Used car parts
A worker sweeps near a roadside stall at Panchikawatte, Colombo selling used car parts. Used car parts’ shops like these have a good business for second-hand units. Pic by Priyantha Wickremarachchi
WHT implementation baffles tax payers
The public has been baffled by the implementation of Inland Revenue Act (IRA) since there are still grey areas in the Act including the effective date of the 5 per cent withholding tax (WHT) despite over 100 amendments to the original draft. The Inland Revenue Department’s (IRD) implementation of WHT has created confusion and concern [...]
Mathematics of fuel pricing
Sri Lanka is implementing a fuel pricing formula to determine the price of petrol and diesel through a special committee of senior public officials ending the earlier practice of fixing the prices in an ad hoc manner by the government. A special committee headed by the Deputy Secretary to the Treasury and representatives of the [...]
Intercontinental hotel back after 20 years
InterContinental Hotels Group (IHG), whose owners have changed hands many times since the 1970s, is returning to Sri Lanka and set to manage the 307-keys Pearl Grand Tower Hotel at Bambalapitiya. Sudeep Jain, IHG’s vice president, development, South-west Asia, said in a media release, that: “This move is in line with our strategy to grow [...]
Hingurakgoda, next airport in Sri Lanka
Sri Lanka is currently looking at the prospect of establishing an airport in Hingurakgoda at an estimated cost of US$65 million. Prime Minister Ranil Wickremesinghe has a vision of airports around the island with the Bandaranaike International Airport (BIA) on the West coast, Mattala Rajapaksa International Airport (MRIA) on the South coast and another airport [...]
Political versus commercial decisions
Are we entering dangerous ground by having two super-powers – India and China — controlling two vital installations in one city? Some people think so, including Kussi Amma Sera while others sweep aside any danger of a ‘fuse’ blowing between the two in Hambantota. “Indiawa saha Cheene, eka thenaka innakota, apita prasnayak wey-ida? (Will there [...]
Born small and being small
In February 2010, representatives from all countries in Asia and the Pacific region gathered in Beijing to attend a conference. It was organised to assess the impact of the global financial crisis on the economies of countries in the region. One of the country presentations that fascinated me was the study from the Cook Islands [...]
HEINEKEN Lanka Ltd marks 20th year in Sri Lanka
HEINEKEN Lanka Ltd recently marked its 20th year of operation with a simple ceremony by felicitating 10 employees who served the company for 20 years. HEINEKEN Lanka, formerly known as Asia Pacific Brewery, is a subsidiary of HEINEKEN Asia Pacific and HEINEKEN International – HEINEKEN is the world’s most international brewer. It is the leading [...]
BRICA helps Sri Lankan companies tap “Belt and Road Initiative”
The doors are now open for Sri Lankan companies to harness benefits of industrial investment economic and trade cooperation among 27 countries along the Silk Road Economic Belt and the 21st-Century Maritime Silk Road. This has been made possible through a link-up between the National Chamber of Commerce of Sri Lanka (NCCSL) and the Belt [...]
Central Bank seeks expertise to probe/ audit some ‘selected’ companies
Sri Lanka’s Central Bank (CB) on Monday invited Expressions of Interest (EOI) from local and international companies to undertake an independent forensic audit cum investigation of “selected” companies regulated and supervised by Sri Lanka’s banking regulator. It did not name the companies which are to be investigated. The public notice calling for EOI indicated that [...]
Dilmah Tea Founder honoured with Lifetime Achievement Award by World Association of Chefs
Sri Lankan Tea pioneer Merrill J. Fernando was honoured at the WorldChefs Congress 2018 with the prestigious Lifetime Achievement Award for his extraordinary passion and commitment to tea, and for his unique philosophy of making business a matter of human service. The award was presented by WorldChefs President Thomas Gugler at the biennial global Congress [...]
