Trust accounts under scrutiny for money laundering
Sri Lanka’s banking regulator is flexing its muscles to combat money laundering risks and is considering going after ‘trust’ accounts which may be whitewashing dirty cash. Extreme care has to be taken on trust, as they are one of the main channels via which money has been laundered in the past, senior Central Bank (CB) [...]
No more Mahapola online lottery
The Mahapola online lottery operated by a private company in Sri Lanka is to be terminated by the Ministry of Development Strategies and International Trade as it has failed to generate expected revenue to the government, official sources disclosed. The Cabinet Committee on Economic Management (CCEM) has granted its consent to the Ministry to terminate [...]
Laws to tackle ‘on-the-way’ loot
Sri Lanka is struggling with pieces of legislation on anti money laundering to bring rogues to justice. While there are at least three Acts that need re-hauling, the Ministry of Justice will be hard at work to write laws dealing with confiscations of money laundering, officials say. One of the major new laws will be [...]
Condo developer offers pioneer payment plan
As Colombo’s apartment and condo sales market gets overcrowded, developers are looking at new ways of attracting buyers. One such company, Iconic Developments Ltd, the developer of Iconic Galaxy at Rajagiriya, this week unveiled a new payment plan where buyers pay only 30 per cent of the total cost of an apartment during the construction period [...]
New driving licences with organ donation consent
Anyone applying for the new electronic driving licence from the Motor Traffic Department (MTD) will be obliged to answer a question on joining the organ donor register to increase the number of organ donors for transplant purposes, officials said. Action has been taken to amend forms of obtaining and renewing driving licences by including a [...]
Culture of entitlement-2
Sometime last year, state universities and higher education institutions were told that recruitment to all categories including non-academic staff must follow a process of transparency, with prior approval being obtained and in keeping with state circulars. This is the gist of a notification sent by the Ministry of Higher Education to the University Grants Commission [...]
Two of the world’s biggest advertisers cut back on digital ad spend
Procter & Gamble and Unilever have both aggressively pushed for more transparency in the murky digital media landscape in recent years, even threatening to pull back on digital spending unless the system is cleaned up. And now, it seems like the world’s biggest advertisers are putting their money where their mouths are. Both P&G and [...]
Changing face of workers in India
MUMBAI – A debate about job creation and employment is heating up in India, fuelled by data that seem to show the country is entering a period of jobless growth. Official statistics suggest that overall labour-force participation declined between 2011 and 2015, with fewer than two million new jobs created annually. If those numbers were [...]
Social media hype generates attraction at a hotel pre-opening
The pre-opening stage of hotels/resorts is a big challenge to newly recruited staff and management but also a valuable opportunity professionally to sharpen their skills in various aspects. At the pre-opening stage our key target is the guest. So, we cannot be isolated till the contract is completed; we have to reach out to society [...]
Emirates to land first-ever A380 aircraft in Colombo on Aug.14
Emirates’ A380 aircraft will make a one-off landing at the Bandaranaike International Airport (BIA), Katunayake, on August 14, the first airline to land this wide-body aircraft at the airport’s resurfaced runway. The special flight will be the first A380 aircraft to disembark passengers in Sri Lanka after completing a commercial service. The one-off A380 aircraft [...]
Plucker, kangani feted at grand Ceylon Tea celebrations
Providing a standing ovation to the silent plucker on the fields of the regional plantation companies, the tea industry on Thursday attempted to recognise the worker on the estates in a last minute decision to include them at a national event to mark 150 years of Ceylon tea. Travelling to Colombo since early 3 am [...]
INSEE partners with PIM to develop its business leaders
INSEE Cement has joined up with the Postgraduate Institute of Management (PIM), to launch its first Executive Leadership Development Programme (ELDP) recently. The inauguration was held at the PIM premises, attended by the CEO and Directors of INSEE Cement and PIM, faculty members of PIM and the selected participants of INSEE Academy’s ELDP, according to [...]
