Tourism promo roadshows cancelled
Sri Lanka Tourism has cancelled all roadshows following a face-off between the board and officials of the Sri Lanka Tourism Promotion Bureau (SLTPB) that have been continuously blamed for the delay in implementing the recovery plan and promotional campaign post 4/21. Following cabinet approval obtained for the implementation of the promotional campaign and recovery plan [...]
CEB-Ace Power deal causes a heavy loss to state coffers
Power purchasing deal between the Ceylon Electricity Board (CEB) and the Ace Power Embilipitiya (Pvt.) Ltd owned by Aitken Spence during the periods of power crises has caused a loss of billions of rupees to state coffers, Treasury sources revealed. Power purchasing agreement with this private power provider has violated Sri Lanka Electricity Act bypassing [...]
CID serves summons on 2 market offenders
The Criminal Investigations Department (CID) has moved to serve summons to a Sri Lankan capital market offender in Ireland through the International Criminal Police Organisation (Interpol) in a crackdown after the Securities and Exchange Commission (SEC) went to courts against him at the Magistrate’s Court Colombo Fort. The Business Times reliably learns that Ireland-based Dr. [...]
Apparel industry campaigns for more workers
The apparel industry has been receiving positive responses in the light of the “Matai mage ratatai” campaign to attract more workers in an industry that has a dearth of 40, 000 employees. In the wake of the commencement of the apparel industry women employed in this industry had faced a lot of rebuke from society [...]
New Immigration and Emigration Act to facilitate border control
Government will enact a new Immigration and Emigration Act this year to meet the present needs both nationally and internationally replacing the present Act which was promulgated in 1948. The existing Act was introduced in an era when the volume of international movements was limited and a majority of arrivals were by sea. Following the [...]
Awards…awards…awards
Serapina, the more-fun loving person in the triumvirate, came dancing into the garden singing ‘Singali None’ to join Kussi Amma Sera and Mabel Rasthiyadu under the Margosa tree. “Mokakda me kellata vela thiyenne (What has happened to this girl)?” asked Mabel Rasthiyadu. “Aluth sinduwak, Akka … aluth sinduwak (New song, sister … new song),” Serapina [...]
“For necessary action, please”
There was a “day-care centre” to look after little children while their parents were at work. Parents used to come and drop their children at the day-care centre on their way to work every morning. In the evening, they were back to pick them up. This particular day-care centre was faced with an irritant issue [...]
EFL, first Sri Lankan company to acquire membership in Green Freight Asia
Expolanka Freight Ltd (EFL), recommitting itself to effective climate action in accordance with the United Nations Sustainable Development Goals (UNSDG), leading integrated global logistics solutions provider, has announced its inclusion into the membership in Green Freight Asia (GFA). EFL’s membership in GFA will include the company in an influential and growing network of Asian road [...]
Sampath rights gave a breather to ailing CSE
Sampath Bank PLC’s (Sampath) Rs.12.1 billion rights issue, now fully subscribed, is a catalyst in boosting the Colombo Stock Exchange’s (CSE) rebound after getting beaten in the past three quarters, officials said. Colombo’s main share index, the All Share gained as much as 1 per cent last week with the bourse gaining for the seventh [...]
Strong demand for Dollar Sovereign Bond paves way for faster Lankan recovery
Strong demand on the recent issuance of Sri Lankan International Sovereign Bonds (ISB) signals potential for a strong economic recovery according to Ceylon Asset Management (CAM) Director and Economic Advisor, Rainer Michael Preiss. “The decline in Sovereign Bond Yields indicate that the worst is over for Sri Lanka. The coupon interest rate on recent International [...]
The Galle Club’s 2nd AGM
The second consecutive Annual General Meeting (AGM) of the Galle Club, a past pupils association from six renowned schools in Galle, took place recently at the Mövenpick Hotel, Colombo. Representing camaraderie and connectivity between its members, the Galle Club brings together past pupils of St. Aloysius College, Richmond College, Mahinda College, Southlands College, Sanghamitta Balika [...]
