Induction into CMA (Australia) Global Hall of Fame
Four inaugural inductees of eminence for Sri Lanka in Global Accounting Hall of Fame and Management Accounting Hall of Fame, Mr. Rajan Asirwathan , Mr. James Mather , Prof.M.T.A. Furkhan and Prof. M.W. Wickramarchchi received awards at a Ceremony in Colombo from Central Bank Governor Indrajit Coomaraswamy in the presence of Professor Brendan O’Connel- Global [...]
Toddy tapping gazette triggers uproar countrywide
Sri Lanka’s toddy tapping sector is embroiled in a controversy over the recent gazette notification on Excise Amendment Bill which indicated the imposition of a ban on tapping of coconut and palmyrah trees with effect from Janaury1 2018. This gazette caused a flutter among those engaged in the industry in the North and South and [...]
Operation date of Forex Act changed for 3rd time
Will it be third time lucky for the enforcement of Sri Lanka’s new Foreign Exchange Act? On October 31, a new gazette notification has set November 20 the date of operation of the law, after two other dates issued earlier. When it was changed earlier to November 1 from October 15 as exclusively reported in [...]
Sri Lanka attracts Rs.1.2 bln mineral sale
The Lanka Mineral Sands (LMS), the country’s mineral producing organisation, is looking at securing its future by establishing a new fund to finance its daily operational costs amidst plans to modernise machinery and purchase plants to increase production. LMS Chairman Maithri Gunaratne told the Business Times on Monday that they were able to secure a [...]
Private sector pension scheme in the offing
Sri Lanka’s private sector will be made more dynamic and forward-looking by providing necessary incentives (not tax exemptions) while motivating employees in the sector with the introduction of a new pension scheme along with existing superannuation fund reforms. Finance Minister Mangala Samaraweera’s upcoming 2018 ‘Designer’ budget is to unveil several proposals aimed at creating an [...]
US$12 mln interim terminal at BIA in 18 months
Sri Lanka is set to establish an interim departure terminal at the Bandaranaike International Airport (BIA) at a cost of approximately US$12 million in line with proposed targeted tourist arrival figures following promotions campaigns set to take off early next year. An interim terminal costing around $10-12 million will be established at the BIA since [...]
Pan Asia Bank posts Rs.1.8 bln pre-tax profit in 9-mth period
Pan Asia Banking Corporation PLC has recorded modest performance during its third quarter as well as for the first nine months of 2017 amid, what the bank cited as “challenging macro-economic factors including higher interest rates and slowdown in demand for new loans”. In a media release, the bank said it posted Rs.1.8 billion in [...]
New Constitution should be drafted by the people, not a chosen few, says union
The proposed new Constitution of Sri Lanka should be the product of the entire 21 million people of the country and not a chosen few, a trade union movement has said. The Free Trade Zones and General Services Employees’ Union (FTZGSEU) in a public statement which called for the new Constitution framework proposal to be [...]
Sri Lanka to host “Coaching in the Cyber Physical World” conference
The International Association of Coaching Sri Lanka chapter will play host to a conference titled “Coaching in the Cyber Physical World” conducted by the International Association of Coaching (IAC) on December 4-5 at the Hotel Taj Samudra, Colombo. This event is the first global conference conducted by the IAC in which over 100 delegates from [...]
LankaClear upgrades digital certificate infrastructure for future growth
LankaClear, the operator of LankaPay – Sri Lanka’s National Payment Network, recently held the root key ceremony of its security arm – LankaSign, the only commercially operating Certification Service Provider (CSP) in the country. In keeping with the latest international security standards and technology (ie Web trust 2.0), LankaSign upgraded its systems and the recently [...]
230i helps draw massive crowds at Big Bad Wolf Book Sale
230 Interactive, a Sri Lankan digital media agency, recently partnered with the Big Bad Wolf Book Sale to create awareness, stimulate conversation and engage audiences. This was the first time the Malaysian book sale that tours around Asia came to Sri Lanka and ran for a period of 11 days nonstop at the Sri Lanka [...]
