Parliament control over 210 state funds, 13 shut down
Some 210 statutory and non-statutory funds being operated by various government institutions will be brought under the control of Parliament while shutting down a further 13 public funds, the Finance Ministry revealed. A new system has been introduced to make changes on the scope, mandate and objectives of such funds to reflect the present day [...]
SEC filing charges against 2 more pump and dump era market offenders
Fresh from attempts to nab two stock market offenders, capital market regulator, Securities and Exchange Commission (SEC) is flexing its muscles to net two more high profile felons from the infamous pump and dump era, well connected sources say. They told the Business Times that certain offenders during 2011 to 2013 when the worst manipulations [...]
Tea makers want moratorium on leases
Hard on the heels of the hospitality industry, now tea estate owners want the government to grant a moratorium on their lease rentals to ease their burden as tea prices continue to decline since the first half of this year. Hayleys Plantations Managing Director Roshan Rajadurai told the Business Times said that they would not [...]
SLT employees contemplate ‘disobedient’ action against poor management
Sri Lanka Telecom (SLT) is now in dire straits owing to its failure to adopt sensible management practices, Telecommunication Engineers Union (TEU) alleged. In a letter to SLT chairman P.G. Kumarasinghe Sirisena, TEU President Samantha Ruwanpathirana stated that SLT has proven a fertile ground for enacting decisions made outside of it, thus causing negative consequences [...]
Money lending, micro finance under rules
Money lending and the micro finance businesses will come under strict regulatory control to protect customers and victims affected by illegal practices. The Credit Regulatory Authority Act will be enacted in parliament to provide for the regulation of money lending and the microfinance businesses and to provide for matters connected it, including protection of customers [...]
White collar greed
Finally it happened, after more than four years. Sri Lanka’s biggest white collar crime in decades came to courts last week with indictments being filed in the Central Bank bond scam against nine persons and chief culprit firm Perpetual Treasuries Ltd (PTL), by the Attorney General. The accused are former Central Bank Governor Arjuna Mahendran, [...]
The Singapore formula
Many years ago, my first visit to Singapore was a long stopover at the Singapore Airport, which was a memorable one. I had to wait about half a day for my connecting flight to Melbourne. Singapore Airport was big, and it never stopped becoming bigger and better in order to accommodate the ever-growing air-travel passenger [...]
CB’s monetary policy review more forward-looking next year
The Central Bank’s monetary policy review, issued every month, will be more forward-looking to the financial markets next year than current practice, a senior Central Bank official said. Dr. Chandranath Amarasekera, Additional Director, Economic Research Department at the Central Bank, said these changes will come as against the current policy of reviewing what happened in [...]
To be considerate as we all try to recover
“Priyantha is a manager attached to a leading hotel, located in the Southern coast of Sri Lanka. Priyantha’s rise to his current designation is a true rags to riches story. Having started in the same hotel in a very junior role, it was Priyantha’s hard work and personal goal of rising in the hotel sector [...]
IMC and PR pioneer NGage banks on women leaders
NGage Strategic Alliance, the integrated marketing communications and public relations pioneer, has announced the appointment of two of its top women executives, Sheron Jayasundara and CFO Chamika Colonne, to the company’s Board, with Ms. Jayasundara being passed the baton as CEO by its founder Nimal Gunewardena. Ms. Jayasundara has been a stalwart of the agency [...]
Private sector needs to work collectively to lift SL’s growth
In times of uncertainties, the private sector should have the mindset to change as Sri Lanka moves forward into the 2020-25 period to an exponential era of change. This is the idea Dr. Hans Wijayasuriya, Corporate Executive Vice President and Regional Chief Executive of Axiata Group Berhad and newly elected Chairman, Ceylon Chamber of Commerce [...]
SL firm selected as supplier for the world’s largest high-tech greenhouse in Japan
Japan has become the first country in the world to build the most high-tech greenhouse with the installation of the SARA greenhouse in Kasaoka city. It is the largest single site advance glass greenhouse project with the latest technology available in the world to grow tomatoes, bell peppers and butterhead lettuce. SARA Inc decided to [...]
Israel offers technical knowhow to modernise agriculture
Israel is eager to assist Sri Lanka to explore immense potential in tourism, agriculture and water management adopting modern innovative techniques, visiting Israeli Ambassador to India and Sri Lanka, Dr. Ron Malka told the Business Times. Delhi-based Dr. Malka, on 3-day fact-finding visit to the island, noted that his country stands ready to provide technical [...]