Cash coming into Unit Trusts again
The David Pieris Group company-owned Assetline Capital’s Assetline Income Fund which was Rs. 7.7 billion in March, down from Rs. 22.3 billion in February, was back up to Rs. 23.6 billion as at end April, data showed. This is certainly not due to renewed interest in unit trusts (UT), analysts say, but due to the [...]
Firewood and organic fertiliser from wonder tree gliricidia
With Sri Lanka struggling to find cheaper energy sources particularly for industrial and home use, one area that is being strongly explored is the use of ‘gliricidia’. This tree is not only useful for firewood (branches) but its leaves are used to produce organic fertiliser. The Business Times’ interest in gliricidia came last week after [...]
Patients charged exorbitant rates by some Sri Lankan specialists
How patients are mercilessly taxed could be seen when one medical specialist charges one amount in one hospital for a consultation and then changes nine times more in another hospital. This fact was made public by Dr. Rajitha Senaratne, Minister of Health, Nutrition and Indigenous Medicine, inaugurating the ‘Mahajana Suwathena’ Healthcare Exhibition 2017 held at [...]
IMF releases much- awaited EFF third tranche
The International Monetary Fund (IMF) disbursed the third tranche of US$167.2 million from the $1.5 billion Sri Lanka’s Extended Fund Facility (EFF) this week granting a waiver of non-observance of the continuous performance criterion, an IMF media release revealed. In completing the second review of EFF arrangement, the Executive Board of the IMF has waived [...]
EU and UNDP officials visit development projects in Batticaloa
Key officials from the European Union and UNDP visited several development projects in Eastern Batticaloa and took part in many events organised on the occasion of their recent visit. Initially Libuse Soukupova, Head of Cooperation of the EU Delegation to Sri Lanka and the Maldives and Mohamed Muzain, Programme Manager, UNDP, visited a traditional food [...]
SL Customs digitises payments; line agencies to follow
Bureaucratic “red tape” presents a trouble for moving goods across borders for traders. Trade facilitation – the simplification, upgrading and coordination of export and import procedures – has therefore become a crucial concern for Sri Lankans who want to connect to the world trading system. The World Trade Organisation’s (WTO), Trade Facilitation Agreement (TFA) which [...]
Marriott opens in Weligama
International chain, the Marriott opened its first hotel in Sri Lanka on Thursday. Without any fanfare its property owner, the Weligama Hotel Properties Ltd, a subsidiary of East West Properties Ltd, on Friday announced to the Colombo Stock Exchange that the Weligama Bay Marriott Resort & Spa began operations on July 20. The beach front [...]
KDU presents workshop on ‘Advancements in Naval Vessel Design’
The General Sir John Kotelawala Defence University (KDU) will be conducting a workshop on “Advancements in Naval Vessel Design” on August 1 and 2 organised by the Faculty of Engineering as a precursor to its Annual Research Symposium the 10th International Research Conference (IRC) next month. This workshop will enable participants to acquaint themselves with [...]
16 key foreign speakers at the Sri Lanka Economic Summit
A galaxy of foreign speakers including the Indian government’s chief economic advisor and what advice they would offer to the Sri Lankan community is the key feature of a business discussion happening in Colombo next week. These speakers are taking part in the Sri Lanka Economic Summit 2017 under the theme “Execute – Transform – [...]
New Inland Revenue Bill to ease indirect tax burden – Finance Minister
Sri Lanka’s Inland Revenue Bill, a joint product of International Monetary Fund (IMF) and government authorities, will be presented in Parliament by the third week of August. The aim of introducing the new bill is to gradually reduce the indirect tax burden on the people while introducing reasonable direct taxation on considerable income earners, Finance [...]