Need for strong public lobby against apartment construction in residential areas
As a concerned public interest citizen, I am writing on a matter of great importance which if not controlled immediately, could lead to grave consequences such as the Meethotamulla garbage incident. The areas under Colombo, Dehiwela- Mount Lavinia Municipalities, Maharagama UC, Kaduwela Pradhesiya Sabha, Homagama Pradhesiya Sabha are undergoing major changes due to massive real [...]
Cost of exporting from Sri Lanka much higher than Vietnam or Thailand
While Sri Lanka is clamouring to achieve international trade and financial hub status, increase the number of FDIs and achieve an export target of US$20 billion by 2025, the challenges are enormous since the cost of exporting products is high. According to the World Bank’s Logistics Performance Index of 2014, the average cost of exporting [...]
Kelani Valley bottomline red in 2Q owing to high investment
Kelani Valley Plantations saw its bottomline in red in 2Q18 owing to high investment in its start-up, Hayleys Global Beverages, officials say. The company which is 71 per cent owned by Hayleys PLC subsidiary, Dipped Products set up a new unit, Hayleys Global Beverages Ltd (HGBL) to process and manufacture Ready-to-Drink (RDT) tea in 2015. [...]
50,000 lives improved through Fonterra’s grass roots sustainability projects
While a number of areas in Sri Lanka lack access to clean water supply, sanitation and other infrastructure which naturally poses a threat to education and quality of life, Fonterra – since 2014, has completed over 82 projects in line with creating happier and prosperous dairy communities. Through these projects, dairy co-operatives have focused on [...]
Islamic banking open to anyone, competes with conventional banking products
The Islamic financial system is another product in the banking industry and should be seen as competing with other conventional banking products operating in the world. It is open to everyone and not Muslims alone, according to some of the views that emerged at a forum on Islamic banking. This was during the second Islamic [...]
Skills and PR key to attracting foreign investment
Engineers play a significant role in developing the country by forging an alliance with public -private partnerships. This is a complex agreement between a private and a public entity in which the private entity bears the risk of financial responsibility and management. It is also a risk sharing enterprise between the two but the government [...]
Hatch – Transforming Sri Lanka’s collaborative workspace
Sri Lankan start-up incubation and acceleration platform, Hatch, has announced plans for the launch of the island’s single largest co-working office space designed exclusively for start-ups to collaborate, create and grow. Located in Colombo, Hatch aims to redefine the future of work by providing a vibrant, cost-effective, inspiring and convenient workspace for entrepreneurs, creators, professionals [...]
Telco Ministry to launch Incubator Programme for start-ups
In a bid to give a fillip to entrepreneurship and foster local start-ups, the Ministry of Telecommunication will launch its ‘Incubator Programme’ next January, Minister of Telecommunication and Digital Infrastructure Harin Fernando says. “We secured a building at 5th Lane in Colpetty and plan to house 20 to 30 start-ups for a year free of [...]
Premier FTZ union sets up Northern office
The Free Trade Zones and General Services Employees Union earlier this week opened its first office in the North at No. 39, Vairava Kovil Road, Vairavapuliyamkulam, Vavuniya. More than 150 workers from newly established garment factories in the North took part in the event. The office was ceremonially declared open by Assistant Commissioner of Labour, [...]
Mastercard and Bank of Maldives introduce Passport Card
Maldives President Abdulla Yameen has introduced the Mastercard Passport Card to the cabinet ministers at his office recently. Top cabinet ministers and department heads such as the Minister of Economic Development, Minister of Home Affairs, Minister of Defence and National Security, Minister of Finance and Treasury, Minister of Foreign Affairs, Minister of Tourism, the Attorney [...]
DIMO action against Arabian Motors settled
The Colombo Commercial High Court recently vacated the enjoining order made against the defendant, Arabian Motors (Pvt) Ltd and its Director Suraj Dandeniya, in a case filed by Diesel and Motor Engineering PLC (DIMO) after both parties agreed to a settlement which was then endorsed by the court. The agreed settlement is that the defendant [...]
