Foreign forensic audit on Treasury bond scams hits snag
Sri Lanka’s six forensic audits into alleged Treasury bond scams and managing a Rs. 2.2 trillion Employees’ Provident Fund (EPF) hit a snag owing to high fees claimed for the workload made by one of the two foreign audit firms selected for the task, official sources revealed. BDO India and KPMG are conducting the forensic [...]
Resilient industry showcases at Sancharaka Udawa
The Sancharaka Udawa travel fair this year was a scene of a resilient industry wanting to fight hard times burdened with a financial crisis, working together with the government that has even worked out a strategy to finance the cost of stalls (50-50) to support a destination that is regaining favour from foreign travellers. Sri [...]
SriLankan Airlines finds solution for Airbus aircraft
SriLankan Airlines has managed to secure a settlement for its aircraft MSN 1008 – A330-220, which the airline had to accept in 2017 as part of the cancellation of the A350 order. Final negotiations have resulted in a saving of US$5.8 million for the airline, company officials told the Business Times. Accordingly, a settlement of [...]
Factories burnt out of Rs.5 bn brewing Ceylon Tea
Factories in the business of processing teas are facing financial crises with about 105 of the 500 privately- owned requesting government intervention for a two year moratorium on their loans worth a staggering Rs.5 billion while 15 have already closed shop. In this respect, the Sri Lanka Tea Factory Owners Association (SLTFOA) representatives and Prime [...]
JSS leader gets SLPA board position
In the wake of renewed protests by unions at the Colombo port rallying against the East Container Terminal (ECT), interestingly the UNP labour activist Udeni Kaluthanthri has been promised a Working Director position on the board of the Sri Lanka Ports Authority (SLPA). Jathika Sevaka Sangamaya leader Kaluthanthri has been promised a Working Director position [...]
Juggling at the top
How do you prepare a tasty curry in the kitchen? How do you create a great combo of potato curry, fish ambul thiyal, batu moju and yellow rice with samba for lunch? In many ways, this column is also akin to producing breakfast, lunch or dinner in the kitchen with Kussi Amma Sera’s special flavours [...]
Fight on the flight
On October 6, 2004, the US commercial aircraft manufacturer – Boeing, made a complaint at the World Trade Organisation (WTO). The complaint was against its competitor – Airbus, on the receipt of “subsidies” from the European Union (EU). What was wrong with giving subsidies to Airbus Company by EU governments? And why on earth was [...]
Micro Cars chief anticipates automobile industry bounce back
Sri Lanka’s automobile industry is now undergoing changes with vehicle sales growth expected to slow down this year due to import controls and heavy taxes slapped by the Finance Ministry. Mobility remains dominated by personal vehicles but the drop in the local vehicle market will be corrected by 2020, Dr. Lawrence Perera – Chairman and [...]
CSE and SEC hold seminar for entrepreneurs in Kandy
The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently reached out to entrepreneurs based in and around Kandy to discuss funding requirements, growth prospects and opportunities to fund growth through the CSE’s Empower Board. “The event was part of a series of regional forums conducted on the Empower [...]
Colombo Port ECT moves ahead amid concerns
The East Container Terminal (ECT) will add 500 more jobs to the country and increase the Colombo port’s viability to global shipping lines, but it has brought about concerns by port workers against the inclusion of foreign partners in the running of the terminal. “Once the MOC (Memorandum of Cooperation) was signed there was objection [...]
Sri Lanka Pavilion at Expo 2020 Dubai in UAE
Sri Lanka will have its pavilion at the 6-month-long Expo 2020 Dubai in the UAE in an area of 212 sq mts under the sub theme of “Opportunity”, and the pavilion will be branded under the “Island of Ingenuity”. The pavilion will highlight Sri Lanka’s rich portfolio of offerings as well as promote it as [...]
HRP seminar on ‘People Leaders’ role in a national crisis
Sri Lankan Human Resource professionals must take the lead in developing and executing corporate polices which prioritise security while effectively balancing organisational goals with the practical needs and emotional well-being of employees in order to facilitate a rapid economic recovery. These were among several vital and timely topics discussed in detail at the recently concluded [...]
New appointments at Market Research Society of Sri Lanka
The Market Research Society (MRSSL) of Sri Lanka has appointed a new board of directors under the chairmanship of Sharang Pant. The new executive committee for the year 2019 was elected at the 6th Annual General Meeting of the Society held recently where Ms. Roshani Fernando was elected President, along with 11 new ExCo members. [...]
