Negative image of Sri Lanka
Tourists stranded at the Hatton Railway Station with security forces on guard this week due to a strike by railway employees. The strike was called off on Thursday. Pic by Sudath H.M. Hewa
Strikes, congestion force vessels to bypass Colombo Port
By Sunimalee Dias The Colombo Port is currently facing a crisis due to the increased congestion and drop in volumes in June as a result of which vessels are likely to bypass Colombo with certain shipping lines expressing interest in moving to newly opened Indian ports likely to cause stiff competition to Sri Lanka. The [...]
Sri Lankan banks on guard after Fitch downgrades Maldives
By Duruthu Edirimuni Chandrasekera Sri Lankan banks are on high alert after international credit rating agency Fitch downgraded the Maldives in June warning that the country could be heading for a sovereign default on its foreign loans. Fitch Ratings has downgraded the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-’. Fitch typically [...]
Road, flyover construction picks up pace
By Bandula Sirimanna Ahead of the presidential elections the Government has earmarked for the completion and opening of roads, bridges and highway construction projects while expediting key infrastructure development work suspended due to the economic downturn in 2020-2021. Transport and Highways Ministry Secretary Eng. Ranjith Ganganath Rubasinghe said that despite the economic crisis the country [...]
Two more luxury hotels added to Sri Lanka’s portfolio
Sri Lanka’s billionaire entrepreneur, Dhammika Perera’s two luxury hotels are slated to open by next year-end, top sources said. Mr. Perera, Chairman of Greener Water Limited (a fully owned subsidiary of Vallibel One PLC) and Chairman of Summer Season Ltd Mohan Pandithage in February 2020 signed two groundbreaking MOUs to establish global luxury brands JW [...]
AOD-9604 Peptide: Potential Properties
AOD-9604, a synthetic peptide derivative of growth hormone (hGH), is gaining attention within the research community for its diverse scientific implications. Originally developed for its lipolytic potential, this peptide may exhibit a range of other functions that extend beyond fat metabolism. This article explores the hypothesized mechanisms of AOD-9604, its biochemical interactions, and its implication [...]
Aid funding flows in after debt-restructuring success
By Duruthu Edirimuni Chandrasekera Foreign donor aid is gaining momentum for Sri Lanka on the verge of its sovereign bond restructuring, top officials said. They noted that, now multilateral agencies are returning and are resuming infrastructure projects. The news of the OPEC Fund for Development providing US$100 million, in financing for irrigation and water security [...]
Workers demand Rs.50,000 basic wage
By Sunimalee Dias Workers in all public and private sector trade unions are gearing up to stage a demand for a national minimum basic wage of Rs.50,000 ahead of the interim budget announced by the government. Free Trade Zone and General Services Union General Secretary Anton Marcus told the Sunday Times Business that following a [...]
“Fruit of the tree that was planted”
“Ceylon has tasted the fruit before she has planted the tree.” This is a famous statement that Joan Robinson wrote about Sri Lanka as far back as in 1959. Since then, the statement has become an “attribute of the nation” so that, even today many Sri Lankans know it and refer to it in different [...]
A West Asia without oil!
When the world came together at climate change talks titled COP28 in November 2023 in Dubai in the United Arab Emirates (UAE), the focus was on cutting fossil fuel (coal, oil, and natural gas) to reduce emissions which harm the environment. Ironically while experts were seen thrashing out an agreement to see this happen amidst [...]
Sri Lanka launches locally-produced fortified rice
The Government of Sri Lanka recently announced that Sri Lanka has now gained the capacity to produce fortified rice kernels. The kernels are enriched with Folic Acid and Iron through an extrusion process creating nutrient rich grains that will be blended with regular rice to produce fortified rice, according to an official media statement. This [...]
Sri Lanka looks to tap informal sector to widen tax base
By Bandula Sirimanna The Government is making a renewed effort to expand the taxation system by targeting high-income earners in the informal sector, four years after a failed attempt to introduce a progressive tax structure in 2018. State Minister of Finance, Ranjith Siyambalapitiya, announced plans this week to tax 14 previously untaxed sectors, including large-scale [...]
“No educational component in marine tourism,” says Marine Biologist, Asha De Vos
By Raj Moorthy While Sri Lanka is well-known as a priority tourist destination for whale watching, the country is now catering to check box tourists (ticking off places they visit). Tourists visit Sri Lanka to witness whales and take pictures but end up disappointed with no whales in sight. Tour operators advertise and market the [...]
CEB overcharges consumers, hiding profits from PUCSL
By Bandula Sirimanna The Ceylon Electricity Board (CEB) has overcharged a minimum sum of Rs.15,000 from a consumer during the past six months submitting wrongful data on profit and financial status in the relevant proposal to revise electricity tariffs to the Public Utilities Commission of Sri Lanka (PUCSL). Former Power and Energy Minister and MP [...]
LTL constructing two solar projects in Rajasthan, India
By Duruthu Edirimuni Chandrasekera LTL Holdings Ltd subsidiary, Asiatic Electrical & Switchgear Pvt Ltd (AESPL) has managed to secure two Solar Projects – 4 megawatts (MW) each, in Rajasthan, India under the Kusum scheme of Jaipur Vidyut Vitran Nigam Limited (JVVNL). LTL Holdings CEO, Nuhuman Marikkar told the Sunday Times Business on Tuesday that the [...]
LOLC Technologies unveils LLM-based Chatbot
LOLC Technologies has launched an AI-driven chatbot powered by a Large Language Model (LLM) , which it says is a ground-breaking move for the banking and financial services industry in Sri Lanka. This innovative development marks the first use of such cutting-edge technology in the local financial sector, setting a new benchmark for customer service [...]
Seylan Rs.10 bn debenture oversubscribed
Seylan Bank said this week that its Rs.10 billion debenture issue was oversubscribed on its opening day, with applications for over 100 million debentures, signalling strong investor confidence. The bank issued an initial Rs.5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. These debentures, priced at Rs. 100 each, have maturity [...]