Motor traders complain
Sri Lanka’s motor traders have raised serious concerns on the government’s decision to impose a zero customs tariff on the CIF value to import electric vehicles. Here industry officials at a media briefing to explain their position. Pic by Eshan Fernando
Budget 2024 to support construction industry recovery
In a bid to revitalise the currently struggling construction sector for survival, the Finance Ministry is planning to propose catalytic inputs including easing taxation on building materials from the upcoming budget 2024 to be presented in November. 13 far-reaching proposals aimed at increasing the construction industry’s GDP contribution to the economy by providing emergency relief [...]
Israeli charter flight heads to Colombo
More Israeli travellers are scheduled to visit Sri Lanka during the winter season when a special charter operation will get underway. Arkia Israeli Airlines, an Israeli airline, will be carrying out charter services to Colombo operating two flights a week from Tel Aviv from October 31 to April 2024. The airline is expected to bring [...]
Confusing policy on heavy vehicle imports
Three years after its financial crisis, Sri Lanka is allowing commercial vehicle imports but importers say they cannot open letters of credit at banks to do the same. The government assured to allow such vehicle imports along with construction equipment, and electric vehicle makers, starting September. Heavy vehicles including buses, trucks, and tankers can now [...]
East Terminal’s cranes due by Dec
The Colombo Port’s East Container Terminal (ECT) will be readying to receive its first set of cranes from China between this December and next February. The ECT operations have been carried out with cranes fitted in that were smaller in scale and meant for the Jaya Container Terminal (JCT). Sri Lanka Ports Authority Chairman Keith [...]
Clarion call to government for ‘proper’ data backup
The Computer Emergency Readiness Team (CERT) has not made much progress on detecting the ransomware attack culprits on the Lanka Government Cloud (LGC) which affected 5,000 emails prompting top officials to call for a proper government strategy to address cyber security. Informed sources told the Business Times that it is difficult for the Sri Lankan [...]
IMF team reaches consensus on the fund supported programme progress
The International Monetary Fund (IMF) team now in Sri Lanka is nearing completion of its preliminary review on the fund-supported economic reform programme with some reservations relating to quantitative performance, informed official sources divulged The team has reached consensus in overall achievements of the government pledges so far during their discussions with Sri Lankan fiscal [...]
Factories want reduction in water tariff
Factories are to face another shock with the increase in the water tariff by 170 per cent. The gazette on the increase in the water rate has increased the tariff from the previous Rs.85 per MT to Rs.150 per MT, Manufacturers Association Chairman Dhammika Fernando told the Business Times. He noted that in this respect [...]
EPF: The die is cast
One of the interesting developments in recent years is the engagement of the Central Bank with state and non-state actors on various issues of concern. In the arena of non-state actors, the Central Bank’s recent parley with trade unions to assuage fears of unduly touching the funds of the Employees’ Provident Fund (EPF) in the [...]
Fail to plan and plan to fail
A few weeks ago, I attended a Transport and Logistics Conference at University of Moratuwa as one of the panellists to contribute to a discussion on “National Physical Planning Policy and Transportation System in Sri Lanka”. The other distinguished panellists were Amal Kumarage, Professor at the Department of Transport Management and Logistics Engineering, and Jagath [...]
Private sector keen on mediation for commercial dispute resolution
While going to court takes longer to resolve disputes between parties, the private sector shows keen interest on mediation for commercial dispute resolution, as it finds a solution to problems immediately, says Dhara Wijayatilake, Director and Secretary General, International ADR Center Sri Lanka. During a media briefing held at the International ADR Center Sri Lanka [...]
“Sri Lanka’s Apparel Industry Aims for Vertical Integration and Stronger Trade Ties,” says FAAMA Chairman”
The newly appointed Chairman of the Fabric Apparel Accessory Manufacturers Association (FAAMA), Sahan Rajapakse, has highlighted the importance of strengthening vertical integration and import substitution of textiles as the way forward for the industry. Speaking at the 16th Annual General Meeting of the Association in Colombo, the Chairman of FAAMA noted that the country currently [...]
