Tourist arrivals drop
A tourist couple walks in the Nuwara Eliya Park on Friday. Photographer Shelton Hettiarachchi, who took the picture, said the town had few tourists compared to a normal November month. Reports from Galle also indicated a drop in tourists presumably due to the political crisis in the country.
Public officials in a bind
Sri Lanka’s public administration has been caught between the devil and the deep blue sea due to worsening political uncertainty prevailing in the country during the past three weeks. Officials of state institutions are reluctant to carry out orders of new superiors due to doubts of legitimacy of their appointments under the present political environment, [...]
Budget: Treasury in a catch -22 situation
The Treasury has been pushed into a catch-22 situation relating to the 2019 budgetary process following three weeks of political uncertainty without clear direction. The 2015 history is going to be repeated once again, as the Finance Ministry officials have been compelled to prepare a 3-month vote on account under the present situation of political [...]
STBC: “Managing during turbulent times”
The Sunday Times Business Club (STBC), which regularly discusses unconventional topics, is presenting a panel discussion at its next meeting on Wednesday November 28 at the Kingsbury Colombo on “Managing a business during turbulent times.” The discussion will examine the challenges, ways of tackling these issues and lessons learnt (from previous scenarios) by the corporate [...]
Political impasse: It’s “So Sri Lanka”
Reeling from three weeks of political turmoil Sri Lanka’s tourism industry has witnessed cancellations though few, while heading towards the peak winter season. Added to this is a further delay in the global promotion campaign that makes one wonder if this is not “So Sri Lanka.” Sri Lanka had projected about 250,000 arrivals in December [...]
Firms shifting their headquarters from SL
If there is one thing that business leaders and entrepreneurs detest is insecurity in the macro environment. Businesses run according to forecasts and situations about the future. However, as much as businesses take into account uncertainty, the one thing all want to avoid at all costs is the volatility in the macro environment stemming from [...]
Uneasy Sri Lanka
A video doing the rounds on the Internet shows rowdy scenes in Uganda’s Parliament where members attack each other, jumping on tables and seats. With today’s ‘fake’ news, one wonders whether this an accurate reflection of what may have happened. But if it was, and furthermore was shocking to see, Sri Lanka’s Parliament stooped to [...]
Nation on a detour
Sri Lanka now provides a classic case of “how easy it is to drive a nation into a chaos, whoever its architect was”. Although states don’t collapse overnight, the seeds can be sown and nurtured over the years or decades, driving the nation along a destructive path. I thought of writing today on the relationship [...]
Australian/Sri Lankan start-up ‘Different’ to change the face of property management
Backed by one of Australia’s biggest venture capital funds, AirTree Ventures as well as the Silicon Valley Venture Capital fund, Foundation Capital, a new property tech start-up founded by two Silicon Valley technology bigwigs from Uber and Google, promises to be far more than a tech solution. Different has been founded by the former Global [...]
Central Bank: Economy on track despite political instability
Despite political uncertainty and policy confusion, the Central Bank (CB) is confident of managing the economy and massive US $4 billion debt servicing next year, raising funds through prudent financial instruments. In a related move, CB Governor Dr. Indrajit Coomaraswamy on Saturday (November 10) met Mahinda Rajapaksa, the new Prime Minister and Finance Minister, and [...]
State plantations were debt- free at time of handover, retired planter says
State plantations were handed over to the companies “debt-free” when the Treasury at the time absorbed nearly Rs.8 billion in loans, ex-planter and immediate past President of the Mascots Devaka Wickramasuriya said at the recently concluded AGM of the association that represents ex-planters from Maskeliya and Upcot. He noted that though the cost of these [...]
Bernard Botejue Kolonna’s reforestation project
Bernard Botejue Industries, which has been in operation since 1948, recently completed the third phase of its main CSR reforestation project in Kolonna which is in the Ratnapura district. On November 3, company employees along with villagers planted over 5,000 plants on six acres of land allocated and supported by the Divisional Secretary, Kolonna and [...]
Long climb for a woman to be the country’s IGP
In Sri Lanka’s Police Department, women face discrimination with Ajith Rohana, Deputy Inspector General of Police, indicating this week that it would take at least another 15 to 20 years for a woman to be appointed the Inspector General of Police. He made this comment while speaking at the media briefing of the launch of [...]
CIPFA London has recognised CPFA Sri Lanka qualification
The Chartered Institute of Public Finance and Accountancy, London, (CIPFA), one of the six leading bodies in the UK and the only world body of professional accountants offering public finance qualification, has recognised Sri Lanka’s CPFA qualification and granted it membership status. This was stated by President, Public Sector Wing of the Chartered Accountants of [...]
