Evening stroll at Galle Face
Children and elders mingle with kites, balloons and pavement hawkers at Galle Face green on a bright and sunny evening. This popular seaside promenade which has resisted change for many decades will be transformed once the Colombo Port city comes on stream. Pic by Amila Gamage
Hayleys’ ambitious foray into retail trade
Hayleys, the giant Sri Lankan conglomerate now controlled by businessman Dhammika Perera which acquired Singer Sri Lanka earlier this week, appears to be reverting back to a model which included consumer electronics that failed many years ago. The deal which rocked the Colombo stock market on Wednesday and would eventually be worth at least Rs. [...]
New budget to balance growth, fiscal restraint for disaster hit economy
Work on budget 2018 has got underway on the directions of Finance Minister Mangala Samaraweera to make it people’s friendly, providing modest economic support for low-income households and would be generally supportive of business while cutting government expenditure, Finance Ministry sources divulged. Treasury officials are considering the possibility of lowering tax rates for micro and [...]
Tea smallholders given grants
The government has provided financial assistance to tea smallholders affected by the adverse weather conditions during May this year. In this regard, Rs.250,000 has been given as a grant to the tea smallholders for loss of crop and a further Rs.250,000 for replanting, Federation of Tea Smallholders President Neville Ratnayaka told the Business Times. These [...]
Backlash from moves to purchase private power plants
Moves are underway to purchase three private-owned power plants without following proper tender procedure under the cover of a possible power shortage caused by the recent drought, Ceylon Electricity Board (CEB) trade unions alleged. The cost to the CEB of generating power through its own plants and private plants rose to Rs. 25 billion last [...]
EU wants more reforms on labour, other issues
A European Union delegation visiting Sri Lanka last week met trade union officials and found that there are more reforms needed on the labour front. Trade unionists representing the Sri Lanka Nidahas Sevaka Sangamaya (SLNSS), the FTZ and General Services Employees Union, the National Union of Metal and Migrant Workers, the Ceylon Workers Congress, the [...]
‘Ambalame Pina’
‘Ambalame Pina-Pina Walankadak Gena-Gena Eka bidapu Gona-Gona Ekata mata Hina-Hina’ I was reminded of this favourite children’s rhyme when listening to Kussi Amma Sera’s diatribe on the foibles of Sri Lankan politicians. “Eya ekak kiyanawa. Anith dawase anith ekkena ‘return’ ekay denewa,” she said one day, looking up from the Lankadipa newspaper while reading a [...]
Enhancing the accessibility of power through Ecomagination
Technology is ever evolving in nature, touching upon different tenets of a product to increase its usability. An ideal scenario would be a barrier-free environment with instant access to technology for all. Indeed a daunting task! Nevertheless, innovative technologies and related design creations continue making machines more reliable, flexible, and multi-tasking. Innovators like Dario Floreano, [...]
IFA – Showcasing next stage in cyber future
The annual electronics and home appliances fair, Internationale Funkausstellung Berlin (IFA) in early September was the showcase for numerous innovations and product launches which transported the attendees to the next stage of space. Some of the things that were showcased at the 5-day exhibition were the ultra-slim HD TV screens that blend in with the [...]
Hemas Pharmaceuticals expands to Myanmar
Hemas Pharmaceuticals, a leading pharmaceutical importer and distributor in Sri Lanka, has ventured out for the first time with its entry into Myanmar to commence distribution operations as Hemas Mandalar Pharmaceuticals Ltd. The official launch celebrations took place in the presence of K.W.N.D. Karunaratne, Ambassador of Sri Lanka for Myanmar, senior management members of Hemas, [...]
NPP inquiry report to be presented in Parliament soon
The inquiry report on Sri Lanka’s controversial National Payment Platform (NPP) developed by the Information and Communication Technology Agency (ICTA) is to be presented in Parliament soon and appropriate action will follow based on the findings of the investigation, National Policies and Economic Affairs Deputy Minister Dr. Harsha de Silva told the Business Times. ICTA [...]
Govt. urged to ‘digitise’ national tender process
Annual purchases by the Sri Lankan Government, commonly referred to as public procurement, is a key economic activity and last year accounted for about Rs. 596 billion or 19 per cent of total state spending, a workshop on national procurement guidelines in Colombo was told last week. Releasing this information, P. Algama, Director-General of Public [...]
