Start-ups, driving force of an innovative economy
Seen from left: Thilan Wijesinghe – Director/co-founder Wow.lk and Director/co-founder SLIIT; Mangala Karunaratne, Founder/CEO – Calcey Technologies, LLC; Lahiru Pathmalal – CEO/co-founder, Takas Pvt Ltd and Ajit Gunewardena – deputy chairman of John Keells Holdings and Chairman – PickMe. They were panellists at a discussion on start-ups organised by the Sunday Times Business Club and [...]
Lanka needs to exceed foreign borrowing limit for debt servicing
Sri Lanka is seeking US$3.9 billion from foreign borrowings for debt servicing (loan installments and interest) this year, more than double that of $1.82 billion in 2016. The country has no option other than to borrow externally for Balance of Payment (BoP) and fiscal support as it had been doing in the recent past, a [...]
PIA still in arrears of A330 deal with SriLankan Airlines
Pakistan Airlines (PIA) still owes SriLankan Airlines around US$3 million as delayed payments and lease installments inclusive of extra flying hours of A 330 Aircraft wet leased to Pakistan’s national carrier in August last year, an official closely connected to the deal revealed. This last invoice sent to PIA by Sri Lankan Airlines after the [...]
Cancer-causing glyphosate faces Presidential blocks
The removal of the ban on the import of glyphosate, now proven cancerous, sought by the authorities to appease tea estate owners has come against blocks by the President’s office. Plantation Ministry Secretary Upali Marasinghe told the Business Times on Thursday that they were requesting authorities to lift the ban in a bid to ensure [...]
BPPL Holdings to commission 2 energy plants in March
Brush manufacturer BPPL Holdings Ltd of the Beira Group which is slated to go public in March says that part of the reason to list is to fund its potential acquisitions.The IPO to be opened to the public on March 7 is the first IPO in seven months at Colombo Stock Exchange (CSE), the last [...]
Perpetual increases NDB stake during 4Q2016
Primary dealer Perpetual Treasuries has increased its stake in NDB during 4Q 2016 to 7,352,180 shares and now has 4.45 per cent of bank – from 6,153,686 shares as at 30 September 2016, analysts said. The company is owned by the family of Arjun Aloysius, son-in-law of former Central Bank Governor Arjuna Mahendran. According to [...]
Of meet-ups, start-ups and bootstraps
Confused by the heading? Well, this is the golden age of the millennials. Many moons ago while discussing small and medium scale businesses with a young entrepreneur, he referred to start-ups and a new ecosystem. Intrigued and pursuing further led me to one of the meet-ups ( a regular meeting of people having the same [...]
Startling revelations emerge at Central Bank bond scam probe
Amystery Gazette notification on Central Bank bond issue dated January 1 2015 signed by former President Mahinda Rajapaksa raised some eyebrows on the 3rd day sittings of the Presidential Commission of Inquiry probing the controversial Treasury bond issues, in Colombo this week. The Commission comprises Supreme Court judges Justice K.T. Chitrasiri, Justice Prasanna Jayawardena [...]
Public, private sector leaders emphasise need for collaboration to improve dairy industry
Sri Lankans are still consuming only a quarter of the recommended daily intake of milk with memories of the milkman bringing fresh milk to households in the morning and ringing his bicycle bell several decades ago having faded in present busy lifestyles. At that time children enjoyed fresh milk in their homes and one or [...]
Financial Markets Association mooted to better lobby the authorities
In practice, many argue, government regulation of the financial sector contributes to, rather than mitigates episodes of financial instability. That’s because politics and political pressure often interfere with the design and implementation of specific regulations, leading to unintended results. A strong connection exists between financial industry lobbying and favourable financial legislation and a cohesive effort [...]
CIMA youth ambassadors help set up special needs centre at village school
The CIMA Students’ Society (CIMASS) has partnered with the Foundation of Goodness in constructing and equipping a Special Needs Centre in Dehigahalanda Maha Vidyalaya. Managed by the NGO School Relief Initiative (SRI), this project sought to set up a model centre which could be used as a benchmark for future projects of this nature. The [...]
WSO2 announces repositioning of open source products
A new generation of digital businesses has emerged with novel products, services, and business models for interacting with consumers, employees and others, which are reshaping the landscape of many industries, according to a media release issued by Colombo-based WSO2. It said the company recently debuted the repositioning of its open source products to better address [...]
