Demand for higher plantation wages
Plantation workers, in a rare protest in Colombo, on Friday assembled in the capital to demand higher wages. They are seeking a daily wage of Rs.1,700 per day compared to a current Rs. 1,000. Pic by Indika Handuwala
Forthcoming elections might affect debt talks – former Treasury Secy
Sri Lanka and its external bondholders are under immense compulsion to reach a consensus on the US$ 12 billion sovereign debt in the next few weeks by mid-May or early June before the country’s presidential/general elections this year, Finance Ministry sources affirmed. But if an agreement on external debt restructure is not reached by June, [...]
Financial crisis looms ahead amidst deadlocked debt talks
Sri Lanka could be facing another financial crisis with fund raising issues mainly from borrowings commencing by mid this year with political stagnation and periodic economic crises being the norm as in the past, a confidential report of the Finance Ministry revealed. The report has already been submitted to President Ranil Wickremesinghe who is also [...]
Thumping visa fees, hotel rates send travel industry reeling
Travellers to Sri Lanka will have to pay more to enter the country as the new visa rules come about giving effect to new and increased charges that has taken even the Tourism Minister by surprise. The new system in place under the VFS Global charges a US$18.50 service fee, $7.27 convenience fee and a [...]
Rupee, freight rates on stabilising path
A rapidly appreciating rupee has currently been holding on and freight rates are seen to be stabilising that could help exporters if it sustains for the long term. The Sri Lankan rupee that has been rapidly appreciating lately has been holding for the past few days that exporters expect will remain. All exporters were concerned [...]
Local firms explore fortunes in RE & manufacturing in Africa
Some Sri Lankan companies not in the renewable energy space are making inroads into Africa to set up clean energy projects while certain others are eyeing manufacturing facilities, industry officials said. Sri Lanka already has a number of strong engineering and renewable energy companies in clean energy especially in West Africa. Officials point out that [...]
No tensions too tough for Ceylon Tea
Ceylon tea is travelling to markets that have seen tensions escalating in the recent weeks in locations like West Asia. Sri Lanka markets its main orthodox teas expensive but in high demand to the West Asian region countries like Iran, Syria, Saudi Arabia, Jordan, Libya, Kuwait, Israel , Iraq, UAE and Turkey. Tensions in these [...]
Tourism on a roll
Avilla, Avilla, Sinhala Avurudu Avilla (It’s here… it’s here, the Sinhala New Year has arrived). Even though the New Year festivities were long over, this popular Avurudu song was blaring from Aldoris, the choon- paan karaya’s tuk-tuk as he came down the lane early on Tuesday. “Aei oya avurudu sinduwa danney. Avurudu evarai ne (Why [...]
Sri Lanka’s 57-year old dream
On the 8th of August 1967, delegates led by the foreign ministers of five Southeast Asian countries met in Bangkok to establish an organisation. The five countries were Indonesia, Malaysia, Philippines, Singapore and Thailand. When the inaugural session began, in the words of S.R. Nathan, “…there was only one point pending for the adoption of [...]
SL Climate Summit to show Green Growth is great for business
Climate change, the defining issue of our time, is global in scope and unprecedented in scale. Sri Lanka is highly impacted by the climate crisis, with a scientific consensus warning of accelerating climate change and devastating consequences for human civilization, the planetary biosphere, and the economy. Left unaddressed, the climate crisis will impact global GDP [...]
Hambantota Port commences container operations
The Hambantota International Port (HIP), in a landmark move, has commenced its inaugural container transshipment service operated by the Mediterranean Shipping Company (MSC). MV ‘MSC Ingrid’ made her maiden call at HIP on April 9, discharging a total of 500 plus TEUs of transshipment containers to be connected to a second carrier, ‘MSC Sky 11’ [...]
ComBank appoints new Chairman and Deputy Chairman
Commercial Bank of Ceylon PLC has announced the appointment of top international investment banker Sharhan Muhseen as Chairman, and financial services professional Raja Senanayake as Deputy Chairman, effective Monday, April 22, 2024. Mr. Muhseen, previously Deputy Chairman of the Bank, succeeds Prof. Ananda Jayawardane as Chairman upon the latter’s retirement, and Mr. Senanayake, a non-executive [...]
