CCC’s economic summit
President Ranil Wickremesinghe, Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission of India (left) and Duminda Hulangamuwa, Chairman – Ceylon Chamber of Commerce (CCC) during a panel discussion at the economic summit this week. Pic by Indika Handuwela
SEC pulling out unfinished business in EPF pump and dump transactions
A decade-old unfinished probe is being relooked at by the capital market regulator. The Securities and Exchange Commission (SEC) is determined to expedite the probes against capital market offenders that have been in their hands for nearly 10 years. The freshly opened ones deal in Employees Provident Fund (EPF) investments in the Colombo Stock Exchange [...]
Sri Lanka secures $1.52 billion in foreign financing
Sri Lanka has secured new external financing amounting to around US$1.52 billion by entering into 13 agreements with foreign development partners and lending agencies during the period January 1 to September 30, 2023, the Finance Ministry’s fiscal management report showed. The International Monetary Fund’s (IMF) extended fund facility arrangement has filled part of the external [...]
Ad hoc ban on oil palm deters forex saving – Agri experts
The country can save more than US$1000 for 200,000 metric tonnes of palm oil imported and become self-sufficient in vegetable oil, agricultural experts say. Plantation sector expert emeritus Prof. Asoka Nugawela told the gathering at the Sustainable Horizons, a workshop to revive the current policy on oil palm cultivation held on Tuesday, that oil palm [...]
SL’s coffee cultivation to be revived
Sri Lanka’s coffee cultivation is to be revived considering it as one of the major plantation crop, the Agriculture Ministry said. Coffee-growing area is expected to increase by 400 more hectares under the new programme initiated by the ministry next year, Minister Mahinda Amaraweera disclosed. Sri Lanka’s existing coffee-plantation area is expected to increase by [...]
Private sector as much to blame for corruption
The malignant issues in the Sri Lankan governance structure and economy cannot be settled with plasters but need a good shake-up with true-to-heart, honest, and deep-seated solutions. Nadishani Perera, Executive Director – Transparency International Sri Lanka charged that all stakeholders in this man-made crisis should be ashamed and should learn from their mistakes. She added [...]
BoC lending to SOEs only cashflow-based
For months now, the Bank of Ceylon (BoC) lending to State Owned Enterprises (SOEs) have been solely based on their cash flows, top officials said. These enterprises have borrowed repeatedly and created interconnected risks amongst their balance sheets, the Treasury, and government sector banks like BoC. BoC has given Rs. 12.9 billion in loans to [...]
Crisis in garments
Garments. Once a thriving industry which led to the growth of the village economy with the emergence of 200 factories in 200 towns in the post-1980s era. Today that industry is facing serious challenges affecting not only economic growth in villages across the island but also critical foreign exchange earnings. Export orders have been reduced, [...]
Transfer to Peradeniya!
Jayantha is from a village in Kandy and works as an office assistant in a university in Colombo. He is a father of two little children, while he must look after his elderly mother, who is sick too. As Jayantha is working in Colombo, his wife must attend to all family matters at home, including [...]
Private sector should sensitise itself that SL isn’t out of the woods yet
Sri Lanka’s private sector has not internalised the deep trouble the country still is in, despite the relief from the acute hardships faced last year. “Just because gas is freely available, there are no fuel queues and there isn’t a scarcity of goods, Sri Lanka is not out of the woods. What happens in politics [...]
Cannot deviate from the chosen economic path: President tells business leaders
The chosen path for the economy and the country at large is the correct one, and there is no turning back, President Ranil Wickremesinghe on Tuesday told a room full of business leaders in Colombo, at the Sri Lanka Economic Summit 2023. “If I do not do this no one else is going to do [...]
Government to reactivate some viable stalled foreign funded projects
The Government is taking proactive measures to reactivate some of the viable 148 stalled foreign funded projects that can be properly implemented to achieve the desired results, the Finance Ministry’s Project Management and Monitoring Department said. The Sectorial Oversight Committee (SOC) on National Economic and Physical Plans has instructed the department to submit a progress [...]
SOBEs making profits?
After decades of grappling with the vexing conundrum of loss-making state-owned business enterprises (SOBEs), it seems we have finally found a miraculous solution that has the power to transform their performance overnight. Successive governments have lamented the drain these SOBEs and SOEs exert on the public purse, and unbearable price hikes have been forced on [...]
Shangri-La Colombo unveils festive season offerings
Shangri-La Colombo has unveiled its festive season celebration under the theme “Bring Your Christmas Stories to Life.” “This immersive experience promises to transform the hotel into a magical backdrop for guests to create and share their cherished holiday tales. Shangri-La invites guests to immerse themselves in the joy of the festive season, bringing their Christmas [...]
People’s Bank offers Payment Acceptance Solution for Ministry of Justice
In a groundbreaking move towards modernisation and convenience, Peoples Bank has announced the successful implementation of a cutting-edge payment acceptance solution for the Ministry of Justice. This transformative initiative allows the public to pay fines imposed by courts seamlessly through digital payment methods such as Credit Cards and Debit Cards, the bank said in a [...]
Triple win for Ogilvy Group at Campaign Asia’s Agency of the Year Awards 2023
The Ogilvy Group Sri Lanka made its mark at the much-anticipated Campaign Asia Agency of the Year 2023 Awards, clinching top honours in three of the primary categories in the Rest of South Asia region. The agencies received their accolades at the official awards ceremony held at the ITC Maratha Mumbai on November 28. Phoenix [...]
MAS Holdings overall Exporter of the Year for 2021/22 and 2022/23
Global apparel and textile giant, MAS Holdings, announced the resounding accomplishment of its subsidiaries, MAS Active Trading (Pvt) Ltd and MAS Intimates (Pvt) Ltd, at the Presidential Exports Awards for 2021/22 and 2022/23. In recognition of the company’s contribution to Sri Lanka’s export sector, MAS Active (Active and KREEDA divisions) secured Sri Lanka’s overall Exporter [...]
ComBank’s Rs.6 bn Debenture Issue to open on Dec 12
The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon’s Rs.6 billion Debenture Issue which will open on December 12. The bank has announced an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at the [...]
SLAEA Chairman urges cashless system amidst SVAT abolition
Re-elected Chairman of the Sri Lanka Apparel Exporters Association (SLAEA) Indika Liyanahewage has emphasised the significant challenge posed by the proposed abolition of SVAT. He urged the government to introduce an alternative cashless scheme, highlighting the need for a secure and modern financial framework for the industry. Speaking at the 41st Annual General Meeting of [...]