Representing different generations in business
Ramya Weerakoon, veteran businesswoman and Chairman-Ramya Holdings (Pvt) Ltd (right) and Yasisurie Kiribandara, Head Designer /Founder Yasisurie Pvt Ltd, enjoy a comment from the audience at a discussion on women entrepreneurs at the Sunday Times Business Club (STBC) on Wednesday at the Kingsbury. A detailed report on the proceedings will appear next week. Pic by [...]
Five top SOEs targeted for major reforms
Sri Lanka’s five largest State Owned Enterprises (SOEs) – Ceylon Petroleum Corporation (CPC), Ceylon Electricity Board (CEB) National Water Supply and Drainage Board, Airport and Aviation Services Ltd and the Sri Lanka Ports Authority are to undergo management restructuring soon, official sources disclosed. A comprehensive strategy for SOE reforms and a more rules-based approach to [...]
Politics not for women
Why are women not getting into politics? This was a question posed at a Colombo forum on Wednesday to two eminent women entrepreneurs representing two different generations in business. Their response was spontaneous. “In any other country but Sri Lanka I would recommend women getting into politics,” noted Ramya Weerakoon, Chairman of Ramya Holdings (Pvt) [...]
Tea Board warns of crisis without glyphosate
Unauthorised weedicides are being used by tea growers resulting in chemicals added to teas that have raised concerns by some importing countries. These nations have already questioned the local authorities on the extraordinarily high substance of certain weedicides, Sri Lanka Tea Board, (SLTB) Chairman Dr. Rohan Pethiyagoda said. Authorities note that this has caused problems [...]
Small SL bank may seek partners
All Sri Lankan banks bar one are capital resilient, according to Central Bank (CB) officials. The unnamed bank with assets less than Rs. 200 billion has some tedious tasks ahead in meeting the Basel III minimum capital requirements by 1 January 2019, they say, declining to divulge the name of the entity. This bank has [...]
IMF and corruption
A bitter attack on corruption at a global level by Christine Lagarde, Managing Director of the International Monetary Fund (IMF), drew our attention this week. Ironically, as Ms. Lagarde spoke, here in Colombo, two women entrepreneurs told a gathering of the Sunday Times Business Club (STBC) that they have never paid a bribe to ‘get [...]
“They call him Ken: The life and times of a Corporate Colossus”
COLOMBO- “One of my vices, buddy,” laughs Ken as he chats in the corridor, smoking a cigarette. This was a conversation, several years back, when I had gone to the staid, old but imposing John Keells Holdings office at Slave Island to interview one of the most colourful private sector leaders at the time. Ken, [...]
Players change but ‘bad boy’ behaviour same everywhere – Securities expert
While misconduct, errant traders and bad boy behaviour are similar in all capital markets, sharing of this cross border information will assist regulators to pin them down and deter them more effectively says a securities expert. Sharing of experiences in their own countries will spur early detection and rectification of breaches of laws and shaping [...]
Mitra Innovation to speak at European WSO2 conference
Mitra Innovation, a technology innovation and Cloud integration company with its research and development teams based in Sri Lanka, is one of the exhibitors at the WSO2Con Europe, in London, in November. Its CTO and Chief Architect – Sudaraka Jayashanka – has also been asked to speak at a panel discussion at the conference, the [...]
Tea industry in limbo after glyphosate ban
The government is grappling with several burning issues and one among them is the glyphosate matter that is subdued, at the moment, due to the current high tea auction prices. Interestingly when Plantations Minister Navin Dissanayake took up the matter with the President of allowing the Tea Research Institute (TRI) to regulate the use of [...]
BOI enters new era of economic transition after 40-year open economy
Within the next few years, Sri Lanka will unveil at least eight to nine new kinds of free trade (economic) zones to bring development to rural areas. An investment passage from Kandy to Wellawaya and other zones up to Paranthan (in the north) will also be opened showcasing it as window into a more open, [...]
Free OPD consultation at Durdans Hospital from Sept. 25 to 27
Colombo’s Durdans Hospitals has come up with a ‘stunning’ offer to Sri Lankan seeking OPD consultation: An absolutely free consultation service for three days, Monday September 25 to Wednesday September 27. The hospital company said in an announcement on Thursday that the initiative is aimed at contributing ‘better community health care and to encourage a [...]
