Chopped leaves for dinner!
An enterprising trader is selling nicely, chopped leaves instead of the usual leafy vegetables at a market in Negombo. The reason: “Housewives in these areas are too lazy to chop up the raw leaves so I came up with this idea,” he said.
CB clamps down on debt collectors harassing customers
Using a leased vehicle and constantly in fear that it would be seized on the road by tough debt collectors, if your payments are not made on time? Not to worry. Responding to a public outcry over outsourcing practices of Sri Lanka’s Licensed Finance Companies (LFCs) specially harassing customers in debt recovery, the Central Bank [...]
Concessionary finance to help companies compete
Sri Lanka has embarked on an ambitious trade adjustment initiative providing concessionary finance to help companies affected by competition enhance their competiveness while arming workers with tools to re-skill them. This will enable the smooth transformation of firms and workers to the new market conditions created by trade liberalisation, Finance Ministry sources said adding that [...]
MTD in talks to sell stake at shipyard
Listed construction firm MTD Walkers PLC (MTD) is negotiating to sell a strategic stake in its shipyard, Walkers Colombo Shipyard Ltd to inject capital into the firm, company officials said. The company secured a US$4 million loan from the Asian Development Bank last December to infuse cash into the shipyard, but it hasn’t still been [...]
US Dollar in unknown territory
The US dollar has entered unchartered waters with money market experts unable to predict at what levels it would reach by December when import demand rises owing to Christmas and New Year demand for goods. This week the dollar hit a high of Rs. 163 and calmed down to a trading level of Rs. 161.80-161.90 [...]
CSE up on impending return of EPF funds
The Colombo Stock Exchange (CSE) has witnessed an upsurge during the past week owing to the positive sentiment on the impending return of Employee Provident Fund (EPF) funds into the market, analysts say. “The market is up though on low turnover due to EPF funds slated to come in. The decision has been made as [...]
Water, water everywhere …
It has become a ritual nowadays. As extreme heat or extreme rain hits the country throughout the year, the authorities are either grappling with floods or urging people to conserve water. This time of the year, it’s about conserving water. Kussi Amma Sera and her friends Serapina and Mabel Rasthiyadu had also got into the [...]
Corrupted seeds of a vicious cycle
Many people admire the resource endowment of countries as the reason for their prosperity. According to this “misconception”, countries become rich if they have resources. Land, gold, oil, diamonds, and minerals are some of the most common resources that some countries have discovered within their territories. After the first 1973 oil shock, Sri Lanka also [...]
Sri Lanka gears up to shape 2025 development landscape
A panel comprising a global strategy consultant, Information technology expert, young and eminent economist, and a versatile local entrepreneur enlightened a group of Sri Lanka’s private sector CEOs on how to harness benefits from the latest market opportunities understanding the threats to business operations and investments and protect the company against future risks. The CEOs [...]
Water conservation is vital during drought
Around 60 -70 per cent of the water from rivers such as Gin Ganga, Kalu Ganga and Kelani Ganga flow into the sea while its less than 50 per cent in the case of water from rivers such as Malwathu Oya,Yan Oya, Kala-Oya and Badulu Oya that are released to the sea, the Agriculture Department’s [...]
“Sick man of Asia’ tag if SL continues to follow outdated technology
Sri Lanka’s insistence in following outdated ideology is fast making it the ‘sick man’ of Asia, a top Minister has said. Addressing the 5th International Conference on Multi- Disciplinary Approaches -2018 jointly organized by the Ministry of Science & Technology and the University of Jayawardhanapura, and held recently at the southern Tangerine Beach Hotel, Minister [...]
Opening of MJF Centre in the East
Prime Minister Ranil Wickremesinghe (below) accepts an offering from a member of the Eastern Veddah community last week during the opening of the MJF Centre for Dignified Empowerment and Sustainable Development in Kalkudah, Batticaloa. The opening of the centre, built at a cost of Rs. 1.2 billion by the MJF Charitable Foundation and Dilmah Conservation, [...]
AMCHAM/STAX positioning Sri Lanka as an attractive FDI destination
AMCHAM, in collaboration with STAX, recently launched the 2018 whitepaper “FDI Landscape and Investor Sentiment in Sri Lanka” at a gathering of business and government leaders including Malik Samarawickrama, Minister of Development Strategies and International Trade. In addition to providing a definitive view of FDI statistics, the whitepaper interweaves expert insights from regulatory authorities to [...]
DLB 2018 profits jump as revenue overshadows lottery sellers strike
The Development Lotteries Board (DLB) posted an upturn in the turnover and profits during the first half of 2018 despite a fall in sales revenue in 2017 due to the strike of lottery agents and sellers, Chairman of the Board S.A.P. Suriyapperuma disclosed. Following the strike action by the lottery agents and sellers, lottery stalls [...]
Palm Oil Industry Association formed to advocate sustainable growth
Businesses with a cumulative investment of approximately Rs. 26 billion in the oil palm industry in Sri Lanka came together in Colombo on August 30, to formally inaugurate an industry association. It will function under the aegis of the Ceylon Chamber of Commerce and is aimed at promoting common interests and to advocate ‘Sustainable Growth [...]
