TUs meet Central Bank Governor
Trade unions which have been agitating against plans to tax the Employment Provident Fund (EPF) under the Domestic Debt Optimisation (DDO) process, this week met the Central Bank Governor Dr. Nandalal Weerasinghe and his officials to express their concerns. Picture provided by the participating trade unions.
Large scale wheat flour importers reap undue profits from tax revisions
Sri Lanka’s consumers have been forced to pay high prices for wheat flour owing to frequent tax changes and inconsistent policy decisions relating to restriction of imports via a licensing scheme and reversing it after some time, several consumer protection associations complained. The recent import tax hike on wheat flour imports to Rs. 27 from [...]
BIA E-Gate project slated for Dec. 2023 meets e-passport obstacle
The much delayed project of installing e-gates at the Bandaranaike International Airport (BIA) as one of the solutions to passenger congestion is slated to be launched as a pilot project by the end of this year amidst a delay in launching e-passports, the Ministry of Ports and Aviation confirmed. Measures are being made to expedite [...]
China’s BYD Auto to set up electric car facility here
BYD Auto, one of the largest manufacturer of electric cars in the world, and a subsidiary of Chinese conglomerate BYD Co. Ltd, is likely to set up an electric car manufacturing facility in the south of the country, according to a highly placed political source. The publicly listed company is headquartered in Shenzhen, Guangdong, China. [...]
Anti-money laundering officials in SL
Senior officials of the Asia/Pacific Group on Money Laundering (APG), a Financial Action Task Force (FATF) style regional inter-governmental body, were in Colombo this week to help and ‘nudge’ the country to address the gaps in money laundering and related areas. Sri Lanka is to undergo the third annual mutual evaluation by the APG in [...]
Sri Lankan hotels face high staff turnover
The staff turnover in Sri Lankan hotels has become very high and is evident since most people started leaving the country following the economic collapse. At least 10 per cent of the workforce are said to be leaving the industry today and this impact is felt in all hotels and across the board among all [...]
Tax department to overhaul revenue collection system
Sri Lanka’s main tax collection authority, the Inland Revenue Department (IRD) has been directed to put in place an efficient mechanism to accelerate the collection of taxes and held-over taxes amidst increasing tax defaults. The tax amount in default this year as at 30.06.2023 was approximately Rs.7.72 billion while the total outstanding taxes, penalties, and [...]
SEC announces enhanced Corporate Governance Rules
The Securities and Exchange Commission of Sri Lanka (SEC) has announced revisions to Corporate Governance Rules applicable to entities listed on the Colombo Stock Exchange (CSE) with effect from next month. SEC officials told the Business Times on Thursday that from October 1, 2023, these amendments which are in line with global best practices would [...]
Up, up and away – fuel prices
Aldoris, the choon-paan karaya, came down the lane but without his loudly-sounding-but-delightful melody. Stopping at the gate where the trio had gathered, he said with a morose look, “Aiyo, apahu indana mila wedi wela ne (Aiyo, fuel prices have gone up once again)”. So, that was the reason for his bleak and moody arrival this [...]
Sri Lanka, leading in “green lending”
The Third Global Conference of the UNDP’s Biodiversity Finance Initiative (BIOFIN) was held in Kanchipuram District in Tamil Nadu, India in March 2018. One of the members of the Sri Lankan team, who received a special invitation to attend the meeting was Dr. Shan Fernando, Chief Manager, Research and Development division of the Commercial Bank. [...]
Politics a “no no” in SOEs reforms
Sri Lanka’s commitment to state owned enterprises (SOEs) reforms is crucial to the country’s future with no room for “complacency” focusing on transparency and a disciplined approach and no room for political thuggery under institutions run by experts. These matters were brought to the fore at this week’s Asian Development Bank’s (ADB) Serendipity Knowledge Programme [...]
Australian tea businesses to diversify in Sri Lanka
While the Australian tea market revenue reached US$ 400 million so far in 2023 and is expected to grow at 4.27 per cent annually, tea businesses in Australia are looking to potentially diversify in Sri Lanka, an Australian delegate told the Business Times. Sara Stewart, Director of the Aboriginal Economic Development Group in Victoria, Australia [...]
e-data exchange between SASEC nations to assist better risk management for SL
The Asian Development Bank-sponsored South Asia Subregional Economic Cooperation (SASEC) Customs subgroup held its 11th Annual meeting recently in Dhaka, Bangladesh to build capacity to support the use of modern techniques and international best practices while enhancing regional cooperation and coordination processes among stakeholders. Promoting the electronic exchange of data to develop the capability of [...]
Retired banker Rajanathan launches two publications
Senior banker M.C.V.Rajanathan recently launched his memoirs titled “Pinnacle of Five Decades of Banking, a Journey Beyond” at an event in Colombo. The author, in addition to the release of his memoirs, also released another publication titled “Lending Against Collateral what you should know”. Mr. Rajanathan commenced his banking career with HNB in 1973 and [...]
Opening of new wing at Durdans Hospital
Ceylon Hospitals Ltd, owners of Durdans Hospital, is unveiling a new wing called the ‘Alfred Place Wing’ of the hospital on Tuesday, September 12. Also scheduled at the same time is the launch of the book “The Journey of Care – the story of Durdans”.
LOLC Finance the ‘most valuable consumer brand’ in Brand Finance Index
LOLC Finance PLC in the Brand Finance Index 2023, has secured a prestigious fourth-ranking position among the nation’s top 10 Fastest Growing Brands. “The narrative of LOLC Finance’s remarkable expansion owes itself to their proactive stance in furnishing pioneering financial solutions. Their earnest focus on customer-centricity, adaptability, and forward-looking strategies has been pivotal in propelling [...]