Lorry sales
With business suffering a downturn in the country, some traders have resorted to selling wholesale goods in lorries in Pettah as this picture shows. Pic by Priyantha Wickramarachchi.
SEC taps Interpol to track market offenders
The Securities and Exchange Commission (SEC), in a first time move, has sought the assistance of International Criminal Police Organisation (Interpol) to crackdown on a Sri Lankan capital market offender. Interpol was contacted to summon one person based in Ireland to the Sri Lankan courts, according to SEC sources. Raw from the reputational dent it [...]
Tax avoidance – a serious offence liable for stringent punishment
Sri Lanka is making tax evasion a serious offence liable for imprisonment and heavy fines extending the range of civil penalties for taxpayers who avoid paying taxes. The Inland Revenue Act (IRA) enacted in Parliament last year, stipulated heavy punishment for those convicted of tax evasion, Finance Ministry sources revealed adding that the Inland Revenue [...]
Sri Lanka readies to hang GSP +
The noose has been set around the GSP + to the European Union (EU) ever since President Maithripala Sirisena endorsed death by hanging of four drug offenders which has alarmed those particularly in the apparel industry and the recent terror-struck tourism sector. Because one of the conditions signed for GSP + is not implementing the [...]
Promo Bureau, spoke in the wheel of promos
A terror-hit tourism industry fighting hard to pay the salaries of its workers is today faced with the state tourism promotion agency not yet ready to spearhead a PR campaign and recovery plan and a bag of Rs.900 million to go with it. In protest they have asked authorities to cancel all road shows for [...]
CCC pushing for agenda at next election
The Ceylon Chamber of Commerce (CCC) is planning to establish a grouping of about 17 industries to push forward an agenda vital to the business sector at the upcoming elections. A group of 17 industries, part of the CCC, will join hands to form a team that would be involved in the drafting of an [...]
Moratorium on loans
It was a call from far-away Moneragala that woke me up this morning. On the line was ‘Nana’ Mohideen, the jolly-mood trader and friend from Kussi Amma Sera’s extended network. “I say Sireee … no business no,” he said, in halting English. “What do you mean?” I asked. “Well after Easter Sunday incidents, few people [...]
Digging holes and filling them up
During the time of the Great Depression in the 1930s, as businesses began to plummet, people lost jobs and incomes. Because people lost jobs and incomes, their purchases plummeted too. Because people cut back purchases, in turn businesses plummeted and closed down. And the vicious cycle of an economic crisis – the Great Depression, continued [...]
Construction sector to rebound after Easter attacks
The government, in a bid to purge the pessimism created through the recent terror attack in April has settled Rs. 70 billion worth overdue payments to the Central Expressway contractors while concessionary loan schemes and lower interest rates for home builders to restore stalled construction will be rolled out in the next few quarters, officials [...]
INSEE Ecocycle extends waste management services to BOI for the next 16 years
After a decade of successful operations with the Board of Investment – Sri Lanka (BOI), INSEE Ecocycle Lanka, the waste management subsidiary of INSEE Cement, recently signed an agreement, extending its waste management services to the BOI for the next 16 years, up to year 2035. BOI Chairman Mangala B. Yapa, Chairman/CEO of INSEE Cement [...]
Sri Lanka urgently needs publicity campaign, says tourism industry
Sri Lanka’s tourism industry believes authorities need to work on a plan of action to initiate a promotional drive to boost arrivals to the country as the concern about terror attacks has changed in today’s context. During a panel discussion on the “Challenges of the tourism industry in the aftermath of the Easter Sunday carnage” [...]
Using drone technology to transport drugs, blood across Sri Lanka
When fatalities occur in parts of the country and things like surgical instruments, drugs and particularly blood are needed urgently, if they are not supplied in the quickest possible time, it could result in death. Dr. Vijith Gunasekera, former Director of Blood Transfusion Services/Director, Laboratory Services, participating in a ‘round-table video conference for media held [...]
