Tourism slowly recovers
A group of tourists prepares to climb the Sigiriya rock fortress. The tourism industry in the post April 21 attacks, is slowly recovering. Pic by Kanchana Kumara Ariyadasa
Critical economic decisions before polls
Just a few months before the Presidential elections, the Finance Ministry is taking on critical issues affecting the country’s economy while providing concessions for the people. The government is to deviate from norms to make key announcements shortly relating to relief for farmers, small and medium businesses especially to Easter terror affected sectors and the [...]
Govt. tea replanting fund gets cabinet nod
The Sri Lanka Tea Board (SLTB)-managed replanting fund has received Cabinet approval and will ensure that monies will be accumulated for the replanting of teas by smallholders, the ministry secretary said. “We got the Cabinet approval about two to three weeks back to establish a replanting fund that is contributed by all,” Plantations Ministry Secretary [...]
State agriculture insurer fails
The Agricultural and Agrarian Insurance Board (AAIB), the sole state sector insurer for agricultural risk management, has failed to achieve revenue targets due to management inefficiency and malpractices, a Finance Ministry fact finding report revealed. The AAIB has not taken any action to encourage farmers into insurance schemes and it has failed to introduce new [...]
Easter terror dulls corporate earnings; elections will further blunt it
Easter terror has dampened corporate results for the last quarter and firms will feel the brunt of elections-related dreariness in the next quarter, research analysts say. Lower consumer demand owing to the falling purchasing power has not spared any sector after the April 21 terror, Dimantha Mathew, Head of Research at First Capital noted to [...]
SL start-ups need to think global
Kerala – Sri Lanka has many of the characteristic for a thriving digital start-up ecosystem, but has been hindered by the lack of global expertise and funding. Sri Lanka needs to ‘think global’ to build scale and start going regional. Thanks to democratisation of technology, modern day innovation is not limited and Sri Lanka should [...]
Gold from waste
Many years ago, there were some interesting proposals to transform waste and garbage to energy. The proposals which came before the Cabinet essentially suggested the utilisation of the garbage from Colombo city and elsewhere and turning it into energy and fuel. Despite various committees sitting on these proposals, there was no conclusion and thus another [...]
Farmers turning to tuk-tuk drivers
One fine evening, there was a surprise phone call from a friend whom I hadn’t met for a long time. It was Nalaka Mendis, a former Professor at the Medical Faculty of the Colombo University. I shouted over the phone: “What a surprise, after such a long time!” He replied: “Yes, yes; it has been [...]
Ceylinco General Insurance’s new cover for serious illnesses
Ceylinco General Insurance, announcing yet another unique benefit for all Sri Lankans, is offering a cover of up to Rs. 500,000 per annum that will reimburse medical costs incurred in the treatment of diagnosed serious illnesses. These include heart disease, cancer, kidney failure, stroke and several others, providing a cover for heart attack and open [...]
New area of data analytics for economic prosperity
Sri Lanka now makes use of data as a catalyst for economic reforms a knowledge based society and a nation to unleash its maximum potential. A group of professionals recently passed out from universities was seen tirelessly collecting and analysing data for decision making at the Analytics Unit of the Ministry of Economic Reforms and [...]
NTB reports 10% drop in pre-tax profit in 2Q2019
Nations Trust Bank (NTB), amidst rising NPLs, increased credit cost and moderation of credit growth, recorded a 10 per cent in pre-tax profit in the second quarter of 2019 over the previous period largely stemming from increased impairment charges. Post-tax profits took a further hit largely due to the Rs. 383 million impact arising from [...]
ComBank improves Q2 earnings despite mounting challenges
The Commercial Bank Group has reported operating profit before impairment charges and taxes of Rs. 19.476 billion for the first half of 2019, a 9.45 per cent increase over same period of 2018. The Commercial Bank of Ceylon PLC, its subsidiaries and associates recorded gross income of Rs. 73.587 billion for the six months ending [...]
Amana Bank records 29 per cent growth in Q2 PAT
Amana Bank says it has achieved a 29 per cent YoY growth in Profit After Tax (PAT) for Q2-2019/20 to close the quarter with a bottom-line of Rs.162.2 million compared to Rs.125.5 million recorded in the corresponding period of 2018. Despite the higher tax regime applicable to the banking industry which accounted for 60 per [...]
SLI accords high priority to youth in a new strategy
Sri Lanka’s pioneer insurance provider– Sri Lanka Insurance Corporation (SLIC) – is now adopting a new strategy to expand the market for younger people who want insurance. It has introduced a market penetration strategy by rapidly expanding the delivery network and by launching a range of new niche insurance products, customised products for specific customer [...]
Leo Burnett launches 7th edition of its Masterclass internship programme
Leo Burnett Sri Lanka, part of the Leo Burnett worldwide recently launched the 7th edition of its Masterclass programme – a multi-disciplinary 5-week internship that is designed to nurture the next generation of creative talent in the marketing communications industry. Incorporating valuable on-the-job learning opportunities as well as access to high profile client projects and [...]
Chinese funded Gin-Nilwala project clouded by malpractices
The Chinese-funded Gin-Nilwala river irrigation project has been marred with financial misappropriation and irregularities, a government audit query revealed. The government has spent a sum of Rs.4 billion exceeding provisions made from the annual budget estimate for the project when signing the agreement with China CAMCE Engineering Co Ltd by the previous Rajapaksa regime. The [...]
Deepal Sooriyarachchi presents on “Practical applications of mindfulness in corporate life” on Aug. 22
The Colombo School of Business Management (CSBM) is presenting a lecture on “Practical Applications of Mindfulness In Corporate Life” by Deepal Sooriyarachchi on August 22 at the school. These ‘Talk of the month’ series was initiated by CSBM as a platform for prominent corporates to knowledge share and mentor the next generation of executives and [...]