Sri Lanka motor trade hits a snag
The motor trade in Sri Lanka is in a troublesome period once again with the usual short term and ad-hoc policy changes which hurt the industry in a big way. The adverse policies also have created a “no-level playing field” in the market whilst certain sectors especially used car imports continue to benefit. The relevant [...]
Much awaited fuel pricing formula on the cards
Sri Lanka is set to introduce a cost-reflective transparent fuel pricing, based on international market prices soon. In this much-delayed fuel pricing formula, prices should change with international market prices similar to many other commodities people consume, a senior official of the CPC said. There is also a strong case to gradually introduce corrective taxes [...]
Electric vehicle owners form club, urge Govt. to liberalise imports
The Electric Vehicle (EV) Club, a collection of EV owners in Sri Lanka, says more electric vehicles should be encouraged in Sri Lanka as it cuts the country’s fuel bill while minimising environmental pollution and fumes. To discuss these matters the EV Club met in Colombo last week where Mahisanka Abeywickrama, Co-Founder EV Club said [...]
Eurocars launches new Porsche 718 Boxster models
Eurocars, sole agent of Porsche in Sri Lanka, has announced the entry of the mid-engine Porsche models; the 718 Boxster and 718 Boxster S. The two-seat convertibles are now more powerful yet more fuel efficient, a media release issued by the local company said. The centerpiece of the new model series is the newly developed [...]
Tsemach brings in auto detailing for Sri Lankan motorists
Tsemach Global Automotive, the detailing studio, recently launched professional automotive detailing supplies brand ‘Chemical Guys’ to Sri Lankan motorists creating awareness on how to take care of their vehicles. Auto detailing is the performance of thorough cleaning, restoration, and finishing of a motor vehicle, to produce a show-quality cleanliness and polish. The state-of-the-art product store [...]
A drive for cleaner air
LONDON – No smoke, just a trickle of drinkable water. Hydrogen cars could play a key role in the future of transport. But what are they like to drive? Cruising quietly through the English countryside, it’s comforting to know that this car’s only emissions could be watering the wayside weeds. Oxygen from the front air [...]
Tourism industry’s research symposium on ‘Lanka’s future’ in October
Tourism experts and academics will aim to make some headway to chart the course of the future of Sri Lanka’s industry at this year’s Tourism Leaders’ Summit and International Research Symposium 2017. This will be the third consecutive conference held in Colombo and is scheduled to take place from October 3-4 at the BMICH with [...]
CSE sees foreigners active: Analysts say some cowboy cash
The Colombo Stock Exchange (CSE) has behaved well contrary to opinions by the naysayers. Egged by foreign traders, the CSE says the bourse recorded a turnaround in the first half of 2017 having started the year on the back of a slow-moving 2016. The Benchmark All Share Price Index (ASPI) has made consistent gains to [...]
Free trade agreements with other countries will boost the economy
Plans are afoot to set up giant industries such as LNG terminals, a cement plant and an oil refinery, two cement manufacturing factories and several other export zones in Sri Lanka with foreign collaboration soon, according to State Minister of International Trade, Sujeewa Senasinghe when he spoke to journalists at a briefing at the Department [...]
Startup X Foundry steals the show at Disrupt Asia 2017
Showcasing three outstanding new start-ups in acceleration as its launch ventures, StartupX Foundry stole the show at Disrupt Asia 2017, held at Hilton Colombo on July 12. The newly established start-up incubator/accelerator is a pioneer of its kind launched in May 2017 and joined hands with ICTA for the first public showcase of its launch [...]
Sri Lanka needs an economic miracle and there’s plenty around (for the taking, not talking)
GSP+ is the lynchpin towards building Sri Lanka’s outward- looking, export oriented economy which will provide jobs and increase incomes. “We are entering the richest European consumer market in the world which we have been building for over 2000 years dating back to the Roman Empire,” said Prime Minister Ranil Wickremesinghe at the launch of [...]
