Stock market still in the doldrums
The Colombo share market is (stuck at) ‘exactly where it should be’, a top capital market and investment professional opined. Reasoning out this take on the Colombo Stock Exchange (CSE), National Agency for Public Private Partnership Chairman Thilan Wijesinghe, Chief Guest for the 7th Capital Markets Conference mid this week noted in his keynote address [...]
5-yr Action Plan to combat corruption
A 5-year National Action Plan to combat bribery and corruption, shifting the main focus to prevention from law enforcement, will be launched by President Maithripala Sirisena tomorrow. The “Warrant of Integrity” plan is the culmination of a near 16-month effort since October 2017 to come up with an action that would tackle the two evils [...]
Factories don’t brew tea anymore
Tea factory owners are facing bankruptcy in the wake of low yields and poor quality produce with some of them forced to close shop as well. The government is now trying to find ways to assist them to overcome their financial difficulties. Plantations Minister Navin Dissanayake met Sri Lanka Factory Owners Association (SLFOA) members for [...]
CB clamps down on banks’ offer of gifts in promos
As the Sinhala Tamil New Year nears local commercial banks normally woo customers with unique offerings of valuable gifts coupled with a host of benefits. This practice is not only confined to New Year periods but also to any other days especially when bank products are launched under various names and at different interest rates. [...]
Sri Lanka’s coir industry tied up in knots
Sri Lanka’s coir industry, once a flourishing business that provided a major income to thousands of people, seems to have tied itself up in knots. The small, medium and traditional coir and coir-based industrialists in the country have complained that they are now compelled to close down their businesses owing to foreign company invasion in [...]
Bonding with Bonds
It was all about bonds — rhetoric or bonding–with-bonds talk in Parliament this week, with speakers from both the Government and the opposition lambasting the Central Bank for selling international bonds at high interest rates. Much of the criticism came from a school teacher-turned-economist (Bandula Gunawardene), accountant-turned-politician (Ravi Karunanayake, whose pet hate – judging from [...]
Exporting hair!
My curiosity was aroused when I came to know that “human hair” has been among Sri Lanka’s export commodity mix. I called one of my friends – Sanjeewa Rathnasekera at the Export Development Board (EDB) and, asked him to confirm if there have been records of exporting human hair. He took a little while and [...]
Inconsistent policies impede investor confidence in Lankan property market
While investments play an integral part in boosting the property sector in Sri Lanka, the government’s inconsistent policies are impeding investor confidence, says Eraj Rajapakse, Senior Manager for Projects, Asia Capital PLC. He was speaking to the Business Times on the sideline of a media briefing organised by Belluna Lanka at the Cinnamon Grand Hotel [...]
Services sector to transform the Sri Lankan job space
Sri Lanka will make a leap frog into the services sector in the future of the world of work in the wake of the changes in the fourth industrial revolution that would involve the digital space and a shift out of its more favoured agriculture and plantations sectors. The country has seen a sharp reduction [...]
Italy’s Noberasco to invest in Sri Lankan fruit, vegetable businesses
Sri Lankan fruit and vegetable businesses are set to boost exports following a new partnership with the dried fruits and nuts company Noberasco. The Lanka Fruit and Vegetable Producers, Processors and Exporters Association (LFVPPEA) signed a memorandum of understanding with Italy-based Noberasco on February 22, according to a media release issued by the Export Development [...]
Healthiest Workplace Summit, for the first time in Sri Lanka
The Healthiest Workplace Summit organised by AIA Insurance, was held for the first time in Sri Lanka with the participation of HR professionals from leading corporates in the country recently. The summit revealed the key findings of the Healthiest Workplace Survey and also saw sharing of best practices, techniques and insightful sessions by international and [...]
CDB raises $60 m in foreign funding for SMEs
The Citizens Development Business Finance PLC (CDB) has raised a total of US$60 million in FY 2018/2019 to uplift and develop micro enterprises and SMEs in the country’s economy. “Having already gained a first loan of $6 million in 2013 which CDB disbursed to micro and SMEs in the country and paid back fully, the [...]
Understanding RDA’s development strategies and progress
The Shippers’ Academy Colombo has organised a forum to understand the Road Development Authority (RDA)’s development plans, timelines, etc to educate the local and the international investors who are gearing themselves for vibrant opportunities beyond 2020 as the country prepares to become a major logistics and a manufacturing hub in the Indian Ocean. The forum [...]
