NDB’s 40th anniversary
Past chairmen and CEOs, the present chairman and CEO, and officials pose for a picture outside the NDB headquarters in Colombo on Tuesday during the 40th anniversary celebrations of the bank. Pic by Ishanka Sunimal
Tourism promotion: Local firms chip in
Sri Lanka’s private sector industry, in the absence of a tourism marketing plan to lift tourism in the scarred destination after Easter Sunday attacks, is ploughing its own resources to woo visitors back to the country. On Thursday state officials said the recovery marketing plan had been abandoned. “Aitken Spence Travels (AST) is the largest [...]
Govt. to borrow Rs.2 trillion to service debt
The Government plans to borrow Rs.1, 944 billion from local and foreign sources for its debt servicing including the financing of the budget deficit in 2019, a senior Finance Ministry official said. The Treasury has received an income of Rs 894 billion in the first six months this year. However, Rs 1,100 billion had to [...]
Sri Lanka gets more footfall
While Sri Lanka is seeing an improvement in arrivals as the numbers continue to rise over the months, winter projections are likely to see a 50 per cent drop in tourists. Jetwing Symphony Chairman Hiran Cooray said that during the month of August occupancies in most of their hotels except a few villas were around [...]
Confusing economic signals force firms to delay investment
Companies are rethinking their investment plans in the near future due to mixed signals amidst an uncertain environment. Impending elections and lethargic government mechanism have cost companies’ bottom lines both of which have compelled many of them to set aside their growth plans, officials said. A CEO of a manufacturing firm that is publicly listed [...]
Grama Sevaka blues
Kussi Amma Sera was in an angry mood on Thursday morning. “Balanna Nangi, Grama Niladhari mahattaya sanduda hitiye neha (See … the Grama Sevaka was not there on Monday),” she told Mabel Rasthiyadu and Serapina. “Samahara vita eya rajaye karyalayakata yanna aeti (Maybe he went to some government office),” opined Serapina, chatting under the Margosa [...]
India, bigger than the UK now
India is now bigger than the United Kingdom. Well, we know that we are not looking at the geographic or demographic size of the country, but its economic size. According to the World Economic Outlook 2019, this year India with little less than US$ 3 trillion GDP is going to surpass the UK economy with [...]
Sri Lanka has failed in good governance promises
Sri Lanka is miserably failing to restore the valiant democratic principles to create ‘good governance’ which can be achieved if there is a will and commitment by the authorities. This was clearly the view that emerged at a lively public discussion on ‘Assets Declaration as an Anti-Corruption Tool’ organised by Transparency International Sri Lanka and [...]
40-year old NDB pre-tax profit up amidst challenging market conditions
The National Development Bank PLC (NDB), which is celebrating its 40th anniversary, demonstrated resilience amidst challenging macro-economic and market conditions to report a pre-tax profit exceeding Rs. 5 billion for the first six months of 2019, up by 8 per cent over the same period in the previous year. Post-tax profit of Rs. 2.22 billion, [...]
OPA rejects Higher Education Quality Assurance Bill
The Organisation of Professional Associations (OPA) in Sri Lanka has rejected the draft Higher Education (Quality Assurance and Accreditation) Bill which was gazetted in June and is now before Parliament, and urged that it be withdrawn. The unanimous decision was taken by the Presidents/Representatives of member associations of the OPA at a special meeting held [...]
Wadiya celebrates 45 years
The Wadiya Restaurant at Wellawatte last week celebrated 45 years in business. Founded by owner Olwyn Weerasekera, it was one of Colombo’s oldest beach restaurants, visited by British Royalty, airline staff, visiting international cricketers, foreign business executives and locals of varied walks of life. It was a great tourist attraction of yesteryear and continues todate.
Singer rating by Fitch drops to ‘negative’ from ‘stable’
Poor consumer sentiment which would lead to lower sales and the ban on Huawei by the US were among developments that led Fitch Rating to revise its outlook on consumer-durables retailer Singer (Sri Lanka) PLC’s National Long-Term Rating to ‘Negative’ from ‘Stable’. In a media statement on Tuesday, Fitch said the negative outlook reflects the [...]
Pan Asia Bank reports Rs.753m PAT during 1H’19
Pan Asia Banking Corporation PLC has reported Rs.753.7 million in profit after tax for the six months ended in June 30, 2019 (1H’19) amidst a period of multiple challenges. In the quarter ended in June 30, 2019 (2Q’19), the bank reported earnings of Rs.481.6 million, down 5 per cent from the same quarter last year, [...]
Ceylinco Life’s 6-month net income at Rs.14.7 bn
Ceylinco Life has reported net income of Rs.14.7 billion for the first half of 2019, an increase of 10.55 per cent over the corresponding period of last year as a result of investments yielding noteworthy returns and premium income recording equitable growth. In its 16th consecutive year of market leadership, the company’s premium income for [...]