Sri Lankan SMEs account for 53% of GDP
Small and medium-scale traders entrepreneurs from several districts converged in Colombo last week to take part in the trade fair – ‘Aadayam 2017’ held at the BMICH. This is part of a programme launched by the United Nations Development Programme (UNDP) in 2013 to reduce inequalities in 10 districts by supporting around 400,000 people and [...]
Local firms can attract more foreign capital through ‘IR’
It’s important for today’s businesses in Sri Lanka to take cognizance of Integrated Reporting (IR) that leads to more investors and bigger things. Here’s why. The slim focus of today’s financial reports snubs the size and speed of change taking place in our global economy, including the interrelated risks posed by financial instability and un-sustainability. [...]
Korean business delegation visits Sri Lanka
A 13-member Korean business delegation visited Sri Lanka last week at the invitation of the Ideal Group to explore business and investment opportunities in diverse areas. KICOX (the Korea Industrial Complex Corporation), which is the business growth support centre in Korea’s Honam area, was responsible for putting together the delegation which comprised both the private [...]
Asian Paints Lanka receives Green Mark Gold certification
Asian Paints Lanka has been awarded the Green Mark Gold certification by the Ceylon Institute of Builders (CIOB) in recognition of the eco-friendly characteristics of ‘Apex Ultima Protek’, the company’s exterior emulsion paint. The company said in a media release that the certification, in the ‘Green Building Products’ category, is attributable to the product’s conformation [...]
Colombo plays host to 6th World Construction Symposium
The annual World Construction Symposium 2017 was held earlier this month at Hotel Galadari. The World Construction Symposium is an annual international industry event taking place in Sri Lanka focusing on sustainable construction. The symposium provides a special forum for researchers and practitioners in the area of sustainable construction worldwide to share their knowledge, experience [...]
Seminar on Money Laundering on Aug. 3
The Asia Pathfinder Legal Consultancy Services is conducting a seminar/workshop to familiarise and assist companies to comply with new obligations of reporting suspicious transactions. The seminar will be held on August 3 at the Movenpick Hotel Colombo, the organisers said. The seminar will give an overview of compliance requirements and the potential impact of non-compliance [...]
LAUGFS Gas strengthening presence in Bangladesh
LAUGFS Gas Bangladesh, part of the diversified Sri Lankan multinational LAUGFS Holdings, recently announced plans to strengthen its presence in Bangladesh. The announcement was made at a corporate dinner reception hosted by the company at Pan Pacific Sonargaon Hotel in Dhaka in the presence of President Maithripala Sirisena. The event coincided with the Sri Lankan [...]
SriLankan’s global network expands to highest number of destinations
SriLankan Airlines recorded an exciting milestone last Sunday as it launched a new four-times-a-week service to Coimbatore. This took SriLankan’s online destination count to 41, the highest ever in Sri Lanka’s aviation history. With the recently launched routes to Hyderabad and Visakhapatnam, as well as the seasonal flights to Gaya and Varanasi which will resume [...]
Accountants must follow good practices including good governance and integrity
Sri Lankan accountants who were always looking for standards and compliance are now involved in ‘Integrated Reporting’ which reflects value creation. This method of accounting should not be confined to the private sector only but should be made mandatory to all public sector agencies. This suggestion was made by Prof. Lakshman R. Watawala, Chairman, Certified [...]
Sri Lanka’s UK mission celebrates ‘Global Ceylon Tea Party’
A large number of representatives from the UK government authorities, international organisations, non-governmental bodies and private sector businesses joined the UK-edition of the Global Ceylon Tea Party hosted by the Sri Lanka High Commission in London recently. In her welcome address, Sri Lankan High Commissioner Amari Wijewardene highlighted the role played by James Taylor, the [...]
Demand growing for accountancy and finance jobs
With the US dollar reaching an all-time high of Rs. 153 per dollar, the Sri Lankan economy is going through major changes. everjobs.lk, jobs portal, says that one of the primary causes for the rupee depreciation has been the widening trade deficit. One profession that is booming due to these economic changes is finance and, [...]