Robotic Exoskeleton Chair for industrial workers
The Bionics Laboratory of the Department of Mechanical Engineering, University of Moratuwa has developed a wearable device named ChairX. The ChairX is a robotic exoskeleton chair to be used by industrial workers. The device provides sitting assistance for the industrial workers who need to carry out tasks at different crouched postures repetitively. It can act [...]
Brandix’s state-of-the-art clothing factory reduces environmental pollution
Batticaloa – What captures the eye of a visitor to the Brandix clothing manufacturing factory in eastern Batticaloa is the plaque that hangs conspicuously at the entrance to the facility. The plaque signifies net zero carbon status certification award bestowed on the company for sustainable development. The company proudly boasts of achieving the world’s first [...]
Work, relax and create at Dutch-designed The Veranda Offices
MVRDV, an architectural firm based in Rotterdam, Netherlands, has partnered with local architects ACS Integrated and PWA Architect for client Moot Manor Ltd (M2M), to design The Veranda Offices, a contemporary mixed use office space in Colombo 2. This is the design leader’s first project in Sri Lanka, and it promises to be a true [...]
Indian Ocean hub crucial for global trade
The successful conclusion of the trade agreement with China and India will pave the way for Sri Lanka to be the only country in the world to have preferential trade with these two countries and also Europe, West Asia and Asia as Sri Lanka’s geographical location is priceless. ‘We have to negotiate the geo dynamics [...]
SL Economic Summit to discuss “Global Dynamics in the Next Decade”
The premier economic forum, the Sri Lanka Economic Summit (SLES) 2019 to be held next month will discuss the global economy in the morning session of the first day. In a session focused on the “Global Dynamics in the Next Decade”, the current discourse in the global environment will be discussed. Organisers the Chamber of [...]
Accenture helps Brandix on digital transformation
Accenture, a global company, has signed an agreement to help Brandix, a leading apparel manufacturer in Sri Lanka, transform its manufacturing, supply chain, finance and human resources operations to set the stage for the company’s digital future. Under the terms of the agreement, Accenture will help Brandix develop innovative solutions that focus on process excellence, [...]
Hemas Hospitals opens a state-of-the-art laboratory in Seychelles
Hemas Hospitals, the first and only hospital chain in Sri Lanka to have been accredited by the Australian Council on Healthcare Standards International (ACHSI), recently established its first overseas laboratory facility in Mahe, Seychelles. Offering a comprehensive portfolio of over 3000 medical tests, the facility is the first fully-fledged laboratory to be established outside the [...]
Tea veteran Anslem Peiris steps down from CTTA with mixed feelings
The outgoing Chairman of the Ceylon Tea Traders Association (CTTA) Anslem Peiris stepped down last week with mixed feelings as the industry had gone through a number of issues due to the adverse actions of those in high office. Hitting hard at politicians in high office, he said that it was due to these “irresponsible [...]
Computer Chips is the future business
Chips, Semi-conductors and Memory Devices, are the backbone of any economy as everything is becoming electronic in today’s development the world over, according to Dr. Pradip K. Dutta, Group Vice President of Synopsys Inc and Managing Director of Synopsys –South Asia. In an interview with the Sunday Times Business Times held at the new Synopsys [...]
SLT’s operating profit up by 42 % in 1H 2019
The SLT Group last week announced its financial results for the first half of 2019 with a sharp growth of 42 per cent YoY in operating profit to reach Rs. 4.5 billion. The growth momentum was driven by better management of costs and increase of revenue by 7.9 per cent YoY to Rs. 42.6 billion [...]
Kerala Start-up Mission racing ahead with innovation
Kerala – Innovation has become a way to thrive in today’s volatile world. In spite of utopian business beliefs, the modern world ‘start-ups’ have raised a positive vibe in today’s business world. India has spring boarded in this regard with young entrepreneurs, in zeal to bid something new, surfacing with superb out-of-the-box ideas. With the [...]
Sampath Bank’s Net Interest Income up; decline in profit
Sampath Bank last week reported a net interest income of Rs.19.8 billion for 1H 2019 reflecting a growth of 12.2 per cent over the figure reported in 1H 2018, strong results given the challenging economic environment throughout the period under review. Operating profit before impairment charges and taxes for the period grew by 4.6 per [...]
Unilever Sri Lanka renews commitment to sustainability with SLINTEC/Dynawash
Unilever Sri Lanka together with the Sri Lanka Institute of Nanotechnology (SLINTEC) and Dynawash Ltd recently unveiled ‘T-hues’ – a revolutionary natural dye that will change the way clothes are coloured within the garment manufacturing industry. This partnership was launched during the recent Shilpa Sena exposition organized by the Ministry of Science, Technology and Research [...]
HNB resilient amidst tough 2nd quarter
Hatton National Bank PLC (HNB) continued to demonstrate resilience, reporting a profit before tax of Rs.8.3 billion and a profit after tax (PAT) of Rs.4.8 billion for the first half of 2019. The group PAT for the period was Rs.5.1 billion, the bank said in a media release. The institution’s robust business model coupled with [...]
Janashakthi Life continues strong, double-digit growth trajectory in Q2 2019
Janashakthi Insurance PLC says it has recorded “impressive year on year” growth of 20 per cent in Gross Written Premium (GWP) for the six months ending June 30, 2019, ending the period with a GWP of Rs.1.74 billion. “The company illustrated its commitment to policyholders, paying out Rs.899.35 million in Net Benefits and Claims to [...]