IMF and Thai Pongal
Feeling the pulse of a nation! During his current visit to Sri Lanka, Peter Breuer, IMF senior Mission Chief for Sri Lanka took time off his busy schedule to participate in traditional Thai Pongal celebrations in Jaffna. Pic by Romesh Madushanka.
TIN deadline extended to April 1 amidst confusion
Even though the government has made it mandatory to register with the Inland Revenue Department and obtain a tax payer information number for all individuals who are 18 years of age or more, it does not mean that all of them have to pay tax. This was stated by State Finance Minister Ranjith Siyambalapitiya when [...]
Illicit crypto currency transactions raise uncertainty
Sri Lankan investments in crypto currencies have been increasing in recent times leading to financial insecurities in the country, the Committee on Public Finance (COPF) warned this week. The public is reminded that crypto currencies are unregulated investment instruments which are not recognised as an asset-class in Sri Lanka. COPF chairman Dr. Harsha de Silva [...]
Delays to kick in with vessels on return from Europe
Delays will be the order of things to come as vessels coming back from Europe and the West will be slow to come back and this should kick in any moment now, analysts said. Shipping industry sources told the Business Times that delays on vessels coming from Europe and the West should start any moment [...]
Tough times for apparel in 1H 2024
Sri Lanka’s apparel industry will have a tough six months ahead as a result of the dampening global demand continuing from last year. The first half of this year will be difficult as orders have not increased and demand continues to be the same as last year, Joint Apparel Association Forum (JAAF) Deputy Chairman Felix [...]
Bad Loans Bank discussions ongoing
The proposed Public Debt Management Agency (PDMA) eliminating the Central Bank’s responsibility to manage public debt, will speed up an Asset Management Company (Bad Bank) or non-performing loan (NPL) bank to take over the toxic assets of the banks and secure them for the banks to carry on operations. Ministry of Finance officials said this [...]
Banking Commission to be set up
The government has plans to introduce a Banking Commission parallel to the Monetary Board in a bid to broad-base the regulatory framework of banks in the country, a top official said. This Commission will regulate the private banks in the country and will protect consumers, ensure the industry remain stable and promote healthy competition between [...]
Govt. embarks on industry revival plan after over 200,000 factory closures
The government is preparing a revival plan for the industrial sector in the aftermath of the unprecedented setback suffered by manufacturing and services during the recent economic crisis, National Planning Department sources said. This plan will be carried out with Parliamentary oversight, holding the entire political system accountable for meeting the goals set out for [...]
Up, up and away…
The trio had gathered outside the gate just as Aldoris, the choon- paan karaya, drove down the lane in his tuk-tuk. “Sappie, sappie (loosely translated means happy in a sarcastic sense),” said Kussi Amma Sera, directing her comment to Aldoris, who had voted for the now governing party during the 2020 poll. “Aei (Why),” asked [...]
“Fake smile”
The world’s first industrialised country, the UK is today a “de-industrialised” economy. Over 80 per cent of employed people work in the service sector, contributing over 70 per cent of value addition to the GDP. Over the past 30 years, employment share in the industrial sector has declined from 30 per cent to 18 per [...]
More foreign buyers seen at this years’ FACETS exhibition
While Sri Lanka is witnessing a vast number of tourists visiting the country from all parts of the world, this year’s FACETS exhibition saw more foreigners purchasing gems and jewellery. The purchasing power for the locals dropped with the 18 per cent Value Added Tax (VAT) that came into play since the beginning of this [...]
Transforming agricultural spectrum through technology
While Sri Lanka saw the record breaking prices of vegetables last week, focus has shifted towards involving the general public by cultivating vegetables, fruits and various other crops in their own small plots of land through modern technology. To attract the present generation of youth, it is the artificial intelligence enabled technologies, sophisticated computerised methods [...]
India plans early launch of UPI payment system with Sri Lanka
Sri Lanka currently continues operations of the payment and settlement systems to achieve significant growth in digital transactions in 2024, a Central Bank policy statement divulged. With a view to develop the payment and settlement regulatory framework, the Central Bank aims at revising the Payment and Settlement Systems Act, No. 28 of 2005 (PSSA) and [...]
People’s Bank ties up with ‘Export Bahrain’ to boost exports
People’s Bank, as a key state bank, has identified the importance of the development of the SME export sector in line with the government objectives. Accordingly, last year, the bank implemented the novel concept of the establishing export sector specific SME Hubs (Export Hubs) which provide both financial and non-financial assistance to the SME sector [...]
FitsAir acquires approval for inflight catering
FitsAir, Sri Lanka’s leading low-cost airline, has announced a significant enhancement to its service offerings by obtaining approval for inflight self-catering. This strategic move aligns with the airlines vision to offer low-cost international travel. FitsAir’s Inflight Catering Services prioritise affordability and variety, providing passengers with wallet-friendly meal choices that won’t strain their budgets. The inflight [...]
DFCC Bank launches Pinnacle Junior to elevate banking experiences
DFCC Pinnacle, DFCC Bank’s bespoke banking proposition tailored towards high-net worth customers, has expanded its portfolio by introducing DFCC Pinnacle Junior. Tailored to cater to the children of Pinnacle customers, this innovative banking proposition promises exciting and exclusive benefits, ensuring a seamless financial journey for young savers. In a media release, Shera Hassen, Vice President [...]
South Asian undergrads gather in Colombo
Colombo is hosting the South Asian Economics Students’ Meet (SAESM) on January 22 to 24. SAESM is one of the pioneering academic events in South Asia that brings together young economists in the region to engage in a variety of activities that will contribute to shaping the future of South Asia’s economic landscape, the local [...]
DIMO Energy and Siemens combine in LV Power Panel Manufacture
DIMO Energy, the power and energy arm of diversified conglomerate DIMO, with its long-standing partner for over seven decades Siemens, ventured into the manufacturing of SIEMENS SIVACON S8 and SIEPAN 8PU Low Voltage (LV) Power Distribution Boards and Motor Control Centres (MCC) in Sri Lanka, targeting local and export markets. Wijith Pushpawela, Executive Director, who [...]