“Planning for retirement” discussion
Panellists – Hemaka Amarasuriya, former Vice President of Singer International and former Chairman Singer Sri Lanka (right); Manjula de Silva, Chairman of the National Insurance Trust Fund Board and member of the Securities and Exchange Commission (centre) and Ravi Abeysuriya, CEO and Group Director Candor and Advocacy Chair and Board Director of CFA Society Sri [...]
Firms venturing overseas due to economic instability
Several firms, both new and more established are gearing to venture into more lucrative markets overseas due to the dicey macroeconomic situation in the country. The currency depreciation and the result of rising fuel prices have increased inflation. While exports recovered on regaining GSP+ to the European Union, the steadily growing fuel bill and large [...]
More women on corporate boards
A proposal to secure more seats for women on boards of directors has been submitted to Parliament by opposition MP Tharaka Balasuriya. He has proposed in a private member’s bill to amend the Companies Act so that if the number of directors in a company is three or more, that one third of such number [...]
Smallholders eye million rupee subsidy
The Sri Lanka Tea Board (SLTB) will recommend doubling the subsidy granted to tea smallholders in a bid to encourage replanting and infilling. SLTB Chairman Lucille Wijewardena said they would be recommending a further increase in the subsidy granted to the smallholders. At present smallholders receive Rs.500,000 per hectare and this is likely to be [...]
ECT at seashore of proposals
Ports and Shipping Minister Sagala Ratnayake is likely to seek cabinet approval to procure equipment for the East Container Terminal (ECT) amidst another pending proposal for a Japan-India-Sri Lanka consortium to run it. It is learnt that Indian and Japanese involvement with a minority shareholding by the Sri Lanka Ports Authority (SLPA), proposed about four [...]
Shangri-la land deal jigsaw puzzle becomes mind- boggling
A jigsaw puzzle in the Shangri-la Galle face land deal has been unveiled following the emergence of details of missing money after almost seven years of a brainteaser to government authorities. The Treasury has now been able to unravel this mystery payment made more than two years ago. In August 2016, a sum of Rs. [...]
No pain, no gain
Karapincha Perera, the tea-kade gossip, laughed aloud when he was told that inflation was below 5 per cent. “You must be joking or someone is joking,” he said, laughing aloud again. He was discussing the cost of living with a friend who had mentioned inflation figures reported by the Central Bank. There is no single [...]
European tomato and American water
One of my students – Shalini did her undergraduate research work a few years ago under my supervision. As she had an interesting research topic and findings with policy relevance, I thought of discussing that today. Shalini’s research was about food and beverages served in tourist hotels in Colombo. She had surveyed 20 hotels falling [...]
Liberal economy the way forward, says Razeen Sally
International economist and expert Razeen Sally highlighted the country’s dire situation where the Sri Lanka’s leaders are liberally spending money that the country cannot afford. He blamed leaders on both sides of Parliament insisting that they were all responsible for the current situation noting that there was not a single politician in Sri Lanka that [...]
Brandix secures highest LEED Platinum Rating in Sri Lanka
Brandix, the leading apparel solutions provider in Sri Lanka, marked a momentous milestone in its journey towards sustainability by securing the highest LEED Platinum rating in Sri Lanka for its manufacturing facility in Batticaloa under the ‘Industrial Manufacturing’ category. This rating also ranks the Brandix Batticaloa facility as the second highest LEED Platinum rated manufacturing [...]
NKAR scores big at the Sri Lanka Tourism Awards
NKAR Travels and Tours (Pvt) Ltd, won the award for Major Inbound Tour Operator (Medium Category) at the recent Sri Lanka Tourism Awards held at Shangri-La Colombo. NKAR is a 39-year-old organisation which is a leading tour operator in Sri Lanka, offering over 150 direct opportunities of employment under one roof. Over the past year, [...]
