Business
Lanka inflation hit 70.2% in August
Food prices climbed 84.6 percent, while prices of non-food items rose 57.1 percent in the crisis-hit island nation.
(Al Jazeera) Consumer inflation in Sri Lanka accelerated to 70.2 percent in August, the statistics department has said, as the island nation reels under its worst economic crisis in decades.The National Consumer Price Index (NCPI) rose 70.2 percent last month from a year earlier, after a 66.7 percent increase in July, the Department of Census and Statistics said in a statement on Wednesday.
Food prices climbed 84.6 percent, while prices of non-food items rose 57.1 percent in the tourism-dependent South Asian country of 22 million people.The Central Bank of Sri Lanka (CBSL) in August said the inflation rate would moderate after peaking at about 70 percent as the country’s economy slowed.
The NCPI captures broader retail price inflation and is released with a lag of 21 days every month.The more closely monitored Colombo Consumer Price Index (CCPI), released at the end of each month, rose 64.3 percent in August. It acts as a leading indicator for national prices and shows how inflation is evolving in Sri Lanka’s biggest city.
Sri Lanka’s economy shrank 8.4 percent in the quarter through June from a year ago in one of the steepest declines seen in a three-month period, amid fertiliser and fuel shortages.
“Inflation is expected to taper from September,” said Dimantha Mathew, head of research for Colombo-based investment firm First Capital. “However, inflation is only likely to moderate and reach single digits in the second half of 2023.”
An acute dollar shortage, caused by economic mismanagement and the effects of the COVID-19 pandemic, has left Sri Lanka struggling to pay for essential imports including food, fuel, fertiliser and medicine.
The country earlier this month reached a preliminary deal with the International Monetary Fund for a loan of about $2.9bn, contingent on it receiving financing assurances from official creditors and negotiations with private creditors.
India on Tuesday said it had begun talks with Sri Lanka on restructuring its debt and promised to support the crisis-hit neighbour mainly through long-term investments after providing nearly $4bn of financial aid.
The High Commission of India in Colombo said it held the first round of debt talks with Sri Lankan officials on September 16.
“The discussions held in a cordial atmosphere symbolise India’s support to early conclusion and approval of a suitable IMF programme for Sri Lanka,” the High Commission said.
Sri Lanka will make a presentation to its international creditors on Friday, laying out the full extent of its economic troubles and plans for a debt restructuring.
The Indian High Commission also said New Delhi would continue to support Colombo “in all possible ways, in particular by promoting long-term investments from India in key economic sectors”.
India’s support to Sri Lanka this year has included a $400m currency swap, a $1bn credit line for essential goods and a $500m line for fuel. In addition, India has also deferred payment on Sri Lankan imports of about $1.2bn and given a credit line of $55m for fertiliser imports.
The High Commission said India had continuing development projects worth about $3.5bn in Sri Lanka, whose president earlier this month asked his officials to resolve obstacles to projects backed by India. He did not specify the obstacles or the projects.
President Ranil Wickremesinghe has said Sri Lanka will turn a free trade agreement with India into a comprehensive economic and technological partnership.
Business
ESOFT Metro Campus launches Cambridge Exam Centre
ESOFT Metro Campus has officially launched its Cambridge Authorised Exam Centre, marking a significant milestone in Sri Lanka’s educational landscape. The event featured prominent figures from both ESOFT and Cambridge University Press & Assessment, including Dr. Dayan Rajapakse, Chairman and Managing Director of ESOFT, and Arun Rajamani, Managing Director for South Asia at Cambridge University Press & Assessment.
Dr. Rajapakse highlighted the importance of strong communication skills in today’s globalized world, emphasizing that the new exam centre will provide students, school leavers, and English learners nationwide with an opportunity to improve their language proficiency. He referred to the launch as a “historic milestone” for ESOFT.
Arun Rajamani echoed this sentiment, noting that English proficiency significantly enhances employability and opens global career opportunities. The centre will offer a variety of Cambridge English qualifications, including KET, PET, FCE, C1, and TKT, catering to students from ESOFT’s 40 branches across Sri Lanka. Additionally, young learners in grades 1 to 5 will benefit from Cambridge’s Starters, Movers, and Flyers programmes.
Business
Kangaroo Cabs enhances driver skills and community awareness with training programme
Kangaroo Cabs Pvt Ltd, the country’s pioneering cab service provider, successfully held a one-day training programme for its drivers on Nov 9 at Hotel Viluxey, Maharagama. Organized by the Kangaroo Cabs management team under the leadership of Thushara Fonseka, Director of Operations, the initiative aimed to enhance driver professionalism and customer service skills.
The programme provided participants with practical knowledge and techniques to improve their service delivery and adapt to the evolving demands of the transport industry. It emphasized the company’s commitment to maintaining high standards of customer satisfaction and driver professionalism.
ASP Namal Perera, Deputy Director of the Police Narcotics Bureau, conducted a special session on drug addiction prevention. This session, held under the directives of DIG Oshana Hewawitharana of the Police Narcotics Bureau, addressed the pressing issue of drug abuse and educated participants on recognizing and avoiding dangerous substances. The initiative aligns with Kangaroo Cabs’ focus on promoting community well-being as part of its corporate social responsibility efforts.
“Kangaroo Cabs is committed to not only fostering professionalism among its drivers but also addressing critical societal challenges. This programme represents our dedication to equipping drivers with the skills and knowledge they need while contributing to broader community awareness,” said Thushara Fonseka.
Business
R M Perera (Pvt) Ltd: Observing Market Trends and Embracing Change in Interior Design
Marking four decades in the interior design and furniture industry, R M Perera (Pvt) Ltd has embraced evolving consumer preferences and market dynamics since its founding in 1984. With a focus on craftsmanship and innovation, the company is adapting to rising demand for personalized, durable, and culturally resonant designs that blend Sri Lankan heritage with modern functionality.
As Sri Lanka’s furniture market grows at an annual rate of 10.76%, projected to reach USD 622.70 million by 2029, R M Perera is poised to capitalize on these opportunities. The company plans to launch a concept store and expand its online presence, offering high-quality, customized furniture to a wider audience.
Renowned for its work with top clients like TAJ Hotels, Marriott, and Dilmah, R M Perera has contributed to iconic projects across hospitality, residential, and commercial sectors. Its state-of-the-art production facility, ISO-certified processes, and focus on sustainability ensure eco-friendly, premium-quality designs.
In 2022, the company received the Gold Award at the National Industry Excellence Awards, recognizing its dedication to innovation and excellence. As tourism and eco-tourism expand, R M Perera remains committed to creating luxury, sustainable spaces that elevate Sri Lanka’s global reputation.
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