Research teams from 6 countries launch report on SDGs
Six research teams from the global south – Ghana, Nigeria, Bolivia, Peru, India and Sri Lanka – along with a core group of experts, met in Negombo, Sri Lanka on July 18-20. The meeting was expected to launch their country studies to feed into the upcoming ‘State of the Sustainable Development Goals’ Report, according to [...]
Thai Cave Rescue: Lessons for Lankan corporates
Light at the end of the tunnel was made a reality at the flooded ‘Tham Luang’ Cave Rescue thanks to timely, human bravery on July 10. “We are not sure if this is a miracle, a science or what,” stated the Thai Navy SEALS after saving the ‘Wild Boars’ soccer team. Rallying about 10,000 professionals [...]
Dankotuwa Porcelain-made collection honoured by London’s V&A Museum
A stunning tableware collection from Portmeirion, exclusively manufactured by Dankotuwa Porcelain PLC in Sri Lanka, has achieved the rare honour of being entered into the permanent ceramics collection of the prestigious Victoria and Albert (V&A) Museum in London. This accomplishment is especially noteworthy since the museum’s collection of ceramics is the most comprehensive in any [...]
LOLC supports conservation of Sri Lankan leopard
LOLC, one of Sri Lanka’s leading and largest diversified conglomerates, has stepped forward to support the ‘Standardised Population Survey of the Sri Lankan leopard in the Wilpattu National Park’. This 6-month project is spearheaded by the Environmental Foundation Ltd, the Department of Wildlife Conservation of Sri Lanka, and ‘For The Leopard Trust.’ The cheque to [...]
Sri Lanka’s fuel pricing formula
Apparently, there is a fuel pricing formula in operation in Sri Lanka. Professionals support a pricing formula, because that is the only way to move away from politically-determined pricing of petrol, diesel, kerosene and fuel oil. Ever since the government poked its finger into the petroleum industry in the 1950s, politics, not commercial sense, determined [...]
AIA Insurance Lanka seeks permission to delist
AIA Insurance Lanka PLC (AIA), a public listed company, on Friday announced its intention to delist from the Colombo Stock Exchange (CSE), subject to obtaining requisite approvals. AIA Insurance Lanka Director & Chief Officer Legal Chathuri Munaweera said: “the Regulation of Insurance Industry (Amendment) Act No.23 of 2017 enables local subsidiary insurance companies of foreign [...]
Pidilite opens new, state-of-the-art adhesive manufacturing plant in Polgahawela
A state-of-the-art manufacturing plant of Pidilite Lanka (Pvt) Ltd was formally commissioned at Polgahawela in Sri Lanka’s North Western Province last week. This opening was attended by Taranjit Singh Sandhu, India’s High Commissioner in Sri Lanka; Bharat Puri, Managing Director of Pidilite Industries; Rohan De Silva, Chairman of McLarens Group, and many other dignitaries, a [...]
Lankan economy fails continuously
The Annual Report of the Central Bank (CB) of Sri Lanka for the year of 2017 confirms that despite new economic policy measures, the economy is failing in many vital aspects if not in entirety. Main objectives of the government as manifested during the past three and a half years include accelerated economic growth at [...]
UDA chairman denies ties with Blue Ocean Group
In the latest turn of events, Urban Development Authority (UDA) Chairman Dr. Jagath Nandana Munasinghe says that high rise builder, Blue Ocean Group has used his name without his permission in a sales brochure, stating that he is a consultant to them. This was revealed when a team from the Mount Lavinia Residents’ Association (MLRA), [...]
New transportation plans promise exciting growth for Colombo
Colombo is on the verge of an imminent and exciting change. Until recently, the city has had to balance being both the commercial hub as well as being a place to live, grow, love and learn. If Sri Lankans wanted to lead a modern lifestyle they inevitably chose to settle down and raise families in [...]
