Colombo bustling with Christmas decorations
In line with past practices, Colombo has come alive with Christmas celebrations with hotels competing against each other to present the best decorations in the capital. Picture by Akila Jayawardena shows decorations at the Kingsbury hotel.
Key economic info not reaching across Sri Lanka-Central Bank
The Central Bank’s various decisions on the economy is not adequately reaching out to those conversant only in Sinhala and Tamil (the vernacular media) languages, said it’s Governor Dr. Nandalal Weerasinghe. Speaking to newspaper editors this week, he said that while sufficient information is reaching out to the English language audience, key economic decisions are [...]
Govt. gradually lifting vehicle import ban
The Sri Lankan government has announced a plan to lift the ban on vehicle imports in phases, imposed since March 2020 to conserve foreign exchange preventing another crisis in the economy. Accordingly, the ban on more than 3,000 items, including vehicles, was imposed to stabilise the economy by controlling imports and reducing foreign currency outflow [...]
Coconut likely to become an “essential commodity”
Coconut industry-based authorities are looking at the possibility of imposing the “essential commodity” tag on coconuts in a bid to contain prices at levels as indicated by the government. The authorities are finding it hard to ensure that prices in the local market can be retained without surging from Rs.110 upto around Rs.200. Currently prices [...]
CSE gearing to set more record highs
Stockbrokers said the Colombo stock market is posting record highs almost every week, and the index is slated to rise further based on fundamental valuations. They noted that most trades now happen on fundamental valuations and not merely on speculation. They stated that there were many instances when the price-to-earnings ratio was moved to 15 [...]
Indo-Lanka ETCA talks revived after President’s Indian visit
Sri Lanka has reiterated her commitment to revival of the talks on the Economic and Technological Cooperation Agreement (ETCA) with India, with a view of enhancing trade relations between the two neighbours. This was decided during the bilateral discussions between Sri Lanka President Anura Kumara Dissanayake and Indian Prime Minister Narendra Modi. Both leaders acknowledged [...]
Ports Authority MD appointment in a fix
Sri Lanka Ports Authority (SLPA) is embroiled in a legal battle over the newly appointed Managing Director (MD) after removing the previous officer. Sources at the SLPA told The Sunday Times Business that the new Ports Minister Bimal Rathnayaka is said to have removed the previous MD Prabhath Malavige and appointed a junior officer Janaka [...]
Accountability vs Visibility
Many decades ago during the mid-1980s, when Ronnie de Mel was Finance Minister — in fact he probably broke a record for being the longest serving Finance Minister in any government here or overseas — he used to have his customary briefings for the media. But he also had his own rules, often frowned on [...]
Industrialisation revisited: Enabling policy environment
I was invited to deliver the keynote speech at the annual international conference of the Sri Lanka Economic Association (SLEA), which was held on December 6. This year’s theme of the conference was ‘Industrial Transformation for Economic Recovery of Sri Lanka’. Just a few days before the event, during a phone conversation with a friend [...]
Inclusive carbon markets to help smallholders
Solidaridad, an organisation helping communities to be more resilient, is exploring how to support local smallholder farmers, through the development of accessible and inclusive carbon market frameworks and through a mechanism called Acorn, which was developed and launched by Rabobank. Eduard Merger, Climate Innovation Lead, Solidaridad Germany explained how Solidaridad cottoned onto this initiative during [...]
Vidullanka PLC’s first Guyanese EPC project inaugurated
Vidullanka PLC’s first project under its US$12.85 million Engineering Procurement and Construction contract with the Guyana Energy Agency, the 0.7MW Moco Moco Mini Hydropower Plant, was inaugurated recently in the presence of Prime Minister of Guyana, Brigadier (Ret’d) Mark Phillips, as well as key representatives of the government and local authorities, the Guyana Energy Agency [...]
Ceylinco Life 89th classroom donation
A group of children in the scenic coastal town of Arayampathy in Batticaloa will start the new school year with a new classroom, thanks to the generosity of Ceylinco Life. Sri Lanka’s life insurance leader funded the construction of a building for the Aesthetics classroom of the Sri Vinayagar Vidyalaya, Thalankudah, Arayampathy. This is the [...]
$25 m project at Hambantota Port Park
Following Hambantota Port Group’s (HIPG) recent investment in upgrading crane facilities to expand container operations at the Hambantota International Port (HIP), Comfort Mattress Lanka (Pvt) Ltd has become the first investor to set up operations in the port’s industrial park. With an investment of US$25 million, the project targets key export markets, including the US, [...]
