Luxury cruise liner
Luxury cruise ship “MS EUROPA 2” with 309 passengers and 356 crew on board, called over at the Colombo Port on Friday. Pic by M. A. Pushpa Kumara shows a foreign cyclist, one of the passengers, getting ready to tour the city.
Lotus Tower fails to bloom on time due to irregularities
Sri Lanka’s landmark 350-metre tall Lotus Tower slated to blossom in 912 days by 2015 following its ground breaking in November 2012 is still to see the light of the day owing to irregularities and embezzlements during the construction process. A Chinese conglomerate consisting of China National Electronics Import and Export Corporation (CEIEC) and Aerospace [...]
Govt. pow-wow on tourism relief package
With the UK travel advisory softening its stance on travel to Sri Lanka the French are likely to follow even as the Deputy Mayor of Paris arrived in Colombo this week to give a briefing on their efforts carried out to overcome the bombs. Tourism Development Minister John Amaratunga confirmed that the UK travel advisory [...]
Election likely to boost Colombo bourse
Capital formation gets bloated during an election year which invariably tends to spur capital markets. This is the reason that most stockbrokers and investors are looking forward to an election, analysts say. President Maithripala Sirisena has announced that presidential elections will be held around December 7-9, this year. “An election itself becomes an economic activity. [...]
ERP to take Sathosa out of the woods
State-owned Lanka Sathosa Ltd (LSL)’s retail store network of 403 outlets currently running at a loss is set to be revamped with the introduction of a new sophisticated system, a Finance Ministry report revealed. The new sophisticated Enterprise Resource Planning (ERP) system has been devised to increase the asset base in the company covering the [...]
Dialog 5G South Asia’s fastest mobile speeds
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, showcased download speeds in excess of 1.4Gbps using a commercial 5G mobile handset, the highest speed that has been achieved via a mobile handset in South Asia. Mobile 5G services were demonstrated on the 3.6Ghz trial spectrum that the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) allocated [...]
Achcharu country
Serapina comes dancing merrily into the compound and goes to the Margosa tree where her friends Kussi Amma Sera and Mabel Rasthiyadu are having their tea, singing “Naana..…..Waana.” Hearing the din, I look out of the window to find Serapina loudly humming the tune of a new song that is making waves on social media. [...]
Salary that goes with age
Nakamura-sensei, a young university lecturer from Japan, came to Sri Lanka in the mid-1960s and joined the Peradeniya University. “Sensei” is the Japanese term with a sense of respect used to address any type of a teacher, while “san” is the term for all others. Nakamura-sensei spent a couple of years at Peradeniya University doing [...]
Logistics Conference to set Lanka on right track
Sri Lanka is hoping its logistics industry could be doubled capturing a significant space through the expansion of the ports and this is the main aim of holding the two-day Colombo International Logistics Conference scheduled on August 1. Participants to the conference have opted out but the organisers are persistent that they should not lose [...]
Lack of quarantine equipment prevents fruits being exported to Japan, China
Plans have been drawn by Nelna companies to set up a new fruit processing factory in Sri Lanka at an estimated cost of Rs. 1000 million with foreign participation, in the future. “We have around 80,000 mango plants in a 500 acre farm in the Ampara district,” said Nelna Group’s Founder and its Chairman W. [...]
Sri Lanka’s Land Bank faces tough choices in computerisation
Sri Lanka’s ambitious ‘Land Bank’ project aimed at improving access to private and state land while ensuring effective land management is now faced with tough challenges in computerisation of the information, Land Ministry officials said. Computerisation of the information on the lands presently available in written documents and inclusion of the same in the land [...]
Brandix world’s first to achieve Net Zero Carbon Status for a manufacturing facility
The Batticaloa factory of leading Sri Lankan apparel solutions provider, Brandix, is the world’s first manufacturing facility to achieve ‘Net Zero Carbon’ status. This signifies that the Brandix factory in Batticaloa has completely neutralised its environmental impact through carbon dioxide emissions by being highly energy efficient and using on-site renewable energy resources, the company said [...]
COP higher than coconut sale price
Coconut growers of Sri Lanka are seriously worried that the farm-gate price of coconut is dropping sharply to the extent that the average growers are compelled to stop maintaining their coconut estates as the cost of production(COP) has become higher than the farm-gate price of a nut. Growers are alarmed that the present farm-gate price [...]
CASA optimistic about proposed new terminal
Minister of Ports and Shipping Sagala Ratnayaka at a recent inspection tour of the Sri Lanka Ports Authority, emphasised the importance of expanding Colombo Port’s capacity to ensure the port’s sustainable growth. In a recent statement the Sri Lanka Ports Authority (SLPA) said the envisaged partnership with Japan and India to develop the East Container [...]