What Climate Finance needs
NEW YORK – As we move from UN Climate Week to COP28 in Dubai later this year, we must stop the “greenwishing” and “greenwashing” and start thinking about the instruments that will enable the private sector and private investors to channel more capital toward climate resilience and sustainable development. While the public sector has an [...]
US increases assistance to Sri Lanka
The United States this week announced the commitment of more than US $19 million in additional funds to further the development of Sri Lanka, in a ceremony at the Sri Lanka Ministry of Finance. The $19.23 million (Rs. 6.2 billion) is obligated through the Development Objective Grant Agreement between the United States Agency for International [...]
‘Village lifestyle to an urban environment’, John Keells Properties’ new project
While communities today are kept apart from nature and social interactions in a modernised world, people are struggling to let go of those habits that makes them feel who they used to be back in the old days and their cultures, traditions and the love for nature. Bringing out that thought to reality, John Keells [...]
Sri Lanka Customs to leverage AI technology for more efficient service
The Government is revamping the Customs Department amid concerns of inefficiency, corruption and drop in revenue collection, while reviewing relevant laws, regulations, administrative guidelines and standard operating procedures Artificial Intelligence (AI) technology will be introduced ensuring the minimising of human intervention in import and export procedures while establishing one clearing centre in collaboration with the [...]
SLIC and ACIPL lead charge in SL’s Electric Vehicle revolution
Sri Lanka Insurance (SLIC) has entered in to a strategic collaboration with Auto Capital Investment (Pvt) Ltd (ACIPL) to provide comprehensive motor vehicle insurance cover along with a warranty cover for five years for brand new electric vehicles imported by ACIPL. The Memorandum of Understanding (MoU) exchange took place recently at the SLICchead office in [...]
Ceylinco Life resumes overseas trips for lucky policyholders
The world is opening up once again for Ceylinco Life policyholders with the return of overseas holidays for the family as the main loyalty reward under the life insurance market leader’s ‘Family Savari’ mega promotion, the largest initiative of its kind in the local life insurance sector. The 17th edition of Family Savari announced this [...]
Com Bank building future-ready platforms and culture through digital transformation
The Commercial Bank of Ceylon has already converted a substantial number of customers to digital banking and is stepping up its efforts to further facilitate access and functionality, while focusing on promoting inclusivity and removing language barriers and other concerns that prevail in promoting the uptake of digital banking services, the Bank’s Managing Director and [...]
Dialog Wins Digital Inclusion Award for National Fuel Pass at GSMA M360 APAC
The GSMA M360 APAC 2023 Awards honoured Dialog Axiata PLC with the prestigious ‘Excellence in Digital Inclusion Video Award’ for its exceptional use of mobile technology in digitally advancing the nation, as exemplified through the ‘National Fuel Pass’ initiative, developed in collaboration with partners MillenniumIT ESP and ICTA, under the aegis of the Ministry of [...]
IIRM Lanka Insurance Brokers achieves solid market share growth
IIRM Lanka Insurance Brokers Pvt Ltd has announced its outstanding achievement in the Sri Lankan insurance market, securing an impressive market share in both the long-term and general insurance segments. The company said in a media release that it commands a market share of 21.13 per cent in the Long-term Insurance sector and 6.34 per [...]
SLGJA Jewellery Design Competition proceeds to next stage
The Jewellery Design Competition 2023 conducted by the Sri Lanka Gem and Jewellery Association (SLGJA) under the theme “Celebrate Sri Lanka”, received an overwhelming number of entrants, with many professional and aspiring jewellery designers submitting a range of creative and attractive designs. Intending to bring together talented jewellery designers from around the island, the competition [...]