CIOB Green Mark Building Awards 2018
The CIOB Green Mark Building Awards 2018 was held on a grand scale late last month at the Ramada Hotel, Colombo where awards and certifications were awarded to organisations, products and buildings that have achieved CIOB Green Mark Certification. The CIOB (Ceylon Institute of Builders) Green Mark Scheme was launched as an initiative to drive [...]
GRIT Property Group introduces strategic investment schemes to enhance services
Grit Property Group, based out of Melbourne, Australia is offering, what it calls, an “unmatched combination of deep industry experience, local market expertise and personalised attention” to the vital area of property investment services and student accommodation. This move will assist Sri Lankans in investing in lucrative properties and arranging accommodation for their children studying [...]
No investments yet for Colombo Port City due to delays in drafting laws
While reclamation of land of the Colombo International Financial Centre (CIFC) has almost reached completion, the form and content of offshore legislation relating to financial services is not yet disclosed to the public for investments. The city masterplan was released in April this year. Last week a group of experts during a seminar organised by [...]
Naveen in Japan to restore Ceylon Tea market
Sri Lanka is fast losing its market share for tea in Japan as a result of which the government is in Tokyo trying to work out an arrangement to ensure continued sales of Ceylon Tea. Lack of glyphosate in the market had compelled tea growers to use substitute substances that has resulted in high residue [...]
Early childhood development to play significant role in 2019 budget
While education is at the heart of empowerment endowing people with skills to actively participate in the economy and development of the country, investment in Early Childhood Development (ECD) is of great importance to Sri Lanka as it has the potential to improve school learning outcomes which can have long lasting effects on the well-being [...]
DFCC Bank awarded for success in MSME financing at Germany’s Karlsruhe Sustainable Finance Awards
Recognising and rewarding DFCC Bank’s success in financing Micro, Small and Medium Enterprises (MSMEs) in Sri Lanka, the Global Sustainable Finance Network awarded a Certificate of Merit for ‘Outstanding Sustainable Project Financing’ to DFCC Bank, at the Global Sustainable Finance Awards 2018 held recently at the Karlsruhe City Hall, Germany. Bathiya Alahakoon – Senior Vice [...]
Tourism discussion by Aussie expert on July 24
A discussion on tourism by an Australian expert organised by the Australian High Commission in Colombo and the Sri Lanka Tourism Development Authority (SLTDA), will be held on Tuesday at the BMICH, Colombo. The speaker, Andrew Fairley, has over 30 years’ experience in sustainable tourism development both within and outside Australia. He recently completed terms [...]
NDB secures US$75 m loan from Commerzbank Germany
National Development Bank PLC recently successfully negotiated a loan up to US$75 million, from Commerzbank Aktikengsellschaft Germany. Dubai-based Alpen Capital [ME] Ltd was the lead arranger to this loan facility. The proceeds of this loan are to be mobilized in NDB’s general banking business, without restrictions on any specific sector. The signing of the agreement [...]
Sri Lanka wins historic export judgment in US Court
Sri Lanka has won its first-ever revocation of countervailing duty imposed in the US for a Lankan export, thanks to the continued pursuit of the Department of Commerce of Sri Lanka. “I praise the officials of the Department of Commerce for their committed work to win this judgment in favour of Sri Lanka” said Minister [...]
Mercantile Investments recognised for excellence in Integrated Reporting
The Integrated Annual Report published by Mercantile Investments and Finance PLC (MI) for the financial year 2017/18 was recognised as one of the Top Ten Best Integrated Reports in Sri Lanka at the “CMA Excellence in Integrated Reporting Awards” held at Cinnamon Lakeside last week. In a media release, the company said it continues to [...]
Sri Lanka Railways to be made a semi-government institution
Massive loss-incurring Sri Lanka Railway Department is to be transformed to a semi government institution with the aim of making it a self financing viable entity, Transport Ministry sources confirmed. This suggestion was made by the cabinet sub committee headed by Minister Dr. Sarath Amunugama appointed to look into the possibility of increasing the salaries [...]