SL Medical Association opposes insurance scheme for children
The Sri Lanka Medical Association (SLMA) has urged the Government to reconsider a proposal to introduce a health insurance scheme for all school children on the grounds that it lacks consultations with key stakeholders and impacts on the current free health service. Earlier this week, the Cabinet approved a proposal to introduce an insurance scheme [...]
SBI Japan acquires 20% of Wealth Trust Securities Ltd
Tokyo-based SBI Holdings Inc has concluded an agreement to acquire 20 per cent of the shares of Wealth Trust Securities Ltd (WTS), and provide investment products, primarily Sri Lankan bonds, through its subsidiary, SBI Securities Co. Ltd to the Japanese market. WTS is a licensed Sri Lankan primary dealer in government securities appointed by the [...]
Eminent speakers at CPM Regional Management Conference
The Institute of Certified Professional Managers (CPM) will be organising the CPM Regional Management Conference 2017 (CRMC 2017) in collaboration with the Association of Management Development Institutions in South Asia (AMDISA) at the BMICH on September 26-27. The AMDISA consists of management institutions in the South Asian Region. CRMC 2017 will be represented by members [...]
Honesty and integrity, hallmarks of a good professional
The superiority complex with I, me, mine concept should be replaced with honesty and integrity to be a good professional was the advice from a top notch professional to the graduating Chartered Accountants at the Convocation of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) held last week at the BMICH. This [...]
Lankan unions brace for confrontation over labour reforms initiative
Sri Lankan trade unions are bracing for a fresh struggle with the Government over moves, since mid-2015, to prepare labour law reforms saying the workers and their representatives as stakeholders need to be more involved in these discussions. In the latest development, the Ceylon Federation of Labour (CFL) said this week that it was concerned [...]
Retail trade has taken Sri Lanka by storm
Retail trade has been visible across Sri Lanka during the past 30 years and during this period customers have been exposed to new trends in a sector that is growing rapidly in the country, said Chairman of the Sri Lanka Retail Association Hussain Sadique at the inauguration of the Sri Lanka Retail Forum 2017 held [...]
Spectrum presents “Power of Effective Communications and High Impact Presentations”
A training and development programme themed as “Power of Effective Communications and High Impact Presentations” has been organised by Spectrum Trainers and Corporate Consultants to be held on September 27 at Colombo’s Cinnamon Lakeside hotel. Spectrum is dedicated to nurturing, transforming and empowering corporate team leaders and corporate executives as well as aspiring professionals to [...]
Pathfinder Foundation in tie-up with Moscow think-tank
The Pathfinder Foundation (PF) has entered into a collaboration agreement with the Russian International Affairs Council (RIAC), a Moscow-based think-tank, to promote joint projects and initiatives. The agreement signed by Andrey Kortunov, Director General of RIAC and Bernard Goonetilleke, Chairman, PF seeks to exchange analytical papers between the two institutions, implement joint projects to strengthen [...]
Combank’s website accessible to differently- abled persons with new technology
The Commercial Bank of Ceylon has broken new ground in enhancing access for differently-abled persons by enriching its corporate website with special assistive technologies for users with visual disabilities, hearing impairments, physical disabilities and age-related conditions. Designed to comply with Web Content Accessibility Guidelines (WCAG) 2.0 developed by the World Wide Web Consortium (W3C), Commercial [...]
France helps promote Sri Lanka’s green growth
As a result of a major aid reform, AFD, France’s development agency, is poised to promote Sri Lanka’s green growth and social cohesion under its new five year strategy in the island nation for 2017-2021. It was presented by Martin Parent, AFD Director in Sri Lanka at the 5th annual consultation meeting held at AFD [...]
CCC welcomes delayed April 2018 implementation of IRD Act
The Sri Lanka Government’s decision to delay the implementation of the new Inland Revenue Act to April 1, 2018 – six months from now -, has been welcomed by the Ceylon Chamber of Commerce (CCC). The chamber in congratulating the Ministry of Finance on the successful passage of the legislation in Parliament said it had [...]
