Gender equality by men
Was it genuine ‘slip’, unplanned event or just lip service to International Women’s Day marked by women across the world? The Colombo Stock Exchange ‘ringing the bell for gender equality’ ceremony this week drew the attention of many observers for the wrong reasons: The men far outnumbered the women at the podium as this picture [...]
The Pereras – from friends to frenemies
In one of the most stunning developments in Colombo’s stock market and political circles, the seemingly, inseparable duo of Dhammika Perera and Nimal Perera parted company this week, bringing the curtain down on a 17-year partnership of hostile take-overs of large groups and, accumulating wealth on the way. While the market and even political circles [...]
SLPA afloat on SAGT, CICT royalties
The Colombo port this week announced massive gains in operational profits in 2016 however without discounting the fact that 100 per cent of this came from royalties collected from the two privately-owned terminals. The Sri Lanka Ports Authority (SLPA)-run Jaya Container Terminal (JCT) and the Unity Container Terminal (UCT) last year had made a net [...]
COPE to SLIC: Reveal reasons for Maldives, Seychelles branch closures
Sri Lanka Insurance Corporation (SLIC) has been directed by the Committee on Public Enterprises (COPE) to submit a detailed report on its abrupt closure of Maldives and Seychelles branches set up during the previous regime. COPE was of the view that the institution would incur unnecessary losses owing to the sudden closure of the branches [...]
CSE raps sassy offenders on disclosure requirements
The Colombo Stock Exchange (CSE) is having little ‘chats’ with certain cheeky offenders who flouted the rules. As per Section 7.8 of the Listing Rules of the CSE which provides for immediate disclosure pertaining to a firm’s dealings, the CSE has found instances where there has been violations and has had ‘one-to-ones’ with certain offenders [...]
Ex CB Governor Mahendran records statement before police
Former Central Bank (CB) Governor Arjuna Mahendran on Friday recorded a statement relating to the controversial bond issue before a unit of police officers assisting the bond-related Commission of Inquiry. He has made an initial statement on the bond auction at the CB during his tenure in which it is alleged undue advantage was given [...]
Steadying the tourism ship
This week Sri Lanka, it appears, sent its largest private-public sector delegation for the ITB Berlin tourism fair, one of the biggest in the world. While this is a lot to crow about, the island’s tiny neighbour, the Maldives had in fact sent an equal number or even more representatives, mostly from private companies and [...]
Celebrating International Women’s Day: Boon or Bane?
On March 8, people around the globe commemorated another International Women’s Day with great pomp and grandeur. The United Nations (UN) also declared the theme for this year’s International Women’s Day as, ‘Women in the Changing World of Work: Planet 50-50 by 2030’. The purpose of this theme is to identify how to spur UN’s [...]
Cold Stores gearing for ice cream, launches two exotic fruit drinks
John Keells Holdings subsidiary, Ceylon Cold Stores (CCS) has a lot going for it. The company launched two exotic fruit flavoured drink this year amidst plans to launch ice creams through its Rs.270 million subsidiary – Colombo Ice Company (Pvt) Ltd (CICL) incorporated in May last year. CICL entered into an agreement with the Board [...]
MAS links with UNFPA to ensure gender-mainstreamed corporate policies
MAS Group, the Sri Lankan entity which is the largest private-sector employer of women, has joined hands with the United Nations Population Fund (UNFPA) in Sri Lanka to ensure strengthened corporate policies and programmes that focus on identifying gaps and gender inequalities in the working environment. In a media release, UNFPA said Sri Lanka’s female [...]
SMA rolls out a new strategy to enter Japanese market
Strategic Management Alliance (SMA), moving away from the traditional method of displaying products at the exhibitions and trying to lure Japanese buyers, has evolved a new strategy for its clients to make contact with Japanese buyers directly and have B2B meetings. The strategy is to clear the path for effective B2B meetings in Japan by [...]
Union Bank records significant growth in the year 2016
Union Bank of Colombo PLC, together with its subsidiaries (group) has reported a post-tax profit (PAT) of Rs. 553 million in 2016, sharply up by 117 per cent compared to the previous year. “Also in a milestone achievement, the group surpassed the Rs.100 billion mark in total assets, recording Rs.100.5 billion as at the year [...]