Achieving a sustainable future for Sri Lanka
Achieving a Sustainable Sri Lanka Vision and Strategic Plan by 2030 ensuring peace, harmony, inclusive reconciliation, social justice and security in following the middle path based on balanced inclusive green growth is important, stressed Prof. Mohan Munasinghe, Founder Chairman, Munasinghe Institute of Development (MIND), Colombo and Vice Chairman, UN Intergovernmental Panel on Climate Change (IPCC-AR4) [...]
Amana Takaful assists informal sectors in insuring
Amana Takaful (ATL) PLC has identified many sectors, most notably the ‘informal sector’ of Sri Lanka to assist with insurance. For example, ‘ATL Tuk Tuk Full’ for three-wheelers and ‘ATL SRC’ for motorcycles target such sectors. Tuk Tuk Full providing three-wheel drivers with an extra layer of protection and added financial flexibility is unique as [...]
Aminda Rodrigo appointed new COYLE Chairman of 20th Anniversary Celebrations
President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe graced the occasion of the 20th Anniversary celebrations of the Chamber of Young Lankan Entrepreneurs (COYLE) held on March 10 at the Shangri-La Hotel, Colombo. Also present at the gala function were several Ministers together with local and foreign dignitaries. Aminda Rodrigo was appointed as the new [...]
Headstart to support Ladies’ College transition to digital education
Headstart Pvt Ltd, a pioneering e-learning solutions provider in Sri Lanka, has been chosen by Ladies College, Colombo, for the implementation of a digital education based smart school programme. The company’s role is to provide teacher training, learning content creation and a state-of-the-art Learning Management System for teaching, learning and monitoring the progress of the [...]
Valid need to improve internal air travel
Sri Lanka’s current need is to better grasp the intricacies of the investment climate. Its stakeholders, whether domestic or foreign, have standards which define their confidence to invest, with all other factors being equal. ‘Time’ is of essence to them. The reason why mega-investors around the globe use their own aircraft is to suit their [...]
CB makes collateral deposits compulsory for LMFC lending
Central Bank (CB) has come up with several new directives to streamline Licensed Microfinance Companies (LMFC) lending to poor and vulnerable groups preventing people from falling further into debt traps that lead to serious social and economic problems among families. LMFCs have been directed to obtain savings deposits as collateral from borrowers against a lending [...]
Transforming plastics through a circular economy
Though plastics is called a monster and is a life sustenance substance, today the plastics industrialists are striving to turn it the other way around from a ‘Leaner economy to a circular economy’. In explaining this phenomenon, Nishan Perera, Chairman, Lankapack 2019 Exhibition/Congress, said that what he meant by ‘Leaner economy’ of plastics is – [...]
Hayleys Advantis, Trustworthy Group break ground at UAE facility
Hayleys Advantis Ltd (Advantis), in partnership with Dubai-based Trustworthy.ae Group, recently broke ground at their first Inland Container Depot (ICD) facility, in Abu Dhabi. Advantis will manage and operate a state of the art Inland Container Depot (ICD) and Third-Party Logistics (3PL) facility being developed by Trustworthy.ae Group, in the Khalifa Industrial Zone Abu Dhabi [...]
INSEE Puttalam Cement Plant celebrates 50 years
Sri Lanka’s premier cement producer, Siam City Cement (Lanka) Ltd, also known as INSEE Cement, is celebrating another proud milestone in the company’s history when its manufacturing plant in Puttalam reaches 50 years. The Puttalam Cement Plant has proved to be an important strategic investment contributing to INSEE Cement’s role as Sri Lanka’s only fully [...]
Allowance for pensioners too
The following letter on the budget was received from a reader seeking the newspaper’s attention “kaaarunika avadhanaya” (your attention). The salary of the public servants was increased in January 2016. The benefit was to be spread over five years. The final installment of this quite substantial salary revision will be paid on January 2020. A [...]
Unions opposed to Counter Terrorism Act
Lending its voice to a chorus of protests by trade unions, the Ceylon Federation of Labour (CFL) this week criticised the proposed Counter Terrorism Act (CTA). While welcoming the government’s commitment to redeem the pledge given to the country in 2015 to repeal the Prevention of Terrorism (Temporary Provisions) Act No.48 of 1979 (PTA), the [...]
