Budget 2019: Challenge in its implementation
Contrary to expectations, Sri Lanka’s 2019 Budget was not totally a populist one. This was also confirmed in a Business Times email poll this week, which covered a cross section of the population and revealed that only slightly over half (57 per cent) believed it was a populist budget. To the question, “Is it a [...]
Ranil seeks to undo Sirisena’s “oily” decision
Prime Minister Ranil Wickremesinghe is considering undoing the Presidential ruling banning palm oil cultivation in the country following an environmental report. During a meeting with the Plantations Minister Navin Dissanayake and the Regional Plantation Companies (RPCs) on Thursday the Prime Minister has ageed to have another look at lifting the suspension on the cultivation of [...]
Vehicle acquisition for State institutions rises
The Treasury has incurred heavy expenditure in acquiring vehicles for state institutions although it has floated a new operational leasing scheme to reduce cost, the recent report of the Public Finance Committee revealed. Although the vehicle maintenance cost was Rs.3.3.billion during 2016 and 2017, expenditure on the Operational Leasing method of sourcing vehicles has increased [...]
RPCs arm-twisted for Rs.50 more
The Government has been able to arm-twist the plantation companies into paying a further Rs.50 to tea estate workers. Prime Minister Ranil Wickremesinghe on Thursday held discussions with Plantations Minister Navin Dissanayaka together with the other industry stakeholders like the Regional Plantation Companies (RPCs) in a bid to ensure they could pay the additional Rs.50 [...]
Finance Minister comes out with ‘no handouts’ Budget with a vision
Finance Ministers usually find their hands tied when presenting the budget in the eve of elections. But Minister Mangala Samaraweera came out of the shell with a vision for the country highlighting schemes that would be launched by the government shortly. Minister Samaraweera after completing three decades in politics presented the 2019 budget in Parliament [...]
Reflections on education Reflections on education
SOMEWHERE IN COLOMBO – Last Wednesday, a long line of parents were seen standing outside the gate of a prominent school in Colombo. Armed with files and documents, they were waiting to be called inside, to hand over applications to gain admission for their 5-year-old children to Grade 1 next year. Every year, more than [...]
Budget: Sailing in troubled waters
At last, Budget 2019 was presented four months after its due date and two months after its due implementation date in the current Financial Year. In the backdrop of challenging economic fundamentals, but contrary to that we wouldn’t have better numbers than those which appear in the Budget. Basically, these numbers can make almost everyone [...]
Senior banker, Jayaraja Chandrasekera assumes duties as the new NSB Chairman
A senior banking professional with over 40 years experience in the local bank arena, Jayaraja Chandrasekera assumed duties as the new Chairman of National Savings Bank (NSB) this week. Mr. Chandrasekera has served at HNB in various posts including as a member of its Senior Corporate Management and later at Pan Asia Bank and Zenith [...]
China-India tussle for Eastern Container Terminal
Colombo Port’s Eastern Container Terminal (ECT) development project has been stalled since 2016 due to inconsistent policy decisions taken by the government from time to time amidst intervention of the President in awarding the contract to a suitable bidder among multiple consortiums who have made expressions of interest (EOI). Multiple consortiums representing India- Japan, China-Qatar [...]
K. Sivagananathan Memorial Oration and awards tomorrow
The 17th Annual K Sivagananathan Memorial Awards and oration will be held tomorrow, March 11 in Colombo. This Annual Memorial Oration and Awards ceremony is conducted jointly by the Association of Professional Bankers of Sri Lanka (APB) and K. Sivagananathan Memorial Trust (KSMT), in commemoration of the late Mr. K. Sivagananathan, who was an innovative [...]
Recycling entrepreneur wins recognition as one of Asia’s greatest brands and leaders
Kalhari Enterprises and its Chairman/Managing Director – Kaushal Rajapaksa were recognised among Asia’s greatest brands and leaders at the Pride of Asia Series Awards and Business Summit, and Asia’s Greatest Brands and Leaders 2018 held at Marina Bay Sands Expo & Convention Centre, Singapore, recently. The award follows closely on the heels of the Gold [...]
Enterprise cloud at the tip of the iceberg in Sri Lanka, says Finetech CEO
While business entities are moving into cloud based data storage solutions worldwide, in Sri Lanka the enterprise cloud is at the tip of the iceberg, says Finetech Consultancy CEO, Clehan Pulle. In an interview with the Business Times Mr. Pulle said, in Sri Lanka the enterprise cloud is at the tip of the iceberg. Taking [...]
