IMF help
The Sunday Times Business Club (STBC) conducted a lively discussion titled “Going to the IMF: Pros and Cons” on Tuesday at the Taj Samudra hotel. It was the club’s first physical meeting in the past two years, affected by the pandemic. From left – STBC President Sampath Kulatunga, Prof. Sirimal Abeyratne (moderator) and panellists: Dr. [...]
Multiple impacts in Sri Lanka from Ukraine war
Sri Lanka is facing multiple impacts from Thursday’s Russian invasion of Ukraine with the immediate crisis being the hit on tourism, tea and the cascading effect on global fuel prices. With fuel prices set to increase in the aftermath of the war in Ukraine, Sri Lanka’s tea industry’s key export market Russia and both these [...]
Central Bank once again rules out rupee float
The Central Bank has once again rejected proposals by government experts to float the rupee against the US dollar rate and allow it to stabilise at market demanded rates instead of managing its fluctuations. With such a refusal by the banking regulator the Finance Ministry would have to pursue other internal options to mitigate the [...]
CSE discussing with firms flouting minimum float to delist
The Colombo Stock Exchange (CSE) has initiated discussions with companies with low public float to engage them to be in line with the market operator’s rules. “We are discussing with them to either increase their public float or to delist from the CSE boards,” a CSE official told the Business Times on Tuesday. He said [...]
Government explores other options to re-introduce SGST
The government is withdrawing the special Goods and Services Tax (GST) bill aimed at simplifying the existing tax structure and consolidates several taxes as single tax following the Supreme Court’s decision of requiring a two-thirds majority and referendum to enact it as a law, Finance Ministry sources said. The Court observed that several clauses of [...]
Grin and bear
In the 1970s, under the United Front government composed of the Sri Lanka Freedom Party (SLFP), the Lanka Sama Samaja Party (LSSP) and the Community Party (CP), N.M. Perera of the LSSP was appointed Finance Minister. As the coalition’s inward-looking policies triggered an economic collapse and a shortage of foreign currency and local revenue, NM [...]
Bureaucrats and aristocrats
A couple of weeks ago, I received a mail from one of my British friends, Matthew McCartney, saying that “he is in Colombo”. Matthew, until recently, was a Professor of Economics at the University of Oxford and then shifted to a research institute in London. I haven’t seen him for about four years now; the [...]
WindForce delays Senegal project
WindForce PLC which went public last year is in a dilemma to raise cash for their Senegal wind power project owing to Sri Lanka’s debilitating forex crisis and high tariffs in Senegal, industry officials said. The project will be executed in partnership with Vidullanka PLC, which has experience operating in the African region. Electricity generated [...]
SLIC to help transform farmers to entrepreneurs
Sri Lanka Insurance (SLIC) is partnering with the Sri Lanka Institute of Marketing (SLIM) as the insurance partner for “Agrisaviya”, the first Agri-Business Management and Entrepreneurial Programme offered in Sri Lanka. The Certificate in Agri-Business and Entrepreneurship (CABE) programme is a first-of-its-kind qualification available in Sri Lanka to transform farmers into “Agriprenureres (agriculture entrepreneurs)”, SLIC [...]
Muddling through Lanka’s foreign exchange crisis
There are many debates these days as to why Sri Lanka must or must not reach out to the International Monetary Fund (IMF) for assistance in overcoming the current debilitating economic crisis. Looking at four things about today’s economic situation that is historically unprecedented for Sri Lanka — the country’s reserves have fallen to one-and-a-half [...]
SL’s financial literacy rate low at 35 %
Although Sri Lanka’s literacy rate is over 90 per cent, its financial literacy is at a low 35 per cent compared to 65 per cent in the developed world. These facts emerged when Asia Securities, a leading investment firm in Sri Lanka, launched Dhana Maga – a trilingual financial literacy programme aimed at helping Sri [...]
Fertiliser importers in a fix
The Yala season is likely to be impacted with inadequate stocks of chemical fertiliser as importers are facing a tough situation with a government that is unable to neither pay back their monies nor provide the dollars to order fresh imports even as crisis looms with the war in Ukraine. Fertiliser importers met Agriculture Minister [...]
Attygalle appointed to SL FEB
Dhammika Attygalle has been appointed to the Board of Directors of the Foreign Employment Bureau by State Minister of Foreign Employment Promotions and Market Diversification Piyankara Jayaratne. Mr. Attygalle is a Group Director of Upali Group of Companies, President Automobile Association of Ceylon, Member of the National Council for Road Safety, Past President Chamber of [...]
NDB records strong performance for 2021
National Development Bank PLC, Sri Lanka’s fourth largest listed bank, has posted a sound all-round performance for 2021, notwithstanding the multiple challenges faced by the bank which were similarly faced by many entities last year. Just as bank results began trickling this week on year-end 2021 results, NDB has also done well with operating profit [...]