SLT group’s “SLT muve” ride-sharing service shakes up market
By revolutionising the country’s connected mobility services and traditional taxi services industries, Sri Lanka Telecom PLC (SLT), through its digital services subsidiary company, SLT Digital Info Services (Pvt) Ltd (SLTDS) is set to offer ride-sharing services in Sri Lanka under the brand name of “SLT muve”. SLTDS officially announced its innovative transport service on June [...]
Advocata commends state decision to shut down Salu Sala
The Advocata Institute has commended President Maithripala Sirisena’s directive to shut down the loss-making, state-owned handloom enterprise Salu Sala. “While we commend this decision, we are also anticipating the official gazette enacting this statement,” it said in a statement referring to an exclusive story in last week’s Business Times on this subject headlined “Iconic Salu [...]
Hotels Association organises security seminars for hotels
The Hotels Association of Sri Lanka (THASL), in the aftermath of the Easter Sunday bombings in three churches and three luxury hotels, is organising a series of discussions aimed at strengthening security in hotels and meet current security challenges. The first in this series was organised on “Counter Terrorism Security for Hotels” and held at [...]
Ceylon Tea value chain to go online soon
Government will be investing approximately Rs.250 million in computerising the entire tea sector value chain. Sri Lanka Tea Board (SLTB) Director General Anura Siriwardena speaking with the Business Times on Tuesday said that they would be computerising the value system in the tea sector. This would be carried out by obtaining data from the grower [...]
Embark perseveres with its community dog welfare initiatives
Embark’s efforts to promote harmony between humans and community dogs in Sri Lanka have continued apace in the first four months of 2019, with the 12 year-old programme reporting more than 5,600 medical procedures and care initiatives in this period. Encompassing locations as diverse as Colombo, Kankesanthurai, Nagadeepa, Padukka and Welisara to name a few, [...]
Lanka’s external sector stable in April:CB
Sri Lanka’s external sector remained relatively stable in April supported by a contracting trade deficit, according to the Central Bank’s External Sector Performance up to April 2019. In April, the deficit in the trade account narrowed to US$797 million from $999 million in April 2018. The considerable reduction in the trade deficit in April was [...]
Travel company completes 5 years
Bookingmart Holidays (Pvt) Ltd, as a Sri Lankan Tourist Board approved travel and excursion agency which operates in Kotahena, Colombo 13, recently completed five years in existence. It has initiated a plan to attract foreign tourists given its experience, exposure of foreign tourist agencies approaches as well as local agents’ current projects, the company said [...]
Sri Lanka’s Intellectual Property policies further strengthened
Sri Lanka’s intellectual property protection initiatives are set to be further strengthened for the benefit of local inventors, artistes, and authors for their creative efforts, as well as to encourage research and innovation and start new businesses. Director General of the National Intellectual Property Office (NIPO) Geethanjali R. Ranawaka told the Business Times that Intellectual [...]
Sadaharitha’s inoculation campaign to produce high quality Agarwood
Sadaharitha Plantations Ltd, considered the nation’s pioneer in commercial forestry and exclusive patent holder for the commercial production of Agarwood, commenced a novel inoculation drive recently to ensure the production of the high quality resin. Agarwood is a dark-coloured, fragrant resin embedded in the wood of the Aquillaraia species prized as an expensive, high in [...]
INSEE Cement to rebuild and restore three blast-affected churches
INSEE Cement has stepped forward to help rebuild and restore the country’s three churches badly damaged in the recent Easter Sunday blasts. The churches are the St Anthony’s Shrine in Colombo 13, St Sebastian’s Church in Negombo and Zion Church in Batticaloa. Nandana Ekanayake, Chairman/CEO of INSEE Cement, Sri Lanka said in a media release [...]
Seminar on “Our Biodiversity, Our Food, Our Health” by Biodiversity Sri Lanka
In commemoration of the International Day for Biological Diversity (IDB) 2019, Biodiversity Sri Lanka (BSL), together with its member companies from the agribusiness sector and with the support of its associate member – the UNDP, recently hosted a technical learning event titled “‘Our Biodiversity, Our Food, Our Health” in Colombo. Sustainable and innovative practices of [...]
Sri Lankan manufacturers exhibit at Automechanika Dubai 2019
A number of Sri Lankan manufacturers have exhibited at the Automechanika Dubai 2019 trade fair this month. In a media release issued by the Pakistan-based agency Messe Frankfurt SP, it was stated that the automotive industry is expected to accelerate by improving economic conditions. In addition to positive economic trends, industry demand has been lifted [...]
Sri Lanka’s agro-exports need radical re-strategising : MTI
MTI Consulting, as an integral part of its “Strategy Thought Leadership” series, has focused on the four main export crops of Sri Lanka – tea, rubber, coconut and cinnamon. These are among the four most challenging crops to harvest, with very limited scope for mechanisation/automation – given the terrain, quality implications, cost effectiveness. In terms [...]