“Anslem Peiris steps down with mixed feelings”
With reference to the article under the above heading which appeared on Sunday August 18, the following corrections need to be made as pointed out by Mr. Anselm Perera: 1. The outgoing Chairman of the Colombo Tea Traders Association (CTTA) is Anselm Perera. 2. Japan had only temporarily suspended Ceylon Tea imports into Japan in [...]
National honours conferred on 66 Sri Lankan citizens
Economists, entrepreneurs, business and management professionals were among those who were conferred with national honours by President Maithripala Sirisena on Monday. The full list is as follows: Deshamanya – Ajita de Zoysa, Indrajit Coomaraswamy, Merrill J. Fernando, Christopher Walter Pinto, Mohan Munasinghe and Surath Wickramasinghe. Deshabandu – Anura Tennekoon, Anselm Perera, Raja Sarath Bandara, Lakshman [...]
Semi-solid foods to carry colour codes next month
Following the mandatory colour codes on all soft drinks directed by the Health Ministry in 2016, all semi-solid foods such as yoghurt and ice cream are to carry similar codes with effect from next month, officials said. Already firms like Ambewela discloses sugar content in set yoghurt stating that 14.4g of sugar is in 100g [...]
LOLC Life Assurance wins the Inter Insurance Company Quiz Competition 2019
LOLC Life Assurance emerged winners at the 2019 Inter Insurance Company Quiz Competition by defeating some of the strong industry contenders. The competition was organised by the Sri Lanka Insurance Institute and was held at the Sri Lanka Foundation Institute recently. The event was organised with the intention of promoting friendship and fellowship amongst the [...]
Brandix lauded as Sri Lanka’s largest corporate blood donor
Brandix has been lauded 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 recently presented Brandix with a [...]
Tropicoir launches new factory in the North
Minister of Plantation Industries Navin Dissanayake, Ministry Secretary J.A. Ranjith, Chairman of Coconut Development Authority Mr. Udaya Ranasinghe and other officials recently declared open Premier Tech Lanka Pvt. Ltd in Palai, 6 km north of Kilinochchi. It is a company under the umbrella of Tropicoir Lanka Pvt Ltd providing employment to nearly 300 direct and [...]
NDB celebrates 40 years of service to the nation
Although a cabinet paper was presented in 1969 for the formation of the National Development Bank (NDB), the change of the government in 1970 saw the cabinet paper falling into an abyss. However the proposal was revised in 1977 with the change of government and in 1979 the National Development Bank (NDB) was formed with [...]
SEC indicts 4 more pump and dump era manipulators
True to its promise made half a decade ago, the Securities and Exchange Commission of Sri Lanka (SEC) is pursuing share market manipulators in the infamous pump and dump era. One by one the regulator is closing in on offenders during 2011 to 2013 when the worst manipulations of the stock market by high net [...]
Panasian Power announces vision for the future at inaugural investor conference
Panasian Power (PAP), one of Sri Lanka’s leading green energy solutions providers, recently held its inaugural investor conference at the Movenpick Hotel, Colombo, attended by over 40 high profile investors, members of leading brokerage firms and bankers. Panasian Power Non-Executive Director Dilanka Jinadasa, Executive Director Pathmanatha Poddiwala and Financial Director Gayan Gunawardana presented the company’s [...]
Sarvodaya Development Finance participates in Sri Lanka’s first-ever hiking competition
Sarvodaya Development Finance (SDF) recently took part in Sri Lanka’s first-ever hiking competition, the “Thornton Hike 2019” organised by Thornton Hike Event Management Company. The Thornton Hike 2019, a journey through wilderness of Sri Lanka, was organised in aid of raising much-needed funds to build sanitary facilities for West Haputale Primary School where hundreds of [...]
Mobitel signs MoU with Jpura University for R&D in next generation telecommunication networks
Mobitel recently signed a Memorandum of Understanding (MoU) with the University of Sri Jayewardenepura, to co-create and co-innovate in the area of telecommunication, 5G, Internet of Things (IoT), Artificial Intelligence (AI) and more – with both parties sharing their respective areas of expertise and knowledge towards the common goal for collaborative research and development. Mobitel [...]
Proposed amendments to Merchant Shipping Act fail to deal with issues over past 48 years
The Merchant Shipping Act 52 of 1971 was enacted mainly to create the state-owned Ceylon Shipping Corporation. But from there onwards not a single ship’s regulation has ever been promulgated by any of the successive governments of this country. Almost from the same era, in the early 1970s, Sri Lanka has signed as many as [...]
Marketing offers the dream career
Imagine: You’re 18 and on the verge of the biggest, most transformational chapters of your life. You’re faced with an important decision – picking your major. You want something that excites you, challenges you and adds purpose to your life. Odds are that you’re not considering marketing. In my 30 plus years as a marketer, [...]
Broadlands hydro power project fails to see the light of day
Sri Lanka’s last major 35 MW Broadlands Hydropower Project with annual generation capacity of 126 GWh is still to see the light of day even after six years of its ground breaking ceremony. The construction contract of the project was granted to the China National Electric Equipment Corporation (CNEEC). The key factors behind the delay [...]
