Sweet toddy
The ‘Sapper’, an electrically powered tapping device, attached to the tree for extracting toddy in Kerala. See story below.
Loss to the state from foolproof liquor sticker scheme
The much-delayed, scheme of affixing foolproof stickers on legally manufactured liquor bottles gets underway causing a heavy loss to state coffers owing to awarding the tender to an Indian firm at a high price, amidst allegations of malpractices. The Excise Department has banned the sale of all brands of imported liquor without the foolproof sticker [...]
New economic unit for the South
The Ruhunu Economic Development Corporation (REDC) is emerging as a key area of development activities in the Southern region’s resurgence of the economy in the near future with the enactment of a new law. This new bill has been drafted by the Legal Draftsman and will be presented in Parliament soon for the establishment of [...]
Cheering SL’s coconut farmers with toddy tapping device
Maker Village in Kerala, India, a start-up incubator, envisages becoming an entrepreneurial hotspot for the world, including Sri Lanka, by introducing a new toddy tapping instrument, top officials say. “The advanced prototyping design and simulation centres can be accessed by makers around the world and our goal is to become the hub for hardware in [...]
Tourism’s SMEs dismayed by state inefficiency
The tourism industry is made up of 80 per cent of SMEs that have kept the home fires burning these past 10 years but now these tour operators, reeling from the disaster that struck Sri Lanka on 4/21, are likely to close shop or resize in six months. With no relief package to soften their [...]
Palaly scheduled to open end Aug.
Sri Lanka Tourism is for the first time funding an airport expansion – the northern airport in Palaly that is scheduled to be operational by the end of August, Civil Aviation Authority (CAA) Director General H.M.C. Nimalsiri said. By the end of August it will be ready for operation and that’s the plan, he said [...]
The buck stops …
The phone rang. It was my jolly-mood economist friend, Sammiya (short for Samson), on the line wanting to discuss corporate governance issues. “Hi my friend,” said Sammiya. “Hi there,” I replied. “There is a lot of talk these days about corporate governance and the roles of the chairman and the CEO of a company,” he [...]
Mind the remoteness!
One day I was watching a heart-breaking story of a rural family in Sri Lanka, as telecasted by a TV channel demanding attention of the authorities. The story is about the misery of the family, caused by poverty. And the poverty was a result of the lack of opportunities and resources. The head of the [...]
Building better products and services, faster
Very Bad Wizards, a product and service design agency, for the first time in Sri Lanka, is bridging the gap between what consumers want and what companies are providing in-terms of products and services. The question is often asked: Have you ever seen a really good and compelling ad with a big promise only to [...]
Coconut sale price lower than COP:Coconut growers
Coconut growers in Sri Lanka have blamed the government as the root cause of the crisis in the country’s ages-old coconut oil industry production since for some time now the authorities have allowed the import of large quantities of palm oil, some quantities which are suspected to be substandard and injurious to human consumption. At [...]
Best Corporate Citizen awards from Ceylon Chamber
The Ceylon Chamber of Commerce recently conducted the preliminary briefing on the application process of the Best Corporate Citizen and Sustainability Awards (BCCS) 2019. Applications for the awards for both the Best Corporate Citizen and the best sustainability awards will be open until October 11, 2019. Categories that companies will be evaluated on Best Corporate [...]
Sri Lanka Insurance Motor Plus offers host of new benefits
Sri Lanka Insurance Motor Plus is redefining customer experience with extensive benefits that enhance the user experience of their customers. Geared and equipped with latest technology and innovative service features Sri Lanka Insurance Motor Plus provides a faster and more convenient service together with complete protection for the customers and their vehicles. With newly introduced [...]
Bank of Ceylon celebrates its 80th anniversary
Bank of Ceylon, Sri Lanka’s largest bank, recently celebrated its 80th anniversary at the BMICH Colombo amidst a distinguished gathering which included President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The Bank of Ceylon story began in early 1900’s when lack of finance deprived many Ceylonese businesses to make use of the opportunities that were [...]
IT graduates employed have risen by more than 50 % in 4 years
For the forthcoming presidential elections, the United National Party (UNP) will not ask the people to vote for an individual, but for an intelligent leadership led by an individual. Their candidate would be a young person who has obtained the degree from a well reputed international university, qualified in economics and international affairs. The team [...]
