High level meetings
President Ranil Wickremesinghe, during high level meetings overseas, has said the debt restructuring process will be finalised by September. Here he is meeting IMF Managing Director Kristalina Georgieva. He also met the US Treasury Secretary Janet L. Yellen.
SL DDR: Still honeymooning phase
After some clarity on Sri Lanka’s domestic debt restructuring (DDR) that local banks will not be entitled to a haircut, some stakeholders were relieved but others are awaiting more pain as the process progresses. State Finance Minister Dr. Ranjith Siyambalapitiya told Parliament on Tuesday that domestic debt will not be written off. No injustice will [...]
Coconut cultivators convinced of Synergy organic fertiliser
A bold initiative to introduce organic liquid fertiliser, to a market that faced the worst crisis in adopting this eco-friendly system of agriculture, has been taken by a new company interested in saving agriculture and giving back life to the soil and increasing yields. Mizuho Synergy headed by its Managing Director Director Ishan Gunasekara is [...]
People’s Leasing awaits approval to buy First Capital stake
The offer for First Capital by People’s Bank investment arm, People’s Leasing PLC is being pummelled by critics for the premium intended to be paid and the ‘bad timing’ of this transaction. “First Capital is a primary dealer and so is People’s Leasing PLC. It is beyond us to comprehend how this transaction could add [...]
Staff shortage at Sri Lankan hotels
Hoteliers in Sri Lanka that were compelled to watch as the trained workforce on their staff leave for better options overseas amidst a homegrown economic crisis, are today faced with a huge burden on training new recruits as they expect a good season in winter later this year. At least 10 per cent of staff [...]
Pendulum swings
Up-down, up-down like a yo-yo, the rupee has been swinging in recent times. Or is it like a pendulum? The currency has been on a roller-coaster ride since gaining to Rs. 290 to the US dollar on June 8. Thereafter, its trail has been mixed and on Wednesday it depreciated to Rs. 305 and on [...]
This debt, that debt, and other debt
Two weeks ago, quoting the Finance Ministry, the Business Times reported that the Government has absorbed billions of dollars of borrowed money by state enterprises following the standstill of external public debt servicing. The news report further stated that state-owned utilities and public sector services including energy, petroleum, water, transportation, etc have been provided to [...]
High net worth foray into Colombo stocks
The Central Bank’s rate cut prompting reducing deposit rates and high net worth individuals resuming activity at the stock market have seen the Colombo Stock Exchange recovering. The deposit rates that were over 20 per cent have come down to as much as 11 per cent after the regulator cut both SLFR (Standing Lending Facility [...]
Textile exports expand amidst economic crisis
Textile exports from the island nation rose by 5.9 per cent year-on-year to US$88.9 million during the first quarter of 2023 amidst economic crisis and other internal challenges. The exports of other made-up textile articles stood at $26.1 million during the same period, down 19.6 per cent, according to the Central Bank’s ‘External Sector Performance’ [...]
SriLankan Engineering’s maintenance check for Cebu Pacific Air
The Engineering division of SriLankan Airlines recently completion of a heavy maintenance check on a Cebu Pacific AirAirbus A330 (Trent 700), marking a foray into providing Maintenance, Repair, and Overhaul (MRO) services for wide-bodied aircraft from the Southeast Asian region. Cebu Pacific Air is the first Southeast Asian airline to sign up with SriLankan Engineering [...]
Norfolk Foods launchesThai JV
Norfolk Foods (Pvt) Ltd, a pioneer in the manufacture of specialised frozen foods in Sri Lanka, has taken a bold stride in strengthening its global presence. Establishing CPNI (CP Norfolk India) as a joint venture with Charoen Pokphand Foods (CPF) Thailand, the globally renowned agro-industrial and food conglomerate, the two entities cemented their commitment to [...]
Seylan Cards launches new rewards scheme
Seylan Cards has announced the launch of the much anticipated loyalty programme for its Credit Cardholders, it said in a media release. Accordingly, Seylan Visa Signature, World Mastercard and Visa Platinum Cardholders will have the opportunity to earn reward points as they spend, and redeem those points at a variety of merchants, which will enhance [...]
CMTA raises concerns over import rules
The Ceylon Motor Traders Association (CMTA), one of the longest standing automotive associations in South Asia, has raised concerns regarding the fairness of current import regulations, shedding light on the importation of extravagant items such as televisions and mobile phones, while essential necessities such as a motorcycle remains restricted. The CMTA emphasises the need for [...]
Raigam Wayamba Salterns PLC reports good year in 2022/23
Raigam Wayamba Salterns PLC (RWS), the one and only salt manufacturing company listed in the Colombo Stock Exchange (CSE), has reported a good year in 2022/23 with a sharp post-tax profit of Rs. 433 million, up by 101 per cent from Rs.216 million in the previous financial year. The group result is its ever highest [...]