Demand for inverters
The demand for inverters, as seen in this shop in Colombo, has risen sharply in recent months owing to the power shortages and power cuts. Inverters convert power from a stored facility or a solar panel, to be used during power-cut hours. Pic by Akila Jayawardana.
JICA’s suspension of funding halts BIA expansion project by Taisei
The Bandaranaike International Airport (BIA) expansion project funded by the Japanese International Corporation Agency (JICA) has been suspended temporarily as the Government is not in a position to repay the loan. The project drew controversy recently over allegations that a minister was involved in a bribe, a charge hotly denied by Japanese authorities. JICA has [...]
Start-up ecosystem grappling with crisis but forging ahead
Sri Lanka’s start-up ecosystem is 10 steps behind with all the current issues it is grappling but industry officials say certain innovative businesses are taking shape after changing their business model to match the new normal. Sri Lanka also lacks funding for the growth stage of start-ups which in turn impacts the country’s economic growth, [...]
Tourism industry focus on WTM, ITB
Sri Lanka’s tourism industry wants to showcase the destination at two key travel fairs but, in this respect, is faced with a foreign exchange crisis. Following discussions by the Sri Lanka Tourism Promotion Bureau (SLTPB) with the Sri Lanka Association of Inbound Tour Operators (SLAITO) and the Tourist Hotels Association of Sri Lanka (THASL) it [...]
Sapugaskanda oil refinery closure ignites fuel insecurity
Sri Lanka has overlooked fuel security with the closure of the Sapugaskanda oil refinery for at least 120 days in 2021/22 due to the suspension of crude oil imports triggering an energy crisis that has led to island-wide rolling power cuts, several Ceylon Petroleum Corporation (CPC) engineers complained. This refinery is used to produce naphtha [...]
Businesses brace for distressed investments
Sri Lankan businesses are experiencing distress investments leading to mergers and acquisitions which will increase in the coming months, industry officials say. There will most definitely be distress investing which is essentially investing in good companies with bad balance sheets – possibly through foreign capital, Murtaza Jafferjee, CEO JB Stockbrokers told the Business Times on [...]
Litro issues fresh tender to normalise LPG supply
Litro Gas Lanka Ltd has called a fresh LP Gas tender for the year 2023 tentatively commencing from November 2022 from eligible and qualified bidders to meet the demand of domestic consumers. The latest tender is for 280,000 metric tonnes (MT) and bidders should submit their bids on or before August 15, 2022 to the [...]
Dreary times, catchy tunes
As I woke up this Thursday morning, I heard a catchy tune from a radio blaring in the neighbourhood. Walking into the kitchen, I asked Kussi Amma Sera whether she knew that song. “Ow Sir. Eh ‘Polime’ sinduwane (Why Sir, that is the ‘Polime’ song),” she replied. I quickly googled the song which is doing [...]
A “way out” through the Port City
Imagine a physically weak person with chronic illnesses, getting caught up in stormy weather and getting wet in heavy rain! If this feeble person’s illnesses become serious and fatal, different people may diagnose the cause of his death differently. Some people may identify the rain under which he got wet as the cause of his [...]
General insurance to bear brunt of NITF’s reinsurance issue
Sri Lanka general insurance companies are likely to face financial risks when settling claims for the insurance cover for various sectors as the foreign reinsurance contract of local company – reinsurer the National Insurance Trust Fund’s (NITF) has been terminated. This was a result of non-payment of premium by a local broker due to scarcity [...]
Huge investment required to deploy 5G in SL
While the world’s top mobile device manufacturing companies have released several white papers on 6G technology, Sri Lanka is still in its trial stage of deploying 5G technology. It requires huge investments in infrastructure to deploy 5G technology for a country like Sri Lanka. Vivo Communication Technology Co Ltd, a Chinese multinational company, released its [...]
MAS Holdings enters new venture with BAM Knitting
MAS Holdings has launched a new venture by acquiring the assets of BAM Knitting (Pvt) Ltd, a leading fabric manufacturing and finishing operation in Sri Lanka. MAS Holdings takes the majority stake in the new venture, with BAM Knitting as its joint venture partner. This investment further enhances MAS’ capabilities in the knitting, dyeing, and [...]
Hayleys Fabric wins global Sustainable Impact Award
Hayleys Fabric set a global benchmark in sustainability, bagging the coveted Sustainability Impact Award at the recently concluded International Quality Awards (IQA) 2022 held in London. Sri Lanka’s largest textile manufacturer was crowned winner of the new category for its unique processes and procedures established to drive sustainability across its core functions. Held annually, the [...]