Applications called for CA Sri Lanka’s 55th Annual Report Awards
To honour the best Annual Report masterpiece produced in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is now accepting applications for its 55th Annual Report Awards Competition from business organisations vying for honours in financial reporting. Boosted by a progressive history spanning over half a century, the Annual Report [...]
VWs to hold Beetle Pageant 2019
The Volkswagen Beetle Owners’ Club formed in 1997 and having a membership of over 250, has made arrangements to hold a Beetle Pageant 2019 on Sunday August 18. The event will bring together a large array of Volkswagen Beetles to this unique display which would comprise the very early imports, being the Rare “Split Screen” [...]
Sri Lanka to welcome the Chinese puff
Sri Lanka is likely to give the Chinese their fair share of merchandise even if it is banned in Sri Lanka, to enjoy their holiday. In this respect, Tourism Development Minister John Amaratunga said that the government would be considering offering a concession to Chinese travellers to bring their own Chinese tobacco to the country. [...]
Cinnamon’s ‘Future of Tourism Summit’ to explore ‘Challenges and Growth in the Face of Crisis’
Cinnamon Hotels & Resorts is preparing to host the third edition of the ‘Future of Tourism Summit’ (FOT 2019), on September 23, at the Cinnamon Grand Colombo. Running under the theme ‘Challenges and Growth in the Face of a Crisis’, this year’s event will bring together top global destination experts, who will share their specialist [...]
Ambeon Group announces strong performance in 2018/19 FY 2018/19
Ambeon Holdings PLC, one of Sri Lanka’s leading medium sized conglomerates, has reported impressive growth throughout the 2018/2019 financial year as per the financial results released to the Colombo Stock Exchange recently. The group is reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments, Ambeon said [...]
SL at the edge of the IT curve – IT Experts
Kochi, India – California-based networking company, Cisco Systems has added 200 customers to Cisco START, a new initiative tailor-made to help Sri Lankan Small and Medium-Sized Businesses (SMBs) to build their digital foundation and become globally competitive, a top Cisco India official said. Cisco India and the SAARC Managing Director Sudhir Nayar told the Business [...]
Sri Lanka’s IT industry shifts to Orion City with first Orion Tower opening
Colombo’s highly anticipated Orion City Towers opened on Wednesday, with this transformational 500,000 square foot structure challenging the Colombo skyline and promising its occupants the height of sophisticated end to end business solutions. It will be occupied by Sri Lanka’s corporate movers and shakers and forms a part of the developmental masterplan of the Orion [...]
Ceylon Chamber’s Sri Lanka Investment and Business Conclave on Sept 16
The Ceylon Chamber of Commerce will be organising Sri Lanka Investment and Business Conclave 2019”, under the theme “Explore: Network: Capitalise” on September 16, for the fourth consecutive year, at the Shangri-La Colombo. The event is in association with the Ministry of Development Strategies and International Trade, Ministry of Foreign Affairs, Ministry of Finance, Ministry [...]
Sri Lanka Customs container clearance loopholes exposed
Sri Lanka Customs container clearance process is to be streamlined following the exposure of weaknesses in the inspections being carried out by custom officers. The Finance Ministry has issued a directive to the Customs Department to strengthen risk management system, cargo inspection and clearance using modern technology and new systems. In the wake of the [...]
Private members motion on private sector salary hike
A private members motion on the salary increase for private sector employees is to be presented in Parliament as the government has failed to extend this relief although it has given a national salary hike. This assurance was given by opposition leader Mahinda Rajapksa in response to a letter sent to him by “Industriall Sri [...]
Nishani Jayasinghe Ranaweera, Managing Director- Diligent Group, awarded Sri Lanka’s Women Leadership Award
Ms. Nishani Jayasinghe Ranaweera who is the Co-Founder and the Managing Director of Diligent Group, Sri Lanka was conferred the ‘Sri Lanka Women Leadership Award’ organised by the World Women Leadership Congress at a recent ceremony in Colombo. Ms. Ranaweera is a MBA Holder of the University of Western Sydney, Australia; an Associate Member of [...]
Tourism staff heads roll
A number of transfers have taken place within the course of last week in a number of positions at both state tourism bodies – the Sri Lanka Tourism Promotion Bureau and the Sri Lanka Tourism Development Authority (SLTDA). At the SLTPB, a key position of Director Marketing has been swapped with that of Director PR; [...]