SLASSCOM, Norway sign 2- yr agreement on ICT Development and Entrepreneurship
The Sri Lanka Association of Software and Services Companies (SLASSCOM) and the Norwegian Ministry of Foreign Affairs recently entered into a 2-year agreement to foster collaboration in the ICT industry. The newly appointed Norwegian Ambassador to Sri Lanka, Trine Jøranli Eskedal and Ranil Rajapakse, Chairman SLASSCOM signed the agreement. “Norway is keen on working together [...]
Kenya Minister visits Munchee factory
Kenya’s Minister of Trade, Industry, Investment, and Cooperatives Peter Munya, while in Sri Lanka, visited the Munchee Factory at Makumbura on Thursday. During the visit, he held cordial discussions with the Chairman and top management of the Ceylon Biscuits Ltd (CBL). The visiting Minister stated [...]
CA Sri Lanka launches ‘Board-Ready Female Members Directory’
In a landmark initiative aimed at breaking gender barriers across boardrooms, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently launched the ‘Board-Ready Female Members Directory’ which promotes more female representation across boards in corporate Sri Lanka. The directory which features a list of female Chartered Accountants who possess extensive experience and [...]
Indo- Lanka auto majors begin SUV KUV100 production locally
Sri Lanka began its first ever assembly manufacturing compact sports utility vehicle (SUV) KUV100 in partnership with giant India unleashing the potential of adding local value in the production process. India’s global diversified conglomerate Mahindra and Mahindra partnered with Sri Lanka’s Ideal Motors to open a vehicle assembly manufacturing plant in Welipenna, Mathugama on Saturday. [...]
More credit card rewards from HSBC
HSBC has announced the launch of its new Rewards credit card that offers up to 5X rewards on multiple spend categories, to meet the lifestyle demands of emerging affluent customers in Sri Lanka. In celebration of the launch, HSBC partnered with Colombo’s largest shopping mall, Colombo City Centre (CCC) which was converted to a giant [...]
Bohra convention to cash in US$50 million
A much needed boost to the tourism industry has been achieved in the form of the Bohra Global Convention scheduled to be held from September 1-10 at the Bohra Headquarters in Bambalapitiya. The Bohras is a minority community of Muslims in Sri Lanka, initially originating from India. Tourism Development Minister John Amaratunga said at a [...]
New Samsung Galaxy Note10, Note10 Plus now available at Dialog
Dialog Axiata PLC has announced pre-orders for the latest Samsung Galaxy Note10 and Note10+ smartphones; which will be available at selected Dialog Customer Experience Centres. Dialog’s offering of both 4G VoLTE and VoWiFi capabilities are the ultimate accompaniment to the latest Samsung Galaxy Note range to deliver superior call and video-call quality, the company said [...]
Sri Lanka resilient in the face of global financial strains
While the rest of the financial world including China, the US and the West is facing some form of financial distress, Sri Lanka – though not financially sound and having its own problems -, still appears to be resilient and showing progress. This was stated by Nalin Welgama, Chairman, Ideal Finance Ltd (IFL) on the [...]
Millennium IT ESP launches new corporate brand identity with a new purpose
Millennium IT ESP (Pvt) Ltd (Millennium IT ESP), Sri Lanka’s leading Systems Integrator and Information Systems Provider, has announced the launch of its new corporate brand identity, its purpose, redesigned logo and values. These changes have been launched strategically at a time when the company is evolving its service offerings, expanding global reach and transforming [...]
Nihal Fonseka joins the ranks of the global financial elite
Nihal Fonseka, President of CISI Sri Lanka’s National Advisory Council (NAC), has been awarded an Honorary Fellowship by global financial services professional body, the CISI. Honorary Fellowships are awarded by the CISI (Chartered Institute for Securities & Investment) Board of Trustees to those who have made a significant positive contribution, both to the financial services [...]
Hayleys Agriculture opens its first Innotech Piyasa in Kurunegala
Hayleys Agriculture Holdings Ltd, the leading agri-inputs provider in Sri Lanka, which has been in the industry for over five decades working closely with the local farmer to introduce new sustainable global practices, has embarked on yet another venture to provide climate-smart agriculture practices accessible to the farmer. Taking on the adverse effects of climate [...]
Central Bank cap on lending if banks and NBFIs don’t cooperate
The Central Bank will be compelled to impose a cap on lending if the banks and financial institutions fail to reduce high lending rates, Central Bank Governor Indrajit Coomaraswamy warned. This action will be taken to accelerate monetary policy transmission through the financial sector, he said adding that a lending cap will be imposed individually [...]
Tokyo Cement inaugurates state-of-the-art technical excellence centre
A cutting-edge Centre for Technical Excellence of Tokyo Cement Group was inaugurated recently in Trincomalee. The Centre of Excellence will house the technical operations, R&D facilities and quality control operations of the entire local manufacturing process of Tokyo Cement Group signifying the company’s commitment towards maintaining superior quality. The Centre was declared open by Mitsuo [...]