Int’l travel bloggers, theatre artistes positive on revisiting Sri Lanka
Following the Easter Sunday attacks things are slowly settling in Sri Lanka, the Business Times emailed a few international travel bloggers and theatre artistes who visited the country during the last few years. Here are some of the comments they expressed in revisiting Sri Lanka this year. International Theatre Director and Choreographer, Jonny Bowles said [...]
MMBL-Pathfinder pilot project in electric mobility using solar power
MMBL-Pathfinder recently set up a pilot project in electric mobility powered by solar energy to better understand the challenges and benefits of using these technologies. In the first phase several electric vehicles and motorcycles will be used to carry out the routine logistics requirements connected with the activities of its headquarters at Riverpoint, Peliyagoda. The [...]
Sophisticated new vessel to be built by Colombo Dockyard for Japan
Colombo Dockyard PLC, the shipbuilding arm and ship repair service provider, has broadened its reach to provide preventive and breakdown repairs to handle afloat repairs, said the company’s Managing Director/CEO D.V. Abeysinghe at a ceremony held at the Marina Beach Hotel, Kollupitiya recently. He said a Professional Rapid Response Afloat Repair Service was launched by [...]
Techno fair by CA Sri Lanka
Digital technology advances accountancy and finance professions with improving efficiency and adding value in the service of professionals through their services to their clients, according to Flona Wilkinson, Deputy President, Institute of Chartered Accountants in England and Wales, has stated in a video message. She was to be the Chief Guest at the inauguration ceremony [...]
‘Life Healing Centre’ set up at Katuwapitiya to offer Psychosocial support for April 21 victims
The ‘Life Healing Centre’, led by a team of certified professionals to provide psychosocial support to those affected by the tragic incidents of April 21, was set up in Katuwapitiya, Negombo on May 18 by the ‘Rally to Care’ initiative, a charitable trust under the aegis of Dialog Axiata PLC, and ‘Seth Sarana’ the social [...]
SMEs get national credit guarantee for prosperity and sustenance
Sri Lanka’s small and medium scale entrepreneurs exceeding one million will be getting more financial and credit facilities as well as non-financial support from the Treasury to contribute their share towards economic prosperity of the island nation. Finance Minister Mangala Samaraweera told a recent official meeting at the Treasury it is essential to provide much [...]
Overcoming the maternity stage, a major challenge for women to get back into the workforce
One of the major challenges a woman undergoes in her lifetime is overcoming the maternity stage and moving back into the workforce as aspired to. While it being considered as a major challenge, providing the best child care after she gives birth lies within the frame of decision whether to continue her career as a [...]
Sunpower Renewables, GRI connect first 1.2 MW installation |under new scheme
Sunpower Renewables (Pvt) Ltd, a trailblazer in the energy management and power generation sector in Sri Lanka, has added yet another first to its long list of achievements — becoming the first and only megawatt installation company to connect on the recently introduced Solar Code by the Ceylon Electricity Board (CEB) in Sri Lanka. This [...]
SMB Leasing offered funding options by many banks
Several leading local and foreign commercial banks came forward in offering funds of Rs.500 million to SMB Leasing PLC in 2018. “The company continues to work closely with these financial institutions to secure further low-cost funding in the long term. A significant reduction in improvement in funding costs is inevitable if the company is to [...]
SriLankan Airlines is world’s most punctual airline once again!
SriLankan Airlines has “achieved the remarkable feat of being named the World’s Most Punctual Airline” yet again, with 90.75 per cent of its flights in May 2019 being ‘on-time’ throughout its route network, the airline announced in a statement on Friday. This is the second time in less than 12 months that SriLankan has achieved [...]
Visit of Buddhist delegation
A 12-member Buddhist delegation from Singapore led by Roy Phay arrived in Sri Lanka on June 5. Their visit to Sri Lanka is based on the advice given by Ven. Thapovanaye Mithabhani Thero, a well-respected Buddhist prelate in the Singaporean Buddhist Society. This group during their tour will visit Anuradhapura, Kandy and Adam’s Peak. They [...]
Hambantota Port responds to medical emergency on the high seas
The Hambantota International Port (HIP) ran a rescue operation recently, on a 20k vessel which was on a 10,000 mile journey, sailing from Rotterdam to Shanghai. The vessel contacted the port requesting help with a sick crew member and the team responded immediately. The pilot launch Ruhunu 1 was dispatched without delay, and travelled 12 [...]
CSE wasn’t let down by foreign investors
Foreign investors will take a call on their Colombo investments by the end of this quarter, a top investor and analyst says. Almost no one (foreigners) really pulled out at the initial stages of the bloody terror attack in April, reminisces Insaaf Mohideen, a Sri Lankan born American entrepreneur and investor who has had a [...]
