Lankan businessman seeks buyer for palatial Boeing 747
One of the few surviving Boeing 747 VIP palatial aircraft that generated interest from the likes of John Travolta and placed on the market by a Sri Lankan businessman in the US, is now likely to be picked up by a tobacco billionaire. Entertaining offers in the range of US$6-9 million the aircraft that is [...]
CB: 8.5% of EPF in stocks
Approximately 8.5 per cent, of the Employees Provident Fund (EPF)’s Rs.2 trillion portfolio, would be invested ‘wisely’ in the stock market, the Central Bank (CB) Governor Dr. Indrajith Coomaraswamy has assured trade union leaders. This came at a meeting on Wednesday between CB officials and trade union leaders including Leslie Devendra, Wasantha Samarasinghe and Palitha [...]
Oil refinery project mired in controversy
The much-touted, proposed US$ 3.8 billion-worth oil refinery project, which ran into controversy this week, has triggered more issues after it was discovered that the Indian investor has an allegedly, dubious past. After news agency reports stated that the Oman Government had no role in the project, contrary to the announcement by the Board of [...]
SEC strengthens Investigations Division, takes on offenders
The new chairman of the Securities and Exchange Commission [SEC] has successfully faced the challenge of capacity building at the institution and actually taken on certain offenders. Ranel Wijesinha has managed to beef up the Investigations Division within six weeks of becoming the chairman. Having kept a relatively low profile, this is the first occasion [...]
SLT: From Rainbow Pages to ‘SLT muve’ car rides
Turning Sri Lanka’s traditional taxi service upside down, Sri Lanka Telecom (SLT), through its digital subsidiary company – the publisher of SLT Rainbow Pages – is set to offer car ride–sharing services. Sri Lanka Telecom Digital Info Services (Pvt) Ltd is now diversifying its business portfolio from the publishing of telephone directories to its latest [...]
Sri Lanka’s vehicle conundrum
At a motor show at the BMICH Colombo last week, there were gleaming new vehicles on display in the hall for connoisseurs and those with deep pockets to not only take a look but take their pick from the best of the best. From the mid-range of Toyota Yaris, Hyundai, Nissan, Honda, Perodua, Suzuki and [...]
Beans from Balangoda
It was a field research in Balangoda area carried out by a team of researchers and assisting students. One of the researchers, Chandini and her two assistants were waiting to interview a farmer. It was their first interview planned in the early morning hours of that day. The farmer who had a piece of cloth [...]
Royal Fernwood makes porcelain donation to Indira Cancer Trust
Royal Fernwood Porcelain, a large-scale manufacturer of high quality white and decorated porcelain tableware and figurine ornaments that enjoys a global reputation in the porcelain tableware industry as a reliable supplier to many premium brands, recently made a significant donation to the Indira Cancer Trust. Taking the form of a gift encompassing a large quantity [...]
Lecture on importance of financial literacy
A public lecture on “What is financial literacy and why is it important” will be held from 4.30 to 5.30 pm on Thursday March 28 at the Central Bank auditorium, Rajagiriya. The CFA Society Sri Lanka, the local society of the CFA Institute collaborates with the Central Bank of Sri Lanka to support the bank’s [...]
State hiring protocols hamper economic development
With the right people in the right seats, a government is headed down the road to success but in Sri Lanka it is not so – simply because either a relative, a classmate, a school mate or someone who assisted with an election campaign is selected to fill government positions. Inadequate hiring protocols can affect [...]
Cricket fever builds as Emirates reveals ICC Cricket World Cup livery
DUBAI, UAE – Emirates on Tuesday revealed its ICC Cricket World Cup 2019 themed Emirates A380 livery in the build up to one of the world’s most anticipated sporting events this year. Former India cricketer and ICC Men’s Cricket World Cup 2011 winner, Virender Sehwag, and Emirates sponsored Lancashire team players Saqib Mahmood and Tom [...]
Stax Inc’s global expertise to help local companies implement strategies
Stax Inc says it believes many contemporary CEOs have understood the importance of crafting, articulating, and championing the strategic direction for their business. According to a recent study published in the Harvard Business Review, a fifth of corporate level work time is spent on strategy development related initiatives. Given the significant investment in time and [...]
“RPCs arm-twisted for Rs. 50 more”
We regret to note that the 10th March 2019 edition of the Business Times contained a report headlined: “RPCs arm-twisted for Rs. 50 more” contained factual inaccuracies. The article claimed that the Government “has been able to arm-twist the plantation companies into paying a further Rs. 50 to tea estate workers”. While discussions did take [...]