Inhuman action by banks on death of customer
Banks promise payment of a monthly return on term deposits to meet monthly expenses of customer, with the right to receive the capital intact at maturity else on death heirs to have the same right over capital funds. However, on the death of a customer some banks consider death a premature withdrawal and do not [...]
Next 3 years critical for CEOs across the world
Accountants need to adapt to the great changes in the macro and micro environments in order to meet the challenges that their clients are facing. They need to integrate technology into their day-to-day work and need to be innovative in attending to clients’ demands whilst keeping an open mind to different cultures and professions. In [...]
From Grass to Glass: Achieving success in the dairy industry
I was intrigued by a recent dialogue on collaboration in the dairy industry where what I found missing was the lack of focus on grass. Let me explain why grass is the key element in improving the dairy industry. The process of milk production begins with the cow. When a cow gives birth to a [...]
Climate change awareness gains momentum with successful international conference
The inaugural International Conference on Climate Change (ICCC) 2017 held in Sri Lanka last month concluded successfully, providing stakeholders a great platform to discuss and address the impact of climate change. The two-day conference hosted by the University of Colombo, was co-organised by The International Institute of Knowledge Management (TIIKM) and JLanka, Sri Lanka’s pioneer [...]
People’s Bank installs 300 self-service banking units at 300 railway stations
A bilateral agreement to install 300 new, self-service banking units at railway stations was signed between the People’s Bank and the Department of Railway at the Ministry of Transport in Battaramulla recently. Attending the ceremony Minister of Transport and Civil Aviation, Nimal Siripala de Silva stated that this event will mark a significant milestone in [...]
AIA Sri Lanka reports strong 2016 results
AIA Insurance Lanka PLC (AIA) has reported that consolidated revenue grew by 20 per cent to Rs. 14,633 million during the financial year 2016, driven by the increase in premium and investment income. Gross Written Premium (GWP) of the life insurance business, grew by 20 per cent to a record Rs. 10,104 million, driven by [...]
Nestlé Kurunegala Factory hosts colleagues from 9 countries for best-practices workshop
Nestlé Lanka recently hosted an international workshop at its Kurunegala factory, where best practices in manufacturing Milo RTD (Ready-To-Drink) were showcased to Nestlé participants from 9 countries. Participants from 12 factories which manufacture Milo RTD across Asia, Oceania and Africa (AOA) attended the workshop to gain expertise in this area, according to a company media [...]
Kantale sugar factory revival embroiled in land issue
The long-delayed Kantale sugar factory revival is embroiled in controversy with government authorities failing to fast-track the project and release the 500-acre land to the foreign investor. It was nearly two years ago, in July 2015 that the Board of Investment (BoI) inked an agreement with MG Sugars Lanka Pvt Ltd to revive the defunct [...]
GPO working at snail’s pace
Last Wednesday, March 1 at about 11.00 am I took about 185 flyers (A5 paper folded into two and stapled) to the General Post Office, Bristol Street, Fort to be posted. This flyer was to inform the members about the forthcoming AGM of the Group of 70s’ Old Boys Association of Zahira College, Colombo to [...]
High level delegation from Shanghai visits the BOI
The Board of Investment of Sri Lanka recently hosted a delegation consisting of senior officials from Chinese People’s Political Consultative Conference of Shanghai (CPPCC). The delegation was made up of six senior officials of the Communist Party of China (Shanghai chapter) and was led by Xu Yibo, Vice Chairman of the CPPCC Shanghai Committee. The [...]
K. Sivagananathan Memorial Oration and awards on March 14
The 15th Annual K Sivagananathan Memorial Trust (KSMT) Awards will be held on Tuesday March 14. This annual Memorial Oration and Awards ceremony is conducted together with the Association of Professional Bankers of Sri Lanka (APB) in commemoration of the late K. Sivagananathan who was an innovative banker and contributed much to uplift and upgrade [...]
Cool Planet supports Foundation of Goodness for CSR projects
Cool Planet’s ANDRIANA brand recently tied up with the Foundation of Goodness to support its CSR efforts. The initial pledge was Rs.500,000 with the promise of more contributions to come during the year. “The invaluable and philanthropic partnership with Cool Planet’s Adriana brand and the Foundation of Goodness will have a significant impact on the [...]
