Discussing future of tourism
UNWTO Secretary General Dr. Taleb Rifai in conversation with Tourism Minister John Amaratunga during the opening sessions of the PATA tourism conference at Jetwing Blue in Negombo on Friday. Also in the picture is Ports and Shipping Minister Arjuna Ranatunga who is embroiled in an issue over the Hambantota Port deal.
New PPP unit begins search for investments
Sri Lanka’s new Private Public Partnership (PPP) division set up at the Finance Ministry is making preliminary arrangements to secure investments with private sector engagement for planning, implementation, financing and maintenance of certain infrastructural assets owned by the state agencies. This division functioning under the Treasury has already recruited executive staff to support and advise [...]
Worker rights to be fought post GSP+
On the back of trade concessions from the European Union (EU), trade unions are now lobbying the government to gain right of access to factories with special identity cards and also a 50 per cent share in GSP + gains, among other concerns. In this respect, the trade unions have requested for a stakeholder meeting [...]
Stockbrokers close outstation branches
Some stockbrokers, with the stock market continuing to show negative returns, are closing their outstation branches in a move to cut costs and manage their bottom lines. While brokerages are faced with several serious issues and their cash-flows are strapped, some companies are mulling pay cuts as well. Some closed nearly four branches outstation, they [...]
IRD Bill under IMF microscope
The much awaited new Inland Revenue Bill, a product of the International Monetary Fund (IMF) and the Sri Lankan authorities, is likely to be delayed along with the release of the third tranche of US$168 million out of the total $1.5 billion extended fund facility to Sri Lanka. The Cabinet of Ministers has already approved [...]
Dignity of the plantation worker
In the past few months going through a lot of literature, events and even new coffee table books as Sri Lanka’s primary export commodity tea marks its 150th anniversary, there seems to be something missing in the celebrations: The worker! The Sri Lanka Tea Board and the industry at large have prepared a year of [...]
Dam Safety: Not only the responsibility of professionals
More than 30 years have now passed after the Kantale dam breach that happened in April 1986. Even though the rest of the country has forgotten that incident in which 130 people lost their lives, nearly 600 private and government buildings were totally destroyed, another 630 buildings partly damaged, agriculture, roads and other infrastructure washed [...]
Worker rights under scrutiny as GSP + gets underway
Access to the European Union (EU) has been opened without trade barriers since Friday May 19 but certain issues concerning worker rights in Sri Lanka still need to be ironed out with the government to ensure improved conditions on the factory floor, an issue often raised by trade unions, according to EU officials. Trade unions [...]
Strong start for Commercial Bank in 2017
Commercial Bank of Ceylon PLC has made a strong start in 2017, reporting solid income and profit growth for the three months ending 31st March 2017 and weathering a further reduction in margins and a substantial increase in taxation. The bank reported a profit of Rs. 6.3 billion before VAT and NBT, reflecting growth of [...]
‘Ducks and drakes’games at Lanka Hospitals
The Ministry of Public Enterprises in an unusual shake up, removed and then reappointed some directors at Lanka Hospitals Corporation PLC (LHCP) within a 5-day period, raising eyebrows. Ministry officials told the Business Times that they ‘wanted to shake the board up a bit’, in move to purge the institution of its ‘lackadaisical’ attitude. On [...]
Troubled Ceylon Tobacco sale volumes drop
Troubled Ceylon Tobacco Company’s tax revenue to the Government fell by 11.1 per cent to Rs. 19.7 billion in the quarter ending March 31, 2017, the company said on Monday. Profit after tax however edged higher at Rs. 3.19 billion against Rs. 3.05 billion in the corresponding 2016 quarter. The price of the stock fell [...]
Green Globe CEO on Sri Lanka visit
Guido Bauer, CEO Green Globe – the premier international certification for sustainable travel and tourism, visited Sri Lanka last month on a promotional campaign. The visit was facilitated by STING Consultants (Pvt.) Ltd. – Green Globe Accredited Auditors for Sri Lanka and the Maldives. Mr. Bauer’s visit to the island culminated in agreements with a [...]
