World Bank on Sri Lanka’s growth
World Bank officials at a media briefing in Colombo this week where a report on the South Asia Development Update was released. Pic by Indika Handuwala
LTL Holdings set to expand and diversify in Bangladesh
Sri Lanka’s LTL Holdings is on aggressive expansion and diversification plans in Bangladesh, where it has the largest investment outside Sri Lanka through its branch Lakdhanavi in Dhaka. Amongst these plans going public with one of the subsidiaries, and diversifying into agriculture, leisure, animal feed production, fishing, and poultry are on the cards. “Bangladesh has [...]
Political tinkering downs SriLankan aircraft
SriLankan Airlines has been experiencing a number of breakdowns lately and although passengers are apt to snap at airline staff on the ground the problems lie mostly in the political decisions taken in the past regarding the purchase of aircraft. Some in the industry believe the issues do not lie with the staff but with [...]
Tax defaulting manufacturers face liquor licence cancellations
The Excise Department is to cancel liquor licences of manufacturers and dealers automatically when their tax payments are in default. Tax amount in default of the department as at 30.06.2023 is approximately Rs. 6235.9 million, a senior Finance Ministry official said. Excise tax on alcohol and cigarettes has for long been a cornerstone of state [...]
Good jobs for more workers to improve livelihoods
Policy makers insist on creating good jobs that will carry most of the working population into the formal sector that is required in Sri Lanka’s growing economy. At least 67 per cent of the country’s population is engaged in work in the informal sector with only 8 per cent found to be doing formal sector [...]
Peliyagoda fish market ice plant deal opens can of worms
The Fisheries Ministry has initiated a comprehensive investigation into the Peliyagoda fish market ice plant tender awarded to a private firm over its alleged involvement in financial misdeeds depriving millions of rupees for the government. The private firm has violated the tender conditions by not adhering to the monthly payment for the 25-metric tonne ice [...]
Budget 2024 paves way for suffering masses to take a step forward
Sri Lanka’s revenue and welfare-oriented budget 2024 aims at reallocating the resources of the country in a more economically and socially beneficial manner providing benefits for poor and the middle class to take a step forward from the present economic hard ships, State Finance Minister Shehan Semasinghe said. Priority will be given to uplifting the [...]
Flying high or lying low?
Kussi Amma Sera was reading the Lankadipa newspaper when she came across, what she later called “rasawath puvathak (interesting news)”, this Thursday morning. “Paththare kiyanawa Shri Lankan guwan sevaye godak guwan gaman parakku-wela kiyala (It says here that there were many flight delays by SriLankan Airlines),” she said. “Meda peradiga yana samahara magey yaluwanta mae [...]
Corruption exposed; so what?
The IMF, in its governance report on Sri Lanka, has unveiled a comprehensive account of the country’s massive ‘white-collar’ corruption levels, perhaps for the first time. But many have a valid question to ask: “So what?” Everybody knows and talks about them as “daylight robberies” and has been doing so over the past many years [...]
Key reforms on SOEs won’t burden state fiscal operations
While restructuring of State Owned Enterprises (SOEs) is playing a crucial role in the country’s economic recovery process, key reforms were recommended by the SOE Restructuring Unit of the Ministry of Finance and approved by the Cabinet of Ministers last week. Some of the recommendations include where SOEs have to publish quarterly accounts in parallel [...]
Central Bank in the dark on restructuring state banks
The Central Bank, the sole regulator of banks and financial institutions, is in the dark relating to a decision taken to restructure six state banks as indicated in a list issued by State Owned Enterprise Restructuring Unit (SRU) to the media, Central Bank (CB) Governor Nandalal Weerasighe proclaimed Answering a question raised by a journalist [...]
Tourism authorities not interested in Sri Lankan gems to promote destination
Despite a number of calls and emails to the tourism authorities to join onboard to promote Sri Lankan Gem and Jewellery, authorities have shown no interest, says FACETS Sri Lanka, Chairman, Altaf Iqbal. Speaking to the Business Times on Friday, Mr. Iqbal stressed that gems and jewellery is not about promoting the trade, but endorsing [...]
Sustainability is the luxury in travel demand
Sri Lanka must adopt clean practices to ensure they attract tourists that demand sustainable travel destinations. In this respect Sri Lanka needs a zero policy on plastics use; ensure tourists can travel to all the key attractions without any problem or disturbance; use of renewable energy sources; and shift to electric vehicles in transport including [...]
MAS Matrix launches MVTM
MAS Matrix, the diversified flat-knit apparel manufacturing facility under MAS Holdings, has announced the launch of its latest product platform, ‘MVTM.’ In a leap forward for flat knit products, the technology and product capability of the MVTM range, is poised to revolutionise athleisure wear. Crafted for the modern, fast-paced lifestyle, the collection offers a range [...]
Shangri-La Colombo, Shangri-La Hambantota succeed at World Travel Awards 2023
Shangri-La Colombo and Shangri-La Hambantota have achieved top recognition at the World Travel Awards 2023, reinforcing their position as leaders in the hospitality industry. Shangri-La Colombo was honoured with the titles of Sri Lanka’s Leading Hotel 2023, Sri Lanka’s Leading Business Hotel 2023, and Sri Lanka’s Leading Hotel Suite 2023 while Shangri-La Hambantota was awarded [...]