SOEs discussion
The Sunday Times Business Club (STBC) this week hosted a discussion on SOEs reforms. In the picture from left are Mr. Ravi Abeysuriya, Mr. Shiran Fernando and Dr. Roshan Perera. Story on Page 3. Partners of the STBC are Movenpick Hotel, Hemas and NDB. Pic by M.A. Pushpa Kumara
SOEs reforms under different restructure models
Sri Lanka’s key state owned enterprises (SOEs) will be turned into efficient, productive and profitable ventures under several different strategic reforms prescribed by the International Monetary Fund (IMF) The government has set up the State-Owned Enterprise Restructuring Unit (SRU) under the Ministry of Finance to divest an identified set of SOEs. The SRU seeks to [...]
SLINTEC cottons on to carbon neutral fertiliser
The Sri Lanka Institute of Nanotechnology (SLINTEC) has just received the US patent for slow-releasing fertiliser. Thushara Vajira Perera, Director SLINTEC, told the Business Times that this fertiliser was tested by the Ministry of Agriculture at Mahailuppallama on rice varieties. “It was found that rice grows better with this fertiliser. As the fertiliser dissolves slowly, [...]
FTZ unions want transparency in new labour process
Factory worker unions want transparent process in the drafting of the labour law reforms without which they will not submit their proposals. The Free Trade Zone and General Services Employees Union (FTZGSEU) cannot subscribe to a non-transparent and politically driven obscure exercise that is patently flawed and contrary to well-cherished principles and practices of tripartite [...]
Govt. reviews no pay leave offer
The Government is currently re-examining the offer to state sector employees of five years no pay leave to enable them to take up jobs locally or abroad owing to the economic crisis. “We have realised that some of the best public service officials have taken up the offer and gone abroad depriving the public sector [...]
Restructuring SOEs
When Emirates exited in March 2008 from its arrangement to manage SriLankan Airlines and did not seek to renew the partnership arrangement owing to a tiff with the then President Mahinda Rajapaksa, the airline had made a profit of nearly Rs. 5 billion that year to March 2008. The very next year saw the airline [...]
Benefits of a maritime hub
Although it’s two years now, the X-Press Pearl containership disaster is still making headlines in the Sri Lankan news media. When you recall each and every detail of this disaster and of its subsequent affairs up to now, they all point to one thing; the gross inability of the country as a nation, and nothing [...]
SOEs reforms need bold and radical changes
State-owned enterprises will continue to be a huge financial burden on the country’s economy unless bold and radical reforms are carried out targeting the redesign of the very framework within which these institutions are presently managed, experts said. This was said at the recent Sunday Times Business Club (STBC) discussion on state-owned enterprises (SOEs) reforms [...]
CGT boosts export revenue through graphene-based products
Ceylon Graphene Technologies (CGT), a Sri Lanka based start-up company, is driving export revenue for Sri Lanka by expanding and commercialising its graphene production as this wonder material enhanced industrial led acid batteries are about to hit the market, two high officials of the firm told the Business Times. CGT is a joint venture between [...]
Food shortage issues
While Sri Lanka is harping on the shortage of food since the recent past and expecting worst scenarios in the years to come, lack of prominence is given to food security in the country, according to Delano Dias, President of the Sri Lanka Food Processors Association (SLFPA) who was speaking during the national dissemination workshop [...]
CFA awards help firms up their game in equity research
With the 2023 edition of the CFA Capital Market Awards due to be held this month, CFA Society Sri Lanka – as the organisers of the event – takes a look back at the award winners from last year, when professionals who established benchmarks for the advancement of domestic capital market participants were recognised and [...]
Food insecurity improves in Sri Lanka – FAO and WFP
Food security in Sri Lanka is improving across all provinces, according to the Crop and Food Security Assessment Mission (CFSAM) report jointly carried out in February/March 2023 by the Food and Agriculture Organisation of the United Nations (FAO) and the United Nations World Food Programme (WFP). The report estimates 3.9 million people or 17 per [...]
Sri Lanka starts next phase of economic recovery
The Central Bank (CB) has started the next phase of economic recovery with monetary policy easing via a surprise interest rate cut for the first time in nearly three years with balance of payment pressure diminishing, and currency appreciation taking place, CB Governor Nandalal Weeerasinghe announced. The interest rates should be much lower than the [...]
People’s Bank’s 1Q’23 profit after tax grows
People’s Bank has announced the results for its quarter ended March 31, 2023 reporting total consolidated operating income and pre-tax profit amounting to Rs.24 billion and Rs.7.2 billion, respectively (Q1-2022: Rs.42.6 billion and Rs.11 billion). Similar to 2022, the quarter continued to be characterised by higher interest costs; due to the high interest rate environment [...]
PIM alumni offers help to overcome crisis
The Postgraduate Institute of Management Alumni (PIMA) this week invited the media to make an offer: The alumni’s more than 6,000 professionals are willing to assist the government in the recovery of the economy and other fundamental issues at absolutely no cost! Speaking at a news briefing at the Water’s Edge complex at Battaramulla, PIMA [...]