Meeting of two eminent minds
International renowned economist Dr. Razeen Sally and Central Bank Governor Dr. Indrajit Coomaraswamy in conversation during the 69th anniversary oration of the Central Bank held in Colombo on Wednesday. Pic by Amila Gamage.
Tough CB rules for dealers in post bond-scam era
The Central Bank (CB) has issued a set of strict guidelines to dealers in treasury operations of commercial banks and specialised banks in the post bond-scam era that cover ethical transactions and includes whistle blowing provisions. The guidelines issued on August 29 to the market, according to bank dealers, contain new and old provisions made [...]
SEC unbowed (so far) in catching manipulators
The Securities and Exchange Commission of Sri Lanka (SEC) is revving its resources to serve justice which has preempted other investors to seek justice. Certain traders who lost heavily a few years ago from transactions done through some broking houses want their (lost) cash. These firms are fielding calls from some investors, sources said. In [...]
Registered music groups
Registered musical groups have been included in the category of persons and institutions entitled to concessions granted to the tourism industry in the aftermath of the Easter Sunday bombing. This is stated in a circular to all licensed banks which reads as: “In line with the Cabinet decision to extend the concessions granted to tourism [...]
Infrastructure development on hold as fund flow dries up
Many ongoing infrastructure development projects have been temporarily suspended in a latest move by the Treasury to curtail public spending as the budgetary allocations to several such projects are already exhausted, official sources said. Efforts of the Treasury to improve the quality of public spending and curtailment of unproductive expenditures will be strengthened under these [...]
Govt. draws plan for profits in 4 years
The debt-ridden national carrier SriLankan Airlines, aiming to be profitable in four years following a restructuring plan, is said to have terminated leased aircrafts from Airbus without prior Cabinet approval. These were revealed at the recent COPE committee meetings. Ministers Kabir Hashim and Ravi Karunanayake had submitted in 2017 a Cabinet paper requesting to obtain [...]
‘‘Efficient’’ municipalities
Pedris Appo (short for Appuhamy), a retired agriculture expert who does farming, was amused on Thursday morning. “I say, did you see that advertisement in the Sunday Times last week on a Municipal Council offering repair services for a payment?” he asked during a morning call. “No, really,” I replied, adding: “Let me check and [...]
Transport corridors and elephant corridors
I was in the audience, participating at a public seminar on “Evaluating Millennium Challenge Corporation (MCC) Compact grant to Sri Lanka”, organised by the Pathfinder Foundation. A few participants from the audience expressed their concern, commenting on the MCC Compact grant. One of the participants gave his reasons to oppose: “The proposed Colombo – Trinco [...]
ATMs are becoming expensive for banks to maintain
While banks encourage the usage of ATMs to its customers instead of depositing or withdrawing cash over the counter, times have changed today where the ATMs have become expensive for a bank to maintain and service them. Moving into online transactions is less expensive than maintaining an ATM machine, says Channa De Silva, CEO and [...]
Sri Lanka’s trade deficit continues to improve
Sri Lanka’s trade deficit continued to improve during the first half of 2019 with the sustained growth of exports and the notable contraction in the growth of imports. The deficit in the trade account narrowed significantly in June 2019 in comparison to the corresponding month of 2018 mainly due to the reduction in imports of [...]
Public sector accountants under the scanner
Public sector accountants were given a lesson in ethics on Tuesday when a number of financial and legal specialists highlighted the importance of maintaining accounts without falling under pressure to act unethically. Solicitor General Dilrukshi Dias Wickramasinghe said that accountants were whistle blowers and the first investigator to any transaction, while speaking at a seminar [...]
Ground-breaking shift from conventional HR practices at 46th ARTDO World Conference
The Asian Regional Training & Development Organisation (ARTDO) will hold its 46th annual conference, for the first time in Sri Lanka from September 23 to 25. This renowned annual conference recognised by HR gurus and leaders in the human resource and talent development industry has been held in many countries such as Australia, Egypt, Malaysia, [...]
Strong support from ADB to gender specific SME projects
The Asian Development Bank (ADB) is promoting women’s entrepreneurship in Sri Lanka through its Micro, Small and Medium (SME) enterprises Line of Credit Project supported by the Entrepreneurs Finance Initiative (We-Fi). This was stated at the Kingsbury Hotel on Tuesday during a Forum and Panel Discussion organised by the Women’s Chamber of Industry and Commerce [...]
Caboo app offers range of benefits to exporters and new taxi services
A Sri Lankan entity – Caboo Holdings Ltd – has entered new vistas in the country’s development activities, providing opportunities to all Sri Lankans to buy, sell and export their products locally and internationally, in addition to launching a new e-commerce taxi service – Caboo Taxi. The launch took place this week at the Hilton [...]
A Vision for a Sustainable Nation
There is a vision of our land that has persisted over three millennia and is ingrained in the heart and soul of every citizen. A vision of a land, resplendent, beautiful, safe from violence, disease and famine and a land where the tolerant and compassionate philosophy of the Buddha guides human interaction. But today, the [...]
Vibrant public service is a prerequisite for Sri Lanka
Any person elected as a Member of Parliament and who becomes a Cabinet Minister should not have any business interests at all, was a view expressed by State Minister of Finance, Eran Wickramaratne when he spoke as Chief Guest at the CIMA Business Leaders’ Summit 2019 held at the Shangri –La Hotel in Colombo last [...]