Govt. to institutionalise state policy: Indrajit Coomaraswamy
Spelling out government plans to revive the debt-ridden economy, Central Bank Governor Dr. Indrajit Coomaraswamy insisted that institutionalising state policy was imperative to ensure stability in future planning by any administration that runs the country. He pointed out that the government is putting in place macroeconomic policy making and institutionalising it to ensure no deviation [...]
Building a vibrant export-oriented vision for Sri Lanka’s poultry industry
The rising popularity of chicken meat as a daily staple in most Sri Lankan diets has been well underway over recent decades with the country projected to consume as much as 189,690 Metric Tonnes (MT) of chicken, at an annual growth rate of 3 per cent by the end of 2017. However, as a nation [...]
Floods, landslides drag Lankan economy
Sri Lanka’s natural disasters have become a “drag” on the macro economy and reforms are said to be the order of the day for an economy still struggling to manage its national debt crisis. Since the last six months natural disasters have a widespread impact and continue to be a “drag” on the macro economy [...]
MTD cracking down on revenue licence defaulters
The Motor Traffic Department (MTD) is to take prompt action against vehicle owners who default on revenue licence renewals. The department has decided to cancel the registration of vehicle owners who fail to renew their revenue licenses continuously for five years considering that those vehicles are deemed to have been removed from operating on the [...]
Sri Lanka’s motor trade; where are we heading?
The past few years have not been impressive for the Sri Lankan motor traders specially the franchise car dealers as they found it difficult to survive in a complex and politicised vehicle market. The lack of consistent policy on vehicle imports, ad hoc changes in taxation of successive governments and political interference from the stage [...]
Carepoint car service diversifies to ‘Spice and Curry’
Sri Lanka’s car servicing business is growing faster to meet the increasing demand from the large car population numbering over 6.8 million in the country. To meet this demand in a small way, a young entrepreneur of Ratnapura, Manju Liyanarachchi with passion for cooking has launched Carepoint car servicing centres, providing cost effective yet high [...]
Building brands and sustainability
Trying to find a topic to write about and regale readers while throwing in a few serious food-for-thought views on the economy, society or the national budget is no mean task with the chaos that is happening around us as a restive coalition government struggles to keep the peace. Thus, occasionally listening to gossip and [...]
SL vehicle market stagnates amidst 2018 budget speculation
Sri Lanka’s vehicle market seems to be on a wait-and watch expecting tariff reductions in the upcoming budget, an equities research house said in its data analysis released recently. Car registrations fell to 2,472 units in September from 3,372 units in August, amidst expectations of import tax reduction in the 2018 budget. Vehicle importers are [...]
AETI expands its training to hybrid car technology
Sri Lanka’s Automobile Engineering Training Institute (AETI) has expanded its auto mechanic training courses to the hybrid car technology field to meet modern industry needs. A “Hybrid Technology Learning Room” was opened at the institute recently to impart knowledge in handling hybrid cars which have already become popular in Sri Lanka. Toyota Lanka (Pvt) Ltd [...]
Ford Ranger pickups for Hambantota zoo
Ford Motor Company, represented in Sri Lanka by Future Automobiles (Pvt) Ltd, a subsidiary of Softlogic Holdings PLC, recently delivered three Ford Ranger pickup trucks to the Department of National Zoological Gardens. The three Ford Ranger single cab pickup trucks will be deployed by the Department to the Ridiyagama Safari Park in the Hambanthota District [...]
Sri Lanka must build brands, not be a mere commodity exporter
While tea, rubber and cinnamon are some of the products that Sri Lanka is known for abroad as just commodities, there is a need to add value and export them as branded products to the international consumer market. The way forward and the future of Sri Lanka is not exporting commodities but building brands out [...]
Unrealistic projects in the rubber sector
Mr. Padman Lindamulage (PL) in his article on “Complexities in the Rubber Farming Sector” in the Business Times of October 22 has highlighted how extension services in the rubber sector were brought under the Rubber Development Department(RDD) from the Advisory Service Dept(ASD) which was under Rubber Research Board. PL has also made several recommendations to [...]
