Smart Media handpicked by global body for integrated reporting
The London-based International Integrated Reporting Council (IIRC), has partnered with Sri Lanka’s Smart Media, the Annual Report Company, to prepare the IIRC Integrated Report 2017. Business sources said that a Sri Lankan company’s involvement in preparing this global report is not only a confidence boost to the local company but also to Sri Lanka as [...]
Public anger mounts over strikes, protests
In one of the most challenging polls in recent times, both the Business Times and its polling partner, Second Curve have found that strikes and street protests inconvenience the public, tremendously and the government needs to deal firmly with the situation. “These protests and strikes are destroying the country and we don’t know where it [...]
US$ galloping against rupee
With the US dollar galloping against the rupee and the country mesmerized by rapid depreciation of the local currency, money market traders said that it’s a case of “wait and see” as to what level the dollar would move to next week. The US currency was trading in the range of Rs.164 to Rs. 169 [...]
2019 budget to entice rural masses, middle class
As Finance Minister Mangala Samaraweera gets ready to deliver the government’s 2019 budget in Parliament on November 5, ahead of provincial council and Presidential elections, speculation is rife that the budget may be more rural and middle class-centric focusing on giveaways to the middle class, farmers and the poor. Amendments to the Finance Act have [...]
Refuse tea sales gets state approval
Sri Lanka’s tea industry is currently looking at options to open up a new market wave through proper regulation in selling inferior quality teas – a process that would be completed within the next four months. With 30 million kg of “refuse tea” produced annually, termed by the industry as BM Fannings, these graded teas [...]
National policies and trivia
An intriguing email/note was doing the rounds on whatsapp this week criticising the President, the Prime Minister and the immediate former President for dealing with trivial matters in the public domain when there are larger issues at stake. “This nation loves to talk but is slow to deliver. Our President talks all about trivial matters [...]
Exchange rate in turbulent times
The most attentive local business news in the past week was, perhaps, the exchange rate; it depreciated sharply reaching Rs. 170 per US$. As some media called it, Sri Lanka reached that high rate “for the first time in history”. It looks like a statement a mom made about her 10-year old child: “My child [...]
Exchange rate dilemma and the country’s economy: CB Governor
One of the hottest topics these days is the sudden rapid depreciation of the Sri Lanka rupee against the US dollar. The people mistakenly assume the country’s economy is collapsing due to these developments. The reasons behind the pressure of the exchange rate are many and beyond the control of the Central Bank (CB) and [...]
Top Professor passes away
Prof. T. Jogaratnam, Emeritus Professor of Agricultural Economics at the University of Peradeniya passed away at the age of 88 on Tuesday. Prof. Jogaratnam was a pioneer in the field of Agricultural Economics and is considered the ‘Father of Agricultural Economics’ in Sri Lanka. He graduated with honours in Economics from the University of Ceylon. [...]
MCC officials visit Sri Lanka, looks at progress
A delegation from the US Government’s Millennium Challenge Corporation (MCC), led by Chief Operating Officer Jonathan Nash, visited Sri Lanka this week to continue progress on the proposed MCC compact – a large-scale five-year grant programme. MCC is developing the compact in partnership with the Government of Sri Lanka to promote inclusive economic growth that [...]
Sri Lanka Retail Forum 2018: Towards a dynamic and evolving retail sector
The Sri Lanka Retail Forum – now the nation’s leading retail sector forum – has returned for a second consecutive year, and registration for the forum is open, the organisers said in a media release. Owing to the overwhelming success seen at the forum held last year, with 450 participants, the Sri Lanka Retailers’ Association [...]
SL hosts over 600 delegates from 60 countries at Digital Health conference
The largest global digital health event this year, Digital Health Week 2018, will take place in Colombo on October 7 to 12. Already over 600 delegates from over 60 countries have registered for the various conferences happening during the digital health week. http://www.dhw2018.org The organisers said in a media release that the Digital Health Week [...]
RDB merges with LDB amidst protest by employees
Sri Lanka will soon establish a much stronger and larger state bank to cater to the needs of small and medium scale enterprises by merging the Regional Development Bank (RDB) with Lankaputhra Development Bank (LDB). The Cabinet of Ministers has given approval to establish the “Lanka Enterprise Development Bank” by merging the two banks soon [...]
CAL, first SL stockbroker to facilitate first Cross-Border Share Transaction
Capital Alliance (CAL), recently performed Sri Lanka’s first ever transaction of overseas stocks, marking a milestone in the annals of the nation’s corporate history. Previously, Sri Lankan investors were confined to investing in the Colombo Stock Exchange (CSE). However, following the liberalisation of Sri Lanka’s exchange control regulations in November 2017, individuals and organizations domiciled [...]
New anti-mosquito socks for school children
Kandurata Group has introduced anti-mosquito socks to the market for the first time in Sri Lanka, specially catering to school children. The socks will protect school children from mosquitoes and insects when they are away in school, the company said in a media release. Dengue mosquitoes are very active in the mornings and evenings and [...]
South Asia experiences fastest HDI growth among developing regions – UN report
Norway, Switzerland, Australia, Ireland and Germany lead the ranking of 189 countries and territories in the latest Human Development Index (HDI), while Niger, the Central African Republic, South Sudan, Chad and Burundi have the lowest scores in the HDI’s measurement of national achievements in health, education and income, released last week by the United Nations [...]
CDB directors’ share dealings disclosed to CSE on same day
It’s a rare occasion when something good transpires at the Colombo Stock Exchange (CSE) and ironically it’s something to be celebrated. Yes it happened with Citizens Development Business Finance PLC (CDB) which saw the company disclosing a share deal by CDB directors on the same day. CDB issued a statement to the CSE on August [...]