LVL Energy Fund PLC records 30% hike in profit for 2018/2019
LVL Energy Fund PLC, a leading energy company and subsidiary of Lanka Ventures, surpassed its outstanding financial performance in the previous year, by posting Profit after interest and tax of Rs. 571 million in 2018/19, 30 per cent growth compared to Rs. 439 million in the previous financial year. The company recorded Profit before interest [...]
BoardPAC and IronOne Technologies —Great Place to Work® Certified
BoardPAC, Asia’s largest and top market share board governance solution and a popular worldwide brand with multiple accolades globally, and IronOne Technologies, an export-focused innovative IT products and solutions company, operating three key business units—ATrad, a comprehensive broker solution and capital markets suite; Infosense, a provider of innovative business analytics; and Bespoke mobile solutions and [...]
NatWealth Securities Ltd suspended by Central Bank
NatWealth Securities Ltd (NWSL), a licensed Primary Dealer in the money markets, has been suspended by the Monetary Board of the Central Bank of Sri Lanka (CB) for six months with effect from May 31. The CB said the action came after having considered the company’s continuous failure to comply with directions applicable to primary [...]
EFL to complete planting 14,000 trees in 2019
EFL (Expolanka Freight), a global freight forwarding company headquartered in Sri Lanka, continues to embark on a sustainability journey focusing on the environment and has successfully completed the planting of 12,000 trees. This year, the company intends to complete planting 2000 additional trees. This initiative coincides with 2019’s ‘Air pollution’ theme for World Environment Day, [...]
Newton Lanka secures international glory
Newton Lanka, a young, innovative and highly motivated digital agency, brought home two awards from the 8th Global Customer Engagement Awards 2019 held recently in Mumbai India. The agency bagged Gold in the Creativity Category for a campaign done for Fonterra’s Anchor Newdale brand, and Silver in the Innovation Category for Hemas Manufacturer Pvt Ltd, [...]
LOLC concludes yet another strong financial year
LOLC Group, releasing its year end results for 31 March 2019, has recorded another strong year to its strongr performance over the last decade. “With a robust Profit Before Tax (PBT) of Rs. 26.81 billion, compared to Rs. 24.66 billion recorded in 2018, LOLC continues to surpass its own accomplishments. The Group’s Profit After Tax [...]
Charismatic officer at the helm of Seylan’s Sales Division
By revolutionising the sales strategy to meet customer needs, the Sales Division of the Seylan Bank has come to dominate the consumer banking landscape with innovative ideas under the able leadership of Mark Taylor, Senior Manager Sales of the Seylan Bank who assumed duties at the sales division of the bank, a couple of years [...]
Capital TRUST Holdings, sole owner of ride-hailing-app, Taxiya
Taxiya, a leading ride-hailing service powered by an advanced digital mobile App, is now wholly owned and managed by Capital TRUST Holdings, having recently acquired the entirety of the brand Taxiyak (now Taxiya) and Capital TRUST Mobility Solutions. The Board of Directors of Capital Trust Mobility Solutions, comprising Tushan Wickramasinghe – Chairman, Lakshman De Fonseka, [...]
Union Bank share repurchase offer open on June 27
Union Bank recently announced to the Colombo Stock Exchange (CSE) that the bank has convened an extraordinary general meeting on Tuesday June 11. This is for the purpose of obtaining shareholder approval to carry out a repurchase of up to a maximum of 7,851,844 ordinary shares from its shareholders at the price of Rs. 15 [...]
Economic uncertainty slows Softlogic Group expansion
The Softlogic Group said this week that its expansion across retail, financial services and healthcare would be considered on a “strictly case-by-case basis” due to the uncertainty in the economy and the unsettling political climate. This is stated in the group’s 2018/2019 financial review released to shareholders this week. Softlogic Holdings PLC is one of [...]
POTENZA’s Robotic Process Automation Solution in partnership with NDB
Business transformation company, POTENZA (Pvt) Ltd recently announced the successful implementation of a Robotic Process Automation (RPA) solution covering a mainstream banking process with NDB Bank, marking an iconic milestone in the annals of Sri Lanka’s banking history. In collaboration with POTENZA, NDB will be the first bank in the country to leverage Robotic Process [...]
Finagle Lanka, from local to global
Finagle Lanka, a trend-setter in the industry, exports a range of local traditional food items to the US, UK, Italy, France, Germany, Switzerland, Denmark, Norway, Seychelles, Maldives and shortly to Australia. The export products consist of Pol Rotti, Roast Paan, Fish Buns, Patties, Seeni Sambol Buns, Kottu Rotti and other savoury items. Finagle Lanka ownership [...]
Fairway recommences Karadiyana Waste Management Project
The Karadiyana Waste Management Project, held up for nearly a year due to delays in signing the Standardised Power Purchase Agreement (SPPA), has recommenced. With the signing of the SPPA, Fairway Waste Management has moved expeditiously to recommence construction given the criticality of the current waste disposal situation at Karadiyana, where the waste is land [...]