Govt, USAID conduct public-private dialogue on “Integrating Into Global Trade”
The Ministry of Development Strategies together with the USAID-SAIL project hosted a Public-Private Dialogue (PPD) on Global Trade last week at Hotel Taj Samudra in Colombo. The event, titled, “Integrating into Global Trade – How can Sri Lanka maximise benefits and minimise risks?”, was the first in a series of district-level PPDs being held to [...]
FITIS workshops on IP protection
The Federation of Information Technology Industry Sri Lanka (FITIS) has organised a workshop for seven days in association with NDU®E (Pvt) Ltd on “Intellectual Property Protection for Software and Mobile App Developers” on July 1, 3, 5, 9, 11, 15 and 17 from 3:30 pm to 5pm at the CIMA Auditorium, Colombo 5. The objective [...]
CB Steering Committee implements Sri Lanka Sustainable Finance Roadmap
The Central Bank (CB) has appointed a Steering Committee on implementation of the Roadmap for Sustainable Finance in Sri Lanka to facilitate effective implementation of the strategic activities encompassed in the Roadmap. This was disclosed by CB Governor Dr. Indrajit Coomaraswamy when he delivered the keynote address at the launch in Colombo on Wednesday of [...]
Economic lessons from Everest
LONDON – Like many others, I was shocked by recent images showing the size of the queue that formed in May to scale Mount Everest, the world’s highest peak, from the Nepalese side. The idea that delays caused by overcrowding may be partly to blame for some of the 11 reported deaths on the mountain [...]
How Facebook fights false news
“Misinformation and false news are harmful to any community and make the world less informed. We take our responsibility to deal with misinformation and false news very seriously and remain invested in this responsibility across the globe including in Sri Lanka,” says Ankhi Das, Head of Public Policy- South Asia, Facebook In an article, she [...]
“Fuss over Colombo Port East Container Terminal’
With reference to the above article appearing in last week’s Business Times, there is no reason or logic why we should sell a share of the port to a country or a shipping company that is generating most of the business/ transshipment business in the Port of Colombo. This logic comes from our illiterate politicians [...]
Applications invited for “CMA Excellence in Integrated Reporting Awards – 2019”
The Institute of Certified Management Accountants of Sri Lanka (CMA) has issued a notice inviting all the Sri Lankan business institutions including private and public quoted companies, state owned enterprises, small & medium enterprises to apply for the “CMA Excellence in Integrated Reporting Awards 2019” competition which is organised for the 5th consecutive year. The [...]
Samsung Electronics remains top brand in Asia for eighth consecutive year
Samsung Electronics has been named the best brand in Asia in 2019 for the eighth year in a row, according to results from ‘Asia’s Top 1000 Brands’ annual online survey conducted by Campaign Asia-Pacific in collaboration with Nielsen. The ranking – which aggregates views from across 15 major product categories including automotive, retail, F&B and [...]
Dankotuwa most loved houseware brand in Sri Lanka
Dankotuwa Porcelain PLC, renowned for its luxurious and elegant porcelain tableware, was recently adjudged as the most loved houseware brand this year by Brand Finance. Globally recognised for its luxurious and elegant porcelain tableware – one with remarkable whiteness that radiates a sense of pristine beauty, Dankotuwa Porcelain continues to win the hearts of millions [...]
New company in facilities management
I Perform Pvt Ltd, which commenced operations in January this year, is a young and a dynamic organisation recently established in Sri Lanka, specialising in Facility Management Services. “We offer a range of essential services to residential, commercial, industrial and government sector clients. Our partnership approach ensures we develop bespoke solutions to our clients’ needs. [...]
Sri Lanka’s financial crime rate increases with black money circulation
Sri Lanka’s financial crime rate has risen in the recent past with the country’s Financial Intelligence Unit (FIU) being kept on alert as a priority task given the country’s recent experience in battling a sophisticated extremist terror organisation. A number of measures were taken over the years and the government is currently working on bringing [...]
Dian Gomes’ recipe for good management
Dian Gomes who came to dominate the business landscape of the apparel industry of Sri Lanka a few decades ago, this week recalled how things had changed over the years with new technological innovation and other factors seeping into business modules. “The corporate world has changed completely during the past 17 years when I was [...]
Record Rs 9.8 bn PBT in FY19 places LB Finance at the top
LB Finance PLC (LBF), a leader in the non-banking sector, recorded a whopping Rs. 9.8 billion Profit before Tax (PBT) on financial services for the year ending March 2019, a substantial 24.9 per cent from the previous year. The company surpassed the Rs. 5 billion mark for the first time in its history by recording [...]