World’s most advanced muscle recovery tool ‘Spryng’
SriLankan Airlines has teamed up with MAS Holdings to elevate its business class passenger experience with Spryng – a smart accessory that helps rejuvenate transiting passengers or make ready those embarking on long distance flights. All business class passengers flying the national carrier can enjoy the complimentary service at the airline’s Serendib Lounge at the [...]
Challenges in balancing state recurrent expenditure
The government is facing an enormous challenge of meeting the recurrent expenditure of ministries and state institutions along with interest payments which is around 42 per cent of the 2019 budget revenue (35 per cent of GDP). Recurrent expenditure is set to increase surpassing the budgetary estimate of Rs.1.4 trillion for 2019 as the government [...]
World HR Congress in Colombo next July
Sri Lanka has won the right to host a major conference – the World Human Resource Congress – scheduled from July 6-8 next year with over 90 countries and nearly 3000 participants. An event that occurs every two years, Sri Lanka competed against Australia, the Philippines and Thailand to host the conference having also earned [...]
Business registration made easier for investors
New business registration will be made easy for investors with the enactment of the Companies (Amendment) Bill 2019 in Parliament on Wednesday. These new amendments have been made to the Companies Act No. 07 of 2007, in a bid to promote Sri Lanka’s investment opportunities and to maintain the country’s ease of doing business index [...]
30% drop seen in winter arrivals
The tourism industry is set to hit a downturn in winter with projections made out for a 30 per cent drop during the best season of the year. The Easter Sunday attacks had an immediate adverse impact on arrivals and sent all tourists in the country packing home. Sri Lanka Association of Inbound Tour Operators [...]
Three LAUGFS firms to list on CSE
LAUGFS Gas PLC will go public with three of its companies by year end, officials said. They said that LAUGFS Leisure, LAUGFS Power and LAUGFS Eco Sri will be listing on the Colombo Stock Exchange this year through an introduction. “We are now in the process of listing all three companies and awaiting regulatory approval,” [...]
Power games
P edris Appo, short for Appuhamy who is a retired agriculture expert now involved in farming, was furious. “If we don’t pay the bills, the Ceylon Electricity Board (CEB) will cut our power. Now the CEB is not paying the bills (to the Ceylon Petroleum Corporation – CPC),” he said, one morning. His grouse was [...]
The bubble, that’s about to burst
Dr. Howard Nicholas from the International Institute of Social Studies, the Netherlands had informed me of his visit to Colombo. Whenever, he comes here, I usually ask him if he has time to visit the University of Colombo and give a lecture. Usually, he doesn’t say no. Born in Sri Lanka, I knew his affectionate [...]
Lanka facing a crisis of confidence, business leader says
“Businesses playing a role in regaining and sustaining Sri Lanka’s economic resurgence is of great relevance, especially as the country is experiencing a feeling of uncertainty and challenges,” according to Chairman of MAS Holdings, Mahesh Amalean. In comments released by the Ceylon Chamber of Commerce (CCC) while he was speaking about Sri Lanka’s current economic [...]
Improvement in June to July tourist arrivals, up by 50 % so far
While Sri Lanka initially suffered a setback in tourist arrivals after the Easter Sunday attacks more than three months ago, arrivals are seen picking up month-on-month. From a drop of 70 per cent post Easter Sunday attacks, the numbers are reversing on a positive note with arrivals up by 50 per cent in June, says [...]
Hayleys to submit used mattress disposal strategy to BoI tomorrow
Hayleys Free Zone Ltd (HFZ), a subsidiary of Hayleys Advantis PLC, will meet the Board of Investment (BoI) tomorrow to present a proposal to get rid of the current stock of used mattresses stored at its Katunayake yard, company officials said. “We were requested to explain by the BoI as to how we will re-export [...]
Pership EAL Contemporary Container Homes for any terrain, any lifestyle
A unique concept of converting shipping containers into contemporary living spaces (living and commercial buildings) is an ideal solution in achieving the desired level of creativity whilst caring for the environment and your wallet. Pership Exotic Asian Living said it believes in absolute transparency and immaculate workmanship. “For us it’s not just a business, it’s [...]
Stax Inc wins ‘Best Office Interior’ in Asia Pacific Property Awards
Stax Inc, a leading management consulting firm, recently bagged the prestigious Five Star Award for the Best Office Interior in Sri Lanka under the popular Asia Pacific Property Awards. Designed by one of Sri Lanka’s leading fully fledged Architectural and Design practices, Stax Inc’s award-winning office interior was done by Kahawita De Silva & Associates [...]
CEAT launches new radial tyre range with Rs 350 m production upgrade
Leading tyre brand CEAT has unveiled a new series of radial tyres in Sri Lanka following an investment of Rs. 350 million to further upgrade the quality of a product category that had already captured a dominant 33 per cent share of the market. The improvements, achieved with the installation of new state-of-the-art machinery and [...]
New technology launched by Hutch Sri Lanka
Technology is technology and must have a use for the people. Hutch deploys the right technology to make a difference to every Sri Lankan and not merely for the sake of having it. This is the message to the Hutch consumers in Sri Lanka by Thirukumar Nadarasa, CEO, Hutch Sri Lanka, speaking at the occasion [...]
Union Bank records strong growth of 52% in pre-tax profit in 1H19
Union Bank concluded a strong first half, recording significant growth in core banking revenue with resultant profits before all taxes of Rs. 849 million, amidst challenging market conditions that tested the resilience of businesses across all sectors. The second quarter of 2019 carried unforeseen challenges for the banking sector, which was under demanding economic conditions [...]