Dipped Products’ ‘Firstlight’ endeavour wins Gold at JASTECA CSR/Sustainability Awards 2016
Dipped Products PLC, Hayleys Group’s internationally renowned glove manufacturing subsidiary, emerged winners of the Ian Dias Abeysinghe Memorial CSR/Sustainability award at the recently concluded Japan Sri Lanka Technical & Cultural Association (JASTECA) Awards 2016. The gold award was presented to DPL in recognition of the company’s groundbreaking efforts to develop the world’s first ethical rubber [...]
New Zealand High Commission will help promote trade with Sri Lanka
Ahigh powered trade delegation from New Zealand led by Minister of Food Safety and Veteran Affairs David Bennett consisting of 14 companies that represent multiple sectors such as aviation, technology, health care, information technology, and specialised manufacturing was in Colombo this week for trade and investment talks with Sri Lanka. This is the third trade [...]
Potential of free flow of capital, talent and ideas to help Sri Lanka grow
Sri Lanka is not on a great wicket economically. FDI into Lanka is one of the lowest in the world. Sri Lankan exports as a % of GDP have been on a severe downward trend with skilled capital exports accounting for just 13 per cent of current total exports, only Bangladesh is lower in the [...]
Regional political alignment crucial for regional financial integration, expert says
For regional financial integration to happen, it is necessary to have an adequate level of regional political alignment in order to realise a basic regional financial integration, a top expert said. “It is important to start with the basics of financial integration, implement this, create mutual trust and move from there to further financial integration,” [...]
Dr. Anoma Jayasinghe, first Sri Lankan member of prestigious IAASM
Dr. (Mrs.) Anoma Jayasinghe, Group Medical Officer of SriLankan Airlines, has become the first Sri Lankan professional in aviation medicine to be selected as a Member of the International Academy of Aviation and Space Medicine (IAASM), in recognition of her contribution to this field in Sri Lanka for over a decade. Aviation and Space Medicine [...]
‘Invest in time and save money’ – PickMe
PickMe, Sri Lanka’s first mobile taxi hailing company, has said that an efficient cab service can prove to be a great asset in terms of cost as well as time management for users. “Gone are the days when the option of owning a vehicle could be considered as a value asset. In a scenario where [...]
LOLC Insurance unveils unique insurance products
LOLC Insurance, the insurance arm of the LOLC Group, recently launched two new products under its two entities, LOLC General Insurance Ltd and LOLC Life Assurance Ltd. The two new products namely, LOLC Suraki Piyasa, unveiled under LOLC General Insurance and LOLC Reality launched under the LOLC Life Assurance banner are simple and affordable insurance [...]
The Perera era: End of an innings
Someone who always believed in luck, Nimal Perera, a powerful businessman during the Mahinda Rajapaksa-led administration, now says he has ambitious plans to be a politician. On the back of stepping down from Chairman/Non-Executive Director at two Dhammika Perera-led firms – Horana Plantations and Vallibel One – on Thursday as announced to the Colombo stock [...]
Sino Great Wall to construct Dusit Thani apartments
A Chinese contractor, Sino Great Wall International Engineering, has signed up to construct the Dusit Thani Sri Lanka, Beachfront Balapitiya, an apartment property catering to the discerning traveller. This property is expected to create the space for those wanting to visit the South but lack the required high end accommodation facilities, Dusit Thani Sri Lanka [...]
Research/study, tuition-free in Germany
The German Embassy Colombo recently invited Dr. Manjula Mundakana, Science Advisor at the Consulate General of Germany in Bangalore/India, to Sri Lanka to inform students on study/research options in Germany. German universities offer now more than 1900 degrees/courses in English. Language is not a barrier at all, when it comes to higher studies and research [...]
Robo-journalism could replace hundreds of jobs at Thomson Reuters – study
Artificial intelligence technology is to be rolled out more widely in media organisations and has the potential to replace “hundreds” of journalists at Thomson Reuters alone, according to an academic study. Journalists at Reuters and other news organisations believe “robo-journalists” do not have a good nose for news and produce one-dimensional stories, the research project [...]
OpenArc celebrates 25th anniversary this year
OpenArc, a pioneer in software solutions, is celebrating its 25th anniversary this year and hopes to launch a series of new solutions catering to information systems needs of corporate entities as well as the mass market consumers. This goes hand in hand with the company vision statement which states that it wants ‘to be a [...]
