Magnetic flag pole for vehicle lovers on Independence Day
With Sri Lankans preparing to celebrate the country’s 70th Independence Day on Sunday February 4, a local company has developed an innovative way to fly a flag on a car without scratching the surface of the vehicle. It has been created by Pasindu Auto Parts (Pvt) Ltd, a local company that manufactures all kinds of [...]
Immunity for CB Governor, officials in debt management bill
Proposed new regulations governing the management of Sri Lanka’s massive debt has a significant provision giving immunity to the Central Bank (CB), members of the Monetary Board and all officers of the banking regulator against prosecution if they act in good faith, according to the gazette that has been issued. The new regulations under the [...]
Japan urges team effort “to counter China’s presence” in Sri Lanka
A top Japanese industry chief has called for “joint-action with other like-minded countries” to counter China’s growing influence in Sri Lanka revealing the island-nation’s leadership would welcome such an initiative as it looks for more investment from the private sector in Japan. “We must not stand against China or confront China. It is very difficult [...]
Chinese credit crisis shakes local travel firms
Chinese travel agents owe Sri Lankan travel agents millions of rupees in credit advances for organising tour packages for Chinese visitors and the delayed payment has hit the industry in a sluggish economy, local tour operators said. “A few small timers have closed operations while several medium and large scale operators are faced with delayed [...]
Tourism industry “No No’s” John on CNN campaign
Amidst opposition from the tourism industry, Tourism Development Minister John Amaratunga is likely to forge ahead with an advertising campaign on CNN costing US$650,000. This will be an interim campaign as the digital campaign continues to be further delayed despite the sacking of the Promotion Bureau (SLTPB) Chairman Udaya Nanayakkara who was cited as the [...]
Foreign leaders ahoy
Sri Lanka, one must admit, hasn’t been short of visits by foreign leaders since the entry of the Maithri-Ranil administration. Support to the current administration has been overwhelming compared to the ‘distance’ foreign leaders particularly from the West kept during the Mahinda Rajapaksa-years which were marred by human rights abuses. Now foreign leaders come during [...]
Borrowing realities: I borrow, you pay
The Government debt level is in excess of Rs. 9,387 billion, according to a report in the Sunday Times on January 21. The government is moving to bring in a Liability Management Law to manage public debt. Managing debt does not mean that we don’t have to pay it back; neither does it mean a [...]
Virtual wallets new modes for illegal drug payments
While mobile technology has steered advancements in the payments industry making it easier to make purchases without ever opening wallets, it has also made it simple for illegal activities such as drug money transfers, officials say. Virtual wallets and easy cash which are mobile apps that have been introduced by telcos and banks are being [...]
Smooth Bahrain visa process through Mack Air
Mack Air, General Sales Agent of Gulf Air, in partnership with Visit Bahrain, Bahrain’s largest destination management company, has launched Bahrain Tourist Visa and Holiday services available at the Gulf Air office in Colombo. Travellers with return Gulf Air tickets can now conveniently apply for a visa to the Kingdom of Bahrain by visiting the [...]
Emirates and Dilmah celebrate 25 years of exclusive brewing in the sky
Emirates marked its 25 year partnership with Dilmah, the country’s premier tea brand just as Sri Lanka celebrated the 150th anniversary of Ceylon Tea in 2017. A collaboration that began in 1992 has resulted in a select range of 10 types of tea being produced exclusively for Emirates passengers on flights worldwide, catering to a [...]
Hard-up businessmen fall prey to loan sharks
Sri Lanka’s small scale businessmen are struggling to make their ends meet. Hard pressed for cash, they have turned to private money-lenders only to be caught between the devil and the deep blue sea during the past two years. Lending by financial institutions and individuals is not a priority for the regulator, the Central Bank [...]
E-passport status quo remains temporarily
Sri Lanka’s new bio-metric E-passport project’s present status quo is to be maintained, temporarily, following an undertaking given by the Attorney General’s Department before the Supreme Court last Monday. This project is now under litigation owing to the attempt made by the authorities to award the contract to De La Rue Lanka Currency and Security [...]
SL-S’pore FTA to open trade to the East Asian region
Sri Lanka and Singapore’s free trade agreement (FTA) signed during a visit by Singapore Prime Minister Lee Hsien Loong to Colombo is part of the broader strategy of eyeing the East Asian region and plugging into Asian supply chains, top state officials say. Malik Samarawickrama, Minister of Development Strategies and International Trade in his address [...]
S’pore meets like-minded partner in Sri Lanka
Singapore has opened opportunities for Sri Lanka’s Small and Medium Enterprises (SME) sector and other larger businesses and increased access to the ASEAN bloc following the signing of the Free Trade Agreement (FTA) with a “like-minded” partner state. Singapore’s Trade and Industry (Industry) Minister S. Iswaran said on Tuesday that the FTA was a “timely [...]