Unilever alumni association to hold AGM/fellowship 2017
The third Annual General Meeting of the Unilever alumni will be held on Saturday November 25 at Hilton Colombo Residences (Jaic Hilton Hotel ) Union Place, Colombo 2, commencing at 6.30 pm followed by a fellowship dinner of the past employees of Unilever and their spouses. The association, formed at an inaugural meeting held on [...]
Mahindra & Mahindra tops sales satisfaction index : JD Power
Ideal Motors (Pvt) Ltd, a fully owned subsidiary company of the Ideal Group which has been representing Mahindra & Mahindra since 2009, announced that Mahindra has topped the sales satisfaction index among mass market brands followed by Toyota and Ford, as per global market research firm JD Power. The 2017 India Sales Satisfaction Index (Mass [...]
SriLankan Airlines flights to Melbourne: Is this the right decision?
Troubled SriLankan Airlines which has reported a loss of Rs. 28 billion during the past two years and an accumulated loss of Rs. 135 billion, is now operating daily flights to Melbourne since October 29 as one of the strategies to reduce the loss. While this is certainly good news for the many Sri Lankans [...]
‘HelloMom’ SMS platform to combat maternal and infant mortality
Three young undergraduates of the Informatics Institute of Technology (IIT) have developed ‘HelloMom,’ a SMS platform that seeks to reduce maternal and infant mortality by empowering pregnant women and mothers (with infants under one year) with invaluable knowledge and information. ‘HelloMom,’ developed by Areefa Thassim, Sameeha Thur Rahman and Atheeb Hasan, provides advice and tips [...]
MAS wins multiple awards at Presidential Environmental Awards
MAS Holdings won seven of the top awards in both the Apparel and Textile sectors at the recently concluded Presidential Environmental Awards held in Colombo. Seven of the MAS facilities applied and were recognised for their efforts and their commitment to sustainability from having basic policies and data gathering to engineering more impactful waste, energy [...]
India to override China in future, says Dr. Wignaraja
Economists make forecasts and accordingly it is predicted that the Chinese and Indian economies by 2030 are likely to swap places with the latter overriding the former setting the stage for the rest of the region to take a cue as to how to position their own programmes in line with the Asian world order. [...]
Lankan doctor involved in national award winning NSW Trauma App
A trauma app developed in New South Wales (NSW) recently won the Public Sector and Government Market Division at the Australian Information Industry Association (AIIA) National iAwards in Melbourne. A highly-skilled team of staff and clinicians from NSW Health, led by NSW Agency for Clinical Innovation (ACI) Institute of Trauma and Injury Management (ITIM) and [...]
Zonta 111, CMF provide clean water to Batticaloa residents
Give2Lanka has partnered with Palm Foundation East to provide tap-water to 56 families in Barathipuram village in Chenkalady. Batticaloa. Most of us in Colombo would think of water as an entitlement. However people in the East particularly in Batticaloa find it unaffordable since even as a Samurdhi family one has to invest Rs.5600 to get [...]
Seylan’s steady performance, Rs.3 bln post tax profit in 3Q
Seylan Bank has closed the 9 months ending 30th September 2017 with a post-tax profit of Rs.3 billion, a moderate growth of 6 per cent over the corresponding period last year. These results were impacted by provisions made on account of a legacy NPA, payment of which is due from the Compensation Tribunal, the bank [...]
Hayleys Fabric to go to high end markets to beat the gloom
Hayleys Fabric is aiming to go into high-end markets in a bid to beat the blues of the last quarter. The company ended with a cumulative loss of US$ 66,794 for the first half ending 30th September 2017, owing to unprecedented floods which hampered the production in the first quarter, officials said. “This year’s floods [...]
NTB’s 9-mth pre-tax profits up by 31 per cent
The Nations Trust Bank (NTB) closed the first nine months of the year ending 30th September 2017 with a pre-tax profit of Rs. 5 billion, up by 31 per cent over the corresponding period in the previous year. Post-tax profits increased at a lower rate of 20 per cent as a result of the increase [...]