Handun Villas recognised by Trip Advisor
Handun Villas has announced that it been awarded the “2019 Trip Advisor Certificate of Excellence.” In a media release, Handun Villas said it has always provided a high standard of service in every aspect of the holiday experience they provide to their guests. Positioning themselves as a provider of the “authentic Sri lankan Experience”, Handun [...]
Ceylon Tea brand still sells worldwide
Ceylon Tea still has brand value and this need not change to Sri Lanka Tea as some in the industry believe necessary. That is how a marketer and renowned hotelier described the world famous beverage at the 22nd AGM of the Tea Exporters Association in Colombo on September 6. Hotelier Rohan Kaar delivering the keynote [...]
Politicians: Time to manage your greed
The lingering pieces of a post-colonial socialist economic system that have kept the government deeply involved in various unproductive and underproductive sectors and propping up inefficient state-run enterprises came under fire by business leaders recently. They also criticised the incompetencies in IT skills at many levels in the state mechanism. “We’re in a situation where [...]
Palaly airport to open for international flights
Priority is to be given to the Northern Province in employment opportunities at the soon-to-be opened Palaly International Airport, Petroleum Resources and Civil Aviation Minister Arjuna Ranatunge has said in Jaffna. He made this comment during a visit to the airport with a team of 80 officials to assess its development project. He further said [...]
SL Business Conclave 2019 sees foreign investment interests in many sectors
Rising interest has been seen in agriculture, power and energy, infrastructure development, export manufacturing/services, knowledge services and tourism/leisure, by foreign delegates attending the “Sri Lanka Investment and Business Conclave 2019” organised by the Ceylon Chamber of Commerce on September 16 at the Shangri-La hotel in Colombo. Foreign companies have also show interest in investing in [...]
Land value in Colombo district up by 13.6%
Land value in the Colombo district has increased by 13.6 per cent on average, according to the biannual Land Price Index compiled by Central Bank. The Bank compiles and analyses several indicators, in order to monitor the developments in the real estate sector. Accordingly, the Land Price Index (LPI) is compiled biannually covering the Colombo [...]
HDFC Bank profits rise in first half 2019
HDFC Bank, the market leader in housing development finance, has achieved impressive financial results in the first half of 2019 with a number of key financial indicators showing significant gains. The bank’s net interest income for the period ended June 30, 2019 was Rs. 1.42 billion, a 28 per cent increase over the previous year’s [...]
Some Apple Laptops banned on SriLankan flights
SriLankan Airlines has advised that Apple has determined that, in a limited number of older generation 15-inch MacBook Pro units, the battery may overheat and pose a fire safety risk. Affected units were sold primarily between September 2015 and February 2017. “As a safety measure passengers are requested to verify with Apple whether their devices [...]
Accolades for Triad, globally and locally
Triad has been recognised at AD STARS Awards 2019 with a coveted Silver award for its Life Chant campaign, which was launched in partnership with the Public Health Department of the Colombo Municipal Council. Life Chant was awarded in the Diverse Insights and Strategy category, which recognises work that utilises unique local cultural insights to [...]
Eminent economist outlines lost opportunity for economic reforms
The present Sri Lanka government came to power without an economic plan and it never developed one and it eventually unveiled a “Christmas tree wish list” of things that’s going to happen by 2025. With elections in the near future and no sign of a take-off, Sri Lanka is faced with a choice between continued [...]
Treat digital currencies like vitamins, not as a ‘‘pain’’
There are far reaching benefits for market players who can harness the efficiencies created by Fintech business models that are emerging in this latest wave of disruption but the regulators need to keep up. Dr. Nushad Perera, Group Chief Digital Services Officer Dialog Axiata PLC, recently said that the next wave of disruption is Fintech [...]
PBSS’s One ERP solution for ORCL
Overseas Realty (Ceylon) PLC (ORCL) has joined hands with PBSS Group as the implementation partner for SAP Business One ERP. ORCL’s first real estate development in Sri Lanka was the iconic World Trade Centre (WTC), Colombo. WTC comprises two office towers of 37 floors each, with approximately 700,000 sq. ft. of commercial and retail space. [...]
SimCentric Technologies completes 10 years
SimCentric Technologies recently celebrated 10 years of excellence by highlighting partnership, growth and camaraderie at a commemorative event in the presence of its staff. This special event was a recollection and reflection of past accomplishments and significant moments shared by all those who were key to SimCentric’s growth story. “Having started SimCentric Technologies in 2009, [...]
Policy consistency, clarity key to SL’s growth
After a positive second half of 2017 Sri Lanka’s capital markets experienced considerable headwinds in 2018, with impacts of macroeconomic issues, political uncertainty, turbulence in global energy prices and moves by the US Federal Reserve. As 2019 got underway foreign outflows continued, while bond spreads widened – both signs of challenges ahead, said The Report: [...]
DC coconut industry: Making it energy efficient
The major energy sources used in Sri Lanka are biomass and oil. In 1999, biomass (mostly firewood) accounted for about 51 per cent of the national primary energy consumption, of which about 24 per cent was consumed in industries, such as the tea, desiccated coconut (DC) and rubber industries. Fossil fuel (oil and a small [...]
Singaporean company fails to complete Trinco Master Plan on time
The Trincomalee Master Plan for massive development drive in the area has been completed after a long delay by a Singaporean Consultancy Group incurring a loss to the government due to their failure to finish it on time, a progress review report revealed. The much-delayed ambitious plan of the government envisages a third international airport [...]