Indian travel agents in Colombo
The 67th Convention of the Travel Agents Association of India (TAAI) is underway this weekend at the BMICH in Colombo. Seen here is the audience at the inaugural session and (inset) TAAI President Ms. Jyoti Mayal. Pix by Priyanka Samaraweera.
Non-performing loans reach Rs.1.6 trillion as at March 31, 2023
Sri Lanka’s banking sector is now saddled with additional pressure from the ever increasing non-performing loans (NPLs) given to COVID-19 hit businesses and individuals under government’s relief scheme, Finance Ministry data showed. According to the data, a massive sum of Rs. 1.6 trillion with accumulated interest as at March 31 2023 has to be repaid [...]
Maha rice season to be hit by drought
Farmers in Sri Lanka are likely to face a difficult year in 2024 as the Maha cultivating season is expected to be hit by a drought as predicted by scientists and weather experts likely to impact the country’s economy once again. With global scientists predicting the warmest year in 2024 Sri Lanka’s Maha cultivating season [...]
Shareholders cry foul over Nestle delisting procedure
Nestle Lanka PLC shareholders are calling for a fresh vote and an investigation by the Securities and Exchange Commission (SEC) into ‘certain irregularities’ at the Extraordinary General Meeting (EGM) for its delisting resolution on June 30. The meeting started at 3 pm and when the result of the ballot was announced, it was 8.45 pm. [...]
Interest rates fall for Treasury bills
With interest rates tumbling, interest rates for Treasury bills this week fell to 17.79 per cent for 3-month bills on Wednesday from 23 per cent at the previous auction. Rates for the 6-month bills fell to 15.93 per cent from 19.49 percent earlier and one-year bills fell to 13.86 per cent from16.99 per cent earlier. [...]
Critics say DDO mathematical gimmick
The Domestic Debt Optimisation (DDO) was put down by critics as a mathematical gimmick and being unfair to superannuation funds, but Finance Ministry (FM) officials rejected this claim, saying this was the optimal solution. “The DDO is targeting superannuation funds. The Central Bank (CB) has to examine which option gives them the best returns and [...]
Making it simple
The financial and stock markets cheered, the business community applauded while sections of the working class looked on with dismay when the latest buzz word – DDO or Domestic Debt Optimisation (also known as Domestic Debt Restructuring – DDR) – hit the headlines last week. To make it simple (helluva effort here), according to expert [...]
Life after debt restructuring
As Sri Lanka’s debt restructuring attempt has now approached from the foreign debt to domestic debt, our discussions over it have got intensified too. Many seem to have felt earlier that as long as it is “foreign”, it is beyond our worries. Nevertheless, we were in panic mode in the last couple of days, only [...]
“Laws will be changed to accommodate our plans for tourism,” says President
As Sri Lanka is slowly getting out of bankruptcy and domestic debt restructuring is taking place, the balance of trade is still not in favour of the country. Whilst ensuring a positive balance of trade in time to come, one of the means of raising funds which is not debt creating, is through tourism, said [...]
Government ensures adequate funds to manage fiscal policy
Government Treasury cash flow management has ensured the availability of adequate funds to operationalise government fiscal policy during the first quarter 2023 through implementing agencies efficiently and effectively, Finance Ministry sources confirmed. The Ministry’s total receipts to the Treasury in the form of revenue and other sources amounted to Rs. 650 billion in the first [...]
Public Relations Association of Sri Lanka inaugurated
The Public Relations industry in Sri Lanka has celebrated a significant milestone with the Public Relations Association of Sri Lanka (PRASL) being incorporated and duly recognised by the Registrar of Companies last month with the approval of the Ministry of Trade. This achievement is the result of one and a half years of dedicated effort [...]
Dialog introduces Amazon Alexa Voice Command Support
Dialog Axiata PLC, presenting the next big step into a smarter and convenient home ecosystem and delivering a world of convenience to customers, has introduced Amazon Alexa Voice Command Support for a wide range of its services, including Digital Health for the first time in Sri Lanka. Dialog customers can now conveniently access and control [...]
JKH-led FastTrack internship programme for 2nd consecutive year
The John Keells Group (JKH), the London Stock Exchange Group (LSEG) and Unilever Sri Lanka have announced the return of the ‘FastTrack’ summer internship programme. The programme, conceptualised and launched by JKH in 2011, provides Sri Lankan under graduates with a unique opportunity to participate in an immersive four-week internship, offering invaluable industry exposure and [...]
Tushara appointed SEC Deputy Director General
The Securities and Exchange Commission of Sri Lanka (SEC) has appointed Tushara Jayaratne as its Deputy Director General. With a career spanning over 28 years in the capital market of Sri Lanka, Mr. Jayaratne has a wealth of experience both at the Colombo Stock Exchange (CSE) and the SEC. At the CSE, he held key [...]
CB shields ongoing DDO, directs banks to cut interest rates
The Central Bank (CB) vehemently shielded the ongoing domestic debt optimisation (DDO) strategy claiming that it was devised following important factors with necessary protective tools in an impartial manner with transparency, CB Governor Nandalal Weerasinghe told the Monetary Policy Review media conference on Thursday. He noted that there was no need to panic on the [...]
Domestic debt restructuring strategy comes under public scrutiny
The government has unveiled a strategy to restructure the country’s domestic debt, as the island nation attempts to recover from its worst-ever economic crisis while sticking to the International Monetary Fund’s (IMF) directions to come out from the deep debt abyss. The strategy focuses only on restructuring treasury bills and bonds under the Central Bank [...]
Sri Lankans sure to rise from the crisis
As Sri Lanka has gone through many waves of struggles, disasters and walks of lives, people of the country believe they are much stronger now and hoping for a better future. It may be difficult at times, but the citizens of the country believe in their strength, culture and the history of this island to [...]
Hayleys Plantations spearheads first Global Plantation Summit for plantation industry
Hayleys Plantations recently announced the launch of the inaugural International Sustainability Summit – a forum bringing together local and global experts to share their expertise and showcase cutting-edge innovations with the potential to re-shape the plantations industry for decades to come. Bringing together leading voices from academia, government and non-government authorities, and research institutes, the [...]
Fitch downgrades SL’s Long-Term Local Currency issue
Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on local-currency bonds have also been downgraded to ‘C’ from ‘CC’. The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at ‘RD’ (Restricted Default) and the Country Ceiling at ‘B-’, the rating agency said on Thursday. [...]
Making the Asian Monetary Fund a reality
KUALA LUMPUR – Although the International Monetary Fund has long been the most prominent global institution for promoting financial stability, calls to create regional alternatives are growing louder. During his visit to China in late March, Malaysian Prime Minister Anwar Ibrahim revived the idea of an Asian Monetary Fund (AMF). Pointing to “the strength of [...]