23 plantation companies face charges of defaulting land lease payments
The government is mulling to cancel the lease agreements of state owned-valuable estates, land and property leased out to plantation companies and private firms over its failure to pay accumulated lease rent running up to millions of rupees. Some 571 estates belonging to the Janatha Estate Development Board (JEDB) and State Plantation Corporation of Sri [...]
Tokyo Cement shares expertise in mass concreting
Tokyo Cement Group, a longstanding industry partner of the Society of Structural Engineers of Sri Lanka (SSE-SL), recently cemented the partnership by becoming the principal sponsor of the Question Time Sessions organised by SSE-SL. At this event, Janaka Perera, Tokyo Cement’s General Manager – RMC Sales and Marketing shared his expertise in mass concreting, using [...]
INSEE’s first Sustainability Report launched
INSEE Sri Lanka has helped the government to destroy 2000 tons of cocaine seized by the Customs safely without leaving any trace to prevent it falling back into wrong hands. This was done on a personal request made by the President to ensure a drug free society. The technology and the capacity to destroy such [...]
Govt. in desperate bid to salvage Chinese, Indian holidaymakers
The Sri Lankan authorities in a desperate bid to lure more tourists to the country are issuing free visas even to countries like China and India in a complete change of policy. Tourism Development Minister John Amaratunga announced on Tuesday that cabinet had granted approval to issue free visas to 45 countries that was previously [...]
Imara de Chickera recognised by World Woman Leadership Congress
Imara de Chickera, Director of Communication at The Kingsbury, was recently awarded as a Sri Lankan Woman Leader for her Leadership in Marketing and Brand Building. She is a writer and experienced Marketing and Communications Specialist with a demonstrated history of building and driving brands in Insurance, FMCG, a Conglomerate and Hospitality. Skilled in Marketing [...]
Fonterra’s world-leading traceability system a first for Sri Lanka
People around the world now more than ever want to know where their food comes from and how safely it is made. In this context, New Zealand dairy co-operative Fonterra is leading the way as the first dairy company globally to implement a system that can electronically trace its products anywhere in the world within [...]
World Trade Centres Association celebrates “A Half Century of Global Trade Connectivity”
The World Trade Centres Association (WTCA), of which World Trade Centre (WTC) Colombo is a member, celebrates its 50th anniversary this year as the owner of the iconic global “World Trade Centre” and “WTC” trademarks. Founded in 1969 by Guy Tozzoli who was responsible for building the original New York WTC, the non-profit organization has [...]
Children’s Centre for Disabilities at Kelaniya Faculty of Medicine opens in Dec 2019
The AYATI Centre – Sri Lanka’s first National Centre for Children with Disabilities- was ceremonially handed over by the Sri Lanka Army upon construction to the Faculty of Medicine, University of Kelaniya on July 18. The centre will be opened to the public by end 2019, providing its services free of charge to help children [...]
Six months left to resuscitate oil palm industry
Sri Lanka has only six months left to rescue its oil palm industry from near destruction unless authorities don’t give into popular pressure to disrupt possibilities of reducing edible oil imports by manufacturing locally. The oil palm cultivation that commenced 50 years back is now facing pressure from local activists like the Rainforest Protectors along [...]
NDB wins big at Asian Banking & Finance Awards 2019
The National Development Bank PLC and its subsidiary company NDB Investment Bank Ltd together clinched a record number of nine awards at the recently concluded Asian Banking and Finance Awards 2019, organised by the Asian Banking & Finance Magazine of Singapore. The Singapore-based awards programme was held under three categories, namely Retail Banking Awards (for [...]
Top organic certifier to launch in Sri Lanka
Mayacert S.A, a top-tier organic certifier in Central and Latin America, is soon to make its debut in Sri Lanka, as part of expanding its wings across Asia. Being accredited by DAkkS, Germany (Deutsche Akkreditierungsstelle GmbH) according to DIN EN ISO/IEC 17065, Mayacert is also affiliated with IFOAM (International Federation of Organic Agriculture Movement). With [...]
John Keells’ Transportation, Consumer Foods and Retail groups witness strong growth momentum
John Keells Holdings PLC reported a 5 per cent growth in group revenue during the first quarter of the year (2019/20) of Rs.31.74 billion compared to the Rs.30.16 billion recorded in the previous financial year. The Transportation, Consumer Foods and Retail industry groups continued their growth momentum from the previous quarter despite the disruptions post [...]
Finance Ministry goes rural to promote entrepreneurship
Loans under Enterprise Sri Lanka subsidised credit has totaled Rs.88 billion to 55,000 recipients since the programme started in June 21 last year. The Finance Ministry will be going rural to tap the potential of youth with hidden business innovational talents creating awareness on export markets and business skills, State Minister for Finance Eran Wickramaratne [...]
No better time than now to live in Sri Lanka
While the country is facing numerous challenges in re-building many sectors after the Easter Sunday attacks, it’s one of those crucial times to learn from the previous mistakes and do things right this time. “There is no better time than now to live in Sri Lanka,” says a tech expert. Ruwindhu Peiris, Managing Director of [...]
FriMi by NTB lauded as the Best New Fin–Tech Bank in Sri Lanka
FriMi, the first digital bank in Sri Lanka, was crowned for its dedication to providing leadership, excellence and innovation in Fin-Tech Banking recently. FriMi, a product of Nations Trust Bank ascended through the criteria set by the awarding giant, Global Banking and Finance Awards. The Global Banking & Finance Review magazine scored FriMi in multiple [...]