Restructure plan for SriLankan Airlines
The current financial position of the national carrier airline is as per its Annual Report 2018 where the total equity of the company is a negative figure of Rs. (132,196) million. The non-current interest bearing liabilities and other long term liabilities outstanding according to that report is Rs 69,405 million and interest bearing current liabilities [...]
Bank charge of 3%
Except for leading supermarkets and other big companies, other sales outlets which are authorised to accept debit/ credit payments, levy a bank charge of 3 per cent on the net value of the goods purchased if one uses either the debit card or the credit card. I think it is somewhat reasonable to levy a [...]
Standard Chartered secures repeat mandate from SriLankan Airlines for bond issue
Standard Chartered Bank (SCB) acting as the Joint Lead Manager and Joint Bookrunner recently successfully priced a US$175 million, five-year Fixed Rate Senior Unsecured Reg S issuance for Srilankan Airlines, guaranteed by the Sri Lankan government 7 per cent yield. This is the first international bond offering by a Sri Lankan Corporate since 2014 and [...]
Lufthansa Group appoints GSA in Sri Lanka
Germany’s Lufthansa Group has announced the appointment of United Ventures (Pvt) Ltd as its new General Sales Agency (GSA) for Lufthansa, Austrian Airlines and Brussels Airlines in Sri Lanka. In its new role as GSA, United Ventures will manage on-ground sales and marketing resources and infrastructure end-to-end support for all the three airlines in the [...]
One in six credit card holders drowns in debt
At least one in six Sri Lankan credit card holders is grappling under a mountain of credit card debt which has risen to unbearable amounts making it difficult for them to repay with their meagre earnings, a recent research report of a banking sector professional group has revealed. Debt-ridden credit card owners paying very high [...]
Cloud Computing and Artificial Intelligence, future technology of Sri Lanka
The Sri Lanka Association of Software and Service Companies (SLASSCOM) and Amazon Web Services (AWS) have collaborated to help position Sri Lanka as a hub for data science and Artificial Intelligence (AI) skills, start-up and learning programme, said Jeevan Gnanam, Chairman of the SLASSCOM at a media briefing held at the Shangri-la Hotel in Colombo [...]
Lanka – Thai relations on travel high
The Sri Lankan government will very soon issue free visas for Thai nationals with the possibility of extending it to other countries as well. Tourism Development Minister John Amaratunga speaking at a media briefing held on Thursday to announce the MOU signed between the Thai government and Sri Lanka, noted that they “will implement a [...]
FastTrack Summer Internship Programme 2019 re-launched with Brandix Apparel, Fonterra Brands and John Keells
Brandix Apparel Ltd, Fonterra Brands Lanka (Pvt.) Ltd and John Keells Holdings PLC held an orientation ceremony for 15 diverse, talented interns on June 25 at Hatch, Colombo, formally commencing the FastTrack Summer Internship Programme 2019. First introduced in 2011, the ‘FastTrack’ Summer Internship Programme returned in April 2019 to provide 15 selected undergraduates a [...]
AIA Hong Kong extends closing date of exit offer to July 5
AIA Insurance Lanka PLC has announced to its shareholders that the closing date of the Exit Offer made by AIA Company Ltd of Hong Kong to the rest of the company’s shareholders has been extended to July 5 from June 21 to accommodate shareholder requests for an extension. AIA Insurance Lanka announced in March that [...]
Sri Lanka launches National Card Scheme
Sri Lanka’s Central Bank (CB) together with LankaClear (Pvt) Ltd (LCPL) this week achieved a significant milestone in the country’s payment landscape by launching the National Card Scheme (NCS). NCS will be operated by LCPL in partnership with the international payment card operator JCB International of Japan. Initially, a debit card will be issued under [...]
Much ado about Plastics
At the World Oceans Day this year and in fact over the past few years there has been greater emphasis on the plight of the oceans from plastics. Man-made debris has increased substantially; and of these, plastic is considered to be the most persistent and problematic. A report by the United Nation’s Environment Programme (2014) [...]