Land fraud affects foreign and local investments
The question on the lips of many local and foreign investors is, “Can a country fraught with land fraud give security and relief to investors who, despite the ever-lurking dangers, have risked investing in Sri Lanka”? Sri Lanka has gained notoriety for being a haven for land fraudsters. The land- fraudsters are holding the people [...]
Viber gets fresh facelift with lightning- speed chats
Viber, the leading messaging app, is celebrating a chatting experience makeover offering its 1 billion registered users the power to exchange messages at twice the speed. Ensuring a remarkable and efficient chatting experience, messages are sent and delivered at twice the speed with delivery status updates. Additionally, Viber is rolling out its new and improved [...]
Salvation Army’s annual appeal for donations
The Salvation Army this week launched its annual appeal to raise funds that will help support its residential and community services across Sri Lanka. The key focus of the launch event in Colombo was the unveiling of the global organisation’s first-ever public annual report for its Sri Lankan arm. Through both image and story, the [...]
US Embassy launches “American Corner” at Matara Chamber of Industry and Commerce
The US Embassy signed a Memorandum of Understanding recently with the Matara Chamber of Industry and Commerce to open a new American Corner in Matara. Ms. Nancy VanHorn, the U.S. Embassy’s acting Public Affairs Officer, and Metta Widanagamachchi, Chairman of the Chamber, signed the MoU. Located on the ground floor of the Chamber’s building at [...]
Chartered accountants grapple with daunting challenges facing them
There are big changes happening all around us from a disruptive point of view to a change perspective, in relation to technology, geo-politics, trade wars, etc, said an official from the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). Moiz Rehmanjee Chairman- National Conference Technical Committee of CA Sri Lanka was addressing a [...]
SLAAJ appoints legal consultant and advisor to the board
Senior Attorney-at-Law and Legal Consultant, Tivanka Ekaratne has been appointed as the Legal Consultant and advisor to the Sri Lanka Automobile Association in Japan (SLAAJ) at the board meeting held in Tokyo last month. He is the first Legal Advisor to be appointed in the history of SLAAJ. Mr. Ekaratne, the Precedent Partner of Ekaratne [...]
Gem industry given slipshod treatment by the Government
Sri Lanka’s leading international gem and jewellery show – 28th FACETS Gem and Jewellery 4-day International Exhibition was held last week at the BMICH with Dr Sarath Amunugama, Minister of Science, Technology, Research, Skills Training and Kandyan Heritage as Chief Guest and with two significant highlights. One was the presence of Anura Kumara Dissanayake, MP [...]
USAID partners with private banks to provide access to finance
The US Agency for International Development (USAID), with the USAID Development Credit Authority (DCA), Hatton National Bank PLC and Sampath Bank PLC has announced a new partnership for a programme of up to US$9 million for local financing available to private, micro-, small-, and medium-sized enterprises (MSMEs) throughout Sri Lanka. This 7-year programme will help [...]
Minimum room rates need of the hour
The hotel industry is the single largest investor in the tourism sector in Sri Lanka. Colombo has seen some of the highest single hotel investments in the country, with city room strength being over 30 per cent of the entire country’s room inventory. It is predicted that in the next three years over 40 per [...]
Govt. confirms no more room rate limits in Colombo
Sri Lanka Tourism authorities have taken the decision to ensure that the minimum rate will not be renewed following the lapse of the gazette implementing it. “We will not renew (the minimum rate),” Sri Lanka Tourism Development Authority (SLTDA) Director General Upali Ratnayake told the Business Times on Wednesday. He noted that there will no [...]
4th Tourism Leaders’ Summit next month
The fourth consecutive Tourism Leaders’ Summit (TLS) and International Tourism Research Conference (ITRC) will be held on October 4-5 at the BMICH Colombo. Organised by the Alumni Association of Tourism Economics and Hospitality Management (AATEHM) and the Students of the Tourism Study Programme of the Department of Economics, University of Colombo, the event will be [...]
Delmege Tours attempts to “Reach the Peak Sri Lanka”
Delmege Tours launched its international hiking event scheduled to take place on November 24 at Hanthana, Kandy titled “Reach the Peak Sri Lanka” as part of an annual event. Reach the peak Sri Lanka is established to offer many options for hiking across the country where the hikers shall chose a package to seek new [...]
Jetwing to hold first UN SDG Sri Lankan Forum in travel and tourism next month
The Jetwing group is organising a high-level forum to help senior management across the entire Sri Lankan travel and tourism industry better understand the UN Sustainable Development Goals (UN SDGs) and brainstorm ways to mainstream them into corporate agendas and business plans. The first forum of its kind worldwide, it will be held on October [...]
Santani is one of the World’s Greatest Places
Santani, Sri Lanka’s wellness resort, has been picked by TIME magazine as one of the 100 World’s Greatest Places and referred to as a “resort to help you disconnect.” “On a former tea plantation in the mountains of Sri Lanka sits Santani, a resort to help you disconnect. There are no televisions (really) and no [...]