Softlogic Group eyes Asia, Africa for expansion
Poised for growth, the Softlogic Group, one of Sri Lanka’s largest conglomerates, is looking to expand outside the shores of the country and commencing operations of its successful sectors in Asian and African markets “to replicate our success in Sri Lanka.” This was stated by Group Chairman/Managing Director Ashok Pathirage, in the company’s annual 2019/19 [...]
Mercantile Investments robust performance in 2018/19
Mercantile Investments and Finance PLC (MI), despite a challenging business environment for the finance sector, has yet again reported a robust financial performance for the FY 2018/19. The company’s Net Profit Before Tax (NPBT) and Net Profit After Tax (NPAT) was Rs. 787 million and Rs. 458 million, respectively. “However, the adoption of the SLFRS [...]
Wins from Great Place to Work® for BoardPAC®, IronOne®
BoardPAC® and IronOne® Technologies have bagged yet another milestone by getting a hat-trick at the recently concluded GPTW Awards Ceremony 2019—#1 in Camaraderie, ranked among the Best 25 Great Places To Work in Sri Lanka and a Top Category Award. Camaraderie, which is one of the five dimensions of creating a great workplace, refers to [...]
ISM APAC recognised through Great Place to Work Certification
ISM APAC, a leading global software development company marking its fifth year of operations in Sri Lanka, was recently bestowed with a Great Place to Work Certification for its continuous effort and engagement towards its people and culture. Being a major contributor to the e-commerce industry globally, ISM’s office in Sri Lanka which serves the [...]
New device to test student responses
Universities today are increasingly involved in broader projects inclined towards commercialisation based on their research and not confined to the precincts of these halls of intellectual learning. In this backdrop, the Department of Physics, University of Ruhuna launched an electronically based project ‘Student/Audience Response System’ (SRS) in 2015 and which was completed in 2018. For [...]
TruSens room air purifiers launched by Thef:;llstop
A range of innovative and advanced room air purifiers from the 2019 Red Dot Design Award winning TruSens range from the US has been launched in Sri Lanka by Thef:;llstop, the country’s main specialist in fine stationery and office products from leading global brands. Designed as an effective solution to the increasingly degrading quality of [...]
Norwegian Embassy first to take up residence at exciting new creative space, The Veranda Offices
The Norwegian Embassy recently signed up with Moot Manor (Pvt) Ltd, becoming the first occupants of the soon to be completed M2M Veranda Offices in Colombo 2. The Ambassador and the First secretary of the Norwegian Embassy visited the site of M2M Veranda Offices, located at the intersection of W.A.D. Ramanayake Mawatha and Hunupitiya Road, [...]
Tea gets access to Iran, promotions start in Sept.
Sri Lanka’s tea industry is taking a number of bold decisions from commencing tea exports to Iran from next month to kicking off its global promotional campaign in September. Plantation Industries Minister Navin Dissanayake addressing the media at the Sri Lanka Tea Board (SLTB) on Thursday said that Sri Lanka has worked out a barter [...]
Greasemonkey launches first Mobile Mechanic Service in Sri Lanka
Greasemonkey Automobile Pvt Ltd, Sri Lanka’s largest e-commerce platform dedicated to automotive products and services, has launched the country’s first Mobile Mechanic Service – ‘Mechanic at Your Doorstep’. It offers clients efficient and convenient off-site access to trained vehicle mechanics in and around Colombo’s city limits. The Greasemonkey service connects customers with trained, qualified and [...]
Brandix praised as Sri Lanka’s largest corporate blood donor for 9th successive year
Brandix has been praised as the ‘Largest Corporate Blood Donor’ in Sri Lanka for the ninth consecutive year by the National Blood Transfusion Service (NBTS), following the contribution of over 4,000 pints of blood from the company’s employees in 2018-19. Minister of Health, Nutrition and Indigenous Medicine, Dr. Rajitha Senaratne presented Brandix with a special [...]
