Big news
Sri Lanka on Wednesday signed an agreement (see picture) in Paris, on the debt restructuring process with Sri Lanka’s official creditors. In the picture are State Finance Minister Shehan Semasinghe, Central Bank Governor Nandalal Weerasinghe and Treasury Secretary Mahinda Siriwardana with other officials from the creditor committee. The Business Times in a story last week [...]
Adani in the running for sea bed exploration in Sri Lankan waters
Adani, the Indian company involved in the West Terminal development at the Colombo Port and the controversial wind power project in Mannar, is also engaged in a third project here – proposed mining for valuable minerals in Sri Lanka’s ocean bed. According to a high official associated with the negotiations, the Adani Group has stepped [...]
Tourists slowing down pace to Sri Lanka
Travellers to Sri Lanka are slowing down with arrivals in July and August expected to drop as a result of several concerns raised by the industry that remain unresolved. The industry warns that if their concerns related to the issuance of visas under the new VFS online system are not resolved the number of arrivals [...]
Port City is on target to fill up with companies
The Colombo Port City has roped in 65 companies and is on target to make it 100 by year end, top officials said. They also said the banking regulations for Port City will be ready by July end. Reputed international and local corporate entities, including Asiri Port City Hospital (Pvt) Ltd, TIQRI, CODEGEN INNOVATIONS, 99x [...]
Sri Lanka nears debt sustainability, striking debt relief deal with bilateral creditors
Sri Lanka is nearing the restoration of debt sustainability following the agreements with bilateral creditors including China on Wednesday, IMF officials confirmed expressing belief that the state authorities will strike a deal with private creditors soon. An agreement has now been reached with China and other donor countries to restructure around US$10 billion in bilateral [...]
CSE to launch $50 m green bond
The Colombo Stock Exchange (CSE) is set to launch a US $50 million green bond, as per top sources. The necessary legislation and structures have already been put in place for this initiative. The bond is planned to be floated on the exchange similar to an initial public offering. However, the delay is due to [...]
Bulk of 2023 foreign loans missing in state accounts:
The bulk of the foreign loans received during 2023 is missing and not accounted for in the Finance Ministry’s annual report for 2023, the Auditor General’s audit report, contained in the same report, has revealed. Apart from loan agreements, the total of US$90.6 million was received by way of Official Development Assistance through 10 grant [...]
Ha…ho over trade unions
Walk on the streets, drive on the roads or be a bus passenger, an everyday event in Colombo is that trade unions have taken over the streets. Not a day passes without one or two trade unions protesting and demanding their rights. Bankers, garment workers, pensioners, university academics or non-academics, unemployed graduates, teachers, principals, doctors [...]
“Stop going to the IMF”
Sri Lanka has been a “repeated client” of the IMF. It has been there 17 times during the past 58 years – too long and too often. The first visit was in 1965 and the most recent one in 2023/24. About 2 – 3 years ago Sri Lanka refused to go to the IMF and [...]
Global container shipping vessels top full capacity
As the Red Sea crisis worsens, almost all global container ships are passing via the Cape of Good Hope. Ships from the East moving towards the West are delayed by approximately 12 days due to be forced to use longer routes. With the US imposing sanctions on China, Chinese exporters are rushing to export as [...]
Mark of a Leader – Get Things Done!
Last week, one of my new acquaintances called me on my mobile and described himself as someone who gets things done. We all have an expiry date, and we need to get things done before that eventful day. If we want the things that we do to last even after we are gone, then we [...]
Partners convene for stronger digital impact in Sri Lanka
Digital Public Infrastructure (DPI) is a critical enabler of digital transformation, fostering economic growth, improving service delivery, and enhancing social inclusion. With its commitment to fostering and further strengthening the country’s DPI, the Government of Sri Lanka through the Ministry of Technology is currently working with multiple stakeholders to advance the digital transformation agenda. With [...]
IPS strategies to curb Beedi and smokeless Tobacco consumption
Despite a notable reduction in formal cigarette consumption, the use of informal cigarettes such as beedi cigars remains a significant concern in Sri Lanka. Continued beedi consumption, especially among the poor, demands sustained efforts and innovative approaches to control tobacco use. A new publication by the Institute of Policy Studies of Sri Lanka (IPS) titled [...]
Keells Supermarket launches Self-Checkout Systems
Keells a leading supermarket chain in Sri Lanka, recently enhanced its operations by introducing self-checkout systems from Diebold Nixdorf USA, the global leader for retail automation systems. “This is a remarkable milestone for Keells as they have become the first supermarket to implement self-checkout systems in the whole of South Asia, well ahead of larger [...]
Sri Lanka’s policies not conducive to become a mass commodity exporter
While one of Sri Lanka’s challenging and daunting tasks is the inconsistency of policies, from a manufacturing point of view the policies are not conducive to becoming a mass commodity producer and exporter. Serendib Flour Mills, CEO, Vijay Sharma said during an interview with the Business Times. Mr. Sharma said, “From a manufacturing point of [...]
Economic Transformation Bill: For whom and for what?