Envisioning the future of banking convenience
“Technology has made the world a better place by shaping everything, from day to day operations to the lifestyle we lead, technology is redefining convenience in whatever we do. As countries uplift their digital and physical infrastructure to embrace new technology, a significant focus is also put in place by financial institutions to enact new [...]
Sri Lanka introduces new legislation to protect people from cyber attacks
Sri Lanka will be introducing new legislation to protect individuals and organisations in the cyber space from computer hacking while increasing the security and resilience of critical information infrastructure and networks. The Legal Draftsman’s Department is finalising the Data Protection Bill and Cyber security Bill and it will be presented in Parliament for enactment within [...]
“CB makes collateral deposits compulsory for LMFC leading”
This is with reference to an article in last week’s Sunday Times Business Section headlined “CB makes collateral deposits compulsory for LMFC leading” where it is stated that microfinance companies in lending loans should maintain a saving deposit by that particular client as collateral and release it after the loan is paid. My view based [...]
Regional symposium on ‘Transforming rice grain quality and nutrition in South Asia’
Varanasi, India – The International Rice Research Institute’s South Asia Regional Centre (IRRI SARC) recently organised a regional symposium on ‘Transforming Rice Grain Quality and Nutrition in South Asia’, inviting private sector representatives from the seed industry, milling, crop protection, agri digital and genomic services, traders, and the FMCG sector. The day-long event saw private [...]
Idea Group commissions new factory to manufacture i-Panels
Idea Group of Companies, that offers revolutionary roofing solutions and interior decorating solutions to Sri Lankans, recently commissioned its newest i-Panel ceiling sheets manufacturing factory at Katana. The factory will cater to constantly increasing demand for i-Panel and expand services to manufacture i-Panels in more designs and colours. Now consumers will be able to obtain [...]
Appreciation: Late Dakshitha Thalgodapitiya
The late Dakshitha Thalgodapitiya was a kind hearted person who wanted to help others in his life-time. He was introduced to me while I was functioning as the Director of the National Construction Association in Sri Lanka (NCCSL). Later when I was working as a member of the Board of Directors of the Chamber of [...]
Bamboo can strengthen, diversify incomes of smallholder farmers
Bamboo has the potential to revamp the agricultural sector of Sri Lanka by strengthening and diversifying the incomes of smallholder farmers, an agricultural economist pointed out recently. Research Fellow at the Institute of Policy Studies of Sri Lanka (IPS), Manoj Thibbotuwawa, speaking at the Stakeholder Workshop on Bamboo Sector Road Map/ Country Action/ Strategic Plan [...]
Tourism revenue rises but worker remittances declining-CB
While tourism revenue is growing by leaps and bounds helped by increasing arrivals from India and China, worker remittances from Sri Lankans working abroad – the single largest contributor to foreign exchange earnings – is on the decline, according latest Central Bank (CB) data for the year 2018. According to the CB, earnings from tourism [...]
Iconic Galaxy celebrates conclusion of Phase 1 of construction
Leading infrastructure and property developer Iconic Developments announced the successful completion of construction of Phase 1 of its latest high-end modern living space, Iconic Galaxy in Rajagiriya. The first seven levels of Iconic Galaxy have been completed, along with a 30 feet wide bridge road, which connects Buthgamuwa Road to the property. In a media [...]
FITIS National CxO Forum discusses Sri Lanka’s IT future
Policy makers and business leaders came together at the FITIS National CxO Forum 2019 last week to focus on Sri Lanka’s IT future and the increasing need to harness innovation and automation to help sustain businesses across the country in an ever disruptive world. The forum which brought together an impressive line-up of local and [...]
Budgetary allocations for agri warehouse projects sow confusion
Although the government has allocated billions of rupees from national budgets since 2016 to build warehouses with the aim of improving storage facilities for agri produce, tender malpractices have stalled the construction of most of those store complexes, rural farmer organisations complained. A leading engineering and construction company which was selected to build several such [...]
DFCC recognised internationally for rooftop solar energy initiative
DFCC Bank was bestowed with a Merit Award at the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Awards Night held in Oman last month. The award was given under the ‘Outstanding Development Project Awards, Category 2, Environmental Development’ for DFCC Bank’s project, ‘Funding the Installation of Rooftop Solar Systems of large [...]
Decisive policy action needed for a decent future of work in Sri Lanka
Decisive policy action is needed and social dialogue is a must for a decent future of work in Sri Lanka, says Simrin Singh, Country Director for International Labour Organisation (ILO) for Sri Lanka and Maldives. Speaking to the Business Times on the sidelines of the launch of the report ‘Future of Work in Sri Lanka’ [...]