Most people prepare for retirement at the last minute
Many in the public or in the private sector seldom discuss retirement and make the mistake of preparing for it only when they are close to retirement, according to experts. Retirement crosses their minds sometimes at the tail end of their careers without making any plans for the future [...]
LogiPark International to create $14 m integrated logistics hub
LogiPark International (Pvt.) Ltd. (LPI), a fully-owned subsidiary of John Keells Holdings PLC (JKH) and sister company of John Keells Logistics (Pvt.) Ltd. (JKLL), a key third Party Logistics Services Provider (LSP) in the Sri Lankan market, last week embarked on commissioning its flagship integrated logistics centre with the groundbreaking ceremony at the Muthurajawela Logistics [...]
Commercial Credit and Finance reports successful Q3 2018
Commercial Credit and Finance PLC Group has recorded a strong performance for the quarter ending December 2018 with an un-audited profit attributable to shareholders of Rs. 808,425,246 as compared to Rs. 678,095,749 recorded in the quarter ending December 2017. “The group recorded a growth of Rs. 130,392,497 in profit attributable to shareholders or 9 per [...]
Great bottle designs help spur Atlas water bottle sales
Colombo Design Studio (CDS), an Industrial Design and Innovations Consultancy, has continuously worked with Atlas Axilia (Ceylon Pencil Company) over the past five years to create a range of water drinking bottles and other stationery products to compete in the highly competitive entry to mid-level market in Sri Lanka. The purpose of the long-term collaboration [...]
Plan underway to create more women entrepreneurs
A policy is in place at the Ministry of Women and Children’s Affairs to allocate 25 per cent of the budget for economic development in rural areas. According to vision 2025, the government hopes to increase the number of exporters especially the Small and Medium enterprises that is of vital importance to the socio-economic development [...]
Taxpayers frustrated by IRD’s RAMIS system
We refer to recent articles published in your newspaper on the above, which we acknowledge and highly appreciate since at least media has come forward to highlight the inconvenience being caused to genuine taxpayers. It is the genuine taxpayer who gets penalised whilst others evade. We have experienced an instance where for a mere two [...]
Cargills and its commitment to farmers, customers
Every morning, Cargills sources around 140 tonnes of fresh fruit and vegetables, through 10 collection centres located across Sri Lanka. Beyond just buying produce at these centres, the company encourages and support its farmers to be customer-oriented, so that the quantity and quality of their produce effectively meets the demands of their customers. In a [...]
Global Centre for Leadership to be launched
MDF Training and Consulting will launch its Global Centre for Leadership in a ceremony at the Ceylon Riding Club, Piliyandala on March 12. To be attended by a select group of thought-leaders from our multi-national corporates, the event promises “something quite different”, involving an English tea, horses and an experience around authenticity and leadership, the [...]
Motor traders perturbed over new luxury tax on vehicles
Sri Lanka’s motor traders are perturbed following the imposition of a new luxury tax on vehicles and customs duty hike in petrol and hybrid vehicles from the 2019 budget. The Vehicle Importers Association of Sri Lanka (VIASL) expressed concern over the vehicle tax increase and thereby jacking up prices at unaffordable level for buyers hitting [...]
So Sri Lanka at ITB, global promo onto cabinet
So Sri Lanka gathered momentum at the ITB travel fair on Wednesday in Germany when it kicked off with the campaign set to showcase a film capturing the wildlife of the island while authorities are still awaiting approvals for the global promotion campaign. The three- minute film was set to highlight the wild side of [...]
Power-women of Sri Lanka’s apparel industry
While social stigma relating to female labour participation still persists within the country, the female labour force makes a significant contribution across many industries, ranging from domestic labour to healthcare. According to a media release issued by the Sri Lanka Apparel Exporters Association, one of the largest industries that utilise a strong female workforce is [...]
Dialog picked as Telecom Service Provider and Internet Service Provider of the Year
Sri Lankan consumers once again voted Dialog as the Telecom Service Provider and Internet Service Provider of the Year at the prestigious SLIM-Nielsen Peoples Awards 2019. Voted for by the public to recognise brands that have made a profound impression in the minds of the people of Sri Lanka, The Peoples Awards has voted [...]