President opens Singer Logistics Hub in Dambulla
President Maithripala Sirisena last week opened Singer Sri Lanka’s logistics hub in Dambulla with a capacity of 75,000 sq.ft. Ministers John Amaratunga and Nimal Siripala de Silva along with Singer Management including Group CEO Asoka Pieris, Director – Logistics Shyam Ramanathan and Deputy Director – Service and Logistics Ananda Manoratne were present at the event. [...]
New Indian player in appliances says good growth seen in Sri Lanka
Blue Star Ltd, India-based makers of a range of air-conditioners, water coolers, deep freezers, bottled water dispensers and ice cube machines, is now in Sri Lanka to market its products through the Sri Lankan agent – Comfort Solutions. They are also expected to introduce air purifiers to the Sri Lankan market. To announce the marketing [...]
Useful handbook for Sri Lanka’s construction industry sector
With the ongoing construction boom in the country, local engineers, architects and builders involved in the building industry will undoubtedly benefit a great deal from the publication of a new book launched last week. Titled “the Project Managers Hand Book’, the book has been compiled by a veteran Sri Lankan Engineer Ranjith Gunatilleke. who has [...]
Altair’s structural engineer Predrag Eror explains high-rise design principles at Colombo forum
The complex correlation between reinforced concrete shear walls, steel frames and outriggers in modern skyscrapers was expertly explained by one of the world’s leading structural engineers at a professional forum in Colombo recently. Using case studies of some of the most remarkable high rises under construction around the world, Predrag Eror, Principal of Derby Design [...]
Create awareness about dengue in your neighbourhood through ‘VETA’
While dengue is spreading rapidly and has become the most serious issue across Sri Lanka, taking necessary precautions and creating awareness among the public of the deadly disease is every citizen’s responsibility. According to figures published by the epidemiology unit of the Ministry of Health on July 19, 97,125 dengue cases have been reported in [...]
IPM PQHRM HR Professional of the Year awarded to Chaya Wickramadara
The prestigious award presented by IPM Sri Lanka for the IPM PQHRM HR Professional of the Year was won by Chaya Wickramadara. Ms. Wickramadara was recognised and presented the award at the IPM National HR Conference 2017 held at the BMICH recently, according to an IPM media release. The winner currently works as the Human [...]
Gas World launches largest, purpose-built medical gas filling facility
Gas World (Pvt) Ltd, an associate company of Industrial Gases (Pvt) Ltd (IGL) which marked its 25th anniversary of operations in Sri Lanka, has launched a new dedicated medical gas filling facility with a cylinder traceability system. With this new automated filling facility, located in Sapugaskanda and which is the largest in the country, Gas [...]
Commercial Bank wins 4 CSR/sustainability awards from CMO Asia Council
The Commercial Bank of Ceylon won four awards at the Sri Lanka Marketing, HR and CSR Leadership Awards presented in Colombo last week by the CMO Asia Council. The bank received the awards for Best Use of CSR Practices in Banking and Finance; Developing Sustainability Strategies; Concern for Health; and Support and Improvement in Quality [...]
English Nursing Care Services launched in Colombo
English Nursing Care Services, aiming to set the benchmark for home nursing care in Sri Lanka, celebrated its launch in Colombo on Wednesday. Situated in Colombo, English Nursing Care Services is a Registered Nurse supervised home nursing service, allowing for quality care in your own home. In a media release, Richard Gould, Managing Director, English [...]
China Guangxi Products Exhibition held in Sri Lanka
In an effort to facilitate trade between China’s 46-million strong Guangxi province and Sri Lanka, the Department of Commerce of Guangxi successfully held the “2017 China Guangxi Products Exhibition (Sri Lanka)” in Colombo last week. It is the first time the Guangxi provincial government had held a products exhibition in Sri Lanka with the involvement [...]