Hard times for Avurudu ‘kaeme’
This lady from Kirulapone regularly makes Avurudu sweetmeats and other food during the New Year. But she says this year the demand has dropped for her orders because of rising prices. Pic by M.A. Pushpa Kumara
Unprepared Sri Lanka on brink of food security crisis over US tariffs
With the possibility of a global economic recession looming as the US tariff hits economies around the world, Sri Lanka is no better as some predict it would affect key industries and lead to a food security crisis as well. Major food exporting nations are likely to want to take care of their own economies [...]
Five local banks eye SCB portfolios
At least five local commercial banks are eyeing Standard Chartered Sri Lanka (SCB) wealth and retail banking business in the country, industry officials said. These banks are currently evaluating the SCB portfolio, they added. The move aligns with SCB’s parent company’s commitment to concentrating resources where the group has the most distinctive client proposition. The [...]
Govt. introduces indexation for excise taxes
The government has introduced an annual indexation mechanism for excisable goods, including alcoholic beverages. This move adjusts excise duties for liquor under the Excise Ordinance. Overall, the new indexation mechanism and revised excise policies are designed to ensure that taxes on liquor and tobacco products are adjusted annually to reflect inflation and economic conditions, a [...]
Sri Lanka offers to cut trade deficit, increase imports
Sri Lankan authorities have expressed willingness to reduce its trade deficit with the US and lower the tariffs on imports with expectations to conduct negotiations and discussions with the state officials by around next week. Sri Lanka has established a committee comprising the private sector and bureaucrats with key representatives from the apparel sector along [...]
Local firms to relocate owing to US trade tariffs
Sri Lankan companies, particularly in the manufacturing sector, are likely to relocate due to the impact of US trade tariffs and domestic taxation. The stifling trade tariffs by the US have resulted in local firms in certain industries, particularly in tea value addition, considering relocating to Arab countries, an industry source told The Sunday Times [...]
Shared-KYC for banks, likely by year-end
Shared Know Your Customer for the banks is set to launch by year-end in Sri Lanka, a digital process where individuals’ identities are verified and shared amongst banks for business transactions. “The government has presented it to the banks, and we are awaiting their response. The target is to complete and launch it by year-end,” [...]
Ceylon Tea impacted by tariffs
Sri Lanka exports high priced teas to the US and this is likely to be impacted by the tariffs imposed recently just as the country saw a significant hike in export volumes, industry sources said. Last year Sri Lanka exported 6.4 million kg of Ceylon tea to the US out of which 2.2 million was [...]
Curbing post-harvest losses
Heaps and heaps of rotting vegetables and fruits. Some of the ‘memorable’ clicks by photojournalists have been that of rotting veggies at the Dambulla Dedicated Economic Centre (DDEC), forced on farmers who are unable to sell their produce when sale prices drop sharply compared to their ‘asking’ prices (calculating their own cost of production and [...]
Liberation day for Sri Lanka
At a meeting last week, where I also had an opportunity to speak, I made the following observation about our country’s export performance: “We Sri Lankans, have done more damage on our own exports than the potential impact by President Trump’s announcement of a 44 per cent reciprocal tariff on a quarter of total exports. [...]
Govt. confident travellers will still holiday amid US tariffs crisis
In the long term the Sri Lankan government believes upmarket travellers will keep the industry afloat should the US tariffs on countries worldwide make its impact. Deputy Tourism Minister Prof. Ruwan Ranasinghe addressing the media at the Government Information Department stated that while they believe the US tariffs are unlikely to adversely impact the expected [...]
SL addresses US tariffs in IMF mission talks
Sri Lanka is hurrying to respond after the US imposed a huge 44 per cent retaliatory tariff on its exports—targeting US$3 billion worth of products, heavily in key sectors like apparel and textiles. The one-sided measure has evoked immediate economic as well as diplomatic response; the US formally requesting Sri Lanka to make moves to [...]
Manufacturers urge consistent industrial policy for competitiveness
Sri Lanka needs a consistent industrial policy providing concessions for the manufacturing sector to become locally and globally completive by producing innovative and quality products, several domestic industry leaders emphasised. They urged the government to clear the way towards building a broad-based export industry by introducing national industry policy soon do away with protectionism as [...]
Sri Lanka’s IT industry’s growth amidst challenges
Sri Lanka’s Information Technology (IT) industry has experienced significant growth, with revenues increasing from approximately US$750 million, 10 years ago, to between $1.5 to 2 billion, Director and Co-founder of Creative Software Sushena Ranatunga told The Sunday Times Business. This expansion underscores the sector’s resilience and potential as a key contributor to the national economy, [...]
CFA Society’s Capital Markets award on June 24
The CFA Society Sri Lanka is holding its annual Capital Market Awards, now in its 12th year, on Tuesday June 24 at ‘Cinnamon Life at City of Dreams’. Aimed at recognising and rewarding excellence in the local capital markets, the coveted CFA Society Sri Lanka Capital Market Awards stand among the most sought-after investment industry [...]
Eiger hosts Gelato Masterclass in Sri Lanka
Eiger Holdings has hosted the first-ever Gelato Masterclass on March 12 at Monarch Imperial. Designed to introduce and elevate the gelato industry in the country, the event brought together ICETEAM1927 and FABBRI1905, two globally renowned names in gelato craftsmanship. The overwhelming response led to the addition of a second session, with a diverse audience of [...]
ComBank hosts SME Trade Fair in Colombo
Nearly 200 entrepreneurs representing small and medium enterprises (SMEs) from all over Sri Lanka came together in Colombo recently to exhibit and sell their products and services at a Trade Fair organised by the Commercial Bank of Ceylon. The three-day fair at ‘Nugasevana’ at the BMICH comprised stalls of SMEs in different sectors of business. [...]
Verdant Capital’s $13.5m investment in LOLC Africa
Verdant Capital has announced that its Verdant Capital Hybrid Fund (the Fund) has completed an additional investment of US$4.5 million in LOLC Africa Singapore Ltd (LOLC Africa). This investment brings the total investment in LOLC Africa to $13.5 million. The investments are structured as holding company loans, and they are being directed towards LOLC Africa’s [...]