Celebrations
Joyful crowds celebrating the historic ruling by the Supreme Court on Thursday which held that the President’s directive to dissolve parliament was unconstitutional. Pic by Priyantha Wickremarachchi
11 independent commissions defunct amidst political drama
Sri Lanka’s independent commissions appointed to oversee the public service, judiciary, finance, the police, elections, and human rights, etc have become defunct as at November 19 following the expiry of the 3-year term of office of its chairmen and members. President Maithripala Sirisena has to re-appoint them or new members following the approval of the [...]
Good news for corporation, state workers
Here is good news for employees of government corporations and fully government-owned companies. Despite the current situation of work paralysis in state institutions triggered by the present political impasse, staff of these institutions including loss-making ones will be receiving a year-end bonus ranging from Rs. 3,000 to Rs.15,000 from the government. This was revealed in [...]
CSE on “naughty” list
In a bid to make listed firms accountable, the Colombo Stock Exchange (CSE) will be communicating the reasons as to why a company is on their “naughty list” or Watch List. Firms are now transferred to this list, but it doesn’t show as to why they are in it. “We will be introducing a new [...]
Tourism industry facing multiple issues
Sri Lanka’s tourism industry is facing multiple issues with the latest being a Presidential order to ban state functions in tourist hotels. The new rule by President Sirisena banning state organisations from holding events in hotels, to cut costs, is hurting the MICE industry, according to Ziyan Ameen, President of the Sri Lanka Association of [...]
Goodwill luxury cruise between Sri Lanka and India
A goodwill cruise between Sri Lanka’s northwest Talaimannar port and India’s southern Rameswaram port is an ambition that the country’s top luxury yacht builder is working towards – to achieve by end 2019. Pierre Pringiers, 74 years, a long-standing Sri Lanka resident from Belgium and Chairman of Sail Lanka Yachting Group, made this promise during [...]
The tourism conundrum
There were many ‘hurrahs’ under the Margosa tree after Thursday’s judgment in the Supreme Court declaring that the Presidential decree dissolving Parliament and calling early elections was an unconstitutional move. “Bohoma hondai (very good),” enthused Kussi Amma Sera, who was earlier angered by President Maithripala Sirisena’s executive orders. “Ehemai, ehemai (yes, yes),” nodded Serapina. Absent [...]
Meal plate and development
Komagata-san, a Japanese farmer living in a rural village, made a remarkable comment about “development”, while we were his invited guests having lunch at his home. I was with my wife, accompanied by our friend Prof. N.S. Cooray, who was a friend of Komagata-san. We were excited about this invitation, because it was a rare [...]
Plantation firm wins, for the first time, top chamber award
Talawakelle Tea Estates PLC won the prestigious ‘Gold Award’ of the National Business Excellence Awards 2018 conducted for 15th time by the National Chamber of Commerce (NCC) at the Awards Ceremony held last week at the Colombo Hilton Hotel. It is the first time in the history of the National Business Excellence Awards, that an [...]
Public procurement committees reconstituted to streamline the tender process
The new government installed by the President is grappling with a number of key issues from the economy to financial allocations for ministries and state institutions. It is unable to formulate and carry out public services, procurement process as well as development projects following an interim injunction issued by the Appeal Court on the new [...]
Advantis supports Lady Ridgeway Hospital with innovative space solutions
Advantis Engineering, a subsidiary of Hayleys Advantis Ltd, recently completed the design, construction and furnishing of a lobby area for patients awaiting heart surgery at the Lady Ridgeway Hospital for Children (LRH). The team at Advantis Engineering, which has been working with the staff of LRH for many years, identified the need for a lobby [...]
Building luxury yachts through social empowerment
MIRISSA – On any day during the tourist season (October to April), there is a traffic jam at around 6 am in the southern town of Mirissa. The scramble is not because of vehicular office traffic but tourists and locals driving to the nearby harbour where around 50 boats prepare for a daily, whale watching [...]
Linking business studies to the needs of the industry is vital today
Although business education has lasted for a long period in the country very little has changed in terms of the components of business. There is a divide between business education and what the industry needs today, said Prof. Lalith P. Samarakoon, Secretary General of the National Economic Council making the keynote address at the launch [...]
ISB seminar on “Shaping Local Economy Through Lessons Learnt”
The Kurunegala-based Industrial Services Bureau (ISB) successfully conducted a national level “Experience Sharing Forum on Local Economic Development in Practice” under the theme of “Shaping Local Economy Through Lessons Learnt” on November 28 at the Centre for Banking Studies, Central Bank, Rajagiriya. The objective of this forum was to create an opportunity for various development [...]
Banks to adopt more impairment costs
All banks and finance companies will adopt more impairment costs on their loans in line with new accounting standard, SLFRS 09. This standard, issued in July 2014 is effective for annual periods beginning on or after January 1 2018, with early adoption permitted. It replaces LKAS 39 Financial Instruments: Recognition and Measurement which recognises impairments [...]