Rail network to be developed with ADB assistance
The Asian Development Bank (ADB)’s future direction is to improve the railway network in the country after negotiations with the state and will present a portfolio in August this year on the Kelani Valley railway network. The transport sector is the best performing sector in the ADB’s portfolio, said Ms. Sri Widowati, Resident Mission Director, [...]
Government urged to tighten entrepot trade regulations
The Sri Lankan Government has been urged to tighten entrepot trade regulations introduced during the previous Rajapaksa regime in 2013 which allegedly allows re-exporting rackets of unscrupulous exporters to enjoy tariff relief, Customs officers have revealed. The gazette notification No. 1818-30 issued during the Rajapaksa regime has provided provisions for import and re-export goods without [...]
More Sri Lanka roads to be developed with ADB assistance
Plans are afoot to rehabilitate 7500 km of the road network including 700 national roads across the country. “We started the programme in most provinces except in the Uva, Eastern and the Northern Provinces which we hope to commence soon,” said the Director General of the External Resources Department of the Ministry of Finance, Priyantha [...]
Commercial Bank launches Sri Lanka’s first QR based payment app under LANKAQR
The Commercial Bank of Ceylon has launched ComBank Q+ – the first Quick Response (QR) based payment app to be launched under LANKAQR – creating history yet again by introducing technology that matters in the lives of the bank’s customers. LANKAQR is the national QR standard for local currency payments introduced by the Central Bank [...]
BOI to take action against firm that imported waste
The Board of Investment (BOI) has decided to take stern action against a company that has failed to re-export goods as agreed to with a view to concluding this matter expeditiously. “The company has failed to meet this commitment and has from time to time requested extensions to comply, citing technical and other constraints,” the [...]
CB urges banks, fincos to reduce interest rates
The Central Bank (CB) on Friday said that it expects lending rates of banks and NBFIs (finance companies) to reduce further in the immediate future and borrowers, particularly SMEs, can expect to obtain credit facilities at reduced interest rates from banks and NBFIs. “The CB will closely monitor the behaviour of bank interest rates and [...]
Mass scale fraud in Sri Lanka’s land and condo deals
Frauds pertaining to real estate property and condominium property have become somewhat common in Sri Lanka with the laws pertaining to them in this country being unreliable and often amended, repealed and replaced. There is no system in the country where the government certifies or guarantees the title of the property. A seminar was recently [...]
Public Utilities Commission and Moratuwa University to create low income housing model
The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, on Monday signed a Memorandum of Understanding (MoU) with the University of Moratuwa to collaborate and introduce a self-powered housing model for low income households with the aim of providing best architectural housing structure with the use of maximum daylight for low income [...]
Mevan Peiris appointed to Advisory Council of Global Shapers Community
The outgoing Curator of the Global Shapers Colombo Hub – Mevan Peiris, has been elected to the Advisory Council of the worldwide Global Shapers Community at the World Economic Forum. The Global Shapers Community is an initiative of the World Economic Forum headquartered in Geneva, Switzerland and is a network of inspiring young people under [...]
BOI inks agreement with edotco to equip Sri Lanka
The Board of Investment (BOI) of Sri Lanka and edotco Sri Lanka, an integrated telecommunications infrastructure services company, on Wednesday entered into an agreement to invest in the latest Smart City solutions and energy efficient systems towards further developing the country’s connectivity landscape. Under this agreement, the BOI has granted edotco Sri Lanka the approval [...]
Sri Lanka, key part of Expo 2020 Dubai
Sri Lanka has been officially designated as an approved participant at the World Expo 2020 Dubai after the Government of Sri Lanka signed the ‘Official Participation Contract’ with the “Dubai Expo 2020 Bureau” on July 8. The high level delegation to the UAE for this event was led by Nalin Bandara, Deputy Minister of Development [...]