‘Dancing’ fountain in Matale
Grand Mountain Hotel, the first 5-star resort in Matale was recently opened by President Maithripala Sirisena. Owned by businessman and Deputy Minister of Plantation Industry Lakshman Wasantha Perera, a stand-out feature in this 100-room property is the first-ever musical fountain in a Sri Lankan hotel. Similar to the world-famous Dubai Musical Fountain at the Dubai [...]
Sri Lanka moving towards debt sustainability
The Government will raise money through the issuance of sovereign bonds in the offshore capital market next year to beef up funds for bunched-up debt repayments amounting to a staggering US$13.8 billion before its maturity period from 2019 to 2022, a senior Finance Ministry official said. There are no repayments for international sovereign bonds in [...]
Strategic plan to increase shipping sector revenue
Sri Lanka is drawing up a strategic plan to make the shipping sector a billion dollar industry taking advantage of opening it to global shipping lines, Finance Ministry sources said. The plan aims at increasing the cash flow in this sector from a current level of around US$50 million, a senior ministry official told the [...]
Aggrieved depositors cry foul over CB liquidation move
Depositors of failed finance companies are weeping in despair, accusing the ‘heartless brute’ – the Central Bank (CB) – in deciding to liquidate some of these failed finance companies, despite the repeated promises and assurances of even President Maithripala Sirisena and some Ministers. The report “3 ailing finance companies to be liquidated” in last Sunday’s [...]
3 months time for tea promo plan
Cabinet approval has been granted to the Sri Lanka Tea Board (SLTB) to come up with a strategic plan over the three months for the long, delayed Rs.4.8 billion promotional campaign of the tea industry. Promotions of the tea sector are still being worked out since the management is not happy in spending large sums [...]
Sri Lanka’s civil aviation gets PPP wings soon
Sri Lanka’s domestic air services will be developed in compliance with international standards with the involvement of the private sector under a Public Private Partnership model, top official sources said. Foreign and local air service operators are to be attracted for the improvement of local services under this new initiative, a senior official of the [...]
Warm-hearted Sri Lankans
Scene 1: As a visiting tourist goes through the aero bridge outside the flight gate into the Bandaranaike International Airport lobby, walking past airport officials and smartly-clad SriLankan Airlines’ ground staff, the mood is anything but welcoming. They are greeted by glum or stern faces. As the visitor approaches the immigration counter, the officer looks [...]
On Balanced Growth at Rajarata University
Last Thursday, November 23rd, university economists and their invited guests gathered at the Rajarata University of Sri Lanka (outside Colombo) to hold the annual conference of the Sri Lanka Forum of University Economists (SLFUE). Dr. Indrajit Coomaraswamy, the Governor of the Central of Sri Lanka graced the occasion as the Chief Guest, while Dr. Fredrick [...]
Top Japanese delegation with 100 potential investors due in SL in January
Japanese companies are looking for investment opportunities in South Asia particularly India, Bangladesh and Sri Lanka which is growing at a rate of 5-6 per cent. Japanese companies have also found that Sri Lanka is well located in the region and can also reach the African continent in the future, said Japanese Ambassador in Sri [...]
Harsha apologises for ‘illegal’ Colombo constructions
A Sri Lankan minister, during an international conference in Colombo, was sincerely apologetic and sad to note that one of the main causes for floods is corruption among some local politicians. Merely to win local government elections, the politicians were approving house constructions often blocking canals. These comments were made by Dr. Harsha de Silva, [...]
Apparel industry wants liberalised shipping, freight
Sri Lanka’s apparel industry praised government moves to liberalise the shipping sector insisting that competition should be the order of the day. Sri Lanka Apparel Exporters Association (SLAEA) President Felix Fernando addressing the association’s AGM held at the JAIC Hilton on Tuesday said that the lifting of restrictions on the foreign ownership on the shipping [...]
No more “Controller of Exchange”
After more than 60 years, the old, revered ‘Controller of Exchange’ will be thing of the past with the advent of the new Foreign Exchange Act, No. 12 of 2017 last week, repealing the Exchange Control Act, No. 24 of 1953. Under the new Act, a Department of Foreign Exchange will be established which is [...]
Leema Creations wins SAARC award for ‘Excellence in Interior Design’
Leema Creations Pvt Ltd, a leading total interior solutions providers and furniture manufacturers in Sri Lanka, was conferred the Brand Excellence in Interior Decorators and Designers Award for the SAARC region at the prestigious South Asian Partnership Summit and Business Awards Ceremony held some weeks ago at Le Meridian Hotel, Dhaka, Bangladesh. The ceremony was [...]
New union study reveals working conditions in the private sector poor for women
A new study has revealed that working conditions in Sri Lanka’s private sector are not condusive for females, they work far more hours than their counterparts in the region and their public transportation needs are are not met. “It is shocking (that) the studies done by ‘female experts’ and the World Bank recently turn a [...]
Apollo India launches DNA based diagnostics with Sri Lanka’s Credence Genomics
Chennai – The Apollo Hospitals Group, India’s largest integrated healthcare provider, this week announced the launch of a portfolio of cutting edge diagnostics services for infectious diseases. The new line of tests is being offered in partnership with Colombo-based Credence Genomics and is based on a specialised DNA diagnostics platform offering faster and more precise [...]
Jetwing’s ‘hand-made’ Pottuvil resort aims at high-roller surfers
Everyone is cashing on leisure in post-war Sri Lanka. Hotels are springing up, small guest-houses are being designated boutique hotels even if they don’t fit the profile and home-stay tourism with the entry of sites like Airbnb and booking.com drawing adventurous backpackers or cheap-stay travellers, is flourishing. So in a market that is increasingly getting [...]