Sri Lanka Railways goes under the restructuring hammer
Sri Lanka Railways is set to be restructured considering different models including turning it to an Authority or managing the train service under a public private partnership. The aim is to provide a better convenient and efficient transport service for commuters in accordance with the government’s IMF dictated policy of state institution reforms. This A-grade [...]
Motor traders cry foul over new EV import relief benefiting single company
Sri Lanka’s motor traders have raised serious concerns on the government’s decision to impose a zero customs tariff on the CIF value to import electric vehicles with power up to 500 kW or Plugin Hybrid Electric Vehicles (PEHV) up to 3000CC in semi-knockdown (SKD) form for local assembly. This was proposed in a cabinet memorandum [...]
Dedicated team in police needed to combat ML
Sri Lanka needs a dedicated team in the police to pursue money trail and solve complex white-collar crimes, Central Bank (CB) officials have impressed upon the President. There are grand white-collar crimes and money laundering cases where the present law enforcement is basically doing nothing, they lamented. “We need dedicated police officers in the near [...]
SL holds immense potential to be IT hub
With a high level of IT education and digital awareness, Sri Lanka can most certainly be an IT hub, a top IT professional said. “Sri Lanka has the potential to be an IT hub, according to the government strategy,” Thorsten Leppek the Director Asia Region at Acumatica, a leading US-based company specialising in cloud-based ERP [...]
Australian Actuary inspires growth in Sri Lanka’s actuarial profession
President of the Actuaries Institute, Australia Ms. Naomi Edwards recently embarked on a short but impactful private visit to Sri Lanka. During her visit, she met with several council members and volunteers of the Actuarial Association of Sri Lanka (AASL) to share her insights and experiences in the field of actuarial science. Ms. Edwards is [...]
Emerald International empowering sports in rural communities
Emerald, Sri Lanka’s top menswear brand, has announced the successful conclusion of its association as the Youth Sports Development Partner for the first-ever Youth Sports Festival organised by the Youth Sports Club. The event, which took place at Nooraniya M.M.V – Uyanwatta, witnessed an overwhelming participation of 900 students from the local community, creating an [...]
ADB names ComBank its ‘Leading Partner Bank’ in Sri Lanka for 3rd year
The Commercial Bank of Ceylon has once again been declared the Asian Development Bank’s (ADB’s) ‘Leading Partner Bank’ in Sri Lanka for trade and finance transactions, in a significant reaffirmation of the bank’s contributions in that sphere to the national economy. This is the third consecutive year that Commercial Bank has been honoured with this [...]
Norfolk expands with 11th store in Thalawathugoda
Norfolk Foods (Pvt) Ltd, a pioneer in the manufacture of specialised frozen foods, has celebrated a significant milestone recently. The 11th ‘HurryUp’ outlet was launched at Pannipitiya Road, Thalawathugoda, highlighting the company’s growth and expansion and a new chapter to provide customers in the area with the finest Crescent and Norfolk products, according to a [...]
Sri Lanka organic agriculture products promoted in Berlin
Ten Sri Lankan companies were given an opportunity to promote organic agriculture products with export potential at a high profile event held at the Embassy of Sri Lanka in Berlin recently, the GIZ office in Colombo divulged. This promotion campaign was implemented as part of the ‘Support to Small and Medium Enterprises in the Organic [...]
New Governing Board of the Central Bank
A meeting of the newly established Governing Board of the Central Bank of Sri Lanka, constituted under the provisions of the recently promulgated Central Bank Act No. 16 of 2023, was held on Thursday at the Board Room of the Central Bank of Sri Lanka. The newly established Governing Board, succeeds the Monetary Board that [...]
HSBC’s Economic Forum shines a light on the economic recovery
Over 200 corporate leaders attended the second Economic Forum sponsored by HSBC recently which was to discuss and share insights into the latest global trends and opportunities emerging for economic growth in Sri Lanka. Frederic Neumann, HSBC’s Chief Asia Economist and Co-Head of Global Research for HSBC Asia along with Aayushi Chaudhary, HSBC Economist for [...]