Presidential winner should be exemplary citizen, uphold rule of law
With the date for presidential elections announced as November 16, what are the attributes that people are looking for in a presidential poll winner? To gauge public opinion, the Business Times (BT) ran an email poll this week to ascertain the views of the public on the key attributes they are looking for in a [...]
CCC: Aiming for a $134 bn economy in 5 years
The Ceylon Chamber of Commerce launched a working draft of its 2020-25 Economic Acceleration Framework at the Sri Lanka Economic Summit held this week. The framework was introduced by chamber chairman Dr. Hans Wijayasuriya during the main keynote session, which focused on re-calibrating Sri Lanka’s economic trajectory. It states that Sri Lanka is currently at [...]
Lack of coordination delays foreign-funded projects
Not all is well for Sri Lanka’s foreign-funded infrastructure projects, as most of those under implantation are either delayed or suspended midway due to lack of proper coordination between various public institutions that implement such projects, a progress review report revealed. Ceylon Electricity Board had been assigned as the implementation agency of 11 projects of [...]
Indian officials inspect Jaffna airport
India’s two carriers Air India and Alliance Air planning to fly to the Jaffna Airport sent an operational team this week to submit a progress report on the ground situation. Director General Civil Aviation H.M.C. Nimalsiri told the Business Times on Friday that he met the airlines’ operational team on Thursday and assured of the [...]
CB independence ensured in new Monetary Act
Despite the stern objections of the President, the government will be moving the new Monetary Law Act in Parliament next month with the aim of depoliticising the Central Bank (CB) and preventing direct financing of budget deficits through primary market purchases of government securities (Treasury bills), official sources confirmed However the CB will intervene in [...]
Plight of SOBs
A couple of weeks ago, state-owned retailer Laksala was infuriated with a story in the Business Times about the payment of commissions which violated government rules and regulations (ARs and FRs). The company responding to the report said that these payments were made for ‘promotional purposes’ and not as a commission, a claim that was [...]
“Small is not that beautiful”
Once upon a time, there was a cunning trader in a remote village by the jungle. As he found lots of monkeys in the village, he thought of making a fast buck with the monkeys. He said, “I have come to buy monkeys, and I would pay $10 for each monkey!” The villagers, one by [...]
Softlogic Restaurants soon to launch 4th international franchise – Crystal Jade Hong Kong Kitchen
Softlogic Restaurants (Pvt) Ltd, a fully owned subsidiary of Softlogic Holdings PLC, will soon open its fourth international franchise – the first Crystal Jade Hong Kong Kitchen restaurant at Shangri-La’s One Galle Face Mall. The opening of the Crystal Jade Hong Kong Kitchen restaurant, which is one of the brand’s speciality casual dining restaurants, will [...]
Sri Lanka’s strategic location is important for foreign businesses
Sri Lanka has a Free Trade Agreement with Pakistan and is negotiating comprehensive Free Trade Agreements with China, Thailand and Bangladesh. “We have access to one billion people in India with our Free Trade Agreement and will soon have a comprehensive agreement to cover investment and services,” said the Minister of Development Strategies and International [...]
AirAsia to re-launch direct Colombo-Bangkok flights
AirAsia is offering direct services between Colombo in Sri Lanka and Thailand’s capital city of Bangkok from November 11, the airline announced on Monday. This 4-time weekly flight service is being offered with special promotional all-in fares starting from Rs. 18,999 (one way). Operated by Thai AirAsia, this direct route to Bangkok will be the [...]
LB Finance secures top place in ‘Ranking of Listed Finance companies’
K Seeds Investments (KSI) has identified LB Finance as the best performing finance company among the 31 listed finance companies in Sri Lanka through a ranking carried out considering their performance in the first quarter of 2019. The report segregates the finance companies based on their asset base, and ranks them in their respective categories [...]