‘Signature Stylish Marketer’ by University of Kelaniya takes world of fashion by storm
Signature, the preferred youth brand for men’s fashion, recently embarked on a new venture in collaboration with the Marketing Division of the University of Kelaniya aimed at promoting the student-led annual fashion extravaganza, now titled ‘Signature Stylish Marketer’. ‘Stylish Marketer’ is the annual fashion extravaganza organised by the Future Marketers Association, the official student association [...]
CMI – KPMG to share insights on building a demand-driven supply chain
To provide insights on upgrading the supply chain to gain valuable competitive advantage and match customer expectations, the Chartered Management Institute (CMI) – UK’s Sri Lanka Branch, in collaboration with KPMG in Sri Lanka, has announced a knowledge sharing forum, themed “Embracing the New Customer: Demand Driven Supply Chain”. It will be held on Tuesday [...]
Commercial Bank first private bank to cross Rs. 1 trillion in assets in 2016
The Commercial Bank of Ceylon PLC continuing its good performance has reported profit before income tax (PBT) of Rs. 20.051 billion for 2016, marking the end of a spectacular year in which it made history as the first private bank in Sri Lanka to surpass a trillion rupees in assets. In a media release, the [...]
SL company designs, manufactures innovative self-service banking machines
A Sri Lankan company is designing and manufacturing a range of high-tech, innovative, self service banking machines, to automate banking process. The East Link Engineering Company (Pvt) Ltd recently launched these machines at an event recently in Colombo. Founder and CEO of the company, Ajith Indikadulle explained about their innovations and products. A Chartered Engineer [...]
EGUARDIAN Global Services highlights cyber security concerns at Colombo forum
EGUARDIAN Global Services recently shed light on emerging cyber security threats to the financial services industry at its “Way Forward to Cyber Resilience” CIO Forum in Colombo. Senior cyber security specialists from the company spoke on how banks and other financial service providers are targeted online by criminals and how more developed markets are working [...]
NDBIB retains market leader position in listed debentures through 2016
NDB Investment Bank Ltd (NDBIB) raised a total of Rs. 31.5 billion through listed debentures during 2016 as sole manager to the issue and jointly. From this amount Rs.19 billion was raised for Commercial Banks, Rs. 10.5 billion for finance companies and Rs. 2 billion for corporates, the institution said in a media release. NDBIB [...]
Nestlé Lanka sees revenue rise in 2016 amidst tough conditions
While 2016 was a very challenging business environment, Nestle’s steady progress and the external recognitions are a testament to the trust consumers place in its products, and the skills of its people, says Nestlé Lanka’s Managing Director, Shivani Hegde. In the company’s 2016 report, she said: “We continue to invest in strengthening our brands, training [...]
‘Mr. Kunu’ gets a kick out of ensuring nothing goes to waste
He was introduced as ‘Mr. Kunu’ at a recent seminar at the British Council where five game changers talked about social change through social enterprise. Chinthaka Abeysekera lives up to that name. No, he is well-groomed and his presentation was full of substance not rubbish – although that last word is what will make him [...]
Lankan education system, government jobs kill entrepreneurship
While Sri Lanka’s start-ups and millennial entrepreneurs are facing a massive challenge in sustaining the industry, the root cause is the country’s education system and government jobs, say some industry experts. On Wednesday the Business Club of the Sunday Times (STBC) organised a panel discussion on ‘Startups-The Age of Entrepreneurship’ at the Kingsbury Hotel in [...]
Save Your Monkey insures bright future for Chathura
It must be in the stars, for they have aligned for Chathura Jayatissa, the founder and chief executive of Save Your Monkey, an online insurance platform which allows people to take an informed decision on how to protect themselves in times of an emergency. The catchy name of the company is a play on the [...]
Visiting cultural sites in Sri Lanka costs money
Travellers are said to be put off by the high prices charged by the various institutions as entrance fees and the latest incident has been reported from the Dambulla Cave Temple which has re-introduced charges for tourists visiting the site. Tour operators time and again have complained against the increased fees at the entrance to [...]
Changing trends of tourism in Sri Lanka
Changing trends in tourism worldwide is a phenomenon that would continue to take place due to enormous developments in travel and hospitality. New destinations, improved facilities, advances in technology providing connectivity, information sources, and simpler reservation procedures are some of the contributory factors for these changes. In Sri Lanka, however, there have been other factors [...]
