“Integrity vs Corruption”
Sarath Jayamanne – Director General of the Commission to Investigate Allegations of Bribery or Corruption (centre), Asoka Obeyesekere, Executive Director – Transparency International Sri Lanka (left) and Sujeeve Samaraweera – former President of the National Chamber of Commerce of Sri Lanka, at a discussion on “Integrity vs Corruption” organised by the Sunday Times Business Club [...]
New unified employment law to be introduced soon
Sri Lanka government will phase out the implementation of labour market reforms while pushing through a new unified employment law to gradually replace 28 archaic labour legislations currently in force, the Labour and Trade Union Relations Ministry revealed. The Wages Board Ordinance No.27 of 1941, the Factories Ordinance No.45 of 1942, Shop and Office Employees [...]
Hoteliers see dollars, DMCs cash on rupees
Sri Lanka’s tour operators have been hit by the new budget proposal mooted by hoteliers to carry out transactions in US dollars causing dissent among the Destination Management Companies (DMCs). In protest the Sri Lanka Association of Inbound Tour Operators (SLAITO) had written to the Finance Minister against the budget proposal and has already had [...]
CEB runs after suppliers to fuel thermal power generators
The Ceylon Electricity Board is seriously considering available options in purchasing furnace oil or diesel from international suppliers such as Lanka IOC other than the Ceylon Petroleum Corporation (CPC) to run thermal power generators. Sales of furnace oil, which is supplied to the CEB and industries for power generation, had shot up sharply at present [...]
Hemas upbeat on pharma and logistics with new plants
Hemas Holdings PLC (Hemas) is bullish on two new plants – a pharmaceutical manufacturing and warehousing factories – to enhance the bottom-line in the years to come. Hemas’ pharmaceutical plant at Homagama with an EU and GMP compliant manufacturing facility will be commissioned early next year. The logistics park at Muthurajawela is already commissioned. Steven [...]
Pvt. sector wage hike announcement soon
The Government is likely to announce a wage hike for private sector workers next week. Labour Minister Ravindra Samaraweera made this disclosure at Tuesday’s meeting of the National Labour Advisory Council (NLAC) attended by several unions as members. “The Minister informed us that in consultation with the Ministry of Finance, an announcement on a wage [...]
“Power-ful” blame game
Sri Lankans are angry, nay furious over the latest round of power cuts. But they can be cynical and amusing at the same time. “Muladi apita thibuna Gota-ge eliya. Than avilla thiyenne Ravi-ge karuwala(Earlier it was Gota’s ‘eliya’. Now Ravi’s ‘darkness’ has arrived),” Kussi Amma Sera said with amusement, chatting with comrade-at-arms Serapina and down-the-lane [...]
UK’s closed door and “open world”
How do the people of the UK feel about “Brexit” once it happens? Brexit – the UK’s departure from the European Union (EU), was initially scheduled to take place on Friday, March 29, but postponed to May 22. The reason is the fact that even after more than two years of preparation, disintegration still remains [...]
Bogawantalawa Tea set to become world’s first Climate Positive plantation company
Bogawantalawa Tea Estates PLC (BTE), after becoming the first company in the world to secure Uncompensated Carbon Neutral certification for its tea growing, manufacturing and marketing processes, is now setting its sights on even more environmental achievements. For the producer of some of the country’s finest tea, this means a rapid migration towards official Climate [...]
Cricketing legend Aravinda de Silva urges government to maintain consistent policies
Sri Lanka’s cricketing legend, Deputy Chairman of Ideal Motors Aravinda de Silva urged the government to implement a proper plan and maintain a consistent policy to enable the private sector to become the engine of growth. He was speaking at the launch of Mahindra and Mahindra Ltd’s world class range of BS-4 emission norms compliant [...]
Ceylinco Insurance PLC posts consolidated post-tax profit of Rs. 8.7 bn
In a landmark achievement, Ceylinco Insurance PLC, the holding company of insurance giants Ceylinco General Insurance and Ceylinco Life Insurance, recorded a massive, consolidated after tax profit of Rs. 8.7 billion for the year ended December 2018, whilst profit before tax rose to an exceptional Rs. 11 billion. “Contributing to this remarkable performance, Ceylinco General [...]