Emirates Skywards reaches 25 million members
Emirates Skywards, the award-winning loyalty programme for Emirates and flydubai, has touched a new high – 25 million members. Emirates Skywards is celebrating this key milestone with exciting offers and surprises for its members, starting September 12. This includes 25 per cent discounts on upgrades and reward tickets on selected flights to and from Dubai, [...]
HNB garners top honours at CMA Integrated Reporting Awards
HNB has once again delivered a remarkable performance at the recently concluded Excellence in Integrated Reporting Awards 2019 – being ranked among the Ten Best Integrated Reports for 2019. Organised by the Institute of Certified Management Accountants of Sri Lanka (CMA), the awards featured participation from a wide variety of listed and unlisted companies including [...]
CNN Correspondent Richard Quest to share insights at Cinnamon Future of Tourism Summit
CNN’s foremost Business Correspondent Richard Quest, is set to share his insights at the upcoming Cinnamon ‘Future of Tourism’ (FOT) Summit tomorrow (September 23) at the Cinnamon Grand Colombo. As the host of ‘Quest Means Business’, Mr. Quest is one of the best known figures in the global media, broadcasting and business arenas and has [...]
SriLankan Airlines’ efforts to rebuild country’s tourism recognised at APEX awards
SriLankan Airlines’ intensive efforts to drive the recovery of the island’s tourism industry in the aftermath of the Easter Sunday attack were honoured with a global accolade – the ‘Best Marketing Innovation’ award from the Airline Passenger Experience Association (APEX). The airline also managed to secure Four-Star rating in the major airlines category, for the [...]
Govipola Mobile App creates dynamic digital marketplace for farmers
The Govipola App, the first digital agriculture marketplace dedicated to making a positive contribution towards a sustainable Sri Lanka, was recently launched by Croptronix (Pvt.) Ltd, a company led by an ambition to create the next big story in the Sri Lankan agriculture arena. Agriculture is a key sector in the country and has spawned [...]
Central Bank cancels licence of failed TKS Finance Ltd
The Monetary Board of the Central Bank (CB) has decided to cancel the licence issued to crisis-hit TKS Finance Ltd (TKSF) with immediate effect from September 19 as there are no valid reasons for its continuation based on the crisis it is facing. The company is a Licensed Finance Company under the Finance Business Act [...]
Germany supports Sri Lanka’s development efforts
Germany – the topmost industrialised country in the world with a trade surplus of Euros 230 billion – is increasingly supporting Sri Lankan industry. Germany is also allowing showcase industries like boat building and food sector, in the international market when these industries have their pavilions in Germany in January next year, while assisting to [...]
Amari Galle named ‘Leading Family Resort’ at South Asian Travel Awards
Amari Galle was awarded the Best Family Resort at the recently held 2019 South Asian Travel Awards (SATA). The award was collected by Puneet Dutta, General Manager of Amari Galle who said, in a media release: “This is an outstanding achievement for us and a great reflection of our guests’ trust and loyalty to our [...]
SLT website wins “Most Popular Corporate Website 2019” at web awards
Sri Lanka Telecom (SLT), the leading ICT and digital solutions provider has announced that the company’s corporate website www.slt.lk secured the title Most Popular Corporate Website 2019 at the prestigious BestWeb.lk Awards 2019. Rohana Ellawala, GM Corporate Branding / SLT accepted the award on behalf of the company. The SLT corporate website that serves as [...]
Major flaw: Colombo Port City Project sand mining licence not obtained as yet
The Port City Project of Colombo which was originally conceived as a governmental project conducted by the Ports Authority and later by the Urban Development Authority (UDA) became a foreign direct investment of the Ports Ministry and the China Communication and Construction Company that fundamentally changed the concept of the project dramatically, said Naazima Kamardeen, [...]
Riding the Zeitgeist: The Hemaka Amarasuriya Story
“Don’t try to be so smart. You can only be as good as your team.” Anyone who knows Hemaka Amarasuriya knows the quote here is “vintage Hemaka”. It encapsulates his management philosophy, and was a lesson he himself learned as a young sportsman. It nicely captures how he built the leading corporate in Sri Lanka [...]
