Crysbro’s close links with farmers
Corn farmer W. Wijerathna Banda from Mahiyangana and his family. He supplies corn to chicken producer Crysbro which this year boosted the rural economy by spending over Rs. 1 billion to purchase corn (maize) from over 1200 farmers in regions such as Moneragala, Mahiyangana and Anuradhapura.
CB gets tough with Licensed Finance Companies
Sri Lanka’s Licensed Finance Companies (LFCs) will face tougher regulations from the Central Bank (CB)’s Monetary Authority with ownership limits, ensuring higher capital adequacy, loan loss provisioning and improved reporting standards. Calling for stakeholder observations, the CB recently released a concept paper introducing ownership limits of the LFCs to 25 per cent within five years, [...]
Cabinet delays tourism PR campaign
Delays at the Cabinet to approve a publicity campaign to get the tourism industry back on track have irked an industry that has fewer tourists to welcome as they believe the authorities may have not got their priorities right for a resurgence of the economy. Stakeholders of the tourism industry representing the private sector had [...]
State mechanism told to get its act together
Terror attacks happen everywhere in the world and almost nowhere is safe given the current situation. However it is the way we manage the crisis that will send the right signals to the world. This is what Sri Lanka hasn’t done. A foreign investor told the Business Times recently that the government hasn’t shown how [...]
Calls for a verification site for government information
In the wake of the recent Easter Sunday attacks, innumerable information was shared on various social media platforms without verification by the public that compelled the government to temporarily block some social media platforms such as Facebook, WhatsApp and Instagram. The Business Times spoke to some of the tech experts in the country for a [...]
Sri Lanka once again eyes China for a fresh cash injection
Sri Lanka is once again turning to China for a fresh injection of cash, which will come during the year as it prepares for a crippling debt repayment cycle, began in 2019. With that new infusion, the US$5 billion received so far as Chinese loans will push the country deeper into Beijing’s grasp. 15 per [...]
Resilience of a nation
At a Colombo office, a Chairman addresses his fellow directors and staff and talks about unity, peace and understanding and that Sri Lanka will succeed only if there is equality, unity and understanding amongst all communities. At the end of a moving pep talk, the group takes an oath of allegiance or unity pledge. At [...]
When the shepherd doesn’t know his sheep…
It was about two weeks after the Easter Sunday terrorist attack that in an unexpected moment, police officers were at my doorstep. They asked me about the residents at my home. Then they gave me a form, and asked me to fill it and return to the nearest police station with photocopies of the national [...]
SL’s battered biz community comes together with a pledge towards recovery
Exactly a month after the Easter Sunday bombing, a 300-strong group of private sector businessmen representing nine business chambers in the country gathered in Colombo on Tuesday to make a solemn, unified, pledge for the unity of Sri Lanka. Several of the bombs killing more than 250 at three hotels and churches went off at [...]
Sri Lanka modernises revenue administration amidst dwindling income
Sri Lanka will be modernising revenue administration to support recent tax policy reforms by improving the quantity and quality of revenue collection authorities, the Finance Ministry announced. Revenue collection authorities including the Inland Revenue Department (IRD) and Customs are moving towards the automation of its core activities in a bid to improve efficiency, transparency and [...]
Manik Jayakumar to receive ‘Lifetime Achievement Award’ at World Tea Expo
Manik Jayakumar, founder of QTrade Teas & Herbs, will receive the John Harney Lifetime Achievement Award at World Tea Expo to be held on June 11-13 at the Las Vegas Convention Center in Las Vegas, Nevada QTrade Teas & Herbs provides end-to-end solutions to the North American specialty tea industry. World Tea Expo is the [...]
Sri Lanka exhibited at Techtextil Frankfurt 2019
The Sri Lankan textile industry has participated at Frankfurt’s Techtextil and Texprocess providing the industry with a look into the future of things in textile. These two fairs showcase the current trends in technical textile as well as planning for future production and materials, a media release issued by Messe Frankfurt Pakistan stated. Technical textile [...]
“Technology to tackle fraudulent weighing techniques in tea estates”
Hayleys Plantations wishes to correct certain inaccuracies published in the Sunday Times story headlined “Technology to tackle fraudulent weighing techniques in tea estates” on May 12. We note at the outset that the headline mischaracterises the nature and purpose of investments made by Hayleys Plantations with regard to the implementation of its Real Time Digital [...]
Easter Sunday disaster: Who is responsible?
On Easter Sunday, our country after many years of peace was shocked and shaken by a terrorist attack that claimed the lives of 250 plus, men, women, and children. The usual post disaster record was played by the powers that be: a) Compensation would be paid. b) A disaster would NEVER happen again, c) The [...]
Remedial measures will put the economy on track
Many countries have expressed their solidarity and sympathy to Sri Lanka following the Easter Sunday bomb attacks and powerful nations have vouched to provide ‘us’ with intelligence pertaining to terrorism in future, said State Minister of Finance Eran Wickramaratne. Addressing the business community on the prevailing security situation in the country at the National Chamber [...]
Glidar launches first-of-its-kind ‘GlidAR’ Augmented Reality Experience
Glidar Pvt. Ltd, the newest technology start-up in Sri Lanka, recently launched the GlidAR Augmented Reality (AR) App experience using its mobile app to the corporate sector at the Galle Face Hotel, Colombo. Invitees were inspired with the new layers of creativity and knowledge the app offers. Parallel to the launch, their lifestyle magazine “GLIDAR” [...]
Creating a decent set of Sri Lankan taxi drivers
The need for a decent set of drivers of taxis to help people get about their daily transport is often felt since for a long time three-wheel drivers have been considered as somewhat uncultured, at least this is the feeling of some. In this scenario, there appears to be emerging a very bold attempt to [...]