China Southern Airlines starts flights to Colombo
China Southern Airlines is launching, direct non-stop scheduled services between Guangzhou (CAN-Baiyun International Airport, China) and Colombo with effect from Tuesday, September 26. The airline would initially operate three flights a week to Colombo en route the Maldives and return from the Maldives via Colombo to Guangzhou, China. Hemas Aviation Pvt Ltd has been appointed [...]
Sri Lanka must customise traveller experiences
According to the UNWTO (UN World Tourism Organisation), sustainable tourism takes full account of its current and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment and host communities. Furthermore, 2017 has been declared by the UN General Assembly as the International Year of Sustainable Tourism for Development recalling [...]
Tourism Minister John entangled in promotional disruption
Sri Lanka’s tourism body is faced with issues on finding ways not only ways to overcome delays in organising its long, overdue promotional campaign but also decide who the next consultant for the project will be; McKinsey & Company or someone from Down Under (Australia). Christian Affairs and Tourism Minister John Amaratunga speaking with the [...]
World class sports to boost promotions in 2018
Sri Lanka is gearing up to entertaining its discerning travellers with a number of sporting events tipped to promote the destination with a whopping Rs.185 million promotion among visitors from all of its key markets. Following serious discussions of hosting at least three key sporting events next year the Sri Lanka Tourism Promotion Bureau (SLTPB) [...]
Generating a pocket-full of ideas for a positive travel experience
The Cinnamon Future of Tourism Summit which opens this week in Colombo on Tuesday September 26, is expected to generate a plethora of ideas in technology, innovation and authenticity to energise the travel experience, not only for Sri Lanka but the rest of the global travel community. Organising officials said the summit would also help [...]
Five trends that would change the food industry
The food industry is huge but exactly how huge? Well, as Sarah Murray explained in her article ‘The World’s Biggest Industry’ it’s hard to grasp the sheer scale of it because of its many components. Think about it; it’s not just growing the food, transporting it and selling it at grocery stores, it’s also the [...]
A shoe can change your life
“One shoe can change your life,” is what Cinderella taught us. Four young men in Munich, Germany took this slogan further to ‘a shoe with many heels’ which can change women’s lives. They did this by manufacturing feminine shoes with removable heels. In a world where women’s need for functional and practical clothes aren’t addressed [...]
Start-up 2.0 (The next generation): What to expect in the next 5 years
Start-up 1.0 started in 2010 when Rajan Anandan and Prajeeth Balasubramaniam began a concerted effort to build the Sri Lankan start-up eco-system. There were start-ups before in the technology field but this was the first time an effort was made to invest in a large amount of start-ups by getting as many investors and entrepreneurs [...]
Start-up landscape in SL changing for the better
Start-ups, design thinking, and innovation are shaping the world of business more than ever. Those in this part of the world are geared up on entrepreneurship and innovation and Sri Lanka’s talent in this game is just as good as any. But in order to continue to build local communities and expertise in these areas [...]
Sri Lanka tightens public financial management
The Government, pursuing further improvements in public financial management and transparency, is planning to address past irregularities and prevent future occurrences as the country’s public finances are at a perilous state, Finance Ministry sources said. Fiscal policy reforms are to be introduced to avert an impending economic crisis. At the outset, public expenditure will be [...]
Books, books, books!
While water is considered the elixir of life to adults, to this ‘young’ fellow it must surely be books. This picture by Business Times photographer Priyantha Wickramaarachchi was captured at the popular Colombo International Book Fair 2017 which opened on Tuesday and ends today (Sunday) at the BMICH, Colombo
Singer Sri Lanka rating unaffected by Hayleys’ takeover
Fitch Hayleys PLC’s acquisition of a controlling stake in Singer (Sri Lanka) PLC is neutral for Singer’s rating and doesn’t affect the organisation, Fitch Ratings said on Wednesday. “This is because Hayleys’ balance sheet will be stretched significantly following the completion of the Singer acquisition despite Hayleys’ stronger business risk profile as the purchase is [...]