NDB first local bank with multiple certifications
NDB Bank has achieved a milestone by becoming the first commercial bank in Sri Lanka to secure all three globally recognised ISO certifications: ISO 27001:2022 for Information Security, ISO 22301:2019 for Business Continuity Management, and most recently, ISO 20000:2018 for IT Service Management. The attainment of ISO 20000:2018 underscores the bank’s commitment to operational excellence [...]
Dialog Enterprise, Dell Technologies unveil new product
Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC, in collaboration with Dell Technologies and Pinnacle Distribution Lanka, unveiled an advanced AI-driven Video Surveillance and Analytics as a Service (VSaaS) solution at an event in Colombo recently. The event saw Dialog’s AI-powered Video Surveillance and Analytics solution, powered by Dell Technologies’ reliable infrastructure [...]
LOLC Al-Falaah voted best Islamic leasing provider
LOLC Al-Falaah, the alternate financing unit of LOLC Finance, has once again cemented its legacy as a trailblazer in the Islamic finance landscape by being voted the “Best Islamic Leasing Provider (Global)” in the IFN Non-Banking Financial Institutions Poll 2024. This marks the third time in four years that Al-Falaah has achieved this No.1 position [...]
Hazelnut and Passion Yule Log Train by Shangri-La Colombo
This festive season, Shangri-La Colombo has unveiled a culinary treasure – the Hazelnut and Passion Yule Log Train. Inspired by Sri Lanka’s iconic train journeys, this limited-edition creation redefines indulgence, offering a rare and luxurious treat for the most discerning connoisseurs. With only 24 pieces in this exclusive 2024 collection, each Yule Log is a [...]
Digitalisation to revolutionise the company secretarial game
Having gotten into company secretarial work through legacy, and family pressure, Isura Sirisena is ready to revolutionise the industry. The second-generation head of Ananda Sirisena and Company, one of the pioneering Company Secretarial Firms in Sri Lanka, Mr. Sirisena had always had a ‘slant’ towards entrepreneurship. “Getting into the company was a turning point,” he [...]
Country needs to implement a strategic plan
The President, while delivering his policy statement for the country declared his expectations in achieving some targets for key economic activities. Major economic activities that he covered in his speech, among other things, included agriculture, industries, tourism, trade and port services, digitalisation, technology, energy and manpower planning. However, no one has emphasised how we are [...]
Revolutionising paddy cultivation in Sri Lanka
For centuries, rice has been the heartbeat of Sri Lankan agriculture, with over one million hectares of paddy fields cultivated annually, accounting for 37 per cent of the country’s land use. But as climate change accelerates, the task of managing water resources, especially for paddy, has become ever more challenging, UNDP said in a feature [...]
Sampath Bank enhances digital payment solutions
Sampath Bank has announced its successful integration with the payment gateway Cybersource, further strengthening its position as a leader in digital banking. Through this partnership, Sampath Bank is committed to offering seamless payment solutions to businesses that unlock opportunities for growth and success. This integration with Cybersource, a Visa solution, enhances secure, user-friendly transactions while [...]
Industry’s class of 2024 redefines the future of apparel
Sri Lanka’s apparel sector, a driver of the nation’s economy, celebrated a pivotal moment in advancing gender equality with the graduation of the 2024 cohort from the Gender Equality and Returns (GEAR) programme recently. Over 80 per cent of the apparel workforce in Sri Lanka comprises women, yet they remain significantly underrepresented in leadership roles. [...]
Streamlining public debt management
The Central Bank of Sri Lanka has decided to divest Public Debt Management (PDM) responsibilities to the Ministry of Finance to enable it to focus on its core mandate of promoting price stability. It also provided for the establishment of a consolidated Debt Management Office (DMO), which is one of the priority reforms outlined in [...]
Untold Lessons: Economic insights from history for Sri Lanka’s crisis
With a new government in power, Sri Lanka finds itself grappling with immense economic challenges. The burden of enormous debts continues to weigh heavily on a fragile economy, necessitating robust growth to overcome these hardships. However, achieving such growth is complicated by a governmental predisposition toward centralised economic control, rooted in socialist-communal ideologies. These challenges [...]
Coca-Cola’s Christmas trucks in Sri Lanka
Coca-Cola’s iconic Christmas trucks have made a return this festive season, spreading joy and magic across the globe and now in Sri Lanka. These beloved trucks, shown in the picture outside the One Galle Face mall in Colombo, are travelling to 16 locations across the island.
Shopbook raises $150,000 to digitise bookkeeping for small businesses
Shopbook, a fintech start-up, in a move to transform traditional bookkeeping for micro, small, and medium enterprises (MSMEs) in Sri Lanka, has secured US$150,000 from Sri Lankan and Singaporean investors led by nVentures. The company aims to tackle the inefficiencies plaguing micro, small, and medium enterprises (MSMEs) with its digital bookkeeping and business management platform, [...]