PickMe preparing to go public
Digital Mobility Solutions Lanka Ltd (DMSLL) which operates PickMe, after their successful capital-raising in May, is aiming for a public listing possibly within the next two years, officials said. The novel innovations in mobile app development domain which gave birth to transportation app PickMe aims to be a ‘super app’ tailor made for the local [...]
Over 60 companies in CSE watch list
The Colombo Stock Exchange (CSE) has rounded up 62 “naughty” companies into the Watch List as at date, officials said. These firms are on the Watch List for various reasons including non-submission of financials. Officials said that two companies are on the Watch List for not submitting their annual reports and 15 companies in the [...]
Research paper says possible accounting fraud by some firms
A research paper written by university students has shown possible accounting manipulations of some listed firms over three financial years. The Research Journal of the CA Sri Lanka published in connection with the second Research Conference of CA Sri Lanka held recently published research paper appearing on pages 106-121 titled “Using Beneish M Score Model [...]
September quarter earnings dragged by F&B, telecoms and materials sectors
September quarter earnings in listed firms fell by 10 per cent year-on-year (YOY) to Rs. 54.3 billion mainly due to slow performances in food, beverage and tobacco (F&B), telecommunication and materials sectors which offset the encouraging momentum by banks and insurance sectors. F&B and telecommunication and materials sectors saw weakened earnings mainly owing to the [...]
New Commercial Director for Hilton Colombo
Christopher Zappia has joined Hilton Hotels Sri Lanka as the Cluster Commercial Director for both Hilton Colombo and Double Tree by Hilton Weerawila Rajawarna Resort. Mr. Zappia hails from a family of hoteliers in Southern California, bringing with him a wealth of experience spanning 30 years in the hospitality industry. Having begun his career at [...]
Sri Lanka’s 30-year National Physical Plan slides into political crisis
Sri Lanka’s revised National Physical Plan for 2018-2050 devised by the Urban Development Authority has been blocked by the President after he sacked Prime Minister Ranil Wickremesinghe and the cabinet on October 26. The government was expected to invest US$400 million for initial infrastructure development activities over the 30-year period while attracting over $4 billion [...]
Australian Presence Legal launches migration strategic advisory services in Sri Lanka
Australian Presence Legal (APL), an established full-service commercial and immigration law firm based in the central business district of Sydney, Australia, is set to continue the expansion of its consultancy services to provide face to face consultations in Sri Lanka, to meet the growing need for skilled migrants in Australia. These advisory services will be [...]
Plantations losing money, cannot afford increased wage demands
Owing to the present ongoing industrial dispute with the labour unions the country is losing Rs. 250 million in revenue per day and the proposed 20 per cent increase is going to cost Rs. 6 billion for plantation companies every year despite the declining prices of tea. This was stated by Chairman, EFC Plantations Services [...]
Not Good Enough: Are we reaching too high?
“I am just not good enough” “I have not achieved enough for my age” “I’ve not experienced any real success in life” “I have nothing to show for the work I’ve done” Some decades ago, these were the words of the college dropouts, the unemployed professionals, or the victims of the recession. These were the [...]
Three strong choices now in selecting a SL mobile network
The Sri Lankan mobile telephone-using public now has three strong choices when selecting a mobile package. The merger between Hutch Telecommunications Lanka (Pvt) Ltd and Etisalat that was completed recently made this possible, making Hutch the third largest player in the mobile telephone spectrum … after Dialog and Mobitel. Thirukumar Nadarasa, CEO of Hutch Telecommunications [...]
Altria Consulting seminar on Visual Data Analytics
“The Science behind Visual Data Analytics”, an event organized by Altria Consulting in collaboration with Tableau, took place recently at the Shangri La Hotel, Colombo. The event revolved around Tableau’s Business Intelligence and Analytics tool which was featured in the leader’s quadrant by Gartner in their Magic Quadrant for Analytics and Business Intelligence Platforms for [...]
Roar Media raises $1 m funding to fuel expansion across Asia
Roar Media, the Sri Lanka-based new-media platform that publishes content across South Asia, recently announced a US$1 million raise in funding. The round was led by BOV Capital and the Digital Innovation Fund (DIF), who also invested in Roar’s previous round of funding. BOV and DIF are joined by Hyperion Ventures, Striders Corporation, and two [...]
Northern development institute launches financial literacy project
The Northern Institute of Development Initiatives (NIDI) recently launched a major Financial Literacy and Small Enterprises Management project for the Northern province. Its launch was at the end of a 4-day workshop conducted for 40 candidates from the University of Jaffna and from the Chamber of Commerce and Industry of Yaarlpaanam, directed by NIDI. The [...]
UNICEF partners with wOw.lk to offer ‘Inspired Gifts’ this Christmas
The United Nations Children’s Fund (UNICEF) and leading online retail destination wOw.lk have partnered to launch Sri Lanka’s first line of ‘Inspired Gifts’, essential supply items that when purchased online support and improve the lives of children and communities. Launching this week, the 72nd anniversary of the founding of world’s leading children’s organisation, for the [...]