Amana Bank 2021 PBT up by 42%, crosses Rs. 1b milestone
Amana Bank celebrated a decade of people-friendly banking in 2021 and concluded the landmark year on a high note, crossing the Rs. 1 billion milestone in Profit Before Tax (PBT). Despite challenging economic conditions that prevailed throughout 2021, Amana Bank showcased resilient performance through a significant growth of 42 per cent in PBT to reach [...]
HNB records strong and stable performance
Hatton National Bank PLC (HNB), has firmed its position as one of the most sustainable and strongest banks with a stable performance in 2021. Group Profit After Tax (PAT) increased to Rs. 20 billion, representing a growth of 47 per cent YoY while bank PAT improved to Rs. 17.3 billion as economic activity picked up [...]
Govt. wants new rules for organic farming
Sri Lankan authorities have drafted new standards for the importation of organic fertiliser that does not include sterilisation requirements. This was a key factor that acted as an impediment to the purchase of the Chinese organic fertiliser from Qingdao Seawin Biotech company last year. The ‘Draft Sri Lanka Standard Specification For Specialty Fertilisers’ has been [...]
Daraz aims to boost digital economy in Sri Lanka
The growth of e-commerce in Sri Lanka, the increasing digital transition of consumers and sellers, and Daraz’s commitment to harness the industry’s potential and to support Sri Lanka’s digital economy, were among the matters discussed by Bjarke Mikkelsen, CEO and Founder of Daraz, with Sri Lankan Prime Minister Mahinda Rajapaksa, during the Daraz official’s recent [...]
LSEG Technology Campus gets a facelift
LSEG (London Stock Exchange Group), a diversified global financial markets infrastructure and data business, has invested 3.1 million GBP (Rs. 850 million) to refurbish its Malabe campus in Sri Lanka as part of LSEG’s global real estate strategy. Phase 1 of the project is now complete with the renovation of the head-quarters (HQ) building located [...]
Impact of non-fertiliser use on coconut known after 11 mths
Sri Lanka’s coconut production has seen a significant increase in crop but here it must be noted that the impact of application of fertiliser is felt only after 11 months, industry sources said. Unlike paddy or vegetables, coconut is fertilised annually but the impact of the absence of fertiliser application in one or two years [...]
Renewable energy a future prerequisite to stay afloat in power sector
Sri Lanka has to embark on solar and wind power generation projects in future with private sector investments to stay away from fossil fuel burning. In 2009 there was a target to achieve 10 per cent of renewable energy generation by 2015 and subsequently it was changed to achieve 20 per cent in 2020, when [...]
BOI zones get electric shocks!
Investors in Sri Lanka are currently confused with decisions taken to interrupt the electricity supply to the export manufacturing zones since on some days they are compelled to lurk in the dark. Uncertainty prevails at present as the Board of Investment (BOI) companies have not yet been informed in writing whether the electricity supply will [...]
Sri Lankans to showcase “One Island, Thousand Treasures”
Cinnamon Hotels & Resorts wants Sri Lankans to showcase the hidden treasures on the island by creating digital content of the unique sights and sounds of Sri Lanka that is set to target more travellers when the campaign is rolled out by September this year to bring in traffic for the next winter season. This [...]
Commercial Bank wins ACCA Best Sustainability Reporting Award
Commercial Bank of Ceylon came on top in the sustainability stakes when it won the overall award for the Best Sustainability Report 2021, while Dialog Axiata was adjudged overall first runner up at the CCA Sustainability Reporting Awards 2021. Commercial Bank also topped the Banking category in which Seylan Bank and National Development Bank (NDB) [...]
Seylan Bank after tax profit in 2021 surges by 52%
Seylan Bank recorded a Profit After Tax (PAT) of Rs. 4.6 billion for the year ended 31 December 2021 as Net Interest Income (NII) soared with an impressive growth of 20.98 per cent for the period under review compared to 4.64 per cent growth reported in 2020. Despite the extremely challenging operating conditions that prevailed [...]
Ceylinco Life at the top with premium income of Rs. 25.5 b
Ceylinco Life has retained its market leadership in Sri Lanka’s life insurance sector for the 18th consecutive year with gross written premium income growing by 15.8 per cent to Rs. 25.565 billion for the 12 months ending 31st December 2021. With investment and other income of Rs. 15.129 billion for the year, the company ended [...]
Pan Asia crosses Rs.1 b profit in 4thQ’21; impairment cost rises
Pan Asia Banking Corporation PLC has reported a strong performance for 2021, revealing a Pre-Tax Profit of Rs. 4,034 million and a Post-Tax Profit of Rs. 3,075 million with growth rates of 42 per cent and 50 per cent respectively. Against the backdrop of the COVID-19 impact on the Sri Lankan economy, the bank’s Operating [...]