Four loss-making SoBEs to be immediately restructured under independent management
Four loss-making, state-owned Business Enterprises (SoBEs) – Lanka Salu Sala Ltd, National Paper Company Ltd, Sri Lanka Cement Corporation and Lanka Cement Ltd are to be restructured with independent management under the newly established Ministry of Pubic Enterprise Development, government officials said. Based on a cabinet decision, the immediate priority of the Ministry is to [...]
Top names in sports firm connected to Tharunyata Hetak
Some powerful names have figured in the controversial transaction involving the Securities and Exchange Commission’s (SEC) donation to Tharunyata Hetak, a youth organisation which was run by Namal Rajapaksa, son of former President Mahinda Rajapaksa, souces told the Business Times. Apart from the former SEC Chairman Nalaka Godahewa and Ronnie Ibrahim, Director – Ceylon Premier [...]
New Economic Agency to attract bigger and better FDI
A new Economic Agency targeting foreign investment, possibly with more powers than the Board of Investment (BOI), is to be set up next year in a move to fast track and attract Foreign Direct Investments (FDI). The agency will come under the Minister of International Trade Malik Samarawickrama who has appointed a committee of business [...]
Sri Lanka Budget 2016 aims to incentivise middle class
The Government, keen to win the hearts of Sri Lanka’s middle class numbering over 18.5 million, is expected to provide concessions for them, incentivising their savings and offering relief from the upcoming 2016 budget, official sources said. Prime Minister Ranil Wickremesinghe has directed the Finance Ministry to submit a detailed report on incentives and concessions [...]
Daunting challenges for the 2016 Government budget makers
Budget 2016 of the coalition government will be presented in November after a year-long political struggle for power which resulted in a totally neglected economy and worsening macroeconomic fundamentals in 2015. As a result, fiscal consolidation has become a critical challenge, particularly accelerated further away; maybe around roughly more than 50 per cent operational fiscal [...]
Proposed national consumer price index
In the midst of the hullabaloo over the Geneva Human Rights report and preparation of next month’s budget, a cabinet decision reached on Wednesday, though significant, may not get the attention it deserves. According to the decision, the cabinet had approved a proposal by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of [...]
HR best practices initiative by Indian CEO forum
The Indian CEO Forum (ICF) recently organised for its members as a precursor to a wider exchange of ideas, a half day forum with leading Sri Lankan conglomerates on the exchange of ideas on best practices. Those involved included senior HR executives from Lanka IOC, Piramal Glass, JV Gokal, Nawaloka Metroplis and Lanka Special Steel, [...]
GAAM now manages over Rs. 5 bln in assets
Guardian Acuity Asset Management Ltd, which manages three unit trusts, passed an important milestone in its short history when it crossed the Rs. 5 billion mark in assets under management (AUM) in early October this year. Guardian Acuity Asset Management Ltd (GAAM) is a joint venture between Acuity Partners (Pvt) Ltd and Ceylon Guardian Investment [...]
Interest rates kept unchanged by Central Bank
Sri Lanka’s Central Bank (CB), contrary to expectations in some business circles, kept interest rates unchanged on Tuesday after a meeting of the Monetary Board on Monday. “The Monetary Board, at its meeting held on 19 October 2015, was of the view that the current monetary policy stance of the Central Bank is appropriate. Accordingly, [...]
SL economist stresses need for another IMF financial package to avert a budgetary crisis
Sri Lanka urgently needs another financial package from the International Monetary Fund (IMF) like the bailout package in 2009 to overcome the present budgetary crisis, an eminent economist emphasised. The country’s economy was facing the same structural problems which it had, several years ago with problems like a weakened institutional structure, lack of governance, non-observance [...]
Decent Work in Sri Lanka – a Trade Union assessment
In 2001, at the 13th Asian Regional Meeting of the ILO constituents, Sri Lanka made a commitment to develop a National Policy and National Plan of Action for Decent Work based on the 4 Pillars or Dimensions to the concept of ‘Decent Work’ promoted by the ILO: 1. Opportunity for Work – All those who [...]
Sri Lanka’s Cinnamon Group to host Asia’s first ever Travel Blogger Awards
Sri Lanka’s Cinnamon Hotels & Resorts is to host Asia’s first ever Travel Blogger Awards as part of the Travel Bloggers Conference (TBCasia) 2016. This unique concept in recognising the impact of travel blogging on the global tourism and hospitality industry was officially launched from 15 – 17 October at TBEX Thailand, one of the [...]
No ‘visible’ private investments for SL construction industry
In terms of the new government, there have been no “visible” private investments, both local and foreign, having been approved to date to advance the Sri Lankan construction industry, according to Dr. Surath Wickramasinghe, the President of the Chamber of Construction Industry (CCI). Making this comment at the recent launch of 2016′s Build SL, he [...]