SLITHM’s training role expands in tourism industry
With Sri Lanka achieving 2 million arrivals for the first time in its history last year and the numbers expected to grow this year, the country’s hospitality industry is facing the challenge of a serious manpower shortage. However the country’s premier tourism and hospitality industry trainer is optimistic that the issue is well under control. [...]
Lokuhetty invited for global meeting on tourism
Anura Lokuhetty, a veteran in Sri Lanka’s tourism industry, has been invited by the ICC WCF 10th World Chambers Congress to attend its September 19-21 meeting in Sydney, Australia as a speaker in his capacity as chairman of Asian Council of Tourism of CACCI. The theme of the conference is “Tourism: a driver for economic [...]
Online travel agents up for licensing, say authorities
Sri Lanka’s tourism authorities will be introducing new regulations to register all travel agencies operating into Sri Lanka including online travel platforms. Following the assertions from tour operators, the Sri Lanka Tourism Development Authority (SLTDA) will be introducing the relevant regulations to register all travel agencies operating into Sri Lanka including those online with a [...]
Aitken Spence Travels wins top award at Interactive Media Awards
Aitken Spence Travels received the ‘Best in Class’ award at the recent Interactive Media Awards (IMA) for its revamped Aitken Spence Holidays website in the Travel and Tourism category. The ‘Best in Class’ award is the highest honour awarded by the IMA for excellence in planning, execution and overall professionalism. In order to achieve this [...]
Sri Lanka augments public procurement process
The Sri Lankan government will be enhancing the effectiveness, efficiency and transparency in the public procurement system making it more accountable, streamlined and cost effective. In this undertaking, the National Procurement Commission (NPC) established under the 19th Amendment to the Constitution has devised an Action Plan which will contribute to the efforts of the government’s [...]
Unit Trust firms consider winding up, consolidation amidst regressive taxation
Removing tax incentives to the unit trust industry will see many asset management firms dealing mostly in unit trusts winding up or selling their firms to bigger counterparts, a top official said. “There’s an acute disparity between the taxation say of a fixed deposit and a unit trust. This will force asset management firms to [...]
Parking gets easier with Tenaga’s ParkSmart App
Tenaga Car Parks, the pioneer in providing parking and traffic management solutions in Sri Lanka, recently launched a new, user friendly and convenient mobile app – Tenaga ParkSmart enabling smooth street parking in Colombo. It was launched in partnership with the Colombo Municipal Council in the presence of Eng.L R L Wickramaratne – Deputy Municipal [...]
Industry awards help local firms to improve quality, performance and ensure ethical production
Winning a top award at the 2016 Achievers’ Competition conducted by the Ceylon National Chamber of Industries (CNCI) helps a company to profile its success to all their stakeholders including the board of directors. At the launch of the CNCI Achiever Awards 2017 held in Colombo last week, the Gold Award Winner of Achiever Awards [...]
Empower Culinary & Hospitality School receives prestigious WorldChefs Certification
The Empower Culinary & Hospitality School, Sri Lanka’s premier culinary and hospitality facility was recently granted World Association of Chefs Societies (WACS) recognition. WACS is a World Chefs body consisting of 10 million chefs and the Empower Culinary & Hospitality School is the only culinary training institute in Sri Lanka to hold this prestigious title. [...]
Piramal Glass Ceylon turnover crosses Rs. 5 bln in 9-mth period
Piramal Glass Ceylon’s turnover for nine months ending December 2016 crossed the Rs. 5 billion mark. Total turnover rose six showed a growth of 6 per cent to Rs. 5,108 million for the period under review. This was helped by a 7 per cent growth in domestic sales to Rs. 4,149 million and 3 per [...]
Pan Asia Bank posts record pre-tax profit of Rs.1.8 bln
Pan Asia Bank has closed its 2016 year recording a profit before tax of Rs 1.8 billion, up by 17 per cent over the previous year. In a media release the bank said its post-tax profit was Rs.1.25 billion, surpassing its previous earnings record. “This commendable performance is a result of the combination of factors [...]
Nanotechnology based technology to protect treated surfaces from dirt
Ecocorp Asia last week launched Nanorepel, a surface protection system from Germany that uses nanotechnology to provide a reliable ‘do-it-yourself’ coating for every household in Sri Lanka. The system uses incredibly thin layers of ‘liquid glass’ or quartz glass to coat surfaces. In addition to the positive properties of glass such as temperature resistance or [...]