The trouble with US tariffs
MAS Holdings, CEO, Suren Fernando (right) and KPMG, Advisory Head of Management Consulting, Partner, Kamaya Perera at a Sunday Times Business Club discussion titled ‘US Tariffs: Are we out of the woods?’ at the Shangri-La Hotel in Colombo on Monday. Pic by M.A. Pushpa Kumara
Govt. develops land inventory for PP development partnerships
A land inventory is being developed by the Ministry of Industries in a bid to release vacant slots belonging to the ministry, to potential public-private partnership investments, top officials said. “These lands will be released to key areas such as tourism, automobile component development, agriculture etc. After the end of the inventory, the Ministry of [...]
Ambassadors, officials and SLINTEC Leadership unite for scientific progress
Ambassadors, ministry officials, and leadership at the Sri Lanka Institute of Nanotechnology (SLINTEC) discussed collaboration opportunities in nanotechnology, advanced materials, clean energy, and biotechnology, emphasising the importance of strong bilateral research partnerships recently. “The high-level discussion on May 9, consisting of newly appointed Sri Lankan Ambassadors and senior government officials, was a significant occasion to [...]
CRIB doubles lender profiles within six months
The Credit Information Bureau (CRIB), the nation’s primary credit information authority, has doubled its lender profiles to 18 million within the last nine months, by accessing databases of gold loans, factoring, margin trading and pawning firms. “In the past six months, we have accessed data from all these firms. Now we are expanding our database [...]
NEXT workers asked to resign, TUs allege
Trade unions allege that the state apparatus is hand in glove with the employer’s reason for which workers have been asked to resign citing high production costs at the NEXT factory in Katunayake prior to obtaining permission from the Labour Commissioner. “We have entered a 3-year collective agreement with the NEXT factory so they are [...]
Pelwatte Sugar Factory on the brink of collapse
Sri Lanka’s state-owned Pelwatte Sugar Factory is facing a dire operational crisis, with over 16,500 metric tonnes of unsold brown sugar clogging its warehouses, and the looming sugarcane harvest threatening to bring production to a grinding halt. According to owning company, Lanka Sugar Company Chief Operating Officer (COO) Nuwan Dharmaratne, this surplus, driven by unchecked [...]
New Fiscal Regime forces major consolidation of state funds
Sri Lanka’s statutory and non-statutory funds being operated by various government institutions including ministries currently are to be absorbed into the consolidated fund before July 31 this year, a Finance Ministry circular revealed. Some 210 such funds will be brought under the control of the Treasury while shutting down a further 13 public funds in [...]
KAS and the IMF
Here is an interesting thought sent to FB readers by Nimal Dias -Jayasinha, a vociferous FB user, on the economy: “The stock market isn’t the economy. Billionaire profits aren’t the economy. The economy is whether you can afford rent, groceries and medical care without living paycheck-to-paycheck. And by that measure, it’s failing most people.” I [...]
Country folks in the cities
Unlocking Sri Lanka’s growth potential necessitates allowing growth to be “urban bias,” as I highlighted in last week’s discussion. That conversation underscored a crucial reality—the country has yet to fully harness its growth potential to drive recovery, alleviate poverty, and achieve meaningful progress. While I don’t intend to revisit last week’s discussion, it is essential [...]
Around 10% reduction on orders on US tariffs uncertainty
While tariff negotiations between Sri Lanka and the US are ongoing till the 90-day grace period expires on July 8, Sri Lanka’s apparel sector faces a 10 per cent reduction on orders placed. For some US brands, affordability is impacted and many are delaying purchases or trading down which has directly affected the manufacturers’ sales. [...]
SL footwear sector eyes US$710 m exports
Sri Lanka’s Footwear and Leather Product Industry is set to record a robust growth, driven by increasing exports, consumerism, urbanisation, and a shift towards high quality goods. The footwear industry is to rake in US$710.97 million in revenues in 2025 and will expand, though it is being undermined by smuggling and needs investment, according to [...]
Locating sanitation facilities while on the road, a daunting task
One of the biggest challenges travellers find when travelling within Sri Lanka is the lack of sanitation facilities. Locating public sanitation facilities is a daunting task while on the road. The government of Sri Lanka last week signed MoU’s with four fuel providers to establish 540 modern sanitation facilities island-wide under the ‘Clean Sri Lanka’ [...]
Govt. to spearhead plans for SME businesses
The Government is currently drawing up plans to bring in new policies as they review the 2016 SME policies to ensure that the small and medium enterprises will be able to drive economic growth through financial support for this sector. Ministry of Industry and Entrepreneurship Development SME Division Additional Secretary Anoja Herath addressing the ‘cale [...]
Sri Lanka’s Ambassadors-Designate engage with Ceylon Chamber
The Ceylon Chamber of Commerce recently hosted an engaging interactive session with Sri Lanka’s newly appointed Heads of Mission to key global destinations, offering the local business community a valuable opportunity to connect directly with the country’s outgoing ambassadors and high commissioners. The event hosted Ambassadors designated to Cuba, India, Japan, Pakistan, the United Arab [...]
Operationalising Trade Remedy Laws in Sri Lanka
Legislation crucial for Sri Lanka’s industrial sector, providing a mechanism for traders to mitigate potential harm caused by unfair trade practices, was issued–through a Gazette Notification in March– empowering domestic industries to submit requests to the Director General of Commerce to initiate investigations aimed at imposing anti-dumping or countervailing duties. Such duties will be enforced [...]
Hayleys in record-breaking revenue of Rs.492 bn in 2024/25
The Hayleys Group delivered a year of exceptional growth and profitability, recording a 40 per cent y-o-y increase in Profit Before Tax to Rs. 35.37 billion during the financial year ending March 2025. The group said in a statement that consolidated revenue grew by 13 per cent to an unprecedented Rs.492.20 billion, marking the highest-ever [...]
Global cybersecurity systems advanced, unbreachable- IT official
While commending the advancement of digital technology in Sri Lanka, an IT and software expert said that the world has seen its share of hackers and cyber criminals even though the industry is always ahead of these challenges to enable a very secure environment. Sandip Patel, Managing Director, IBM India & South Asia, told a [...]