Dialog Axiata and BOI sign Rs. 24.6 bln investment agreement
Dialog Axiata PLC, the largest foreign investor operating under the aegis of the Board of Investment of Sri Lanka (BOI), on Wednesday signed agreements with the BOI for an investment of an additional sum of US$175 million or Rs. 24.6 billion in Sri Lanka’s ICT Infrastructure. The investment agreements span a broad scope of ICT [...]
ICTA CEO to resign if SL ICT connectivity the same by end-2016
The Chief Executive Officer of the ICT Agency (ICTA) of Sri Lanka, Muhunthan Canagey, put his job on the line last week, stating he would voluntarily quit by the end of 2016 if the country did not significantly improve its connectivity and/or digital infastructure. Mr. Canagey made this comment at the eHealth Asia 2015′s “Roundtable [...]
Bates collaborates with Burson-Marsteller India to offer enhanced Crisis Management capability
Bates Strategic Alliance’s PR arm Strategic Alliance PR has reached out to their Burson-Marsteller network to enhance their own unmatched local experience with collaboration from Genesis Burson-Marsteller, India’s leading public relations and public affairs consultancy. This, the agency said in an announcement, was in response to increased interest and requests from Sri Lanka’s corporate sector [...]
Sri Lanka among least polluted countries in Asia in 2015
Sri Lanka, in the midst of an impending global air pollution crisis to which Asia is fast emerging as one of the main contributors, has emerged as one of the cleanest countries in the region in a global Mid-Year Pollution Index for 2015, according to a media release issued by CleanCo Lanka. Ranking among the [...]
Finance Ministry receives 875 pre-budget proposals from SL’s private sector
Sri Lanka’s Finance Ministry has received 875 pre-budget proposals and most of them were quite practical, according to Finance Minister Ravi Karunayayake, urging the business community to come up with more proposals to streamline business and transform the country to a financial hub. Addressing the Malaysia –Sri Lanka Business Council meeting in Colombo organised by [...]
NSB partners with MasterCard to offer greater transaction security on cards
MasterCard and National Savings Bank (NSB) this week announced a partnership to deploy MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service. “Allowing the bank to achieve higher detection rates than other conventional solutions, the service uses a unique combination of Artificial Intelligence (AI) and Smart-Agents technology to detect and prevent fraudulent payment transactions [...]
High powered committee to prevent coal tender bending
The Sri Lankan Government will appoint a high powered committee soon to oversee the procurement of coal to operate the Norochcholai power plant to avoid tender bending, Power and Renewable Energy Minister Ranjith Siyambalapitiya revealed. Since 2012 the Lanka Coal Company (LCC) which was the sole importer of coal to Sri Lanka had been doing [...]
Tea factories closing amidst crashing tea prices
The crash in tea prices at the Colombo Tea Auctions has become a major issue with some tea factories even closing down with an urgent need by the Government to initiate corrective measures to combat this crisis, warned Gaya Samarasekera, outgoing Chairman Sri Lanka Tea Factory Owners Association (SLTFOA) speaking at the 24th AGM of [...]
Eagle Logistics marks 10 years of excellence
Eagle Logistics celebrated its 10th anniversary this week with religious activities at their corporate office 281, R. A. De Mel Mawatha, Colombo-03. In a media statement, Eagle Logistics said its roots date back to 2005 when its CEO Asanga Weerackody created the name of Eagle Logistics and with CL Synergy helping the back office operations. [...]
Ceylon Chamber sets out 10 principles for Sri Lanka’s development
The Ceylon Chamber of Commerce, which has played a pivotal role in shaping the Sri Lankan economy throughout its 176 year history, has come out with a set of 10 principles to guide its approach in influencing the trajectory of the private sector and the country’s economy. These principles, the first of its kind for [...]
SIA to re-start non-stop Singapore-US flights with new A350 variant
Singapore Airlines has signed an agreement to be the launch customer for a new ultra-long-range variant of the Airbus A350 aircraft, enabling the resumption of non-stop flights between Singapore and the US. Singapore Airlines has 63 A350-900s on firm order and the new agreement with Airbus will see seven of these upgraded to orders for [...]
Biofilm Biofertiliser receives internationally recognised organic certification
Biofilm Biofertiliser, an environmentally -friendly, 100 per cent natural, chemical free, organic liquid fertiliser developed by a group of Sri Lankan scientists at the National Institute of Fundamental Studies (NIFS), recently received an internationally recognised organic certification. The company said in a media statement that had been launched with the aim of providing economical and [...]
Finlays to exit from Colombo bourse
Finlays Colombo, part of the UK-based Swire Group, is exiting the Colombo Stock Exchange and has requested the authorities to delist the company, according to an announcement this week. The 122 year-old Colombo based office dealing in tea, insurance broking and airline agencies, said the company board of directors had decided on the move through [...]
