Recent rules issued by the Central Bank of Sri Lanka (CBSL) in respect of repatriation and conversion of export proceeds to Sri Lanka Rupees (LKR) have been misinterpreted by certain parties with vested interests. In particular, unfounded speculation has been mischievously spread that the CBSL rules require converting the entirety of workers’ remittances forcibly into LKR upon…
Transforming Tourism in Sri Lanka: Emerging from crisis as a strong, resurgent and rebranded industry The Tourism sector being a vital foreign exchange earner and source of employment in Sri Lanka’s economy has suffered multiple crises since the 2019 Easter attack and the ongoing COVID-19 pandemic. Recognizing the need to revitalize tourism, the European Union (EU) and…
By Mithara Fonseka and Kavishka Indraratna In 2016, Sri Lanka ratified its Trade Facilitation Agreement (TFA) with the WTO and in 2017 a Secretariat was established for the National Trade Facilitation Committee to drive much needed trade reforms in the country. Currently, the rate of Sri Lanka’s implementation commitments under TFA stands at 34.9% with…
The shares of Kapruka Holdings Limited (CODE: KPHL-N-0000) commenced trading on the Colombo Stock Exchange (CSE) today. The shares have been listed on the Main Board of the CSE under the “Retailing” sector. The occasion was marked with a special Bell Ringing Ceremony. Representing Kapruka Holdings Limited, Chairman and CEO Mr. Dulith Herath, Director Ms. Anuradha Herath and General Manager Mr. Suresh Eranda attended the event. Financial…
Mumbai: As Sri Lanka grapples with a severe foreign exchange crunch, high street banks in India have turned cautious and selective about their exposures to the island nation. Several institutions have reduced discounting letters of credit (LC) – the basic instrument for financing trade – issued by many Lanka lenders while others are giving credit…
Setting up a Centre of Excellence in Artificial Intelligence (AI), Machine Learning (ML) Engineering in Colombo a priority Global artificial intelligence (AI) and algorithmic decisioning software company Algonomy announced its plans to acquire the business of Linear Squared (Pvt.) Ltd., a cloud-based technology company in Sri Lanka specializing in building demand planning and forecasting products….
The Mediterranean Shipping Company (MSC) has overtaken Denmark’s Maersk to become the world’s largest container line. MSC’s rise to the top came on Wednesday when the Swiss-Italian company took delivery of a container ship in Singapore, according to Alphaliner, a maritime consultancy. MSC bought the ship last year for $50.5 million. With its new acquisition, MSC’s fleet…
Advocata’s Bath Curry Indicator (BCI) , which tracks the monthly changes in the retail price of food, recorded an increase of 15% from November 2021 to December 2021. Much of this increase is driven by rising prices of vegetables. 100g of Green Chillies at Rs18 increased to Rs 71. This is a 287% increase in…
Shares of Kapruka Holdings Limited will commence trading on the Main Board of the Colombo Stock Exchange under the symbol, “KPHL”, tomorrow, 7th Friday 2022. Kapruka Holdings Limited is the holding company of Kapruka, Sri Lanka’s Pioneering ecommerce platform with a global presence. The Company recently offered 32,826,000 ordinary voting shares to the public through its…
Billionaire investor Chamath Palihapitiya predicts that Visa and MasterCard lose out and be overthrown by Web3-based payment projects in 2022. In an episode of the “All-in-podcast” released Wednesday, Billionaire investor and former Facebook executive Chamath Palihapitiya expressed some very bold views and predictions on payment companies Visa and MasterCard. In essence, Palihapitiya predicts the downfall of both…
Video Story
