All-female fuel station
Workers at a new LIOC fuel station in Colombo entirely staffed, for the first time, by females. Pic by M. A. Pushpa Kumara.
Government mulls seizing property of big tax defaulters
The government is contemplating to confiscate property of habitual tax defaulters if they fail to pay accumulated tax dues running up to billions of rupees within three years, informed official sources disclosed. This action will be taken in accordance with the directive issued to the Finance Ministry and the Inland Revenue Department (IRD) by the [...]
LOLC next stop Congo
After wrapping up acquiring 28 per cent of the shares of Rwanda’s Unguka Bank from Belgium’s Incofin Investment Management, the LOLC Group in its latest plans is looking to enter the Democratic Republic of Congo (DRC) and Ghana in the financial industry in line with its African region expansion underscored by the rapidly expanding global [...]
PLC’s Bangladeshi PLFS to raise Taka 1 billion in IPO
People’s Leasing Company PLC’s Bangladeshi subsidiary, People’s Leasing and Financial Services Ltd (PLFS) is eyeing a public listing in the Bangladeshi Dhaka Stock Exchange. “In Bangladesh, we are applying to raise Taka 1 billion,” Pradeep Amirthanayagam, Chairman PLC told Business Times. He also said locally the company is eyeing many inorganic and organic growth opportunities. [...]
Urban Development Ministry rejects restructure of 6 units
Sri Lanka’s Urban Development and Housing Ministry is in a tug of war with the Public Expenditure Review Committee (PERC) on the latter’s recommendations to restructure or liquidate six institutions coming under the purview of the ministry. The committee has submitted a report on August 8 with 14 proposals including recommendations relating to these six [...]
Fixing rates on rooms could end in courts
Sri Lanka’s tourism industry has been split over a policy on a fixed room rate that could even send everyone heading towards courts and not welcoming guests. The minimum room rates policy is set to come into effect from October 1 (today) and this would mean that all hotels in the country will have a [...]
Foreign, local firms get forest land in controversial deals
Foreign and local companies are to be given state lands for mega agriculture projects with tax concessions in misconceived deals involving forest lands, especially forest reserves, official documents divulged. The government is planning to hand over thousands of acres of forest land to several local and foreign companies under a new cabinet decision misinterpreting its [...]
New cyber security bill, not panacea for all ills
The impending cyber security law will only help the country identify and take action against local threats, but won’t be able to withstand international ransomware attacks such as the recent one, experts in the industry say. They added that it is important for the country to beef up cyber security if such ransomware attacks happen [...]
Brain drain and migration
So, finally the politicians have woken up to the brain drain issue with a debate on the topic scheduled to be held in Parliament next week. This would be an interesting one since it would point the direction on how the government would be managing the economy in the coming years in the absence of [...]
Wake-up call, the second!
The IMF team on Wednesday concluded its first visit to Sri Lanka after reaching its 17th agreement with the country. Its statement on the same day after reviewing the Extended Fund Facility (EFF) arrangement with Sri Lanka that was approved in March this year, portrays a “grey-outcome” of the country’s progress so far. Though the [...]
IMF optimistic on Sri Lanka’s ability to achieve reforms
The International Monetary Fund’s (IMF)’s first review by a 12-member team on the progress of the fund–supported programme concluded this week indicating a staff-level agreement on the reform programme and the disbursement of the second tranche of IMF in the near term. Thus, the IMF board approval is just another step on the difficult road [...]
Economic rejuvenation via USAID tourism project
The US government in a bid to help Sri Lanka to rejuvenate its economy has launched a project to market the country’s lesser known attractions targeting high net worth travellers. US Ambassador Chulie Chung speaking to the Business Times on the sidelines of the launch of the USAID IPOP project said that this would assist [...]
Tea industry to take stock of challenges
Sri Lanka’s tea industry has been called on to address the intensifying challenges faced today through genuine dialogue among all stakeholders in the sector. Planters Association (PA) Chairman Senaka Alawattegama addressing its recent 169th AGM stated that the systemic challenges facing the industry have continued to intensity and so it’s imperative that all stakeholders engage [...]
Sri Lanka’s potential to become an ADR centre in the region
While Sri Lanka will be entering into a number of free-trade agreements in the months to come, alternate dispute resolution (ADR) will play a key role and Sri Lanka has the potential to become the centre for ADR in the region, says President Ranil Wickremesinghe. He made these remarks while attending the ‘Symposium on Commercial [...]
Sinopec Corp enters fuel retailing with 145 stations
China Petroleum and Chemical Corp, popularly known as Sinopec Corp. announced its official entry into Sri Lanka’s fuel retail market on Monday, at a felicitation event for local distributors held in Colombo starting fuel supply to the filling stations. Under the contract between Sinopec China’s largest oil refiner, and the Ministry of Power and Energy [...]
Solar giant expands its presence in Jaffna
Hayleys Solar, the renewable energy arm of Hayleys Fentons, is expanding its horizons to make solar energy accessible from the south to north of the nation with its recent strategic launch in Jaffna. The newly established Experience Centre, situated at No 148 -1/1, Palali Road in Jaffna, represents a significant stride in making solar energy [...]