Annual sessions of Sri Lanka Economic Association (SLEA) on Oct 30-31
The Sri Lanka Economic Association is celebrating its 30th anniversary with its annual sessions to be held in Colombo on October 30-31. This year the SLEA has chosen a theme of topical interest – ‘Policy Reforms for Sustained High Growth’. President Maithripala Sirisena will inaugurate the sessions while Dr. Harsha de Silva, Deputy Minister of [...]
SLRBC re-elects Isuru Samarasinghe as its President
Isuru Samarasinghe was re-elected as the President of the Sri Lanka-Russia Business Council (SLRBC) at the 12th Annual General Meeting held at the Russian Cultural Centre in Colombo recently. Mr. Samarasinghe is also the Secretary of the Sri Lanka-Ukraine Business Council and a tea taster by profession. He currently serves as the Managing Director [...]
Emerging countries are slowly opting for smart and sustainable cars
Auto manufacturers have shifted their priorities to not only meet emissions standards, but also to keep up with government policies to improve air quality in each country. Fuel-efficient cars have not yet caught on in developing markets as fast as they have in Western markets but there is a slow, apparent change of car buyers [...]
CIFL case postponed for January 2016
The fraud case against Chulaka Gunawardena alias Deepthi Perera, former Chairman, Central Investment and Finance Ltd (CIFL), was taken up before Gihan Pilapitiya, Colombo Chief Magistrate this week to assess the progress on the repayment to depositors an the revival plan of the company. Naveen Marapona, Counsel for the first accused Deepthi Perera, indicated to [...]
Responsibilities of the Labour Dept
Recently we read in newspapers and viewed on TV how billions of rupees of money employers have to contribute to EPF and ETF for their workers have however not been sent to the Labour Department, cheating the workers. There are also cases where compensation to employees are not been paid according to rules. There are [...]
IRD systems archaic, taxpayers victimised
I am a tax practitioner running an audit firm, in operation for over 20 years. The Department of Inland Revenue (IRD) has very recently adopted the most extreme tax recovery measure of seizing tax-payer’s bank accounts, based on the taxes in default reported by the IRD system. This was confirmed to me by a bank [...]
Rampant corruption in state sector causes negative impact on Lankan economy
Corruption, inefficiency and improper financial discipline in the government sector have created a tremendous impact on Sri Lanka’s economy. Concerned about these issues, the Institute Chartered Accountants of Sri Lanka (CA Sri Lanka) and the Association of Public Finance Accountants of Sri Lanka (APFASL – Public Sector Wing of CA Sri Lanka) are together working [...]
CMI Sri Lanka branch Ex Co meets for the 200th occasion
The Sri Lanka Branch of the Chartered Management Institute recently held its 200th Executive Committee meeting, considered a significant milestone since forming the branch in 1995. Being one of the few countries in the world to have their own branches of CMI, the Sri Lanka branch, set up in 1996 and completes 19 years of [...]
Kelani Cables recognised for going green
Kelani Cables PLC was recognised for its “exceptional contribution” towards sustainable development with the National Green Award. Kelani Cables clinched the silver award in the private entrepreneur category at the National Green Awards ceremony held at the BMICH, the company said last week. Government, private entities and schools dedicated to safeguard the environment were recognized [...]
Hambantota Port – sustenance questionable?
The Hambantota Port was constructed and commissioned about three years ago. Reports stated the cost of construction of phase I as US$361 million with about $300 million coming from China Exim Bank as a commercial loan. Further $148 million was spent to meet the cost of rock blasting in channel, cost escalations, new office building [...]
Stax and Sarvodaya Fusion to foster social business entrepreneurship among Sri Lankan youth
Stax Inc. and Sarvodaya Fusion recently commenced a pilot CSR project titled ‘OWNit!’ to provide entrepreneurship guidance and IT skills to youth from selected schools in the Kotte area. The initiative draws on Stax’s global focus on technology for education and past experience in fostering entrepreneurship in Sri Lanka, as well as Sarvodaya Fusion’s expertise [...]
New Dept. for Private Sector at Finance Ministry from Jan
The Ministry of Finance will create a new department for private sector development from January onwards, Finance Minister Ravi Karunanayake said on Thursday, He was speaking as chief guest at an interactive forum with the key private sector establishments where a representative gathering was present in Colombo. “Many sectors in the economy will be opened [...]
Expolanka CSR continues its ‘Eyes of hope’ project in celebration of ‘World Sight Day’
Continuing the ‘Eyes of Hope’ project from last year, Expolanka Holdings recently facilitated 25 cataract surgeries free of charge bringing the number of patients the group has supported to 50. Planned and executed to fall in line with the ‘World Sight Day’ the surgeries were conducted following a series of free healthcare clinics that assisted [...]
DHL Express celebrates 35 years in Sri Lanka
DHL Express, the world’s leading international express services provider, is marking 35 years of operations in Sri Lanka this year. The company entered the Sri Lanka market in 1980 as the pioneering logistics company in the country and today has a dominant market share, meeting the shipping and business needs across an array of industries [...]