Shell companies in the CSE in demand
The Colombo stock market is witnessing a high demand for listed shell companies from those wishing to enter the Colombo Stock Exchange (CSE) without the ‘hassle’ of an IPO (initial public offering). A shell company is basically a firm which is listed on the CSE but whose business has largely ceased. These firms allow an [...]
Multinational, local firms get forest land for agri-projects
Multinationals and local companies are to be given state lands for mega agriculture projects with tax concessions thrown in under a controversial deal involving forest lands, which unlike forest reserves, are not protected. The government is planning to hand over thousands of acres of forest lands to five multinational companies after abolishing the circular no. [...]
Health guidelines better late than never
The official set of health guidelines to be adhered to during the tourism pilot project was issued on Tuesday and circulated to the travel agents just as each authority passes the ball and changes the rules in a flexible space of bringing down tourists to Sri Lanka. Tourism Ministry Secretary Siri Hettiarachchi told the Business [...]
Customs to be re-organised
The Government is restructuring the Customs Department amid concerns of inefficiency, corruption and drop in revenue collection, while reviewing relevant laws, regulations, administrative guidelines and standard operating procedures. The Finance Ministry has been directed to streamline services of the Customs management and staff while improving productivity and modernisation of standard operating procedures. A letter sent [...]
ECT agitation continues unabated
The East Container Terminal (ECT) has become a crucial factor in the running of the operations at the Colombo Port as the industry fears a spiraling of tensions by trade unions and wants the government to make its decisions known clearly as authorities continue to grapple with the concession document. A number of announcements are [...]
Retiring at 55 or 60?
A 2021 budget proposal to extend the retirement age in the private sector to 60 years and allow private sector workers to access their Employees’ Provident Fund (EPF) only after 60 years has triggered a storm of protests – from both employers and unions – with the ‘most practical age of retirement’ issue surfacing again. [...]
First the rich, then the poor
Once while teaching in a class, I posed a question to the students: “How many of you think that you are poor?” The students gave me a surprised look at this unexpected question. I made my question clear and asked again, convincing them that what they heard was what I asked: “My question is that [...]
IMF offers options for Sri Lanka to continue fund facility
The International Monetary Fund (IMF) has offered the option for Sri Lanka to take it or leave the last tranche of Extended Fund Facility (EFF) that would also unlock substantial multilateral and bilateral financing (possibly debt relief as well), The Fund stands ready to discuss all options of engagement with Sri Lanka, including financial support, [...]
New seafarers association to help increase SL seafarers to 50,000
A newly-formed association representing recruiting agents of seafarers aims to help the Government raise the number of Sri Lankan seafarers serving on foreign ships to 50,000 in the next five years from a current 16,000. The new Association of Seafarer Recruiting Agents (ASRA) said the foreign exchange Sri Lanka earns from the employment of seafarers [...]
BOC resorts to revival action rather than recovery in challenging times
Sri Lanka‘s business community struggling to survive and repay loans during the COVID-19 crisis period has been given a new life line of revival by the Bank of Ceylon (BOC) by offering financial technical and other necessary assistance. A one-stop dedicated unit is now fully operational at the BOC head office in Colombo to provide [...]
Acorn Travels’ strategic partnership with Corporate Travel Management Ltd
Acorn Travels has entered into an exclusive strategic partnership with Corporate Travel Management Ltd (CTM), a global provider of innovative and cost-effective travel solutions spanning corporate, events, leisure, loyalty and wholesale travel. Acorn Travels (formerly Hemas Travels) prides itself in creating ‘Inspiring Journeys’ and in keeping with its brand promise, offering customers a wide range [...]
LOLC General Insurance achieves Rs. 6 b in premiums in less than 10 years
LOLC General Insurance, a fully owned subsidiary of the LOLC Group, recently became Sri Lanka’s first general insurance company to achieve Rs. 6 billion Gross Written Premium (GWP) in less than 10 years. The company reached the Rs. 6 billion mark in December 2020, becoming the fastest general insurance company to achieve this milestone in [...]
Dialog acquires H One
Dialog Broadband Networks (Pvt) Ltd, a wholly owned subsidiary of Dialog Axiata PLC, on January 7 completed the transaction to acquire H One (Pvt) Ltd, the Colombo Stock Exchange was informed on Friday. The company said on December 23 that Dialog Broadband Networks (Pvt) Ltd entered into a Share Sale and Purchase Agreement for the [...]
Financial system further strengthened by CB
Sri Lanka’s financial system is set to be further strengthened by providing necessary regulatory relaxations to licensed banks and non financial bank institutions considering the extraordinary circumstances triggered by COVID-19. The Central Bank expects to review the Banking Act during this year, expecting to upgrade the legal and regulatory framework of licensed banks. Large commercial [...]
Chinese mint new Rs.20 coin for Central Bank
Chinese coins have been found in Yapahuwa and date back to the period when Lanka paid tribute and was visited six times by Admiral Zheng between 1405 and 1433. 600 years later, China has minted coins for the Central Bank (CB) to celebrate its 70th anniversary. A commemorative 20-rupee Aluminium Bronze collector coin was sold [...]
Hail the certificate!
An indigenous medicine for COVID-19!A person not much talked about declared that he invented a concoction that would respond to COVID-19. He displayed his newly found preparation but failed to display a certificate. This created an uproar in the country for several weeks. I would leave the discovery of the effect and authenticity of his [...]
Restrict imported ceramic ware to boost local production
Prior to the COVID-19 pandemic hit Sri Lanka, the daunting problem faced by the ceramic tiles and sanitary ware industry was that their manufactured goods piled up in large quantities without being sold due to surge of imports of cheap ceramic and sanitary ware to the country. The lingering unevenness of imports and exports has [...]
NTB credit card holders can access savings accounts thro’ mobile app
Nations Trust Bank has enabled its credit card holders to open Savings accounts through the Nations Mobile App without the need for a physical visit to the branch. The convenience driven service comes with the added benefit of a contactless method of handling accounts with the new and upgraded features of the App, encouraging credit [...]
Post congestion vessels continue to bypass Colombo Port
The congestion at the Colombo port is over and the volumes are coming back to normal, Sri Lanka Ports Authority Chairman Gen. Daya Ratnayaka said on Friday. He noted that there is not much of a drop in volumes but currently they were facing certain international trade issues pertaining to lack of numbers of bigger [...]
MTD selling Colombo Shipyard in limbo
Talks to divest Walkers Colombo Shipyards Pvt Ltd, the beleaguered MTD Walker’s PLC (MTD) shipping subsidiary, is in limbo with a court case by Commercial Bank (Commercial) hanging over the company. MTD mortgaged Walker’s Colombo Shipyards (Shipyards) to Commercial for US$4 million to build a shipyard. MTD then sought an Asian Development Bank (ADB) $ [...]