Part robot, part flesh – glimpses into the future of humankind
Gory as it may sound, tomorrow’s humankind could be part robot, part flesh. A life of surveillance; a life of being tracked; clothes that would trace an individual’s behavioural patterns; nothing is private and sacred anymore with the new technology and the fourth industrial revolution. The Internet Of Things (IOT) and the tech boom are [...]
Global attacks spur demand for cyber insurance
The slew of recent ransomware attacks in over 150 countries reveals the widening scope of corporations’ cyber risk exposures, which is likely to increase demand for related insurance protection, Fitch Ratings says. Insurers are in a unique position to assist customers in addressing the cyber threat. However, a cautious approach to adding cyber exposures is [...]
Regaining GSP+ only solution to boost exports, resolve BoP, says PM
Sri Lanka’s serious issues of Balance of Payments (BoP) and debt servicing can only be resolved by increasing exports with the regaining of GSP+ concession from the European Union (EU), says Prime Minister Ranil Wickremesinghe. Arriving in the country from China after discussions with the Chinese Prime Minister on Wednesday, the Premier made this statement [...]
WannaCry Ransomware brought organisations to their knees
Ransomware is a piece of malware that denies access to a victim’s computer or device or encrypts most important files, and holds them hostage until a payment is made to the cybercriminal. It essentially kidnaps the information viz, data files, photos and videos and extorts money from the vulnerable, technology dependent innocent users and organisations. [...]
CEA visits INSEE Cement to examine waste management process
A high powered team from the Central Environmental Authority (CEA) recently visited the INSEE cement manufacturing plant in Puttalam to observe how the company conducts its waste management process in conformity with the environmental protection licence. The team comprised Prof. Lal Mervin Dharmasiri – Chairman, Dr. Sanjaya Rathnayake – Acting Deputy Director General, Environmental [...]
AIA Sri Lanka reports improved revenue growth in Q1
Consolidated revenue in the life insurance business of AIA Insurance Lanka PLC rose by 24 per cent to Rs. 3,968 million in the 3-months ending March 2017 against the same 2016 quarter. The rise was driven by the increase in conventional life business Gross Written Premium (GWP) as well as growth in investment and other [...]
SLT profits marginally down in 1Q2017
Sri Lankan Telecom (SLT) Group post-tax profit fell to Rs. 1.45 billion in the quarter ending March 2017 from Rs. 1.72 billion, in the corresponding 2016 quarter due to a multitude of reasons. Tax changes made by the government had an adverse impact on the group’s revenue growth which impacted on profitability as well. The [...]
Volatility in some global markets for Haycarb
Haycarb PLC reported revenue of Rs. 13.5 billion and profit after tax of Rs. 939 million for the financial year 2016/17, the company said this week. Haycarb PLC Managing Director, Rajitha Kariyawasan explained that the company was able to show both top and bottom line growth amidst key challenges in supply chain for raw material [...]
Teejay posts revenue growth of 24% in volatile 2016-17
Teejay Lanka PLC, the Sri Lanka headquartered world-class knit fabric solutions provider, has reported revenue of Rs. 22.2 billion at group level and net profit of Rs. 2 billion for the year ending March 31, 2017, despite substantial increases in raw material costs during much of the year. The group said in a media statement [...]
Role of IP in Sri Lanka’s tourism sector nears finalisation
A comprehensive study on promoting awareness on the role of Intellectual Property (IP) in promoting tourism- related economic activities and culture of the country is nearing finalisation in consultation with the National Steering Committee chaired by Secretary Ministry of Tourism and World Intellectual Property Organisation (WIPO) experts. Last year, Sri Lanka was selected as [...]
Sri Lanka reliant on a power mix of mini hydro, solar, biomass and oil in 2018
Sri Lanka’s national grid is expected to have an installed capacity of 4269 MW by the beginning of 2018 and 10783 MW by the end of 2037, the Public Utilities Commission of Sri Lanka (PUCSL) said quoting the Least Cost Long Term Generation Expansion Plan (LCLTGEP) 2018-2037, prepared by the Ceylon Electricity Board (CEB). The [...]