Government to regularise e-commerce trading for taxation
Sri Lanka’s e-commerce trading service is to be regulated in order to safeguard the interests of the public, Central Bank (CB) sources revealed. The government is gearing up to regularise the sector and impose taxation on online transactions soon. The CB, as the regulator, will continuously monitor and provide guidance in the form of standards [...]
Embilipitiya paper to restart, 6 years after corrupt deal
In the wake of rising paper prices in the world market, the Sri Lankan government is – at last – set to revive a defunct state paper mill at Embilipitiya after all the previous attempts made during the previous regime failed due to corruption and malpractices. The Ministry of Industries and Commerce will lease the [...]
Tokyo Cement/NAITA to jointly boost construction sector national skill pool
A far-reaching MOU was signed recently between Tokyo Cement Company (Lanka) PLC and the National Apprentice and Industrial Training Authority (NAITA) with the objective of enhancing professional competence of construction craftsmen, by giving them the opportunity to obtain National Vocational Qualification, (NVQ). The MOU will see the two organisations join forces to upgrade skills of [...]
DI’s digital agency Digibrush wins big at WebAwards 2018
The official website of Ceylon Leather Products Ltd www.di.lk has been recognized as the best website in the ‘fashion or beauty’ category at the prestigious WebAwards 2018. DI’s digital agency Digibrush, an experienced provider of integrated digital solutions was also recognized for the concept, creativity and development of the said site. Since 1997, the Web [...]
Coconut de-husking machine, another invention supported by NSF
No all but some institutions and individuals work towards building a strong economy in the country and, among them, the National Science Foundation (NSF) provides technological grants with these stretched across multi-faceted fields – agriculture, industry, science, technology, medicine, etc. These NSF grants and their recipients have been regularly profiled in the Business Times with [...]
Consistency of Policy… Policy … Policy… reverberates at CCC Economic Summit
One of the most crucial and overwhelming topics at this year’s Sri Lanka Economic Summit was the need for consistency of policy by the government. All eight sessions of the two day summit organised by the Ceylon Chamber of Commerce held at the Cinnamon Grand in Colombo last week emphasized much on the policy frameworks [...]
OPA hits back at Ministry on FTAs
The Organisation of Professionals Association (OPA) has said that repeated meetings with stakeholder groups on trade agreements were of no consequence unless their proposal for a National Trade Policy was enacted. Making reference to a document (OPA) submitted to the Ministry of Development Strategies and International Trade (MODSIT) on April 22, 2016, the OPA in [...]
31 firms to comply with CSE’s minimum public float rules
Some 31 listed firms out of 59 are non-compliant with the minimum public float rule of the Colombo Stock Exchange (CSE). Of the other 28 that subsequently adhered to the rules, some increased their public float with certain directors selling down and some stepped down from the main CSE board to its second board – [...]
DMS unveils highly rated, low cost Diebold Nixdorf ATM
Data Management Systems (Pvt) Ltd (DMS), continuing its 42 year-tradition of transferring new technology to Sri Lanka, recently introduced the most advanced, lowest cost ATM, the Diebold Nixdorf CS280 This is beneficial for banks and financial institutions deploying these units in small towns and villages in Sri Lanka. In a media release DMS said that [...]
Tamba Villas launch idyllic ‘home away from home’ in Talpe
The Southern coast which in recent times has witnessed a flurry of development and related activities, will soon be home to an idyllic, luxurious, yet at the same time, a home away from home development; Tamba Villas. “To build a home that is so exceptional that coming home either for a holiday, or to live [...]
Sarasavi Book Publishers partners with HelpAge for a good cause
Sri Lanka’s major book publisher, Sarasavi Book publishers has during the last three years assisted HelpAge Sri Lanka (HASL) to sell a record number of over 100,000 New Year, Vesak, X’mas, Ramazan and other seasonal greeting cards. The cards are published to help underprivileged elderly citizens over 55 years. The entire proceeds of sales are [...]
MAS recognised as ‘Exporting Conglomerate of the Year’ at Presidential Export Awards
MAS Holdings was recognized as the ‘Exporting Conglomerate of the Year’, with this overall award being introduced for the first time to appreciate and celebrate export excellence by a Sri Lankan corporate at the Presidential Export Awards 2018. At the same event, MAS Intimates was honoured with the coveted ‘Exporter of the Year Award’ as [...]
Nithya Group wins export award as highest forex earner
Nithya Paper and Boards Lanka Pvt Ltd won the Presidential Export Awards held earlier this week for being the “Highest Foreign Exchange Earner for the year 2017/18”. A media release from the company said that its journey began in 2010 with the approval of the Board of Investment of Sri Lanka for manufacturing of Kraft [...]
Public fed up with strikes, protests, poll reveals
Various comments were received in the twin polls conducted by the Business Times and its polling partner, Second Curve on strikes and protests with many saying that these need to be restricted and the Armed Forces brought to run essential services during a crisis. While the Business Times poll result is being published, the Second [...]
Theva Residency, Kandy wins at South Asian Travel Awards
The Theva Residency, Kandy won the Gold Award for “Leading Boutique Hotel in South Asia” and the Silver Award for “Leading Boutique Hotel in Sri Lanka” at the South Asia Travel Awards (SATA) recently held at Taj Mahal Palace, Mumbai. It was also nominated for “Luxury Boutique Hotels in South Asia” and “Romantic Hotels in [...]
Technostress, new issue in our lives
The word ‘stress’ is so commonly used in our vocabulary that it sometimes takes away the seriousness of this number one killer in the organisational world. Over the past many years, we as a society have been educated on stress, its predictors, its symptoms, its consequences repeatedly by many sources. One of the favoured definitions [...]