New Year shopping
Last minute shopping in a Colombo street before the New Year dawns; checking out a clay pot to boil milk. Pic by Priyanka Samaraweera.
Politicians in related businesses resorting to unfair practices
By Duruthu Edirimuni Chandrasekera Sri Lanka is gradually losing promising businessmen owing to politicians getting into the same businesses that they are in while trying to unfairly compete. A substantial number has already migrated overseas and are setting up similar or unrelated businesses overseas, being quite successful in these ventures, analysts said. “Most of these [...]
DFIs to invest in climate change opportunities in Sri Lankan firms
By Duruthu Edirimuni Chandrasekera The Solidaridad Network, an international civil society organisation advocating sustainable supply chains, has plans to bring investors to Sri Lanka, specifically addressing opportunities in climate change. “We aim to bring in Development Financial Institutions (DFIs) to address the issue of carbon, creating awareness amongst plantations, and agro-processing companies about climate change,” [...]
Bribery or Corruption Commission to undergo significant changes
Sri Lanka’s Commission to Investigate Allegations of Bribery or Corruption (CIABOC) will undergo significant changes in 2024 with new and extensive responsibilities in accordance with powers vested in it under the Anti-Corruption Act (ACA) and guided by the IMF, Finance Ministry sources said. These responsibilities are relating to the development of anticorruption strategies, the prevention, [...]
Railway Diesel Power-set project goes ahead with Chinese help
The Government’s decision to go ahead with the Ratmalana Railway Diesel Power-set factory project to improve railway efficiency without modernising the 87 -year-old existing workshop complex, has triggered protests from over 2000 workers. The move, using Asian Development Bank funds, could result in neglecting the Ratmalana Railway workshop complex, which consists of 34 huge factories [...]
SL steps into 2024 aiming to alleviate people’s problems
By Bandula Sirimanna Sri Lanka steps into 2024 aiming to strike an elusive balance between reviving economic growth to positive 1.8 per cent from negative 3.8 per cent, alleviating the hardships faced by ordinary citizens and maintaining fiscal discipline in an election year. The Government will be strengthening social safety nets by properly implementing the [...]
Government mulls reversing palm oil cultivation ban
By Bandula Sirimanna Sri Lanka is likely to reverse the ban on oil palm cultivation and its importation in an effort to ensure the flourishing of grassroots economies via expanding cultivation for the benefit of plantation companies and smallholders, informed sources confirmed. A close aide to President Ranil Wickremesinghe said that the government plans to [...]
Agricultural Information System fails to streamline farmers’ compensation
Sri Lanka’s Agricultural Information Management System (AIMS) aimed to streamline the process of insurance compensation for crop damages has not been utilised properly up to now, an Auditor General’s recent report observed. Agreements had been reached with the International Finance Corporation (IFC) to formulate the new system to streamline the process of insurance compensation for [...]
New ammunition for the New Year
As we are at the doorstep of 2024, I thought of looking back at the most difficult years that we passed through and looking ahead at the New Year’s challenges that we must deal with. We have an ambitious vision to make a rapid journey towards a prosperous economy in 25 years, while it all [...]
Crystal ball in 2024
With elections being declared as scheduled by around September 2024, an apt song doing the rounds is the Gypsies hit ‘Chande denna epa hora thakkadiyanta!’ (meaning don’t vote for the rogues). Interested in listening to a short clip of the song? Then click: https://www.youtube.com/watch?v=mrb_TcVCOW8&ab_channel=Gypsies The song has been crafted by Piyal Perera, younger brother of [...]
Severe challenges to the financial sector in 2023: Central Bank
Sri Lanka’s financial sector, which experienced an unprecedented array of challenges in the aftermath of the economic crisis, continued to operate under challenging conditions in 2023, the Central Bank said on Friday. Releasing its Financial Stability Review (FSR) of 2023, it said the overall economic contraction during the nine months ending September 2023 coupled with [...]
Legacy in Colour: Sri Lanka’s Timeless Natural Dye Tradition
In Sri Lanka’s textile sector, a deep-rooted tradition in natural dyeing spans centuries and is intertwined with the nation’s rich textile heritage. The country’s abundant biodiversity has yielded a diverse range of botanical resources, providing a wealth of natural pigments essential to the garment industry. Key industry players in the Sri Lankan apparel industry, such [...]
Entrepreneurs discuss ‘Strategic Horizons’ with the President
The Sri Lankan Chapter of Entrepreneurs Organisation (EO) recently organised a discussion titled “Strategic Horizons” featuring President Ranil Wickremesinghe, in line with its objective of fostering learning and growth amongst its members. The event, which took place on November 28 at the President’s House, provided a platform for candid insights into the current economic landscape [...]
SL’s digital lending user base is at 1.3 million
Robocash Sri Lanka recently released an exhaustive study and analysis of the online lending application market in the country. The analysis revealed a substantial increase in users across leading lending applications. From a modest 10,600 in August 2021, the user base for online loan applications in Sri Lanka skyrocketed to 1.3 million by November 2023, [...]
Advocata’s comprehensive report on Sri Lanka’s tea industry
Advocata Institute recently released its latest report titled “Market Competitiveness of the Tea Industry of Sri Lanka” with the report authored by Sudaraka Ariyaratne, Research Consultant at Advocata Institute. In a media release the institute said the report begins with an introductory chapter that details the historical evolution of the island’s tea industry. The report [...]
NDB helps remittances with ‘Salli Ratin-Thagi Apen’ campaign
National Development Bank PLC has reintroduced its iconic campaign “Salli Ratin – Thagi Apen” to promote and encourage the channelling of foreign remittances through the Western Union money transfer platform. In this ongoing promotion, customers collecting Western Union remittances from NDB branches are eligible to receive mobile reloads. The campaign coincides with the ongoing festive [...]
Hameedia marks 75 years of fashion heritage
Hameedia, Sri Lanka’s leading menswear brand, is marking its 75th anniversary with the unveiling of a special collection under the theme “Celebrating Life,” tailored for the festive season. The seasonal collection encompasses a comprehensive array of menswear solutions designed to elevate the modern man’s fashion game. From ready-made to made-to-measure, bespoke, and total accessories, Hameedia [...]