Artificial Intelligence: Preparing Sri Lanka for the future
Microsoft and IDC last week announced the results of a survey where more than 1,600 business leaders and over 1,580 workers across 15 markets in Asia Pacific were asked about the impact of artificial intelligence(AI) on society, business and the economy. Some 1,605 business leaders and 1,585 workers participated in this study which involved15 Asia [...]
Survive or Thrive: Women entrepreneurs in a post-war region
The Government of Sri Lanka (GoSL) has been advocating for growth in its economy through the development of micro, small and medium enterprises (MSMEs). Special focus has been made on the Northern and Eastern Provinces since the end of the war with post-war recovery and regional growth expectations. There has been a push for the [...]
More than 50 per cent of HSBC global staff are women
This year’s International Women’s Day theme “Balance for Better” was a focal point of conversation when Amanda Murphy, HSBC Group General Manager and Head of Commercial Banking, HSBC UK, visited the HSBC Main Office in Colombo recently. An energetic champion of better balanced corporate workplaces which reflect the diversity of the communities they operate in [...]
FineTech hosts “Future of Digitisation” CIO Forum with Google
FineTech Consultancy, Google’s premier certified partner in Sri Lanka, recently hosted a forum on the “Future of Digitisation.” Attended by Chief Information Officers of leading government and private sector organisations, the breakfast meeting was held at Marino Beach Hotel. The event was also attended by Ash Wills, Head of Cloud Partners and Alliances, Asia Pacific [...]
Forum on Practical IT Security Monitoring on April 3
eCon Int., a community initiative set on elevating cybersecurity benchmarks across Sri Lanka, will launch a collaborative platform for the country’s growing community of cybersecurity experts by hosting its inaugural forum on April 3 at Mandarina hotel Colombo. The forum – titled ‘Practical Monitoring: How to Improve Your Monitoring Capabilities’ – will serve as a [...]
New model to take the ramp on plantations
The plantation industry is currently looking at a proposal to fashion out a new model for the tea estates run by the Regional Plantation Companies (RPCs) through a sub lease of lands to private factory owners. All stakeholders involved in the process had a discussion on Thursday at the Plantation Industries Ministry headed by Plantation [...]
Virtusa wins Virtual RPA Conference and Hackathon Awards
Virtusa emerged winners in the Large Corporate category at the Virtual Robotic Process Automation (RPA) Conference and Hackathon Awards organised by the Sri Lanka Association of Software and Services Companies (SLASSCOM) which was held at the Galle Face Hotel recently. Virtusa won first place, beating off stiff competition from other leading large scale corporates, for [...]
People’s Insurance ensures security of outbound Sri Lankans
People’s Insurance now endeavours to offer a feeling of real security to those who venture away from the country’s shores. After a careful and extensive study carried out on the need of an outbound traveller, People’s Insurance is now ready to serve these travellers with travel cover under the name of ‘TravelSmart’, CEO of the [...]
Fitch Ratings: Local banks manage capital impact of SLFRS 9
Sri Lankan banks have been able to manage the capital impact of first-time adoption of SLFRS 9 accounting standards, in line with expectations, due to capital infusions ahead of full implementation of Basel III, satisfactory profitability buffers and the four-year phasing-in period, Fitch Ratings says. Sri Lanka adopted SLFRS 9 on January 1, 2018, but [...]
Engineering Nexus’ organises 4th Meetup
The fourth edition of “Engineering Nexus” will take place on March 26 at the Sysco LABS Engineering Centre in Colombo. This initiative, which was kick-started with the hope of bringing the local tech industry together to share knowledge and develop Sri Lanka’s engineering practice, focuses on a different area of engineering at each Nexus. This [...]
Asia’s top ethnic fashion brand to enter Sri Lanka
Khaadi, an iconic Pakistan-based fast fashion retail force, has appointed MTI Consulting for its Sri Lanka market entry. Having carried out an initial market feasibility study, Khaadi has identified the high potential to establish the premium ethnic fashion brand in Sri Lanka. “Khaadi is present in over 65 locations across UK, Pakistan and the Gulf. [...]
One Galle Face Job Fair attracts more than 5,000 job seekers
One Galle Face, the premier luxury lifestyle destination, attracted more than 5,000 job seekers at one of Colombo’s largest Job Fairs held recently. Over 2,000 job opportunities were available at the Job Fair and more than 50 tenants were on hand to meet with job seekers over the two-day event. The vacancies were across One [...]
Inflation rises in February
Headline inflation in Sri Lanka as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1 increased to 2.4 per cent in February from 1.2 per cent in January. Meanwhile, year-on-year non-food inflation increased to 6.7 per cent in February from 6.5 per cent in January while food inflation also increased to [...]