The Economic Transformation Bill, is said to be emanating from a “Vision” of President Ranil Wickremesinghe on how to prevent future economic collapse and not based on any IMF prescriptions. Even a cursory reading of the Bill shows that this “vision”seems to be unilaterally setting economic benchmarks for the country in a futuristic scenario without [...]
Vehicle importers express concern
The Vehicle Importers Association of Sri Lanka, during a media conference recently, expressed concern over some recent decisions taken by the Government. The first issue is that the Ministry of Tourism has introduced a scheme via a cabinet decision to import 1000 number of motor vehicles for hotels and tourism which only allows a handful [...]
First Capital supports Room to Read
Building on its commitment to improve the lives of all Sri Lankans through financial solutions, Sri Lanka’s pioneering investment institution, First Capital Holdings PLC, has renewed its partnership with the non-profit organisation “Room to Read”. This collaboration aims to empower girls from underprivileged communities by amplifying their access to education through Room to Read’s “Girls’ [...]
dxdy, enprivacy join hands to empower local businesses
With the enactment of the Personal Data Protection Act No. 9 of 2022 in Sri Lanka, ensuring compliance has become paramount for businesses seeking to safeguard personal information and uphold individual privacy rights. Recognising the urgency of the situation, dxdy and enprivacy have introduced a tailored privacy health check service aimed at assessing, refining, and [...]
Govt. to ban illegal metal scrap exports
The government is to ban the illegal export of metal, iron, related equipment and scrap in the country, and in the future, all metal exports should be made only on the recommendations of the Ministry of Industry, Minister of State for Finance Ranjith Siyambalapitiya told the Business Times, He noted that the country was losing [...]
World Bank approves $150 m loan for Sri Lanka
The World Bank’s Board of Executive Directors this weekhas approved US$150 million in financing for Sri Lanka to improve the quality and utilisation of its primary healthcare services. The newly approved Sri Lanka Primary Healthcare System Enhancing Project will help improve quality of care and increase the use of primary medical care institutions, which provide [...]
CCC renews partnership with Board of Trade of Thailand
A 7-member delegation led by the Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand, Sanan Angubolgul recently met with the Chairman of the Ceylon Chamber (CCC) Duminda Hulangamuwa, along with senior representatives of the chamber culminating in the renewing of a Memorandum of Understanding (MOU) to further enhance trade, [...]
AI Pazz, the first AI-powered legal research platform in Sri Lanka
In a major transformation shift in the Sri Lankan legal industry, an artificial intelligence (AI)-powered legal research platform has been introduced by RedBlocks AI (Pvt) Ltd, featuring the country’s largest legal database, addressing the critical pain points that have long hindered efficient legal research. At the recently concluded Sri Lanka Association for Software and Services [...]
UNDP-led Biogas, Biomass and Solar South-South Trilateral Cooperation Project
The United Nations Development Programme (UNDP) -led Strategic Steering Committee meeting and summary workshop of the Biogas, Biomass and Solar South-south and Trilateral Cooperation Project was successfully held in Colombo recently with the participation of 30 key stakeholders from the Strategic Steering Committee Board. The thematic focus was on presenting the project’s results and achievements, [...]
Batticaloa Fort to be developed for tourism
The Batticaloa government agent’s office was given new premises on June 10, making way for Batticaloa Fort to be developed as tourism attraction. The Business Times on May 12 revealed plans to remove the government agent’s office from the Fort premises, a historical gem reflecting Dutch and Portuguese architectural influences, and give it over to [...]
Are we ready to inject AI to our economy?
A hustle-bustle lifestyle with various types of role-play makes humans busy and stressed. As solutions, human intelligence brings some answers. Man-made apparatus and tools are now available in every sector to simplify the activities from womb to tomb in the life journey; technologically improvised devices surround us everywhere. Kevin Ashton’s Internet of Things empowered (IoT) [...]
Dentsu triumphs as the Most Effective Agency Network in Sri Lanka
Dentsu, in an era defined by integration and collaboration, has achieved a hat trick, securing the #1 spot in the EFFIE Global Agency Networks ranking as the Most Effective Agency for Sri Lanka for the third consecutive year. This achievement is thanks to the exceptional efforts of Dentsu Communications and Dentsu Grant, the agency proclaimed [...]
Dialog Axiata completes acquisition of Airtel Lanka
Dialog Axiata PLC and Bharti Airtel Ltd has successfully completed the share sale transaction, with Dialog acquiring 100 per cent of the issued shares in Bharti Airtel Lanka (Pvt) Ltd through a share swap. After this share swap, Axiata holds 73.75 per cent of Dialog while Bharti Airtel will own 10.355 per cent and the [...]
ComBank’s Rs 10 bn Debenture Issue opens on July 2
The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon PLC’s Rs. 10 billion Debenture Issue opening on Tuesday 2nd July 2024. The bank has announced an initial issue of 100 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, [...]
CCC re-elects Chairman Duminda Hulangamuwa and Board
The Ceylon Chamber of Commerce announced the re-election of its Board for the Year 2024/25 at the Chamber’s 185th Annual General Meeting on June 27. The re-elected Board comprises Chairman Duminda Hulangamuwa – Country Managing Partner for Sri Lanka and the Maldives, Ernst & Young; Vice Chairman Krishan Balendra – Chairman John Keells Holdings PLC; [...]