Sri Lanka achieves highest-ever FDI in 2017
Foreign Direct Investment (FDI) into Sri Lanka grew to over US$1.63 billion in 2017, doubling from the $802 million achieved the previous year. The Board of Investment (BOI), the agency tasked with promoting and facilitating FDI, in a media statement said 2017 investments surpassed the $1.61 billion in 2014. The strong growth is a direct [...]
St. Anthony’s goes global under the reins of the third generation
Running a family business for 87 years is no mean feat and a great achievement in a country like Sri Lanka. Turning it over from one generation to the next is another feat altogether. Each generation of a family business has different visions, priorities when handing over the ownership, governance and adopting future strategy. Three [...]
Renuka says On’ally Holdings buy only for investment
Renuka Capital PLC which has been collecting shares in On’ally Holdings PLC since last year will be improving the Unity Plaza building at Bambalapitiya which On’ally operates, according to sources close to Renuka. “They aren’t trying to acquire this company but will upgrade this property,” one source said. Renuka bought 23 per cent stake in [...]
Australia’s ‘MyBudget’ to set up a technology innovation centre in Sri Lanka this year
It is indeed an era where the husband and wife in a family knows little about the monthly earnings of each other, the expenses each of them make and their savings by the end of the month. Often this triggers conflicts. However in Sri Lanka, there is an option to use where a company manages [...]
Cryptocurrency: Should you buy it? Consider it? Think about it? Disregard it?
The quote by Dan Ariely on Big Data comes to my mind when thinking about Cryptocurrencies (or “Crypto” as they are commonly referred to), with a little twist. “Crypto is like teenage sex: everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they [...]
University of Moratuwa Engineering whizzkids dazzle with balcony greenhouses and cricket boots
CROSS-EYED IN KATUBEDDA: It is the final semester and there is an air of anticipation among the mechanical engineering Class of 2018 at the University of Moratuwa as they put the last few touches to their exhibits while waiting for the invitees from 35 companies in both the state and private sector. Impress anyone and [...]
Lanka tea industry reeks of corruption, says Minister
Plantation Industries Minister Naveen Dissanayake on Wednesday told a packed room of journalists how the tea industry is reeking of corruption and that he will be after “quality, quality, quality”, this year. Two years into the job, Minister Dissanayake for the first time came out strongly against the tea industry saying it was corrupt and [...]
From presidents to paupers, Ramzi Rahaman keeps turning heads
AT THE GALADARI BEAUTICIANS, Colombo: The beast in me is growling. Ramzi Rahaman is late for the interview. He has a good excuse when he rushes in 15 minutes later: “My neighbour walked in just as I was about to leave wanting her saree draped. I just can’t say no to people. This is my [...]
Dehiwela, Mount residents meet mayoral candidates
The Dehiwela and Mt. Lavinia residents had a meeting with the city’s mayoral candidates on January 14 to discuss issues pertaining to their areas and illegal constructions in these jurisdictions. Around 100 residents gathered at the Ivory Inn on De Saram Road and met with the three mayoral candidates and discussed their problems. The mayoral [...]
Transparency Int’l to assist aggrieved residents in battle against illegal constructions
Transparency International Sri Lanka is assisting residents of three localities to obtain information pertaining to certain condominium constructions in their areas from the Urban Development Authority (UDA) while contemplating a public awareness campaign on illegal constructions, official say. “We are helping some residents to obtain information through the Right to Information (RTI) Act. We will [...]
Local industry laments foreign firms get more construction projects
Though there is a re-awakening of the construction industry in Sri Lanka with mega projects and high rises, the local construction industry persistently complain that they are sidelined while contracts for these mega projects are usually awarded to multinational companies. This was reiterated by Dr, Rohan Karunaratne, Chairman, Ceylon Institute of Builders (CIOB), adding that [...]
Adam Carbons expands production capacity
Adam Carbons (Pvt) Ltd (formerly Bieco Link Carbons Pvt Ltd), one of Sri Lanka’s premier manufacturers and exporters of high quality- steam processed-coconut shell-based activated carbon, has increased its production capacity. The occasion on January 18, in order to serve its expanding customer base and increased global demand for activated carbon, was graced by distinguished [...]
LAUGFS terminal issue: Wega says ‘no’
The country’s topmost officials are scrambling to sort out the issue on LAUGFS LPG import and export terminal, but LAUGFS Holdings Chairman W.H.K. Wegapitiya is adamant that his terms must be met. Top ministers told the Business Times that this issue is almost sorted, but Mr. Wegapitiya says that his company has to be treated [...]