Destination marketing – need of the hour
Sri Lanka is awash with Chinese money. The Port City, Hambantota Port, Mattala Airport and the Lotus Tower are all investments by China. Unfortunately, Chinese tourists’ arrivals are not keeping pace with their investment. The basic fact is that Sri Lanka lags behind in destination marketing and that is the main reason why the tourism [...]
National Parks: Killing the wild side of tourism
As large numbers of tourists visit the Yala wildlife park, political meddling has placed grave consequences on the animal habitat as activists and experts warn of how this could result in slowly killing the wild side of tourism. A quick look at what happens inside Yala – a leopard or similar animal of significance is [...]
Browns LOLC caters to growing Chinese market
The East coast is inundated with a demand from travellers seeking to rest and relax at The Calm Resort and Spa by Browns Hotels and LOLC with expectations for a good season this winter from December to February. The four star property will have a huge improvement compared to the numbers that came in last [...]
The A to Z of Lanka’s bond issue
It’s been the talk of the town in 2017. To jog memories and as we get ready for the final report on the Bond saga, most likely next week, we take a light-hearted look and add our two cents in an A to Z dissection of this hot topic of discussion which has had the [...]
Electric vehicle users suggest amendments in budget proposal
The aim of the government, as suggested in the 2018 Budget, to increase electric vehicles in Sri Lanka is nullified due to the tax imposition on electric vehicles ranging from 100kw to 150kw since the middle class utility vehicles range from 50kw to 150kw, according to the Electric Vehicles Club of Sri Lanka. At a [...]
Ceylon Chamber Dec.7 seminar on ‘New Forex Act’
The Ceylon Chamber of Commerce will hold a seminar on December 7 in Colombo at the chamber auditorium to discuss the new Forex Act, which came into effect recently. Titled ‘The new forex Act and Regulations – What Does It Mean for Business?” the seminar will open with a presentation by Ms. Pavithri Vithanage, Senior [...]
Unpaid Work Stressors and its Impact on Occupational Stress: Is it a Gender-driven Science?
An emanating question is: “Do females actually encounter greater stress level compared to their male counterparts in post-modern working environments?” Research on occupational stress originally posited that there is a blurred difference between the amount of stress men and women experienced at work. Moreover, men and women experienced a similar level of burnout as envisaged [...]
Public sector performance to be tied to results
With the aim of improving performance in public entities, the Finance Ministry has stressed the need for all planning activities of state institutions to be tied to results. Asserting that effective performance-oriented public sector management is an integral part of improving quality services, State Minister for Finance Eran Wickramaratne noted that the public service in [...]
Unilever and MullenLowe win at Effies
Unilever Sri Lanka and MullenLowe Sri Lanka continued to prevail as the most awarded partnership in the history of the Effies in Sri Lanka. The duo won Effie glory for their creative effectiveness yet again at the recently concluded Effie Awards 2016 where they received a Gold, a Bronze and two Finalists awards for their [...]
Oman Air rides against turbulent weather
Sri Lanka’s corporate sector has become one of the most sought after clients to service the premium class offerings on West Asian carrier, Oman Air as it struggles to survive in turbulent times. On Tuesday night Oman Air hosted an event at the Cinnamon Lakeside for the corporate clientele to be able to pitch their [...]
Enterprising Lankan entrepreneur creates edible forks, spoons and cutlery
The need of the hour in today’s world is the environmentally friendly, life sustaining replacements for plastics and fossil fuel. There are inventions and innovations to achieve this everywhere in the world and in Sri Lanka as well. However the biggest hurdle is the initial cost of production based on the economies of scale. A [...]
New SEC Act tough on insider trading, market manipulation
After many months and long hours of drafting, the Securities and Exchange Commission (SEC) of Sri Lanka Act was finally published as a Bill last week aimed at regulating market institutions, public offers of securities, market intermediaries, deal with market misconduct; and meet the challenges encountered by securities markets in an effective and efficient manner. [...]
Redefining Colombo on Berlin’s ideals
Colombo, these days, is ‘eagerly’ listening to people who have built cities and, this week Germany gave its insights into this topic and areas to focus on when re-creating this commercial capital in line with the Cinnamon Life mixed development project by John Keells Holdings. One of the biggest problems in Colombo is mobility, the [...]
Bates shows ‘The Strategic Route to Digital Campaigns’
Bates Strategic Alliance, the integrated communications agency exploring the transformation taking place in the digital landscape, recently hosted two thought-provoking workshops on ‘The Strategic Route to Digital Campaigns’ for their clients and internal teams featuring two eminent foreign speakers Zaheer Nooruddin and Albert Pereira. Regarded as one of the region’s most experienced digital marketers and [...]
PickMe reduces fares by 6% to Rs.33 per km
PickMe, calling it a strategic move to bring greater benefits for drivers and patrons, has reduced its three-wheeler fares to Rs.33 per km, from a previous fare of Rs.35 per km. The decision was made following a comprehensive study done on the trip patterns of local tuk-tuk (three-wheelers) passengers which brought to light the reason [...]
Vacation ownership offers from Mahindra Holidays & Resorts India
Mahindra Holidays & Resorts India Ltd with Ideal Retreats (Pvt) Ltd have introduced the concept ‘Club Mahindra’ to Sri Lanka offering Sri Lankans a choice of vacations in resorts abroad and in Sri Lanka. According to Richard de Zoysa, Managing Director, Ideal Retreats (Pvt) under this scheme, “you plan your holiday ahead and the benefits [...]