Challenging times for garments
Sri Lanka’s garments exports went through a bad patch last year with export revenue falling to US$4.5 million from $5.6 million in 2022. This year too it’s a challenging year.
IMF likely to lift VAT conditions on tourism
The International Monetary Fund (IMF) is said to be currently reconsidering conditions set on the imposition of the 18 per cent VAT on the tourism industry. Concerns were raised by the Sri Lanka Association of Inbound Tour Operators (SLAITO) with the Tourism Ministry and the Finance Ministry on the sudden imposition of the 18 per [...]
Ceylex Engineering invests in agriculture to beat food security
Ceylex Engineering through its subsidiaries, Kingsbru Teas (Pvt) Ltd and Ceylex Engineering Plantations, has invested in precision agriculture to combat food security, add value to their existing business, and as a national service to the country. “With food security being a challenge, we thought of getting into agriculture. Also, tea for Sri Lanka is the [...]
Auditor General unearths irregularities in Milco (Pvt) Ltd
State-owned dairy producer, Milco (Pvt) Ltd has been confronted with alleged irregularities and malpractices in its operations during the last few years, the Auditor Generals’ latest report uncovered. The Ministry of Agriculture has appointed a committee to investigate the alleged corruption and irregularities at Milco in the wake of its takeover by India’s Amul Dairy [...]
BOI workers to protest for a wage hike
Sri Lanka’s trade union workers at the Board of Investment (BOI) Free Trade Zones are planning on carrying out a protest campaign demanding a hike in their wages citing current conditions in the country. Free Trade Zone workers union General Secretary Anton Marcus told the Business Times that they hope to carry out a protest [...]
Sri Lankans to get chip-enabled e-passports by end 2024
The Government will roll out the long-awaited e-passports, equipped with biometric chips compliant with the latest International Civil Aviation Organisation (ICAO) standards by the end of this year, Department of Immigration and Emigration sources confirmed. After almost an 8-year delay, the e-passport project has now been re-activated following the recent closing of bids from eligible [...]
Customs to collect Rs1.5 trillion this year
Sri Lanka Customs wants to collect a massive sum of Rs1.5 trillion in 2024 exceeding last year’s revenue of Rs.970 billion as a result of Value Added Tax (VAT) hike and relaxing of import restriction of many items other than motor vehicles, department sources said. Customs estimated revenue collection is to be made a reality [...]
Labour reforms in an election year
When Aldoris, the choon-paan karaya came down the road with his tuk-tuk blaring the popular Piyal Perera hit song, ‘Chande denna epa hora thakkadiyanta’ (Don’t give your vote to corrupt politicians), the trio had already gathered outside the gate. “Mini marum apahu patan arang (The killings have started once again),” said Aldoris, while distributing hot-hot [...]
Greening in an uncertain world
It was a busy week for the students of the Department of Economics, University of Colombo. They were preparing for months to welcome their counterparts from some other universities in South Asian countries – Bangladesh, Bhutan, India, Nepal and Pakistan. They all, including the Sri Lankan Economics students – about 250 in number, participated in [...]
Firms embrace digital transformation to redefine strategy
Adopting digitalisation in businesses was hurried by the recent pandemic, with firms looking to establish digital practices to avoid an abrupt halt in operations. Now businesses have realised that digital transformation can redefine companies’ entire business strategy, experts say. In this backdrop, Zoho Corporation, a leading global technology company founded in India, with a range [...]
SEC Chairman engages in key industry stakeholder meetings
Capital Market regulator, the Securities and Exchange Commission of Sri Lanka (SEC) recently held discussions with the Chief Executive Officers (CEOs) of stock broker firms and other market intermediaries in separate stakeholder engagements. The meetings were aimed at fostering collaborative efforts to fortify the regulatory framework and operational infrastructure of the securities market. The exchange [...]
First Capital joins HNB for First Capital Money Plus Fund
In a bid to broadbase unit trust investors in the country, while enabling digital dexterity for cash withdrawals, First Capital Holdings PLC partnered with HNB to launch the “First Capital Money Plus Fund”. Presenting digital withdrawal and payment facilities through a practical Europay, Mastercard, and Visa (EMV)-enabled card for Unit Trust Investment (UTI) accounts, First [...]
Hela Apparel acquires major UK apparel brand licensing house
The company, which currently trades under the name Focus Brands, is a market leader in the design, sourcing, distribution and promotion of sports fashion and lifestyle apparel brands. It currently holds exclusive licensing agreements for the design and distribution of a number of major apparel brands, including Ellesse and Nautica, in the UK, European Union [...]
People’s Bank unveils 2024 calendar driven by AI technology
People’s Bank has revealed its 2024 calendar infused with cutting-edge AI technology, launching this unique product with the purpose of offering yet another exceptional experience to its valued customers. The People’s Bank 2024 calendar, themed ‘Our Ocean – Our Pride,’ emphasises the significance of conserving oceans and their diverse life forms. Featuring captivating images of [...]
USAID supports Union Bank’s Women-Focused Services
The United States Agency for International Development’s CATALYZE Private Sector Development (PSD) Activity has extended support to Union Bank, enhancing the bank’s efforts to foster its women-focused financial services. This collaboration will promote financial inclusion by addressing the specific needs of female customers in the banking sector through in-depth market research, a robust Customer Value [...]
NDB Bank enters into a MoU with CSE
NDB Bank and the Colombo Stock Exchange (CSE) have entered into a Memorandum of Understanding (MoU) to pave the way for foreign investors to seamlessly invest in the exchange through Inward Investment Accounts (IIA), accessible via the CSE mobile application. Under this collaboration, NDB Bank assigned the Custody and Trustee Services Department as the central [...]