Sri Lanka to focus on Green Entrepreneurship
The United Nations has recently applauded Sri Lanka’s efforts to restore and expand the island’s mangrove cover by over 50 percent. The country has been selected as one of the seven UN World Restoration Flagships for its pioneering efforts in mangrove restoration. Senior Advisor to the President on Climate Change, Ruwan Wijewardene, is actively preparing [...]
Legal battle in beauty industry case resolved in court judgment
The Colombo District Court, in a legal battle within the beauty cosmetics industry, has delivered a judgment, dismissing claims brought by Swiss Paradise against SSIZ International (Pvt) Ltd and Japlan Holdings (Pvt) Ltd. The case, seeking Rs. 40 million in damages, revolved around alleged damage to the Plaintiffs’ reputation and investments. The Plaintiffs, Swiss Paradise, [...]
Sri Lanka Insurance records pre-tax profit of Rs. 10.6 billion for 2023
Sri Lanka Insurance (SLIC) saw a strong performance in 2023 achieving a pre-tax profit of Rs. 10.6 billion, reflecting a robust improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, marking a growth of 7.2 per cent. As of December 31, 2023, Sri Lanka Insurance Life recorded a premium volume of Rs. 21 [...]
Certis Lanka rebrands as SITREK Group
Certis Lanka, a pioneer in integrated security services, recently unveiled its new brand identity as SITREK Group, marking a significant milestone in its journey of over four decades. The transformation to SITREK Group represents a strategic shift towards reaffirming the company’s commitment to its core values of Structure, Integrity, Trustworthiness, Responsibility, Excellence, and Knowledge. These [...]
IPS advocates stricter regulations for alcohol control
Recent statistics paint a stark picture of alcohol-related challenges facing Sri Lanka, with an alarming 83 per cent of deaths attributed to non-communicable diseases (NCDs). Alcohol consumption emerges as a prominent risk factor for NCDs, exacerbating health costs and contributing to issues such as road accidents and domestic violence, said the Institute of Policy Studies [...]
SL fuel consumption comes down by 50 % due to drop in demand
Alleged irregularities within the Ceylon Petroleum Storage Terminal Company’s (CPSTL) and its fuel distribution system has had an indirect impact on fuel consumption data countrywide which was a significant drop due to a decline in demand, Ministry of Power and Energy sources highlighted. CPSTL is a joint venture between the Ceylon Petroleum Corporation and the [...]
Pestalotiopsis leaf disease will accelerate the declining rate of natural rubber production
The natural rubber production in the country has declined from 89,000 metric tonnes in 2015 to 70,000 metric tonnes in 2022 according to available statistics. This level of natural rubber production is insufficient to meet the demand for this raw material in the rubber product manufacturing sector of the country. Therefore, annually around 50,000 metric [...]
Hatch and Orion City collaborate
Hatch, the accelerator/incubator, and Orion City, the foremost IT park, have unveiled an innovative digital platform, signalling a transformative shift in Sri Lanka’s tech ecosystem and business operations. This innovative app is set to streamline access to essential services and facilities across three strategic locations: Hatch Works in Colombo 1, Orion Nest at Orion City [...]
Seeking investors for SOEs
The Government has closed preliminary submissions towards acquiring the assets of key state-owned enterprises with the exception of Sri Lankan Airlines (SLA) which closes tomorrow (Monday). Deadlines for the submission of RfQs for HDL, CHPL, LHCP, SLT, SLIC and LITRO have now closed, while the deadline for SLA remains open until April 22, the State-Owned [...]
Dialog, Airtel merge operations in Sri Lanka
Dialog Axiata PLC, Axiata Group Berhad, and Bharti Airtel Ltd have signed a Definitive Agreement to combine their operations in Sri Lanka, with Dialog acquiring 100 per cent of the issued shares in Airtel Lanka. In exchange, Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355 per cent of the [...]
SL’s first Metal Payment Card from NTB and Amex
Sri Lanka’s first Metal Payment Card has been introduced by Nations Trust Bank and American Express. The launch of this payment Card – ‘The American Express® Platinum Reserve Credit Card’ marks this milestone in Sri Lanka’s payment landscape. This card symbolises exclusivity and sophistication with its sleek design and metal finish, the bank said in [...]
Closeup breaks barriers with an Innovative Digital Film
Unilever Sri Lanka’s Closeup toothpaste has made headlines with its latest initiative. Closeup has always been a brand that has pioneered challenging the oral care status quo. The brand’s purpose has been to bring couples physically closer, thereby breaking category conventions and all barriers by focusing on the emotional and social benefits of fresh breath [...]