Dimbula season down on Kenyan surplus
Sri Lanka has hit a low this Dimbula season with the world market more interested in low priced surplus teas from Kenya as opposed to Ceylon Tea. Brokers point out that Japanese buying during this Dimbula season, a high period usually for Sri Lankan stocks, has been relatively “careful and selective.” “The level of price [...]
IMF agrees to extend Sri Lanka Fund Facility
The International Monetary Fund (IMF), in a gesture allowing more time to Sri Lanka for the completion of the economic reform agenda, has reached a staff level agreement with the government to extend the existing fund arrangement for an additional year. The remaining disbursements of the IMF Extended Fund Facility (EFF) will be evenly spread [...]
Amidst challenging year RIL to consolidate business lines
Commercial space developers, RIL Property PLC (RIL) will be consolidating its businesses this year while drawing up plans for some of their lands in Colombo for the long term. The downturn in the economy has had an impact on the company’s sales. “The demand was dull for sales in Parkland I, which is the new [...]
Finnish Group to transform garbage to energy in Sri Lanka
Two senior officials from Fortum Oy of Finland, which is responsible for 60 per cent of the renewable energy in the whole of Europe, were in Colombo recently on an official visit to discuss plans to transform garbage to renewable energy. Senior managers Juha Finnila and Waltteri Kyrola along with Kumar Perumal, Chairman, Endeavour Energy [...]
Challenges in the condominium sector
“There are several challenges facing the condominium sector, high interest rates, construction cost escalations due to high duty, high depreciation of the Sri Lanka Rupee last year, labour shortages, lack of proper regulatory framework, and envisaged introduction of 15 percent VAT,” said Ravi Abeysuriya, Group Director – Candor Holdings, at the Lanka Property Show 2019 [...]
First Singapore-Sri Lanka FDI deal signed 42 years ago
TRINCOMALEE – Sri Lanka had no legislation on foreign investment or an Investment Protection Treaty when the Foreign Direct Investment (FDI) agreement between Singapore and Sri Lanka was signed 42 years ago. The bold decision to set up a fully self–contained Flour Mill and a distribution operation at China Bay, 42 years ago was taken [...]
Nestlé’s ‘Maggi’ aims at educating people with healthy eating habits
While today’s youth are very conscious on what they consume to live a balanced healthy lifestyle, it takes quite some time to educate the people as to what goes in the manufacturing process of any food product. Word of mouth and misconceptions have moved brands from bad to worse in the past and it continues [...]
LOLC joins the trillion club
The LOLC Group has crossed the Rs. 1 trillion mark with total assets reaching Rs 1.008 trillion as at December 2018, the company announced on Monday. “This significant achievement is on account of the group’s consistently resilient financial sector – both local and international, coupled with its strategic investments in non-financial sectors – Leisure, Plantations, [...]
Sri Lanka thrives on handouts
Sri Lanka continues to be saddled with aid from lending agencies as local banks refuse to take the risk of lending to new clients in small amounts; as a result of which a US$100 million cash infusion for MSMEs will create more opportunities for rural folk. Sri Lanka’s rural folk that are underserved by local [...]
Expolanka venturing overseas in logistics and travel
Expolanka Holdings PLC, focused on its core competencies in logistics and leisure, is aiming to aggressively expand overseas in both these sectors. In an interview with the Business Times this week, Hanif Yusoof, Group CEO Expolanka Holdings PLC noted that the company is in the growth mode in both the sectors. As a result of [...]
Commercial High Court ruling against Bandula Gunawardena
Judge of the Commercial High Court Ashan Marikkar last week gave a judgment favouring Pan Asia Banking Corporation PLC against Alpha Digital International (Pvt) Ltd of No.345, High Level Road, Nawinna, Maharagama and Colombo District Parliamentarian Bandula Gunawardena of No.28, Jambugasmulla Mawatha, Gangodawila, Nugegoda for the recovery of loans and for the enforcement of the [...]