Rebranding Colombo as a Wetland City
Colombo, once known to be “kolonthota” has always been identified as a wetland complex at the heart of the Kelani river delta. Today this city is increasingly drying up, with around 20 sq km left as wetlands that continue to be threatened everyday due to human encroachment varying from dumping solid waste to land reclamation [...]
Lotus takes over mini hydro power company Zyrex
Lotus Renewables, a subsidiary of the Singapore-based G&G group of companies, has announced its planned acquisition of Zyrex, a mini hydro power generating company, close on the heels of the purchase of Browns Hydro Power last year. Focusing on alternative green power sources, Lotus Renewables aims to diversify the energy supply in Sri Lanka and [...]
Rights issues should be priced properly
Similar to IPOs, rights issues need to be properly priced, with good understanding of market sentiment for the stock and general market conditions – if not they will go under as in the case of some recent rights issues, analysts say. “Supply and demand for the stock also plays a critical role in getting the [...]
Sri Lanka intensifies fight against money laundering, terrorist financing
Sri Lanka has intensified its fight against money laundering and terrorist with the Financing Intelligence Unit of Sri Lanka (FIU) entering into a Memorandum of Understanding with the Department of Motor Traffic (DMT). The aim is to receive intelligence information related to investigations and prosecutions of money laundering, terrorist financing and other related crimes, according [...]
Allianz Insurance Lanka continues impressive performance in 3Q2018
Allianz Insurance Lanka Ltd said its “remarkable performance” continued posting a record gross written premium of Rs. 13.6 billion with a YoY growth of 6 per cent at the end of the third quarter 2018. The company’s continuous commitment to growth was further boosted with an impressive profit before tax of Rs. 1.2 billion. “Despite [...]
John Keells wins top award for 9th consecutive time
President Maithripala Sirisena who attended the ‘Business Today Top 30 award for 2017-2018 and Business Today Special Recognition Awards, this week gave away the first top 10 awards. John Keells Holdings retained its number one position for the ninth consecutive year. The balance 20 awards were given away by Minister Nimal Siripala de Silva. The [...]
Clarification -Headline on Alliance Finance rating story
On Page 3 of the Business Times of last week with regard to a story pertaining to the rating of Alliance Finance, the headline should read as “Alliance Finance retains investment grade credit rating of BBB–“ ( the minus – sign had dropped in the headline).
Govt. instability delays tourism promotions
The Sri Lanka Tourism Promotion Bureau (SLTPB) is currently carrying out the much-talked about digital campaign in the five markets and is awaiting approvals for the Rs.3 billion global promo. The digital marketing campaign that was launched by the selected advertising agencies in the respective markets of India, China, UK, France and Germany is currently [...]
MICE events on schedule
The tourism industry’s leisure sector is being impacted by the travel advisories with a dip in travel plans but delegates attending MICE events are still on schedule except for a few that have been postponed. The Meetings Incentives Conferences and Exhibitions (MICE) industry is not yet impacted by the travel advisories that had come out [...]
Political tomfoolery dampens holiday travel
Holidaying in Sri Lanka this winter can get a bit chilly but plans are afoot by the travel industry to add cheer to their guests and leave any hostilities at the doorstep of politicians. End of November and December that kicks off the winter season was projected to generate around 250,000 travellers but with the [...]
‘So Sri Lanka’’ launched: So what?
Sri Lanka’s tourism industry, the most resilient industry I have ever known, came together on Monday November 5 to witness the unveiling of the new brand identity for the destination. ‘So Sri Lanka’ was officially launched at the opening of the World Travel Mart 2018 held at ExCel London followed by an event held at [...]
Prime Finance consolidates on upward momentum
Prime Finance PLC has completed the second quarter of its 2018/2019 financial year with good progress, by adopting the most productively well-informed, optimistic and pragmatic strategic direction. “Compared to the 1st quarter, the company has shown a commendable profit growth rate of 30 per cent by end September 2018, and half yearly profit before tax [...]
Sri Lanka’s political wrangles put IMF- EFF on hold
Sri Lanka’s unexpected change in government, political instability and policy paralysis have compelled the International Monetary Fund (IMF) to delay the release of the sixth tranche of about SDR 177.77 or US$ 250 million under the three-year Extended Fund Facility (EFF). The Executive Board of the IMF was due to complete the fourth review of [...]
Sri Lankans alerted by CB to email financial scams
Sri Lankans were alerted on Wednesday by the Central Bank (CB) to instances of “financial scams/ phishing emails”. “The attention of the Central Bank (CB) has been drawn to recent grievances received from the general public regarding financial scams spreading through phishing emails/social media messages. The CB has noticed that the image of the Head [...]
Ceylinco Life’s 9-month net profit up 62% to Rs. 3.28 bn
Constant fluctuations in the prices of essential commodities and political instability are not conducive for most businesses, with sectors like insurance being more vulnerable than others when there is pressure on incomes, said the country’s largest life insurance company. In this context, explained Ceylinco Life Managing Director R. Renganathan, sustaining healthy growth in this environment [...]