New CEO at WSO2; Sanjiva continues as visionary founder and chief architect
Mountain View, CA – Sri Lankan-driven WSO2 announced this week that former Codenvy Chief Executive Officer (CEO) Tyler Jewell has joined the company as CEO and director of the board. Mr. Jewell brings to WSO2 more than 20 years of experience in building and scaling enterprise software companies. In his role as CEO, he will [...]
Salvation Army seeks partnership with communities and the private sector
Over 20,000 people in the Polonnaruwa district were recently screened during a campaign organised by the Salvation Army to detect and prevent the spread of kidney disease in the area. During this screening process, 1,000 persons were diagnosed as having kidney disease, said Major Peter McGuigan, the Communication Secretary of the Salvation Army, addressing a [...]
Future of software is the future of the world
Sri Lanka has some ‘dope’ software developers with major common denominators, but all the stakeholders can and need to do more, says Sanjiva Weerawarana, Founder, Chairman and Chief Architect, WSO2 Lt. Col., IT Advisor, Sri Lanka Army. Delivering the IESL Ray Wijeyawardena memorial lecture titled ‘Nobody to Leader: Achieving Global Leadership with Software’ in Colombo [...]
Sri Lanka’s absence from Asia’s big FTA game
Sri Lanka is pursuing a more proactive free trade agreement (FTA) strategy to reduce trade barriers with major Asian economies. FTA negotiations are on-going with China, India, Singapore and there is talk of FTAs with Bangladesh and Thailand. However, Sri Lanka is absent from Asia’s big FTA game – the Regional Comprehensive Economic Partnership (RCEP). [...]
Language crisis hurts Northern workers
The Labour Department is currently in the process of recruiting Tamil speaking officers to ensure assistance is provided to workers in the North and East in an area where the language barrier has arisen since a number of factories have sprung up. Labour Commissioner General R.P.A. Wimalaweera told the Business Times on Thursday that the [...]
Retiring officials to continue on state procurement committees
The Government, in a bid to accelerate the state procurement process, is allowing officials serving on Sri Lankan procurement committees to continue even after retirement. Such approval has been given by the Finance Ministry in an August 25 circular to all state institutions where it is stated that “in order to overcome procurement delays, with [...]
Watawala Plantations invests Rs. 44 million on 100 homes in Dickoya Estate
Watawala Plantations PLC (WATA), a subsidiary of the diversified Sri Lankan conglomerate Sunshine Holdings PLC, has announced the commencement of an extensive housing programme in the Dickoya district that – once completed – will provide improved housing, infrastructure and amenities for 100 families from the Lonach estate. Part of an ongoing commitment from the company [...]
CSE, SEC host Invest Sri Lanka Forum in New York on Oct 16
The “Invest Sri Lanka Investor Forum” organized by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) in association with CSE Member Firms and leading listed companies will be held on October 16 at the Sofitel New York. The event will feature a keynote address by the Central Bank [...]
NDB talks to funding agencies for more SME credit lines
NDB, after successfully disbursing a US$12.5 million credit line from the Asian Development Bank (ADB), is in discussion with other major funding agencies and also the ADB for more such partnerships, officials say. At the end of April 2016 NDB was elected to be one the winning banks under the auction in which funds were [...]
Expolanka goes to US
Expolanka PLC (Expo) has set its footprint in the US as a part of its foreign expansion plan, officials said. Expo’s logistics arm, Expo Freight Ltd (EFL) opened shop last month in four cities in the US, Hanif Yusoof, CEO Expo told the Business Times. “We opened offices in Miami, Los Angeles, Atlanta and Colombus [...]
Singer now in Hayleys hands
File picture of typical dining table furniture at a Singer Sri Lanka store in Colombo. The company was acquired by Hayleys Group on Wednesday resulting in one of the biggest acquisitions in recent times.
Rs 4 bln insurance claim from May 2017 floods much lower than earlier flood claim
Insurance claims from the May 2017 floods are estimated at around Rs. 4 billion from affected Sri Lankan businesses but this is significantly lower than the estimated Rs.17 billion claimed from the May 2016 floods, according to Fitch Rating. “However, despite these large claims, we estimate the net impact on non-life insurers due to the [...]
