Amidst imports, Sri Lanka developed nano fertiliser 11 years ago
While Sri Lanka is importing nano nitrogen liquid fertiliser from India, the country’s own scientist Prof. Nilwala Kottegoda and her team at the Sri Lanka Institute of Nanotechnology (SLINTEC) – in the search for world renowned farming techniques – developed a novel nano fertiliser platform technology for the first time 11 years ago. “As one [...]
CB to source funds from the Gulf
The Central Bank (CB) is in dialogue with certain Gulf countries including Oman for credit lines and loans to source dollars to battle the forex crisis. The CB is in discussion with certain fund managers based in Oman with strong connections to the Omani government, officials told the Business Times. Meanwhile CB Governor Ajith Nivard [...]
Flourishing small biz beating COVID-19 blues
Undoubtedly, COVID-19 came as a bad experience for people, ruining their lives and livelihoods but adversity opens opportunities as the pandemic seems to have let loose a tidal wave of business activity. The pandemic forced an enterprising spirit in the younger businessmen and women, with a flurry of new food ventures launched during the past [...]
Sri Lanka deep in Chinese tender faux pas!
Sri Lanka is currently caught in a tender gone wrong as agricultural authorities were on Friday seeking a court order to ensure that any payment is withheld by the banks to the Chinese fertiliser company whose samples have failed twice. Now with a shipment of fertiliser from the Qingdao Seawin Biotech fertiliser company said to [...]
Racing track in Hambantota
Spanish and Japanese investors have had initial discussions to start a Formula One racing track in Hambantota, officials close to the government said. It will be a 5.6 km Grand Prix track on state land and the project will use local resources and expertise to develop the area, they said. The plan is to unload [...]
SOEs bleeding money
Some years ago when the Business Times (BT) conducted a poll on the future of the national carrier, debt-ridden SriLankan Airlines during the tenure of the previous administration, the majority of respondents including many from the working class, were in favour of the airline being retained in state hands, despite mounting losses. Some ministers in [...]
FTA: A painful choice for Sri Lanka
Vietnam has attracted a lot of attention in the recent past due to its fast track record of achieving growth. It was followed by the trade liberalisation policy reforms in the country which began with the so-called Doi Moi policy in the later 1980s. Much of the success can be attributed to the Foreign Direct [...]
Urea is back, farmers in the lurch
Scientists have dismissed Sri Lankan authorities turning to nano nitrogen from India considered environmentally friendly as it has an inadequate quantity of Nitrogen to generate sufficient yields and is actually recommended to be used as a supplementary fertilizer, not a standalone. This product purchased by the Indian Fertilisers for Farmers Cooperative (IFFCO) is manufactured using [...]
Ceylinco Life launches ‘Future Saver’ – a wealth accumulation product with life cover
A new paradigm life insurance product that offers protection as well as wealth accumulation with an emphasis on the latter has been launched by Ceylinco Life, raising the bar for investment options in Sri Lanka’s financial services sector. Positioned as the best wealth accumulation product in the market, ‘Ceylinco Life Future Saver’ is designed to [...]
Issues facing small importers
We are fully aware of the current situation of the outflow of foreign exchange prevailing today. But small importers who are in the construction field are facing immense problems to sustain and survive with the stringent restrictions. In my opinion the banks should be more flexible and cooperative with these customers. It’s a saddening fact [...]
New state firm to handle Lotus Tower operations
Sri Lanka is eyeing more foreign investment including Chinese inflows following the kick-start of commercial activities of the 350 metre tall Lotus Tower in Colombo via a new state-owned Business Enterprise (SOBE). The SOBE will be established under the purview of the Finance Ministry to commercialise Asia’s tallest tower and handle its maintenance and financial [...]
CMA proposes “Made in Sri Lanka” Project in upcoming budget
The COVID 19 SME Development Committee of CMA Sri Lanka (Institute of Certified Management Accountants of Sri Lanka), has formulated a “Made in Sri Lanka” Project urging government support in Budget 2022 to focus on MSME development in the rural areas. The proposal is intended for MSMEs (Micro, Small and Medium Enterprises) to produce goods [...]