Sydney’s University of Technology launches in Colombo
Prime Minister Ranil Wickremesinghe this week launched Colombo’s newest international higher education college, ‘UTS Insearch Sri Lanka’. Attending the launch event were Australia’s High Commissioner to Sri Lanka, David Holly; Deputy Vice-Chancellor and Vice-President (International) for the University of Technology Sydney (UTS) – Iain Watt and Managing Director of UTS Insearch Alex Murphy. The launch [...]
Amari Galle — first hotel to have fully automated Food Safety Management System
Luxury beachfront resort Amari Galle has been certified ISO 22000 and is the first hotel in Sri Lanka to utilise a fully automated Food Safety Management System, PEx Solution. Its General Manager Puneet Dutta in a media release said that this investment underscores the hotel’s uncompromised commitment to food safety. “Food safety is becoming more [...]
Sysco LABS hosts first Machine Learning Hackathon
Artificial intelligence and machine learning technologies are just beginning to see widespread adoption, development and application. It is against this backdrop that Sysco LABS hosted its inaugural Hackathon, “OVERCLOCKED 2019” for developers across its offices with a focus on machine learning, the company said in a media release. The finale saw teams developing and presenting [...]
Foreign companies listed on the CSE can acquire, own freehold land
Foreign companies will soon be able to acquire and own freehold land in Sri Lanka as long as the entity is listed on the Colombo Stock Exchange (CSE). The barrier imposed on land acquisitions done by foreign entities before 01-04-2018 will be removed through amendments to the Land (Restrictions on Alienation) Act No. 38 of [...]
Need for upskilling the local talent pool in Sri Lanka
While the hunger for innovation and knowledge-based ideas keep emerging out of the local talent pool in the country, the product outcome does not reflect much of its enthusiasm. Start-ups have tremendous ideas but the execution is very poor, industry experts have said while adding the need for upskilling the existing talent focused to achieve [...]
Antyra hosts “Digital Strategies for a Faster Recovery” workshop
Antyra Solutions (www.antyrasolutions.com), a leading data-driven Digital Marketing Agency catering to the travel and hospitality sector with offices both in Sri Lanka and Singapore, recently hosted a free workshop entitled “Digital Strategies for a Faster Recovery”, designed to share ideas with sector organisations on how to create a roadmap to accelerate their forward bookings recovery. [...]
Risk, issue and crisis management lessons
SNIPEXX, Performance and Sales Academy recently conducted a business brainstorming session through a panel of proven entrepreneurs to a packed and attentive audience at the Kingsbury Hotel Colombo. The event was fully subscribed with over 400 key decision-makers of industry from CEOs, C-Level Officers and management team members who were challenged to delve outside of [...]
Land prices in Greater Colombo rise 64% as demand grows
Demand for land in Thalahena, Gothatuwa and Kolonnawa, just outside Colombo, is rising significantly, resulting in the highest percentage increases in land prices in Greater Colombo, according to a recently concluded study. LankaPropertyWeb.com analysed postings in its website to ascertain the change in asking prices for land in the Greater Colombo area. Thalahena topped the [...]
Positive Sri Lanka initiative aims to jumpstart economy
Bringing together the community to collaborate in a unique initiative, the campaign, Positive Sri Lanka, is urging businesses, big and small, to participate in generating positive momentum in the economy. Initiated by a group of like-minded private citizens coming together to address the needs of this economic crisis, the Positive Sri Lanka campaign was launched [...]
MOU between the STBC and TMC
The Sunday Times Business Club (STBC) and The Management Club (TMC) last week signed a Memorandum of Understanding (MOU) providing a host of benefits to both its members. Under the MOU which is valid for three years beginning July 1, 2019, the TMC will offer reduced entrance fees to STBC members for admission as a [...]
ICC organises musical concert in aid of April 21 orphans
A concert is being organized to raise funds for the victims and families of the Easter Sunday bombings. Titled, ‘21/4 We Care Concert’ it will feature Sri Lanka’s leading musical artistes performing live at BMICH on July 13. The concert is being organised by the International Chamber of Commerce Sri Lanka (ICCSL), the domestic chapter [...]
Sri Lanka profiled at the 6th South Asian Expo in Kunming China
Sri Lanka was a participant at the 6th South Asia EXPO from June 12-18 in Kunming, China, with 104 Sri Lankan exhibitors being accommodated in a 600 Sq m pavilion showcasing export products such as tea, gems and jewellery, handicrafts, spices, ayurvedic products and agricultural products, etc. Deputy Minister of International Trade and Development Strategies [...]
Dankotuwa launches Ivory grade tableware
Dankotuwa Porcelain PLC, renowned for its luxurious and elegant porcelain tableware, recently introduced its Ivory Grade tableware into the Sri Lankan market. Reputed for its elegant trends, innovations and modern designs in both the local and global markets, the all new Ivory Grade is said to have a premium ivory hue to its designs and [...]