ECT under scanner on way forward
Joint trade unions against privatisation of the East Container Terminal (ECT) on Thursday carried out a protest in front of the Khan Clock tower in Fort to create awareness about the impending crisis the country is likely to face should the authorities go ahead with plans to allow an Indian company to run operations there. [...]
Confusion over retirement age
The National Labour Advisory Council (NLAC), a tripartite body, is meeting next week to discuss with stakeholders a host of matters including the recent budget proposal to alter the age of retirement, a proposal that has caused a lot of confusion and anxiety and raised questions as to whether the government wants to dip into [...]
LOLC to increase investment in new hotels after assessing properties
Betting long-term on the revival of the tourism industry, the country’s fastest growing conglomerate, LOLC Group’s strategic investment arm, Browns Investments PLC’s (BI) subsidiary Eden Hotel Lanka PLC on Tuesday bought a controlling stake of 55.65 per cent in Serendib Hotels PLC from Hemas Holdings PLC. BI officials told the Business Times that LOLC is [...]
Selendiva to find investors
Selendiva Investments Ltd incorporated under the purview of the Ministry of Finance to hold some state-owned real estate is calling for Request for Proposals (RFP) to get a consultant who in turn will prepare a marketing RFP to find investors for them. Officials told the Business Times that the marketing RFP is to invite investors [...]
Boxing Day trials fixed
Opening an island for tourists has become a daunting task as health and tourism authorities are still working on the modalities and the date when commercial operations could commence is yet to be finalized. During an official meeting of all stakeholders held on Friday there has been discussion on the modalities to be followed in [...]
CPC to increase jet fuel imports
Sri Lanka’s state-owned Ceylon Petroleum Corporation (CPC) is devising plans to increase its jet fuel imports in the next two years anticipating a rise in domestic demand in the aviation sector, an official procurement plan revealed. The CPC will increase jet fuel imports by 38.33 per cent to 593,440 metric tons next year and in [...]
Shot in the arm for kithul
The ubiquitous jaggery, produced by hundreds of rural families in Sri Lanka, has finally found its deserving place in the national economy. This week the Cabinet declared kithul as a plantation crop and decided to establish the Kithul Development Board. Jaggery (hakuru) and treacle (pani) are age-old by-products of the kithul palm and on this [...]
After saying, “I do…!”
In December 2009, rating agencies – Fitch, Moody’s, and Standard and Poor’s, all downgraded the Greece sovereign bonds. These bonds so far had “A” ratings and the sudden downgrading shocked the investors in Greece bonds or, to say it in plain language, the lenders to the Greece government holding its bonds. With further downgrading in [...]
Kantale sugar factory revival rings bells of hope after 30 years
The 30 year long period of delay in the sugar production at the Kantale factory is set to end soon after the handing over of land, property, services, etc (leases) to MG Sugars Lanka Private Limited by the government, company officials divulged. The final leases for the Factory are to be signed and handed over [...]
COVID-19 pandemic has ravaged job markets in Asia Pacific region
Many employed in the tourism and manufacturing sectors have lost their jobs but still maintain their attachment to their jobs. Even those who work in the informal sectors are experiencing reduced working hours that result in reduced labour income of 10 per cent in the Asia Pacific region in the first three quarters of 2020. [...]
BI signs with CHEC Port City mixed development project
Browns Investments PLC (BI), the strategy investment arm of the LOLC Group, on Thursday entered into an agreement to partner with China Harbour Engineering Company Ltd (CHEC) to commence the Colombo International Finance Centre (CIFC) mixed development project in the Colombo Port City (CPC). The CIFC mixed development project will be piloted over two phases, [...]
Amana Takaful surges to strong post tax profit for the first 9 months
Amana Takaful PLC, amidst challenging conditions and a prevailing pandemic in the country, has posted a Group Profit After Tax of Rs. 203.48 million for the nine months ending September 2020, a turnaround as opposed to the Net Loss recorded during the same period in 2019. The turn-around is attributed to a strategic realignment of [...]
Serious repercussions for Sri Lanka from MCC grant withdrawal
Serious repercussions are likely in terms of foreign direct investment and investment in Treasury bills and bonds arising out of Wednesday’s withdrawal of the US$480 million US-based Millennium Challenge Corporation (MCC) grant, economists said. They said that investors may even pull back from investing in the money markets since the Sri Lanka government failed to [...]
New CB Deputy Governors appointed
The Monetary Board has promoted Assistant Governors, Ms. T.M.J.Y.P. Fernando and N.W.G.R.D. Nanayakkara to the post of Deputy Governor of the Central Bank with effect from December 14, it was announced on Thursday. Ms. Fernando has over 30 years of service in the Central Bank in the areas of supervision and regulation of banks, foreign [...]
Blueprint prepared to revive stalled tourism
Sri Lanka Tourism has prepared a 5- year integrated plan to boost tourism and this plan has received cabinet approval. There wasn’t a comprehensive strategy by Sri Lanka earlier to promote tourism when the war ended after 30 years although tourists arrived in the country thereafter. “What we want to do now is to look [...]
Sri Lanka’s economic growth suffers, contracts by 16% in 2ndQ
Sri Lanka’s Gross Domestic Product (GDP) growth for the second quarter 2020 contracted substantially by 16.3 per cent, according to official data released this week, due to COVID-19 disruption of the economy – its largest ever drop in history -, but bounced back in the third quarter to record 1.5 per cent growth. The data [...]
Forbes lists Dilmah in “Best Under A Billion 2020” – Asia
Dilmah has been listed in Forbes’ “Best Under A Billion 2020” in the Asia-Pacific region. This announcement comes days after the company was listed in the top 10 of “The Most Admired Company Awards” by The International Chamber of Commerce of Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA). The Forbes list [...]
New economic development model deviates from notorious structural adjustment; CB Governor
Sri Lanka is set to move away from an import-oriented market economy towards a production-oriented strategy despite a multitude of economic issues including the COVID-19 pandemic. The government’s intention was to ensure the people’s economic freedom with a production economy facilitated by structural changes within the framework of a market economy, Central Bank Governor, Prof. [...]
Professionals urge Government to allow vehicle imports
A group of professionals, with letters of credit established before the ban on vehicle imports using concessionary permits with foreign suppliers, is urging the Government to allow shipping of these motor vehicles. The group under the name “Group of Affected Professionals Established L/Cs before 19th of March 2020” consists of more than 300 members including [...]
Ceylon Tea unable to meet demand
This year total Ceylon tea production is likely to achieve about 275 million kg, a significant drop in production compared to previous years where the annual average was over 300 million kg. Sri Lanka gained from the crop failure and shutdown in India this year as a result of which there was a crop loss [...]
Ukwatte re-elected as THASL President
The Annual General Meeting of THASL (The Hotels Association of Sri Lanka) was held on Thursday at the Hilton Colombo where Sanath Ukwatte of Mount Lavinia Hotel was re-elected as its’ President for another term. The other elected office bearers are – M. Shanthikumar (Ramada Colombo)- Vice President, City Hotels; Chamin Wickramasinghe (Maalu Maalu Resort [...]
Hayleys Fabric launches new line of organic, eco-friendly fabrics
Hayleys Fabric PLC has announced a major enhancement to its sustainability initiatives with the launch of a new line of organic, eco-friendly fabrics manufactured using environmentally sustainable processes, in line with the Sustainability Development Goals set out by the United Nations. Using natural tea dye produced from waste tea provided by Hayleys Plantations, together with [...]