Top economist appointed to Sri Lanka’s Monetary Board
Top economist, Dr (Ms) Dushni Weerakoon has been appointed as a member of the Monetary Board of the Central Bank of Sri Lanka with effect from July 29, 2019. Dr. Weerakoon is the Executive Director of the Institute of Policy Studies of Sri Lanka (IPS) and Head of its Macroeconomic Policy research. She joined the [...]
Denmark technology for flood and drainage management
Sri Lanka is preparing to embrace new Denmark technology in flood and drainage management infrastructure essential to reduce the impact of future floods in the catchment of the Colombo Water Basin. According to Minister of Megapolis and Western Development Patali Champika Ranawaka, the government has decided to intensify the integrated flood management system and interventions. [...]
Gas World introduces innovative OxyGo Portable Oxygen delivery system
Gas World Pvt. Ltd has introduced a novel product in patient medical healthcare in the form of an innovative portable oxygen delivery system at home. This has been launched in the market as an innovative OxyGo Portable Oxygen delivery system. The ultra-portable device is the smallest and lightest oxygen delivery system in the industry, and [...]
Global Shapers in Sri Lanka to host ‘Shape South Asia 2019’
The Global Shapers Colombo and Kandy Hubs have won the bid to host the regional gathering of Global Shapers in South Asia for 2019 titled ‘Shape South Asia’. The event to be held in the second week of October 2019 will see 150 delegates from India, Pakistan, Bangladesh, Nepal, Afghanistan as well as a few [...]
Women, Debt and Migration: An emerging nexus?
Contrary to the emerging trends in labour migration, where in some labour-sending countries prospective female migrant workers fall into debt when they attempt to finance their migration overseas, in Sri Lanka the reverse happens; women are seeking work overseas as a means of paying off accrued debt. Consequently, research conducted by CEPA in the recent [...]
HNB ranked among Best Employer Brand in Sri Lanka for 2019
HNB PLC continues to win praise and acclaim for its superior approach to human capital management, having been awarded the Best Employer Brand at the recently concluded 4th edition of the Sri Lanka Best Employer Brand Awards 2019. “Our industry is one which requires each of our employees to be service oriented at all times [...]
Mahindra and Ideal Motors assist local component producers in assembling KUV100
Indian automotive major Mahindra and Mahindra Limited partnering with Ideals motors will open a vehicle assembly plant in Sri Lanka on August 17 at an investment of around Rs.3 billion with an eye on the export market. The plant will be opened by Prime Minister Ranil Wickremesinghe and Indian High Commissioner Taranjit Singh Sandhu in [...]
Role of NDB’s project finance in the economy
For four decades, NDB Bank’s Project Finance unit has been its forte since its inception as a development bank. In addition to the bank’s various project financing endeavours, NDB is also strong in financing renewable energy generation projects in Sri Lanka as well as in overseas jurisdictions, while also being one of the first banks [...]
Aitken Spence shows resilience with 17.5 per cent revenue hike in 1Q
In the aftermath of the devastating events of the April 21 attacks in Sri Lanka, the first quarter of 2019 for Aitken Spence was adversely impacted. As the country copes with multiple challenges, Sri Lanka’s economic growth is forecast at 2.7 per cent in 2019. Overall, the performance of the services sector in the country [...]
CSE to rethink rules to spur start-ups on Empower Board
The Colombo Stock Exchange (CSE) is trying to change some rules to give an impetus to more start-ups to go public and raise funds, officials say. “The CSE is now relooking at certain listing rules to see how to accommodate start-ups into the Empower Board,” Head of Market Development, CSE Niroshan Wijesundere told the Business [...]
Hayleys PLC records Rs. 52.6 b turnover in a challenging first quarter
Hayleys PLC, Sri Lanka’s most diversified conglomerate, demonstrated resilience in challenging conditions to record an improvement in turnover and operating performance during the first quarter of the 2019/20 financial year, the company said this week. According to the group’s results posted on the Colombo Stock Exchange website, the pre-tax profit fell by 64 per cent [...]
Despite losses, Hemas sees recovery ahead
The first quarter FY2019/20 performances has been a challenging period for Hemas with revenues 2.3 per cent below last year. This has been, primarily, a result of the terrorist attacks of April 21, with the aftermath causing economic slowdown and difficult trading conditions. “Our profitability has been more significantly impacted as we recorded a loss [...]