Fuel from China
China’s Sinopec company launched operations in Sri Lanka this week to import and distribute fuel opening its first station at Kottawa, near Colombo. Pic by Eshan Fernando
Missing annual budget estimates amidst ITMIS and RAMIS crash
Sri Lanka’s lagging performance in revenue collection has resulted in a significant shortfall from the estimated income during the past seven months on the eve of the forthcoming budget 2024 in November 2023, the National Council Sub-Committee on Economic Stabilisation has observed. The three revenue collection authorities have been able to collect Rs. 1,391 billion [...]
E-Passport rollout delayed due to high costs and tender manipulation
The Department of Immigration and Emigration (DIE) is compelled to continue with the issuance of ordinary passports at present due to limited progress and the delay in the implementation of the e-passport project, especially the procurement process that began in 2015. It has been revealed that the process to introduce e-passports and to implement a [...]
Maha paddy cultivation limited to short term varieties
Sri Lankan authorities have decided that farmers be advised to cultivate paddy varieties harvested in a short term in a bid to overcome the El Nino effect. A number of state sector stakeholders involved in the agricultural process like the Department of Agriculture, Meteorological Department, the Irrigation Department, the Mahaweli Authority, the two state fertiliser [...]
Drought hit Ceylon Tea, stocks drop by 50-80%
Drought-hit tea plantations have witnessed a significant drop in production between-50-80 per cent as smallholders and factories note a decline in teas made available. In fact a new trend has been started in that the auctions are now allowing for smaller quantities to be accumulated. Planters Association spokesman Dr. Roshan Rajadurai noted that while this [...]
BOI awaiting basic approvals to attract IT firms
The Board of Investment (BOI) is awaiting logistics approval to attract 100 new IT firms into the country. The target is to secure US$2 billion this year by attracting 100 new tech firms with 30,000 seats of Plug and Play, a senior BOI official told the Business Times on Thursday. He said approvals are sought [...]
Power Sector Reforms Secretariat functions with JICA funding
Sri Lanka’s Power Sector Reforms Secretariat (PSRS) is now functioning at the Power and Energy Ministry to kick-start the Ceylon Electricity Board (CEB) restructuring process next month. Japan International Cooperation Agency (JICA) has extended a financial grant to maintain the Secretariat and implement institutional reforms with required technical and financial support. All CEB institutions will [...]
Govt. to re-impose standard VAT with efficient refunding mechanism
The Finance Ministry is set to introduce an efficient and proper refunding mechanism consequent to the removal of the Simplified Value Added Tax (SVAT) system reverting to the normal VAT scheme. This action has been taken by the ministry to adhere to the International Monetary Fund (IMF) approved economic reform programme, a high ranking Treasury [...]
Meeting export targets
Plans, plans, plans……it’s easy to prepare a plan but often difficult to implement it. That’s what we Sri Lankans have done over and over again…..making plans but not implementing them. The country’s rule of law is a good example of having laws which are not implemented for political reasons, hesitancy or reasons of corruption. It’s [...]
Sri Lanka, a biodiversity hotspot
Not many Sri Lankans have heard of Sri Lanka being a “biodiversity hotspot” on earth. The entire world has only 36 locations of biodiversity hotspots, according to Conservation International. It is, anyway, not a term to make us proud of, but frightened. Biodiversity hotspots are exceptionally rich and unique in terms of their “life of [...]
Indebtedness contributes to vulnerability in SL – UNDP report
While the economic crisis has affected many lives in Sri Lanka, indebtedness has significantly contributed to vulnerability in the country, according to the UNDP’s policy report on ‘the Multidimensional Vulnerability Index (MVI)’. The report was launched on Friday at the BMICH in Colombo. UNDP Sri Lanka, Resident Representative, Azusa Kubota at the launch stated that [...]
Cinnamon Life secures 2nd Place at ICCA Asia Pacific awards
Cinnamon Life Integrated Resort has clinched 2nd place at the prestigious International Congress and Convention Association (ICCA) Asia Pacific Business Events Youth Challenge Finals, underscoring a remarkable triumph on the global stage. This achievement signifies a momentous milestone for Cinnamon Life Integrated Resort putting the country on the international events landscape. The competition witnessed 50 [...]
An AI Apocalypse will change the way we see life now
It is not long before humans are replaced as the smartest beings on earth by mere technology. Artificial intelligence (AI) will join our world and humans being the smartest beings on earth will end, says Mo Gawdat, former CBO (Chief Business Officer) of Google [X] and award-winning author. ‘Mindful Solutions with Mo Gawdat’, an initiative [...]
Digital payment platforms across state agencies, an IMF condition
While a majority of government institutions are not digitally-friendly in Sri Lanka, there is something the government of Sri Lanka must focus on, that enables the ease of tax collection. If all government offices start collecting any form of payments via digital platforms, there is a track record of transactions and cash maintenance costs could [...]
People’s Bank secures Gold at International ARC Awards
People’s Bank’s Annual Report 2022, titled ‘Creating a Legacy of Caring for Generations to Come’, won five awards at the recently held International ARC Awards 2023. With a history spanning over 30 years, and an annual application pool of over 1,600 applications from over 90 countries, the ARC Awards are widely known as the Oscars [...]
FitsAir crowned as Asia’s Most On-Time Airline
FitsAir, Sri Lanka’s first and only privately-owned low-cost airline and a subsidiary of Aberdeen Holdings, was adjudged as Asia’s most punctual airline in July 2023. Outflying its peers, FitsAir earned the prestigious accolade for maintaining an impressive 100 per cent on-time performance across its network of international flights, the airline said in a media release. [...]