People grumble about 2019 budget without handouts
With the 2019 budget just presented in parliament on Tuesday, people countrywide are grumbling on the ignorance of the UNF government to tackle the spiralling cost of living. “The budget has provided a boost for boozers” by reducing the price of a bottle of special arrack(Gal arrack) considering it as the only issue faced by [...]
Now reforms easy without the ‘unholy’ alliance – Mangala
Government Ministers agree that as opposed to last year, this year will be an easy one to effect promised reforms in the budget, some years ago. At the 2019 Ernst & Young Post Budget Breakfast Forum held on Wednesday in Colombo, Finance Minister Mangala Samaraweera who was the Chief Guest promised to implement the policy [...]
Tea exporters see no long term plans
The budget lacked long term development proposals, according to some exporters in the tea industry who believe that spending should be curtailed and export income increased. Former Tea Exporters Association Chairman and HVA Foods Chairman Rohan Fernando said that the government’s budget 2019 did not have any relevance to long term development plans for Sri [...]
Women’s chamber welcomes concessions for female entrepreneurs
Sri Lanka’s Women’s Chamber of Industry and Commerce has welcomed the budget in the context of the empowerment of female entrepreneurs. In a statement, its chairperson Chathuri Ranasinghe said that it was “heartening to note, that, the budget incorporates many a proposal to achieve gender equality, empowering the women entrepreneur to be an equal contributor [...]
Budget at a glance
Snapshot of budget proposals Gamperaliya Scheme launched in June 2018, to address critical lacunas in infrastructure needs that have thus far, prevented villages and cities from becoming the growth centres that they have the potential to be. Allocated Rs. 48,000 million for 2019. Enterprise Sri Lanka more than 30,000 entrepreneurs have benefitted with almost Rs.60,000 [...]
Women’s chamber welcomes concessions for female entrepreneurs
Sri Lanka’s Women’s Chamber of Industry and Commerce has welcomed the budget in the context of the empowerment of female entrepreneurs. In a statement, its chairperson Chathuri Ranasinghe said that it was “heartening to note, that, the budget incorporates many a proposal to achieve gender equality, empowering the women entrepreneur to be an equal contributor [...]
Overall budget direction clearly one of restraint: IPS
Semi-government think-tank, the Institute of Policy Studies (IPS) has done a comprehensive analysis of the budget with several of its researchers making comments. Due to lack of space, given below is a synopsis of their view: Dushni Weerakoon, Executive Director, IPS on Macroeconomic Stability and Growth: “The 2019 Budget offered some pre-election ‘relief’ as anticipated; [...]
Women need to acquire skills in STEM disciplines
The aim is to uplift and encourage young women to pursue leadership roles and careers when data shows that women are globally under-represented in disciplines like science, technology, engineering and Mathematics, (STEM), said the President –Asia Pacific, Microsoft, Andrea Della Mattea this week. She was making the keynote address followed by a panel discussion on [...]
Luxury tax on motor vehicles
One of the key proposals that has attracted the attention of the most, in the Budget 2019 is the proposal pertaining to Luxury Tax (LT) on motor vehicles. Although many believe that the LT is a new tax, it is only a misconception. The LT is not a new tax introduced in the budget 2019 [...]
Property Guru Asia Property Awards opens for entries
PropertyGuru, Asia’s leading property technology company and the host of the region’s largest and most respected real estate awards, has officially opened the nominations and entries period for its prestigious competition to take place on July 26, at the Shangri-LaHotel in Colombo. The third Annual PropertyGuru Asia Property Awards (Sri Lanka) recognises the year’s most [...]
All female crew on UL flight
In recognition of International Women’s Day, SriLankan Airlines operated its first all female crew flight from Colombo to Singapore and return.UL306 of March 8 landed in Singapore carrying more than 170 passengers onboard. The flight was piloted by Captain Simran Ghumman and First Officer Maneesha Nambuge accompanied by purser Miranda Rodrigo and the cabin crew [...]
Litro Gas Lanka ends 2018 on a high note
Litro Gas Lanka, Sri Lanka’s the largest importer and supplier of LP Gas, won numerous awards and accolades for its performance excellence, dedication to sustainability and successful implementation of standardisation in 2018. “The line-up of awards signifies the success of the company’s core intent to ensure long-term success and viability through profitability, performance excellence and [...]