Appointments and board positions
The following are appointments of directors and changes in board positions which have been posted on the Colombo Stock Exchange website: Udapusella Plantations PLC has announced the appointment of N.H.G.S. Jayasinghe as the Executive Director/Managing Direcor with effect from September 3. The company comes under the Findlays Colombo group where Mr.Jayasinghe is scheduled to take [...]
Government plans to further develop Colombo container terminal
The government has plans to develop the Colombo container terminal to become the largest in South East Asia to provide berthing facilities for large ships and tankers. The Trincomale harbour will also be developed to make it an economic hub and for larger ships to be handled there, said the State Minister of Defense Ruwan [...]
Government removes credit facility limit on tourist transport vehicles
Sri Lanka’s tourism transport sector will get some relief after the government’s decision to grant 100 per cent leasing facility from finance and leasing companies when purchasing vehicles. The Central Bank (CB) has issued a directive making certain amendments to previous directions recently stating that the tourism transport sector is exempted from the restrictions imposed [...]
Fairfirst introduces Pet insurance to Sri Lanka
Insurance in Sri Lanka has been taken to a new level with Fairfirst Insurance launching Pet insurance to the market. The company earlier offered several customer relevant propositions like Dengue insurance, Cyber Risk Insurance, Click2Claim and the AI chat bot “Machan”. Pet insurance essentially acts as a safety net to assist in protecting you against [...]
Cinnamon’s third edition TBC Asia 2018 next month
The Cinnamon Travel Bloggers’ Conference 2018 (TBC Asia 2018), the only event of its kind to be held on the continent, will present the third edition of its biennial pre-tour, conference and awards programme, from October 25 to 30. Organised by Cinnamon Hotels and Resorts, TBC Asia 2018 aims to harness the combined prowess of [...]
Kotagala in the red: Losses amidst debts, bad investments
Kotagala Plantations has been in the red and its more recent investments have caused concern even among authorities who have laid out strong assertions that the company needs to get its act right while ratings companies have issued ultimatums on its loan repayment capabilities. Fitch Ratings Lanka in May this year rated Kotagala Plantations’ at [...]
Story of a Cotton Collection
Some in the corporate world opt to step out of the business environment to take a break from it all. And then there are some people we meet who have lived their passion for over 20 years and are now faced with emotional pressure from near and dear to focus on family. With two kids [...]
Colombo University secures over 100 private sector internships for Econ undergrads
Sri Lanka’s private sector, increasingly starved of skilled employees, is now providing more opportunities for university undergraduates to translate the knowledge gained within the lecture room into practice through internships. The need has arisen at present more than in the past for graduates to possess additional soft skills to complement their qualifications for employability. Leading [...]
Government defaults Rs.15 billion owed to Harry J Group
Sri Lanka’s Treasury owes over Rs.15 billion to a consortium consisting five companies belonging to businessman Harry Jayawardena due to the takeover of Sri Lanka Insurance Corporation (SLIC) and Distilleries Corp of Sri Lanka (DCSL) belonging to the Group during in 2009 and 2011 respectively, Chairman of Melstacorp Plc, the parent company of this consortium, [...]
Environmentally- friendly and futuristic pre-fabricated light weight building system
Well&Able Lanka (Pvt) Ltd in association with a Singapore – Sri Lanka business partnership, has jointly introduced a futuristic construction technology that is environmentally – friendly, cost effective, least time consuming, highly profitable and of high quality. Salasi Lanka (Pvt) Ltd, winner of the prestigious National Construction Excellence Award 2017 conferred by the Construction Industry [...]
Coconut exports allowed following pleas from producers
As requested by the Coconut Growers Association (CGA), the government has lifted the ban on fresh coconut exports and allowed exports with immediate effect, due to a glut in the market. The Coconut Cultivation Board has allowed exporters to use the export license that was issued for the year 2017, until the end of 2018. [...]
Sri Lankan banking system outlook negative: Moody’s
Singapore — Moody’s Investors Service said on Wednesday that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the [...]
Emirates SkyCargo transports group of horses for World Equestrian Games
Emirates SkyCargo, the freight division of Emirates, has successfully transported the first group of 67 horses for the FEI World Equestrian Games Tryon 2018. The horses were flown from Liege, Belgium to Greenville-Spartanburg, US in an Emirates SkyCargo Boeing 777 freighter aircraft. This is the first of the 19 flights that Emirates SkyCargo will be [...]
Dialog launches Sri Lanka’s first inter-school app
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in collaboration with the Ministry of Education and the University of Peradeniya, has announced the launch of Sri Lanka’s first ever all island inter-school app development challenge, the ‘Dialog App Challenge’, powered by Ideamart and Dialog 4G Home Broadband’. The competition aspires to educate and ignite a [...]
Impact of imposition of VAT on condominium sales
In the wake of continuing uncertainty with regard to the effective date on the reintroduction of Value Added Tax (VAT) on residential condominiums, leading global real-estate consulting agency, Jones Lang LaSalle (JLL) has released a new report analysing the likely impact of impending policy changes on the Sri Lankan real estate sector. Following the announcement [...]