ComBank weathers external challenges; NPLs an issue
Rising non-performing loans (NPLs) is a concern for the entire banking sector compelling banks to increase provisioning for bad debts, the Commercial Bank of Ceylon has said. “In the case of Commercial Bank, NPL ratios are still lower than industry averages, and timely re-pricing of liabilities and strong deposit growth have enabled the bank to [...]
Singer 1H revenue increases by 14 per cent
Singer (Sri Lanka) PLC, announcing its results for the first half ending September, has said that despite “tough business conditions”, the results showed a “commendable” revenue growth of 14 per cent to Rs. 28.6 billion compared to the same period in the previous year. In the period under review, the group profit before tax was [...]
HNB 9 month group PAT at Rs. 14.5 bn
Hatton National Bank PLC (HNB) has reported a Profit after Tax (PAT) of Rs. 14.5 billion at group level for the nine months to September 2018, up by 23 per cent YoY. The bank’s PAT for the period amounted to Rs. 13.1 billion, growing by 21 per cent YoY. Like many other banks, HNB was [...]
Second round of drug price controls “challenging”, says Sunshine Holdings
While Sunshine Holdings expect strong growth in the healthcare sector, revenue over the next six months is challenging owing to the second round of drug price control which came into effect on September 1, said the company announcing its results for the six months ending September 2018. It said the depreciation of the Sri Lankan [...]
Construction sector largest contributor to increased NPLs owing to payment delays:Bank
Sri Lanka’s construction sector is the largest contributor to non-performing loans (NPLs) owing to long delays in receiving their dues, a leading bank said this week. “While the entire banking industry is witnessing a sharp increase in NPLs amidst significant collection and debt recovery challenges across most sectors of the economy, the construction sector followed [...]
Aitken Spence shows improved performance in 2Q
Aitken Spence PLC’s quarterly revenue has increased year-on-year (YoY) to Rs. 12.41 billion from Rs. 12.28 billion while revenue for the six months ending September 2018 was Rs. 22.98 billion. The group also recorded an improved net asset per share value of Rs. 112.30, it said in a media release. Profit before tax (PBT) for [...]
Policy inconsistencies slowing down the economy: Softlogic chief
While the Government plays a vital role in driving an economy and ensuring investment growth, political vacillation and policy inconsistencies have affected consumer spending patterns slowing down the economy, one of the country’s largest business conglomerates said on Thursday Ashok Pathirage, Chairman Softlogic Holdings PLC, in his review of the group’s performance for the six [...]
SLT wins three awards at International ARC Awards
Sri Lanka Telecom (SLT) won three prestigious awards for the company’s Annual Report 2017 at the prestigious International ARC Awards 2018, held in Hamberg, Germany recently. Mahesh Athukorale, Company Secretary and Rohana Ellawala, General Manager/Corporate Relations were present at the ceremony and received the awards on behalf of SLT. SLT’s Annual Report 2017 won category [...]
Peace Air to activate AOC to operate airline
Peace Air is trying to activate its licence to operate an airline, officials said. “This will be Sri Lanka’s first privately owned airline and we are working with the Civil Aviation Authority (CAA) to activate our Air Operating Certificate (AOC) to enable us to operate next year,” Chairman Peace Air Pvt Ltd, Gamini H. Wethasinghe [...]
New chairman, MD at Ceylinco Life in smooth transition at the top
Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of R. Renganathan, the company’s long-standing Managing Director/CEO, as Executive Chairman effective November 14 and the concurrent appointment of Deputy CEO Thushara Ranasinghe as Managing Director/CEO. The company said on Thursday that changes at the top were part of the company’s succession plan when Godwin [...]
Political uncertainty and devaluation hurting business: Hemas
Sri Lanka’s business environment remains challenging with significant and ongoing currency devaluation through September and October and political uncertainty impacting the domestic economy which is the source of major business activity, a top conglomerate said this week. In his review of the group’s performance for the six months ending September 2018, Hemas Holdings CEO Steven [...]
IFS assures business growth and outperformance in Sri Lanka
While transparency plays an integral part of an organisation’s growth, the connections built based on transparency leads to business growth and outperformance, it was stated this week. During celebrations marking 21 years of IFS’s establishment in Sri Lanka at the Galle Face Hotel in Colombo last week, IFS Regional President, Asia-Pacific and Japan, Middle-East and [...]
Mineka Wickramasingha: 50 years at Munchee
A compilation of a remarkably inspiring business journey of “An Inexorable Intellect” with exceptional entrepreneurial prowess who elevated himself to an adequate mental stature to perceive life and business with a higher level of personal and organisational consciousness, that empowered him from within, to steer and transform his company to what it is today … [...]