SriLankan Airlines to increase frequencies to Tokyo
SriLankan Airlines, one of the first carriers to fly to Tokyo’s Narita International Airport, is celebrating 35 years of flying to Narita by increasing its number of frequencies up to five per week, with Sri Lanka growing rapidly in popularity as a destination for Japanese travellers. SriLankan is the only airline to operate non-stop from [...]
Budget spells of loans, taxes and low growth
Economists, making a dig at the 2019 budget, proffered it as one full of taxes and not poor-friendly, and alternate thinkers of the likes of Emeritus Prof. W.D. Lakshman opines a 5 per cent growth target is sufficient in a sustainable and equitable economic environment. Prof. Lakshman of the University of Colombo noted that most [...]
Importing exotic cows which performed poorly under local conditions
In 2017, over 5000 young pregnant cows (heifers) imported from Australia and New Zealand, were sold to some farmers. They were assured that a cow would yield 20 litres/day. Within a few months, the farmers’ expectations started to shatter when the cows failed to produce the promised milk yields. Currently, farmers are facing financial ruin [...]
RIU: What Brexit means for UK-Sri Lanka trade
The advent of Brexit gives rise to a new set of concerns to Sri Lanka particularly since the UK is one of the major trading partners of Sri Lanka. In this context preventive measures must be taken to secure and maintain the current preferential market access to the UK, according to a RIU Trade surveillance [...]
Sri Lanka’s construction industry veteran celebrated at Indian awards
New Delhi – The late Dr. Eddie de Zylva has been posthumously awarded the Sir Mokshagundam Visvesvaraya Trophy for Life Time Achievement Award at the 11th CIDC Vishwakarma awards held earlier this month at the India Habitat Centre, New Delhi. “The CIDC Vishwakarma awards are inspired by the spirit of construction and creation patronized by [...]
More than 180 countries at CITES conference in Colombo in May
The 18th meeting of the Conference of the Parties (CoP) to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) will be held from May 23 to June 3 at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo. Over 3,000 foreign delegates and media personnel from 183 different countries [...]
ETIF receives balance US $ 16 million to repay depositors at last
The much awaited US$16 million, the balance money of the Edirisinghe Trust Investment Finance Ltd (ETIF) transaction of $70 million in disposing its subsidiaries, sub-subsidiaries and investment properties, has been received by the company on Friday. ETIF management announced that the repayment of another 10 per cent of the deposits to disgruntled depositors will commence [...]
Inaugural R. Senathi Rajah Memorial Oration on “International Financial Centres”
The first memorial oration of the R. Senathi Rajah Memorial Trust is due to be delivered by Prof. M. Sornarajah, CJ Koh Professor of Law at the National University of Singapore on Friday, April 5 at 5.30 p.m. at the Lotus Room -Committee Room ‘B’- BMICH, Colombo. The oration, organized under the auspices of the [...]
Women home investors on the rise
Women may not have as much buying power as men, but they aren’t letting that stop them from reaching homeownership, experts say. Homeownership by women is on the rise and now it’s at around 20 per cent, it was said at a recent roundtable discussion on “Financial Independence for Women” hosted by John Keells Properties [...]
Samsung Sri Lanka announces new Galaxy A Series
Samsung Sri Lanka this week announced the launch of the all-new Galaxy A Series that comes with industry-leading innovations for young millennials and Gen Z. The new Galaxy A Series has been designed to elevate the smartphone experience to the next level as they are equipped with a next generation infinity-display, triple rear camera and [...]
Government to enact a Privacy Act soon
A blueprint has been drawn by the government in conjunction with a foreign company to promote digital technology in the country by having a road map for Sri Lanka’s future development, said the Minister of Telecommunication, Foreign Employment and Sports, Harin Fernando. He was speaking at the New Thinkers Symposium on Technology and Economic Transformation [...]