Keells Hotels shows income growth in Q4
John Keells Hotels (KHL) saw its income grow by 4.8 per cent year on year to Rs. 3.79 billion in Q4 FY 17, despite the company’s local sector being affected by the partial closure of the main airport, analysts say. KHL’s 4Q17 saw the closure of Ceylon Holiday Resorts Ltd (Bentota Beach by Cinnamon) from [...]
World short of 69 million teachers
The world is short of 69 million teachers despite a lot of global talent, and trying to fill this gap is one of the main challenges in education across the globe, said Tom Hooper, CEO and Founder of Third Space Learning (TSL) in UK. Speaking at the opening of the new regional headquarters of Third [...]
Senior official S. A. P. Suriyapperuma takes over the DLB reins
S.A.P. Suriyapperuma, who served as a senior manager in several public and private sector institutions, has assumed duties as the chairman of the Development Lotteries Board (DLB) in Colombo. He was appointed to this post by Finance and Media Minister Mangala Samaraweera on the recommendations of President Maithripala Sirisena. He holds an Honours degree in [...]
Local firms need to form consortiums to challenge foreign contractors’ entry into SL projects
Foreign construction companies, with larger resources than local firms, are taking away a large slice of the big -ticket Sri Lankan projects, which is a worrying issue, says Dr. Rohan Karunaratne, President – Ceylon Institute of Builders (CIOB). Speaking at the media launch of a special Green Credit card by Hatton National Bank (HNB) to [...]
Clients are the most precious asset to us, says Cartier Regional MD
While showcasing the know-how, innovation and complications of one of the world’s high end French watch brands ‘Cartier’, the company says “clients are the most precious asset to us”. In making this statement, Guillaume Alix, Cartier Regional Managing Director for Middle East, India and Africa also noted that the company has a strong partnership with [...]
Surath steps down after a long innings as founder President, Construction Industry Chamber
Dr. Surath Wickramasinghe, one of Sri Lanka’s ardent proponents of progressive development and transportation, has stepped down from one of his creations, the Chamber of Construction Industry Sri Lanka (CCI), after 14 years at its helm. For this purpose, at the 14th AGM of the CCI which was held at the Galle Face Hotel in [...]
Globally acclaimed Anthony Chelvanathan to visit Leo Burnett Sri Lanka
Anthony Chelvanathan, the globally recognised, Sri Lankan-born Group Creative Director of Leo Burnett Canada, is to soon visit Sri Lanka to share his valuable expertise with the local Leo Burnett team. During his visit, Mr. Chelvanathan will conduct a series of creative workshops, presentations and brainstorming sessions and will share his vast experience and knowledge [...]
AIA Group Chief Executive meets President, pledges support to Sri Lanka
Following his recent appointment as Group Chief Executive and President of AIA Group, Ng Keng Hooi – during a visit to Sri Lanka – met President Maithripala Sirisena and pledged AIA’s support to Sri Lanka and reiterated the AIA Group’s commitment to growing and investing in the country. He noted that AIA’s investment in Sri [...]
Authorities scared of builder at Dehiwela De Alwis Place
One would surmise that the recent ‘sil redi’ case where two public officials were sentenced to three years in jail by the Colombo High Court for misappropriating Rs. 620 million of public funds would teach others in similar jobs ‘something’. But again the public is reminded that many in these positions ‘don’t ever learn’. This [...]
China to donate $100 mln to Sri Lanka between 2018- 2020
With bilateral ties between Sri Lanka and China getting stronger, the Asian power house has plans to donate US$100 million to Sri Lanka annually in 2018-2020 to develop different sectors including innovation. This was stated by Chinese Ambassador Yi Xiangliang while speaking at the second Sri Lanka Broadband Forum held at the Galle Face Hotel [...]
Union Bank, SL’s first bank to receive PCI DSS status
Union Bank has become the first bank in Sri Lanka to receive the international Payment Card Industry Data Security Standard (PCI DSS) by the Security Standards Council, the bank announced this week. The PCI Security Standards Council is a global forum for the ongoing development, enhancement, storage, dissemination and implementation of security standards for account [...]