Airtel ‘Katha Bus’ Recharge pack Rs. 98
In a move that is set to revolutionise the telecom industry, Airtel Lanka introduced ‘Katha Bus’, a new pack offering unlimited voice calls. With a price point of Rs 98, this affordable pack is suited for heavy callers, reflecting Airtel’s promise to enhance customer experience, offer a complete smartphone experience, and help subscribers to always [...]
CAL Research clean sweeps Annual Capital Market Awards 2019
Capital Alliance Securities (CAL) research team, the securities arm of Sri Lanka’s top investment banking firm, made a clean sweep of awards in all categories competed at the 7th Annual Capital Market Awards organised by the CFA Society Sri Lanka recently. This year, CAL won an array of accolades including Gold Awards for the Best [...]
CEAT Kelani’s Truck Bus Radials enter the market
Heavy duty, high-performance radial tyres custom-engineered for trucks, buses and prime movers plying Sri Lanka’s roads and manufactured for domestic conditions, have been commercially launched by CEAT Kelani Holdings in a ground-breaking initiative by the company that produces nearly half the country’s tyre requirements. Part of a phased execution of Rs. 3 billion investment announced [...]
Dialog technological partner for Colombo Touch Parking Card Project
Dialog Axiata PLC recently announced its entry as the exclusive technological partner for the launch of the Touch Parking Card, launched by Tenaga Car Parks Pvt Ltd in a public-private partnership with the Colombo Municipal Council (CMC). The Touch Parking Card provides NFC (Near-field Communication) technology as a payment solution for issuing parking tickets. Further, [...]
Excise duty collection enhances to give big boost to revenue kitty
Sri Lankan government facing a cash crunch for implementing its budgetary programmes will be focused on collecting maximum revenue from excise duty much more than the budget estimate this year. The Finance Ministry has issued directives to revenue collection authorities including the Excise Department, Sri Lanka Customs and Inland Revenue Department to double their efforts [...]
Sri Lanka makes public investments only in priority projects
Sri Lanka is now compelled to make public investments only in selected priority projects due to financial constraints of the Treasury and the political instability in the country, official sources said. The Treasury will be managing public investments properly within the limited fiscal space in the medium term to support achieving long term objectives, a [...]
Work-related deaths and accidents have increased over the years
A staggering number of deaths and work-related accidents have taken place and thus one cannot be complacent with measures taken so far with regard to occupational safety and health issues of workers. Figures show that 2.78 million workers die every year from work-related accidents and diseases and 374 million persons are incapacitated from non-fatal occupational [...]
Sri Lanka’s first press release distribution system launched
News Publisher, a new generation corporate communications agency, founded by Fiona Nanayakkara, launched www.NewsPublisher.Online on June 2019 – Sri Lanka’s first press release distribution system, which simplifies the use of corporate communication tools at an affordable price. As Sri Lanka’s local brands begin to expand their reach to international markets, garnering recognition as industry leaders, [...]
US-based investment giant TPG reaffirms long-term commitment to Union Bank
Union Bank’s major shareholder Culture Financial Holdings Ltd, through which US-based investment banker TPG which holds 70 per cent of bank shares, has informed that they will not accept the offer to repurchase their shares, thus affirming its continued commitment towards the future progress of the bank. Union Bank announced a share repurchase offer which [...]
Non-performing loans in banks rise sharply, says Fitch
Non-performing loans (NPLs), credit where loan takers are delaying payments, is becoming a serious problem for commercial banks. According to Fitch Ratings, NPLs grew sharply by 64 per cent in 2018 – the sharpest increase since the pawning debacle in 2013 – driving the sector NPL ratio to 3.4 per cent (2017: 2.5 per cent). [...]
SL Insurance receives Fitch Rating upgrade to AAA (lka) for strong financial stability
Fitch, endorsing Sri Lanka Insurance (SLI) as the trusted insurer of the nation, has upgraded Sri Lanka Insurance’s Insurer Financial Strength (IFS) rating to ‘AAA (lka)’ from ‘AA+ (lka)’ with a Stable Outlook. The upgraded rating reflects the favourable business profile, strong financial performance and capitalisation of the company maintained over time within a challenging [...]