Verité Research offers solutions for USD liquidity crisis
A private think tank institute in Sri Lanka has said Sri Lanka faces bigger challenges ahead in the management of its foreign exchange reserves. “Sri Lanka’s foreign reserve would be completely depleted by the end of 2022 if no surprise inflows materialise and even if they did, the crisis would simply re-emerge in 2023,” revealed [...]
25% paid extortion money in Ransomware: Sophos
Sophos, a global leader in next-generation cybersecurity, this week announced findings from its survey report, “The State of Ransomware in Financial Services 2021,” that show how mid-sized financial services organisations worldwide spent more than US$2 million on average recovering from a ransomware attack. This figure exceeds the global average of $1.85 million, even though the [...]
MTI advises Pakistan on WTO Agreement
Bahrain- based MTI Consulting has just completed an assignment to independently reviewing possible repercussions and opportunities for Pakistan’s economy in case it decides to accede to WTO’s Information Technology Agreement (ITA). The scope of the mandate was to evaluate how the liberalisation entailed under ITA would contribute to export competitiveness of Pakistan’s IT sector and [...]
UB Finance raises Rs.2 b in rights issue
UB Finance Co. Ltd, a subsidiary of Union Bank of Colombo PLC, has successfully concluded a Rights Issue to raise approximately Rs. 2 billion to strengthen the company’s balance sheet and meet the revised capital thresholds set out by the Central Bank. The core capital of the company is now Rs. 2.67 billion while the [...]
Labour unions demand Rs.10,000 pay hike
Sri Lanka’s private sector workers are demanding a monthly wage increase of Rs.10, 000 insisting they have generated profits to boost the economy despite the COVID-19 crisis that resulted in job losses, pay cuts and reduced incentives to the 8 million workforce over the past year. About 10 trade union bodies representing the different industries [...]
Sri Lanka haven for venture capitalists and angel investors
Dr. Cornelius Boersch – European Business Angel of the Year (2009) and a Certified Super Angel by the European Investment Fund (EIF), recently visited Sri Lanka to look at investment opportunities. During the visit he took part in an event at Hatch Works in Colombo which was broadcasted via Facebook Live for local and global [...]
New book on project management
“Making Project Administration Efficient and Effective: Challenges and Good Practices” is a book written by Dr. Amarasena Gamaathige. He is a former Senior Project Specialist, Sri Lanka Resident Mission, ADB and Senior Lecturer/ Head of the Department of Social Studies, Open University. The book, according to the author, focuses on the project administration experience of [...]
Microsoft launches Dynamics 365 Business Central in Sri Lanka
Microsoft has introduced its platform Dynamics 365 Business Central to help Sri Lankan businesses modernise their processes, make smarter decisions, and accelerate growth. At the virtual launch event, participants learnt how the platform boosts efficiency with automated tasks and workflows to gain a complete view of business with connected data, business analytics, and guidance delivered [...]
SMEs ask government for relief and restructuring of loans
Small and Medium Scale (SME) industries have made a clarion call on the Finance Ministry and the Central Bank to restructure their loans and extend a concessional financing scheme helping them tide over the present difficult economic situation. Most of these enterprises are facing liquidity and cash flow issues due to the loss of sales [...]
What CEOs look for during a job interview
Compiled by Chathurika Jayawardana, HR Consultant (Small & medium-sized enterprises) Data published by the Department of Census and Statistics reveals that the unemployment rate in Sri Lanka soared to 5.7 percent by the first quarter of 2021. The most probable reason for this is the pandemic, which forced many employers to do away with certain [...]
NDB, first SL bank to implement digital signatures for internal and external usage
National Development Bank PLC has made a significant contribution to the digital arena by providing new and innovative solutions with every step. In this journey towards a digitally enhanced bank, NDB becomes the first bank to implement digital signature for both internal and external usage, it said in a media release on Thursday. The bank, [...]
Sampath Bank protection while promoting the savings habit
Sampath Bank has stepped up its efforts to emphasise and encourage the habit of saving amongst all Sri Lankans with the roll out of a host of rewards and benefits through its annual ‘Thrift Month’ savings promotion drive. Going beyond regular gifts and incentives, Sampath Bank is offering face shields as part of the campaign’s [...]