Major breakthrough in transforming garbage to energy
A major breakthrough to the domestic garbage issue is in the offing owing to second year student of the Food Science Department, Peradeniya University – Lahiru Sandaruwan inventing a process called ‘Smart Garbage Disposal System’ (SGDS). If this is properly promoted by the concerned parties, the major garbage issue that haunts Sri Lanka could be [...]
Colombo condominiums waste time in power connections
Several condominium constructions are facing long term undue delays owing to the continued sluggishness of the Ceylon Electricity Board (CEB) in giving power connections on time, property developers complained. This has affected the finishing work of several condominiums in Colombo and suburban areas as well as luxury housing constructions in the city, officials of leading [...]
Political will needed for labour reforms
Labour reforms won’t work unless there is political will, a top labour specialists said recently. Giving the keynote address at a recent public forum in Colombo on making “Employment laws conducive for investment in Sri Lanka, Franklyn Amerasinghe, former Director General of the Employers Federation of Ceylon and a former ILO Specialist, said: “We need [...]
Shelter for Development Lottery sellers
Sri Lanka’S Development Lottery sellers leading miserable lives with their meagre income are now breathing a sigh of relief following the launch of the Soft Hearts Foundation which is aimed at looking after their welfare. The Development Lotteries Board (DLB) having considered the sorrowful plight of lottery sellers has set up this charitable foundation with [...]
Budget 2019: Minister Samaraweera’s thankless task
Finance Minister Mangala Samaraweera has the most thankless task in government just now. That is the management of public finances. Saying that Sri Lanka’s public finances are in a mess is a serious understatement. Many people think that the budget is a magic wand that can reduce prices, create jobs and perform other economic miracles. [...]
Kahandawala – the French Riviera’s builder to the rich and famous
Chandima Kahandawala has built stairways to heaven on the French Riviera for the stars. Now he wants to replicate that back home. A civil engineer who lived in France for more than 25 years, Mr. Kahandawala is now engaged in building a twin tower apartment blocks in Jaela – the Bellevue Residencies. However, his dream [...]
Ceylinco Life records pre-tax profit of Rs 7.16 bn in 2018
Ceylinco Life has reported total income of Rs 29.21 billion for the year ending December 2018, outperforming industry averages in its core business to record premium income of Rs 17.8 billion, an improvement of 13 per cent over the previous year. The company, in a media release, said investment income had grown 10.83 per cent [...]
Union Bank reports impressive 49% growth in pre-tax profit
Union Bank has showcased an impressive performance in 2018 aided by its robust strategic plan, “particularly excelling in core banking operations despite a challenging macroeconomic framework”. In a media release, the bank said its pre-tax profit for 2018 was Rs. 1,248 million. “More importantly, the core-income of the bank, excluding the capital gains and the [...]
Pan Asia Bank surpasses post-tax of Rs.1.5 bn for 2018
Pan Asia Banking Corporation PLC reported a solid bottom-line growth while recording a double digit growth in the loan book as the bank ploughed ahead amid the economic headwinds and the first time impact from the SLFRS 09, new accounting standard on Financial Instruments which factor Expected credit loss principles for loan loss previsioning. Pan [...]
HNB Group PAT Rs 19.1 bn in 2018
The HNB Group recorded a Profit Before Tax of Rs.26.5 billion and a Profit After Tax of Rs.19.1 billion, posting a YoY growth of 14.6 per cent and 14.4 per cent respectively for the year ended 2018 “in a clear demonstration of the resilience of the group’s robust business model despite an array of challenges [...]
Commercial Bank ends 2018 with a solid performance
The Commercial Bank of Ceylon PLC has reported an operating profit of Rs. 31.6 billion for the year ended 31st December 2018, reflecting a growth of 12.8 per cent before taxes on financial services, in a financial performance Sri Lanka’s benchmark private bank describes as a “perfect example of progress under duress.” Profit before income [...]