STBC 25th anniversary celebrations
Dr. Binod Chaudhary, Nepal’s most prominent businessman and that country’s first billionaire to be listed in Forbes, speaks at the 25th anniversary celebrations (1994-2019) of the Sunday Times Business Club. He was the guest of honour at the event at the Kingsbury Colombo last Sunday. Pic by Indika Handuwala.
New law limits money printing
Despite President Maithripala Sirisena’s directive to continue money printing with Treasury bill purchases by the Central Bank, the government will go ahead with the process of amending the 70-year old Monetary Law limiting money printing, Finance Ministry sources confirmed. “The proposed Act prevents the Central Bank from purchasing any government securities from the primary market,” [...]
Government to tackle corruption and money laundering
The Government will be introducing new regulations to tackle corruption in high places, the nexus between those dealing in money laundering and illicit drugs with key sections of the political leadership. It is aimed at strengthening intelligence, law enforcement and financial regulatory agencies, a senior official of the Finance Ministry said. New regulations and guidelines [...]
Financial irregularities of UDA, SLPA mega projects exposed
Sri Lanka’s Auditor General has exposed irregular accounting of debt running into billions of rupees where inconsistent rules were applied and some loans had been completely written off during the period of 2013 to 2015 under the previous regime. The loans obtained in relation to eight loan agreements under contracted liabilities made by the Government [...]
West Asia wants visa exemption, says John
West Asian countries, despite being a good source market, have not been included in the 48 countries that were finally approved for visa exemption. The final list of countries had been a decision made by the Prime Minister’s office, state officials told the Business Times. In 2018 West Asia generated 71, 636 tourists. Following this [...]
Attorney General queries tourism promotional campaign
Sri Lanka is trying to promote a destination that most people left after the Easter Sunday attacks but it continues to run into problems with the latest being the Attorney General’s Department requesting that correct procurement process be followed. The promotion campaign was expected to target the winter bookings. Sources have informed the Business Times [...]
Changing economic patterns
Laughing aloud, the trio watched as a boy down the lane was being chased by a dog. “Balagena malli (watch out little brother),” said Serapina, as the 14-year-old ran away, after initially provoking the dog. Later under the Margosa tree, I heard Kussi Amma Sera raising the issue of a severe drought that has affected [...]
Bonding with bonds
In the recent past Sri Lankans have become aware of the term “bonds” and, have been pretty much concerned about them too. Until then, many of us not even knew that there is something called bonds. Today I decided to talk about bonds not necessarily to answer the questions like “what is a bond” and [...]
Sri Lanka is safe again, says PM
Prime Minister Ranil Wickremesinghe has assured travellers that the government has taken all “necessary precautions” by beefing up border security among other measures to ensure safe travel in Sri Lanka. Addressing a media briefing held at Temple Trees on Wednesday, he noted that they are satisfied with security returning to normal in August and September [...]
Top Nepalese businessman urges government to do more for private sector, investors
His love affair with Sri Lanka started at a time when Sri Lanka was going through the most difficult period in its history in 2001 and that hasn’t waned – with investments flowing into the country from his group. For Dr. Binod Chaudhary, Nepal’s most prominent businessman and Nepal’s first billionaire to be listed in [...]
Seylan Bank records Rs. 3.4 bn PBT during 1H 2019
Seylan Bank has recorded a steady performance with pre-tax profit (PBT) reaching Rs. 3,476 million for the six months ended 30th June 2019 against the Rs. 2,996 million reported in the corresponding period of 2018 despite challenging market conditions and recent unexpected events that impacted the Sri Lanka economy. However, the bank’s post-tax profit increased [...]
Cinnamon campaigns to “Bring a friend home”
Cinnamon Hotels and Resorts is inviting your friend to spend their holiday in Sri Lanka, in a new campaign, as the industry tries to recover from the Easter Sunday attacks. Sri Lankan Bollywood actress Jacqueline Fernandez will open the campaign in the first week of August. Launching the campaign “Bring a friend home” to Sri [...]
DFCC maintains steady course despite turbulence
DFCC Bank’s core business posted a pre-tax profit of Rs. 2,056 million and post-tax profit of Rs. 1,588 million for the 6-month period ending June 30, 2019 compared to pre-tax profit of Rs. 2,373 million and post-tax profit of Rs. 1,837 million in the 2018 comparative period, recording a drop in pre-tax and post-tax profits [...]
Sri Lanka’s biggest gem and jewellery gathering next month
The ‘Facets’ Gem and Jewellery International Show 2019 – the 29th edition which is being held next month in Colombo proves that the world still has confidence and faith in Sri Lanka, despite the April 21 Easter Sunday human carnage which has affected tourism and other sectors. This solidarity to a country that is the [...]
AIA Insurance recognised as a GPW for 7th year running
AIA Insurance has been recognised as a Great Place to Work® in Sri Lanka for the seventh consecutive year. AIA was adjudged as one of the 25 Best Workplaces in Sri Lanka, while also bagging the Silver Award for Best in Large Sized Enterprise Category. AIA has passed the rigorous measurement through analysis of results [...]
