Three new laws soon for DDO
The Central Bank (CB) is working with the Ministry of Finance to implement three pieces of legislation to execute Domestic Debt Optimisation (DDO), a condition under the IMF programme to restructure US$ 19.8 billion of the $42.1 billion domestic debt, officials said. Amendments to the Banking Act, Appropriation Act, and the Inland Revenue Act will [...]
President’s Office wants travellers insured!
The tourism industry has been confronted with another proposal mired in controversy and alleged shady deals leaving the stakeholders wondering what could compel Presidential advisors to insist on the adoption of an insurance scheme for anyone entering the country be it tourist or diaspora. A letter has been sent out to the associations of the [...]
Calls to regulate real estate industry
The real estate industry is to set up a task force to identify risks and traits of money laundering that will lead to establishing a regulatory authority after a big push by the anti-money laundering authority. This was prompted by the Financial Action Task Force listing the real estate sector as a high-risk area in [...]
Minimum room rates leave tour operators helpless!
Tour operators in Sri Lanka have shot down new policy changes set to establish minimum room rates in Colombo which they claim would result in less travellers opting to select Sri Lanka for their next holiday. At a time when the tourism industry is just picking up there is concern that these new policy changes [...]
Sri Lanka meeting IMF commitments
Sri Lanka is undergoing International Monetary Fund (IMF)- prescribed ‘bypass surgery’ to rescue the country’s almost dying economy fulfilling over 30 commitments made to secure the US $2.9 billion extended fund facility before September under the first IMF policy review. Sri Lanka has already met 29 to 32 of the around 100 commitments of the [...]
Living off welfare
Sri Lanka has been gripped this week by social welfare fever and domestic debt restructuring, the latter of which we would discuss next week when the policy becomes clearer. Protests, akin to the demands by farmers last year over the chemical fertiliser ban, have been mounting across the country, by Samurdhi recipients accusing the authorities [...]
Domestic debt optimisation
A few weeks ago, one of my former students sent me a text message asking a question: “Sir, my friends are withdrawing their bank deposits. They think that banks would collapse, and they would lose their money. I wonder whether I should withdraw my fixed deposits too. What do you think? Will the banks collapse?” [...]
Tourism needs to rebuild and rebrand – Minister Harin Fernando
Tourism Minister Harin Fernando on Tuesday called on the media to act positively to help rebuild and said they will take to rebranding the country to market it better. “Now is a time to rebuild,” he said at a briefing held to inform tourism industry stakeholders and the media on the way forward for Sri [...]
NDB volunteers engage in mangrove restoration work
NDB Bank employees volunteered their time and effort recently, taking part in Mangrove Restoration Work at the ‘Anawilundawa Ramsar Wetland Sanctuary’. This project ‘Life to Our Mangroves’ is a long term initiative of the bank done in partnership with Biodiversity Sri Lanka (BSL), the bank said in a media release. Initiated in 2022, the project [...]
Organisational leadership focus in Colombo Business Journal
The Colombo Business Journal (CBJ) has announced the publication of its special issue on organisational leadership, guest edited by Prof. Richard Bolden (Bristol Business School, University of the West of England, UK), Prof. Ajay K Jain (Management Development Institute Gurgaon, India) and Dr. Mayuri Atapattu (Faculty of Management and Finance, University of Colombo, Sri Lanka). [...]
Supporting children’s causes
Ms. Jaleel Fathima Minha from Sammanthurai delivers a speech on environment issues while her father is videoing it using his mobile phone. This was at a meeting in Colombo organised by UNICEF bringing key business leaders together in a new initiative to raise awareness on children’s needs. Pic by M.A. Pushpa Kumara.
Cheers: IDL’s Aybrook and Mason Old Reserve garner 7 international wins
International Distillers Ltd (IDL) has recently received seven prestigious international awards for its arrack products, enhancing its position as a leading player in the spirits industry. The company’s success was achieved through participation in two renowned global competitions, namely the International Wine and Spirit Competition (IWSC) and the Intercontinental Challenge. At the IWSC, IDL’s Old [...]