Issues relating to Standard Credit Finance
Reference the article in last week’s Business Times headlined “Slow death awaits desperate depositors of failed finance companies”, Noel Fernando of the Action Team of Depositors of the Standard Credit Finance Ltd (SCFL) has written to say that the names indicated in the above mentioned article are not depositors but shareholders of the company under [...]
Ocean Queen hotel, Wadduwa looking for a buyer
While investors are putting their money in hotels and the leisure sector, a newly-built hotel on Sri Lanka’s southern coast is looking for a buyer. Built by EM Hotels Ltd, a company that invests in construction of hotels, villas and houses, the Ocean Queen, Wadduwa has 51 rooms spread out on over 127 perches of [...]
Changing role of airports and impact on the economy
As business markets become national and international in scale, airports are increasingly being viewed as catalysts for local economic development. Their ability to generate jobs and attract new business is being used in many locations as a justification for public investments in new airport construction and expansion. The role of today’s airport operators have changed. [...]
Chinese fast taking over as Sri Lanka’s biggest inbound traveller
Tourism, picking up faster than any other sector in post-war Sri Lanka, is heading for two milestones this year – massive tourism revenue and China becoming the country’s largest source market beating India. These tourism trends emerged at the Pacific Asia Travel Association (PATA) 2-day annual summit 2017 held in Negombo on Friday. The meeting [...]
Online transactions to be taxed
As the Sri Lankan e commerce sector blossoms from infancy to maturity, the government is gearing to regularise the sector and impose taxes on online transactions. A common platform is to be created to facilitate online firms such as Amazon, e-bay, etc to collect taxes on behalf of the government for transactions carried out within [...]
Staple rice based diet changing in South Asia, experts say
The mindset of Sri Lankans and the government’s policy is to produce more and more rice instead of switching to other cash crops to improve nutrition and economic benefits of its people although agricultural transformation is taking place elsewhere in the region, said P.K. Joshi, Director of South Asia International Food Policy Research Institute (IFPRI). [...]
SL’s first Retailers’ Forum in Sept.
Sri Lanka Retailers’ Association (SLRA), aiming to be the apex body of the retail industry in Sri Lanka, is organising the country’s first retailers’ forum on September 12- 13 at the Cinnamon Grand Hotel, Colombo. The forum will focus mainly on the emerging trends of retail both locally and globally, find answers to current burning [...]
NDBIB goes regional with Ooredoo Maldives IPO
NDB Investment Bank (NDBIB) recently launched the IPO of Ooredoo Maldives PLC on the Maldives Stock Exchange acting as the lead financial advisor and manager to the IPO. The mandate from Ooredoo Maldives, a subsidiary of Ooredoo Group, a global telecommunications service provider based in Qatar, signifies NDBIB’s pioneering efforts as Sri Lanka’s first investment [...]
Dialog subscribers help provide homes to Aranayake landslide victims
Through generous donations channelled from Dialog subscribers, tripled in value through a donation by Dialog Axiata and further supplemented by support in civil construction services from the tri-forces enabled the handing of the “Senehe Siyapatha” Senehase Gammanaya consisting 30 houses to victims of the Aranayake landslide, in the Kegalle District. The homes were ceremoniously handed [...]
Incentives and income tax structure effective after IRA bill
The Finance Ministry will be introducing a new investment incentive scheme and new income tax structure after the presentation of the new Inland Revenue Act in Parliament shortly. This was announced by Finance Minister Ravi Karunanayake at a hurriedly convened media conference in Colombo on Sunday May 14. Under the new scheme, investments over US$2 [...]
SLT fixed line telephone service on the decline
Sri Lanka Telecom (SLT), the only fixed wire-line telecommunications service provider in the country, is grappling with a sharp increase in fixed wire-line disconnections and dropping demand for new connections, SLT, trade union leaders said. While the SLT lost 63,915 subscribers last year, it has failed to attract new customers due to a weakness in [...]
Agriculture experts once again urge lifting of ban on weedicides
Agriculturalists and researchers raised the alarm again on the ban of weedicides and pesticides at a seminar on “Challenges in Agriculture – The Way Forward” organised by the National Agribusiness Council in Colombo this week. Dr. Parakrama Waidyanatha, an agricultural Research Scientist, explained to the forum that the ban of weedicides indicating that they include [...]