The last scion in the emergence of the low country smallholder tea industry
During the latter part of the colonial era, the emergence of the Low country tea sector was pioneered by the likes of the Ratnayakes’ and Budhadasas’ of Deniyaya, Wanigasekeras’ of Akuressa, Jayawickramas’ of Urubokka et al; in producing quality tea from their own estates and by purchasing green tea leaf from smallholder tea gardens. This [...]
SLT initiates vendor financing during election period
Sri Lanka Telecom (SLT) is now initiating long term financial agreements to implement artificially built-up or massive scale projects with investments running up to billions of rupees in a hurry on the eve of upcoming presidential elections, SLT engineers alleged. This money spending spree of vendor financing initiatives will impact the company bottom line and [...]
Sri Lanka SME chamber launches “IEA 2019” awards
The Sri Lanka Chamber of Small and Medium Industries (SLCSMI) will hold its flagship event “Industrial Excellence Awards 2019” which recognises Micro, Small and Medium Enterprises for their achievements and contribution to Sri Lanka’s economic prosperity. The closing date for applications is September 30. This year’s event will be the 12th awards programme and applications [...]
Brandix wins ‘Exporter of the Year’, affirming its contribution towards the local economy
Brandix was declared Sri Lanka’s ‘Exporter of the Year’ by the Export Development Board (EDB), in recognition of the company’s contribution to the nation’s economy at the 23rd Presidential Export Awards 2018/19, presided over by President Maithripala Sirisena. The coveted top award, singling out Brandix as the highest contributor to the national economy across all [...]
BT Poll: Winning candidate should have results-oriented team
Let me introduce myself, if you’ve not known earlier. I served the Sri Lankan Army for more than three decades, seen all actions, retired in 2014, migrated with my family and living in Canada. I am really concerned over the politics back home and involved here with the diversified community. Your survey of the winning [...]
Live auction for SriLankan Airlines’ Business Class upgrades
SriLankan Airlines has introduced a live auction for Business Class seat upgrades from September 17 onwards in a bid to provide more convenient options for its passengers to enjoy premium comforts. Through this live auction, passengers can bid online for Business Class seats where real-time status of their bid is available to them, giving them [...]
Making public institutions work with private sector care
CCC Economic Summit Experts at this week’s Sri Lanka Economic Summit though convinced of the resilience and ability for growth highlighted that the economy needs to face up to geopolitical disruptions; issues relating to the State Owned Enterprises (SOEs) ; and make the right choices of remaining in the middle income trap or making a [...]
Sri Lanka records lowest online fraud rates in Asia Pacific
Sri Lanka records one of the lowest fraud rates in the Asia Pacific region and worldwide in terms of making payments online, a top official at Visa International said this week. Visa Regional Risk Officer for Asia Pacific Joe Cunningham in an exclusive interview with the Sunday Times said that Sri Lanka was found to [...]
Digital disruption and meeting decent work for all – is it in the algorithm?
Self-driving cars, fully automated factories, and AI-powered virtual assistants on smartphones. It was not so long ago that such technologies were confined to science fiction. Today, they are part of everyday global consumer brands such as Apple, Adidas, Google, IBM, Microsoft, Samsung, and Tesla. These technologies are also a telling sign of the Fourth Industrial [...]
CIPM Sri Lanka to host World Human Resource Congress in 2020
It is seldom that a small country like Sri Lanka gets a chance to host a mega event such as the World Human Resource Conference in Colombo on July 6 to 8, 2020. “We have become the country representative of the Asia Pacific Federation of Human Resource Management (APFHRM) where 70 countries in the region [...]
Making the future work with the student of today
The Perennial Paradox I am a firm believer in equal opportunity (as opposed to equal outcome). And that to me often translates into the need for a great education. The cry of employers trying to find suitable employees is ironically rivalled only by the vacuity of the millions trapped in structural unemployment. There is a [...]