Sales persons in the Internet age
Traditional selling models are fast becoming obsolete as the role of salespersons is no longer the key for establishing relations with the customers. In the modern digital era the prospective customer or client is being able to find and buy products and services via web searches and online content. Today’s sales force is not required [...]
Nandana Ekanayake, Chairman of the Board at INSEE Cement, Sri Lanka
Sri Lanka’s foremost producer of cement, Siam City Cement (Lanka) Ltd (SCCCL) – INSEE Cement – , has appointed Nandana Ekanayake as the new Chairman of the board of directors. He will also continue in his position as the Chief Executive Officer (CEO) of the company. Other changes to the board are the appointments, effective [...]
Investments and risk mitigation- back to basics
A book published more than a decade ago entitled Corporate Scandals: The Many Faces of Greed[1] stated that: “Despite the contributions of critical thinkers through the ages, most cultures and their associated institutions have had only limited success in achieving truly virtuous societies in which the behaviour of individuals conformed with the culture’s highest ideals.” [...]
Randeepa Agrarian (Pvt) Ltd recognised as a “Great Place to Work” in 2019 /2020
Randeepa Agrarian (Pvt) Ltd, a young company based in Polonnaruwa, has been recognised as a member of the Great Place to Work community for the year 2019 /2020. “This no doubt is a significant milestone in the company’s brief journey in the corporate sector given the fact that it is just five years old. Since [...]
Hayleys revenue up 34% YoY to Rs. 219 billion in FY 2018/2019
Sri Lankan multinational, Hayleys PLC, has recorded outstanding growth in revenue and operating profits in the financial year ended March 2019 (FY18/19) with group revenue expanding by 34 per cent YoY to Rs. 219 billion while operating profit before interest increased by 40 per cent YOY to Rs.15.9 billion. However the group’s Profit Before Tax [...]
Ceylinco Life makes strong start to 2019 with Q1 income of Rs. 7.2 billion
Steady growth of its life insurance business and strong investment gains saw Ceylinco Life generate total income of Rs. 7.17 billion in the first quarter of 2019, achieving healthy growth of 10.7 per cent over the corresponding three months of last year. In a media release, the life insurance leader has reported that premium income [...]
AIA Insurance’s Smart Wealth – short term commitment, long term wealth creation
AIA Insurance recently introduced AIA Smart Wealth, a savings plan designed exclusively for people who want to grow their wealth and be financially protected through all stages of life. Aimed at addressing different kinds of needs, Smart Wealth is a flexible savings plan that AIA manages using professional fund managers who can offer investors a [...]
Ceylinco Insurance advocates fair game
Ceylinco Insurance will entertain any insurance as long as it is at the right premium, top officials say. “We are like Henry Ford who said that he will provide any vehicle as long as it is black. In the same sentiment as long as it is at the right premium and the right market price [...]
CBL Sahan Sevana moves to spacious new facility taking ‘Hope’ cookies to new levels
CBL Sahan Sevana, a project aimed at empowering the differently-abled to enable them to stand as equals and contribute towards the development of the country, recently moved its ‘Hope’ cookies manufacturing facility to a new location in Ranala, Kaduwela. The new facility, which is more spacious than the previous factory was declared open by CBL [...]
Nestlé Coconut Plan benefits 1,000 more rural families
The Nestlé Coconut Plan has expanded to include 1,000 more rural farmers and outgrowers in the Horowpathana and Aralaganwila areas, providing them with 5,000 coconut plantlets. With this new expansion, the Nestlé Coconut Plan benefits a total of 3,000 Sri Lankan coconut farmers and outgrowers with 19,000 coconut plantlets and a number of other resources [...]
CDB’s pre-tax profit over Rs. 2.7 bn
Citizens Development Business Finance PLC (CDB) has reported ‘exceptional financial results’ for FY 2018/19, posting profit before tax of Rs. 2.7 billion, an increase of 34 per cent as per the interim group financial results released to the CSE. “Within its relatively short journey in Sri Lanka’s financial services industry, CDB has climbed the zenith [...]
RIU Investor Forum in London next month
In an effort to rebuild confidence among the diaspora and foreign investors and reassure the world that Sri Lanka is a safe place to invest, the Research Intelligence Unit (RIU) will be hosting its next prestigious RIU Investor Forum on June 27 in London in association with the Sri Lankan High Commission in London. Multiple [...]
HDFC reports robust profit growth in 2019 Q1
HDFC Bank has reported robust profit growth in the first quarter of 2019 with post-tax profit increasing to Rs.128.6 million, up by 48 per cent over the corresponding period of 2018. The bank posted a profit before VAT, NBT and Debt Repayment Levy (DRL) of Rs.284.18 million, up by 42 per cent. “It is important [...]
It’s time to have healing conversations
In my conversations with diverse people after the tragic Easter Sunday attacks – I realize, people especially in the Western Province and Greater Colombo area are gripped by a fear psychosis. This is exacerbated by; a lack of strong political leadership to give people a sense of confidence, direction and an assurance for a sense [...]
Two Colombo schools select Headstart to drive digital learning
Two leading Colombo schools have implemented a digital learning system in collaboration with Headstart Pvt Ltd in order to supplement students’ classroom education, as well as to be able to keep students engaged in learning during times when schools are closed. Holy Family Convent, Colombo and Good Shepherd Convent, Kotahena have set this digital learning [...]
Concessions to tourists travelling to the North
The office of the Northern Province Governor has announced several concessions for tourists to visit the North owing to the crisis that has befallen tourism after the Easter Sunday bombings. Governor Suren Ragavan has offered a 50 per cent discount on train tickets to tourists who purchase more than four tickets to the North. He [...]