Presidential Committee on tea begins talks
The tea industry’s continued relevance to the country is proven by the fact that the Presidential Committee appointed to look into the issues of the sector commenced discussions with the stakeholders on Monday. As a data gathering exercise the committee held its first meeting with the relevant stakeholders from the Regional Plantation Companies (RPCs), the [...]
Fireside Chat 2019 set to redefine boundaries
The fireside chat 2019 organised by CIMA, ICCSL and Daily FT will kick off on Tuesday March 19 at the Hilton Colombo. The highlight of the fireside chat 2019 will be the closing session with Prime Minister Ranil Wickremesinghe, who will discuss some of the key challenges and opportunities facing Sri Lanka and the way [...]
ComBank fetes Dilip Das Gupta for exemplary service to Dhaka operations
The Commercial Bank of Ceylon recently felicitated Dilip Das Gupta, Senior General Manager of the bank’s Bangladesh operations, in appreciation of his services. An eminent banking professional of high standing in Bangladesh, Mr. Das Gupta is widely-recognised for his contributions to the development of the industry and has more than 50 years of experience in [...]
Liyanwela appointed as Head of LSEG Technology Sri Lanka
The London Stock Exchange Group (LSEG) has appointed Dee Liyanwela as the Head of LSEG Technology Sri Lanka, in addition to his role as Group Head of Shared Service Centres. LSEG Technology, formerly known as MillenniumIT, develops and operates high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations [...]
Deloitte presents ‘Techvent 2019’
Advances in technology, artificial intelligence (AI), and new communication technologies are fundamentally changing how work gets done, who does it, and how it influences business and society. Exponential technologies have changed the way businesses are run around the world. These were some of the topics that Deloitte discussed in a recent knowledge sharing session titled [...]
Vehicle registrations decline sharply on sluggish demand
Sri Lanka’s vehicle registrations declined sharply last month due to sluggish demand of buyers ahead of the anticipated 2019 budgetary concessions for car imports but it was not so, motor traders said. The Finance Ministry has taken a firm decision to clamp down on vehicle imports in the 2019 Budget introducing a massive luxury tax [...]
AI helps to minimise cyber attacks in future
A series of networks have been built across the globe that connects billions of businesses and devices to the Internet where billions of dollars are transacted through the Internet. “We help our customers to build cyber security frameworks to secure their businesses,” said Sajan Paul, Head of Enterprise and CTO of Juniper Network of India [...]
Sri Lanka opens up shipping sector fully for foreign firms
New regulations are to be introduced soon to open up Sri Lanka’s shipping sector mainly controlled by five local companies to transform the country to a Singapore-style shipping hub, Finance Minister Mangala Samaraweera announced. These five companies control the agencies of shipping lines that account for 74 per cent of the global shipping market at [...]
Epica Awards Sri Lanka, for the first time in South Asia
The Sri Lankan Chapter of the Association of Accredited Advertising Agencies (4As) has partnered with the globally renowned Epica Awards to launch a special edition of the awards for the first time in Sri Lanka and South Asia. The Sri Lankan Epica Awards Event will take place on August 16-17 in Colombo and will include [...]
Oil palm estate in Nakiyadeniya discovers endemic fish species
A pioneering bio diversity study conducted in the freshwater streams of Nakiyadeniya Oil Palm Estate, an oil palm estate managed by the agribusiness arm of Sunshine Holdings PLC, has led to a remarkable discovery of a new species of fish. Scientifically named as Schistura scripta and commonly known as ‘Sri Lanka Mountain Loach’, the new [...]
Spending on imports sharply eases in Dec. 2018, CB says
Spending on merchandise imports in December 2018 fell by 15.3 per cent (year-on-year) to US$1,735 million in December 2018, recording the lowest import value for the year, due to the effect of policy measures taken by the Central Bank of Sri Lanka (CB) and the Government. In a media statement, the CB said that during [...]
Point Mobile with MISL Holdings (Pvt) Ltd
MISL Holdings (Pvt) Ltd is one of the emerging solutions providing company in Sri Lanka established in 2013 with the broader concept of fulfilling the technological gap exists in enterprises all over the world. It was founded by Kapila Weerakkody, a well-known software engineer with having more than 15 years of experience in the solution [...]