata Plc, Axiata Group Berhad, and Bharti Airtel Ltd which entered into a binding term sheet to combine operations of both companies. Telco industry analysts said that Airtel was trying to exit Sri Lanka for a long [...]
Newer version of vehicle revenue licence issuance online gets underway
Sri Lanka’s ongoing vehicle revenue licence system eRL1.0 will be augmented by upgrading it under a new system development with more functionalities to meet changing business needs and provide more efficient services to the public, according to Information Communication Technology Agency (ICTA) sources. The newer version of the system, eRL2.0, is currently underway to provide [...]
IASL office bearers for 2023/24
The Insurance Association of Sri Lanka (IASL), the representative body of the insurance industry in the country, recently appointed its office bearers for the year 2023/24 at the 34th Annual General meeting. IASL appointed Chandana L. Aluthgama – CEO of Sri Lanka Insurance as the President, Lasitha Wimalaratne – CEO of HNB Assurance PLC as [...]
Apollo Hospitals launches helpline in Sri Lanka
The Apollo Hospitals Group, Afro-Asia’s largest private sector integrated healthcare provider, has launched a helpline number in Sri Lanka. The Helpline Number connects patients and physicians to Med Connect representatives and provides convenient access to Apollo Hospitals’ vast collection of medical resources, the Indian healthcare provider said in a media release. Health Minister Keheliya Rambukwella, [...]