Global Spice Convention in July in Colombo
A revolutionary convention – the Global Spice Road Symposium 2019 (GSRS 2019) – bringing together 34 countries to uplift the spice industry – will take place in Colombo on July 10-13. The GSRS 2019 will arise itself as a steam rolled platform for all local and global stakeholders to collaboratively initiate a significant revamp in [...]
Celebrating togetherness this season with Dankotuwa Porcelain
Dankotuwa Porcelain PLC, renowned for its luxurious and elegant porcelain tableware, is ready to celebrate the festive (Avurudu) season with pomp and flare. Celebrating the values of togetherness, love and the art of gifting – a tradition followed by every family celebrating the upcoming New Year, Dankotuwa Porcelain says it is ready to extend to [...]
SWT Associates hosts IAPA 2019 Asia Pacific Regional Conference
SWT Associates, a leading Sri Lankan Chartered Accountant firm, recently successfully hosted the IAPA Asia Pacific Regional Conference in Colombo, bringing together 25 accounting firms from 20 countries. The discussions for this year’s conference were focused on how firms ‘add value’ to clients through advisory services as well as other topics including new marketing strategies. [...]
NGage launches agency with ‘Festival for Our Planet’
With a strong focus on social cohesion and environmental advocacy, Sri Lanka’s pioneering Integrated Marketing Communications Agency now rebranded as NGage Strategic Alliance (formerly known as Bates Strategic Alliance) launched its NGage Goodvocacy arm, with a public edutainment event on environmental awareness titled ‘Festival for Our Planet’. It was co-hosted with and at the Good [...]
Biodiversity Sri Lanka to support SMEs in environmental conservation
Biodiversity Sri Lanka (BSL), in a bid to strengthen knowledge and compliances of SMEs in environmental and biodiversity conservation measures in their operations, recently hosted a sensitisation programme for Small and Medium Enterprises (SMEs). It was in collaboration with the Ministry of Industry and Commerce, Resettlement of Protracted Displaced Persons and Co-operative Development, the Ceylon [...]
Trade unions will appoint those with ‘brains’ to oversight committee
Trade unions say they will appoint those with requisite knowledge to the oversight committee to be set to supervise stock market investments through Employees Provident Fund (EPF) funds. At the discussions with the Central Bank (CB) last week on EPF’s stock market investments, trade unions had wanted a place in the oversight committee, so they [...]
Case of misuse of authority sparks in Sri Lanka Customs
Ever heard of a senior customs official who takes unreasonable and arbitrary action in clearing imported vehicles, changing its classifications according to his whims and fancies? This was nothing but a true fact conveyed to media among other untold incidents connected to official mafia ingrained in Sri Lanka Customs with alleged malpractices, favouritism and bribe [...]
HSBC – Best International Bank in Sri Lanka for a 3rd time by Asiamoney
HSBC Sri Lanka has been recognised as the Best International Bank in Sri Lanka by Asiamoney for the 3rd consecutive year. HSBC has been operating in Sri Lanka for over 126 years and holds strong positions in Corporate Banking, Trade Finance, Cash Management, Retail Banking, Credit Cards and Foreign Exchange. In a media release, Mark [...]
Caramel Pumpkin launches campaign to support pumpkin farmers
The year has been a difficult one to say the very least for pumpkin farmers in Sri Lanka. Since the bumper harvest earlier this year, many have found it difficult to obtain a minimum price for their wares and have literally taken to the streets to find their daily bread. Recognising the need of the [...]
“LOLC joins Trillion Club”
Your newspaper on March 2 published an article titled “LOLC joins the Trillion Club” announcing that “… the LOLC Group crossed the Rs. 1 trillion mark with total assets reaching Rs. 1,008 trillion as at December 2018”. Congratulations to the LOLC for all those who assisted in reaching ‘this significant achievement’. However will the LOLC [...]
5G technology to be introduced in Sri Lanka
Digital technology is transforming the manufacturing hub, tourism sector and the agricultural industry and the entire Sri Lanka has been covered with underground fiber optic cable covering over 300 Government Agents’ offices to facilitate official and development work, according to Minister of Telecommunication, Foreign Employment and Sports, Harin Fernando. Speaking at the Huawei Lanka ICT [...]