Iflix secures $90+ million in new funds to accelerate global expansion
iflix, the world’s leading Subscription Video on Demand (SVoD) service for emerging markets, this week announced it has closed a new round of funding in excess of US$90 million to support its further international expansion. The financing includes new investors – Liberty Global plc, major distributor of TV entertainment, sports and other programming, Zain, a [...]
Virtusa’s Madu Ratnayake recognised as one of India’s best 50 CIOs
VirtusaPolaris said this week that Madu Ratnayake, executive vice president, CIO and head of business process excellence, has been recognised as one of India’s Top 50 CIOs in the latest edition of “India’s Best CIOs Awards”, a joint property of Dell EMC and CIO Association of India. Mr. Ratnayake received this award for his brainchild [...]
Guru.lk chosen to produce country’s first official E textbook
Guru.lk, Sri Lanka’s leading eLearning portal has been chosen by the Educational Publications Department of the Ministry of Education to produce the first official E textbook to support the government’s efforts to promote learning in a digital format in schools. The assignment, awarded via competitive tender, requires Guru.lk to develop original content for the GCE [...]
Microsoft, employees donated over $650 million in cash, cloud services and software in 2016
A year after the formation of Microsoft Philanthropies, Microsoft Corp. and its employees have donated more than US$650 million in cash, cloud services and software to nonprofits around the world. In a statement published last week and released by Microsoft, Mary Snapp, corporate vice president at Microsoft Philanthropies, detailed the organisation’s 2016 contributions the highlights [...]
Power solution giant Assidua celebrates 5th anniversary
Sri Lanka’s pioneer power solution company Assidua Technologies Pvt Ltd recently celebrated its 5th anniversary. The company has reached great heights and received accolades of corporate sector in all spheres of power solutions in Sri Lanka for quality and excellence during five years of operations and also plans to further improve the success achieved so [...]
Geuda heat treatment firm ventures into gem stone healing therapy
Sri Lanka has made many great strides in the gem business following the acquiring of knowledge in transforming Geuda (semi-precious stones) into high value precious stones such as Blue Sapphires, White Sapphires, Rubies and Yellow Sapphires while heat treating it under either reducing or oxidising conditions. But for decades, Sri Lankan gem miners had discarded [...]
Let’s ‘really’ be different on International Women’s Day next year
To commemorate International Women’s Day (8 March), the Colombo Stock Exchange (CSE) joined over 30 Stock Exchanges around the world aligned with the UN Global Compact, the Sustainable Stock Exchanges Initiative, UN Women, IFC, The World Federation of Exchanges and Women in Exchange Traded Funds in raising awareness about the importance of gender equality to [...]
Commercial Bank wins international award for Best Sustainable Strategies
A strategic approach to sustainable business has won the Commercial Bank of Ceylon a prestigious award at the Global Sustainability and CSR Excellence and Leadership Awards in Mumbai, India. The country’s benchmark private sector bank received the award for ‘Developing Sustainable Strategies’ at these awards , and was the only Sri Lankan corporate entity to [...]
Ceylinco Insurance PLC posts after-tax profit of Rs. 4.7 bln
Ceylinco Insurance PLC has recorded a consolidated after tax profit of Rs. 4.7 billion, for the year ended 31st December 2016 whilst the profit before tax stood at Rs. 5.9 billion. A media release said that both Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.3 billion and Rs. 2.9 [...]
Small hydropower industry potential yet to be maximised
Sri Lanka’s small hydropower industry has achieved a significant number of milestones since its inception in 1996. Just 20 years on, it has a total of 169 projects producing 337.77 MW, been named by the World Bank as the best performing project of its kind and become the sought after role model by countries in [...]
Pan Asia Bank’s Rs. 2 bln rights issue snapped up
Pan Asia Banking Corporation PLC this week announced successful completion of its rights issue to raise up to Rs.2.06 billion placing the bank on a much stronger footing to pursue a higher wave of growth in 2017 and beyond. In a media release, the bank said in December 2016 it had announced to issue 147.5 [...]
Kelani Cables introduces ‘Kelani Hybrid Bulb’ with 2000 hours lifetime
Kelani Cables PLC has launched its newest product, ‘Kelani Hybrid Bulb’ that can be sustained for 2000 hours non-stop. The significance of this product is the ability to function even if something happens to the outer cover of the bulb. The product is a ‘first’ in the Sri Lankan market, according to the company. ‘Kelani [...]