CB urges customers to be cautious when making e-payments
The Central Bank (CB) on Thursday urged customers of financial institutions to ‘adhere to adequate safety measures’ when making e-payments. Customers should exercise caution when sharing any information that can be used to access and use their current or savings accounts, payment cards or electronic wallets (ewallets), the CB said in an announcement. It said [...]
New Arbitration centre will help reduce delays in the arbitration process
One of the main reasons for Sri Lanka to have a low ranking in the Ease of Doing Business Index is the considerably long time taken as a result of case delays for contract enforcement, says Justice Minister Thalatha Atukorale. Speaking at the launch of a branch of the Chartered Institute of Arbitrators, London (CIArb), [...]
Exporters dismayed over failure to implement strategic plan
Two strategic documents on exports handed over to the Ministry of Finance and other key government institutions have not been implemented although it was incorporated in the national budget. “We have not seen the intent and the commitment on the part of government to fire all guns in order to grow exports with the exception [...]
Japan’s SBI Group invests $2 m in Sunshine Energy
Sunshine Holdings PLC recently announced that SBI Ven Holdings (Pte) Ltd, the overseas private equity firm of SBI Holdings Inc, has invested US$2 million in Sunshine Energy (Pvt) Ltd (SEL) to propel Sunshine Holdings’ renewable energy production projects further. The strategic investment offers SBI Ven Holdings a 30 per cent stake in Sunshine Energy Ltd, [...]
DIMO looks ahead with new identity serving 80 years in automotive industry
Stepping into the 80-year mile stone Diesel and Motor Engineering PLC (DIMO) is now repositioned to grow competitively and meet future challenges in automotive industry, top officials of DIMO said. In the declining trend of vehicle imports with grey market practices and high taxation, it is the automobile dealers who are facing the heat of [...]
Facebook evolves advertising space
Facebook is opening a number of mediums to benefit its clients aimed at attracting consumers to advertisements and enticing them to make a purchase or decision based on these. This was highlighted by Facebook Partner Manager for South Asian and South East Asian markets Cindy Ngyugen. During her presentation made on Monday at the Jetwing [...]
Top Nigerian businessman discusses export of Idea Group products
Wafailu Bello, a Nigerian national who is the President/CEO of Bellmari Group and former Group General Manager of Dangote Industries Ltd, was in Sri Lanka recently to have B2B meetings with Idea Group Ltd. Mr. Bello is a brother of Aliko Dangote, the world’s wealthiest black national. The objective of discussions between Sampath Mayakaduwa, Chairman/CEO [...]
Jinadasa Group exits logistics industry with sale of Califolink
Califolink Logistics (CLL), the logistics arm of the Jinadasa Group, was recently acquired for an undisclosed sum by Ceyline Holdings. The integrated logistics company, which has a strong presence in Sri Lanka, has been an effective and reliable partner to many prominent local export businesses in the apparel, FMCG and automobile space over the past [...]
Hitachi-Omron Terminal Solutions acquires local fintech pioneer, Interblocks
Japan’s Hitachi-Omron Terminal Solutions, in an encouraging move for the Sri Lankan economy and its bourgeoning FinTech sector, has announced that it has purchased the entire issued share capital of Interblocks Ltd, a local company specialising in payment-related software products and services catering to needs of financial institutions and retail businesses. Upon finalisation of the [...]
Corrupt politicians and professionals stall Lanka’s progresss
While it is true that corrupt politicians are the ruination of Sri Lanka, it is also true that corruption in businesses and by professionals is responsible for the situation the country is in, asserted a government minister recently. State Minister of Finance, Eran Wickramaratne, speaking at the Sri Lanka Insurance Corporation annual awards ceremony held [...]
Keells commits to 50% reduction in single use polythene bags by 2025
Keells Supermarkets, a top supermarket brand in Sri Lanka, has taken a revolutionary step as the first supermarket chain in Sri Lanka to commit to a significant reduction in its single-use plastics. The move comes from the company’s belief in having the right conversations with their customers and their commitment to responding proactively to feedback [...]
President, PM attack loss-making SOEs saying they are swallowing public funds
President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe on Tuesday lambasted loss-making state enterprises such as SriLankan Airlines, Sri Lanka Railway, Ceylon Electricity Board, Ceylon Petroleum Corporation and Water Supply and Drainage Board, saying this was a huge burden shouldered by the abjectly poor, ordinary people of the country and a huge blow to the [...]
Elephant House’s ginger purchases boost farmer livelihoods
For approximately 600 ginger farmers in the Hatharaliyadda, Marathugoda, Poojapitiya, Haguranketha, Gampola, Gampaha, Galle, Colombo and Kurunegala regions, Elephant House is their closest business partner. As the best-known brand of Ceylon Cold Stores PLC, Elephant House Ginger Beer has for nearly two decades sourced its raw ginger requirement from smallholder farmers. In 2018 alone, the [...]