Carbon neutral teas
Tea workers at Bogawantalawa which recently became the world’s first “Tea Growing, Manufacturing and Marketing Company offering Uncompensated Climate Positive Teas certified for product and facility”, according to a company statement.
Firms venture abroad owing to high risks in SL
Increasingly local firms are eyeing investment opportunities beyond Sri Lankan borders to rise above the many risks – especially political – that are increasingly more difficult to discern and deal with, observers say. After all, volatility in Sri Lanka may not affect stocks and bonds in Asia, or in industries in Africa, so investing in [...]
STBC discussion on presidential poll
The Sunday Times Business Club (STBC) will kick off its new host hotel venue – Hilton Colombo – with a blockbuster panel discussion on the forthcoming presidential elections. Titled “Presidential Elections 2019- Vote Wisely”, the event will be held on November 5 at 6.30 pm. Invitations have been sent to the Elections Commission and two [...]
89 loss-making SOEs become public liabilities
Governance and transparency are to be strengthened in 422 State Owned Enterprises (SOEs) as most of these institutions are running at a loss despite this sector’s contribution to GDP being 33 per cent last year. Out of the 422 SOEs, 54 SOEs have been identified as strategically important State Owned Businesses Enterprises (SOBEs) that plays [...]
Several high rise builders in a blue funk
As many as three prominent high rise builders are under the bus. They are facing wrath not only from buyers but also from employees. Buyers are at war with them for not giving deeds amongst other issues such as substandard materials and incorrect specifications while the staff is at loggerheads with them for not giving [...]
Tourism promotion push ahead of cold winter
Sri Lanka’s key tourism promotion agency head believes that an increased public private partnership at the organisation needs to be promoted to ensure efficiency and faster delivery as required by the private sector. Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes faced with a number of challenges in resurrecting an industry hit by recent [...]
Trouble on the plantations
The recent strikes and protests by railway workers and doctors had grabbed the attention of the ‘gossip’ trio – Kussi Amma Sera, Mabel Rasthiyadu and Serapina. It was a windy Thursday with the morning rays of the sun coming through the leaves of the margosa tree where the trio was seated sipping cups of tea. [...]
Do the rich starve?
Probably, the issue that we dealt with last week ended with more questions than answers. The issue that we focussed on was that “there are too many people in rural agriculture sector in Sri Lanka, producing too little”, so that they continue to remain in poverty without an adequate income. Our discussion led to an [...]
No fiscal discipline pre- and post-elections
Sri Lanka’s political structure encourages fiscal myopia, and will continue to do so if the authorities are blind to politicians’ extravagance with (our) tax money and loans borrowed for (our) welfare. This was the case for a professional debt management office as stated at a panel discussion at the First Capital Securities’ Mid-Year Economic Outlook [...]
Culinary Food Expo in October
For the 19th occasion, the Chefs Guild of Sri Lanka is organising the internationally famed Culinary Art Food Expo 2019 on October 21, 22 and 23 at the BMICH, Colombo. A media briefing was held at Hotel Mandarina, Colombo last week to announce the event. Gerard Mendis, Chairman, Chefs Guild of Sri Lanka (CCSL) said [...]
Old Wine in new bottles? A response
According to Prof. Sirimal Abeyratne’s (SA) piece titled “Old wine in new bottles” in the Business Section of Sunday Times last week, we need to ensure a significant number of people in the rural agriculture sector leave so that the average farm-holdings could expand to an economical size of 10 acres in order to make [...]
Mahindra brings high technology into their new home in Welipenna
Indian Automobile major Mahindra and Mahindra Ltd has placed its confidence on Sri Lanka’s growing economic prospects increasing vehicle demand and future export potential when stamping the company’s global footprint on the country’s motor industry, Mahindra’s top officials said. With the recent inauguration of its automotive assembly plant in Welipenna in Kalutara District in collaboration [...]
Master Divers celebrates four decades of marine experience
Master Divers (Pvt) Ltd, the renowned marine services company, also the company behind W.A. Tucker, recently celebrated four decades of marine experiences and pioneering speciality in underwater projects, under the theme ‘Greater Together’. The event was attended by an esteemed gathering of Master Divers’s value chain including maritime stakeholders, services stakeholders, business partners, staff and [...]
Softlogic Life, only SL company to be featured in Forbes “Asia’s Best Under A Billion 2019” list
Sri Lanka’s fastest-growing life insurer Softlogic Life has made it to the Forbes ‘Asia’s Best Under A Billion 2019’ list, a business ranking which spotlights Asia’s 200 top-performing listed companies with less than US$1 billion in revenue with consistent top- and bottom-line growth. Softlogic Life is the only company in Sri Lanka and one of [...]
English Nursing upskills domestic help to provide eldercare
English Nursing Care Services, an innovative home nursing and elderly care solutions provider, has expanded its service offerings with the addition of ‘Managed Maid Eldercare’ – an initiative to develop domestic help with expert training and management, to better serve those in need of specialised caregiving with the comfort of a familiar face. While leaving [...]
Plight of senior citizens
Hon. Minister of Finance you have increased salaries of government servants and added allowances for pensioners too. But in the case of retired private sector employees, they depend only on the interests of FDs. The Government pays 15 per cent only up to Rs.1.5 million from which each person earns little more than Rs.15,000 per [...]
AIA Insurance congratulates Sri Lanka’s “Most Admired Companies”
AIA Insurance has congratulateed the winners of Sri Lanka’s Most Admired Companies 2019, for being recognised not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community. AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority [...]
Wellness Tourism – a boon to Sri Lanka tourism
The Market Development Facility in Australia has agreed to fund the first phase of the Wellness Tourism project in Sri Lanka following the Export Development Board’s (EDB) 5-year Natural Wellness Tourism Initiative launched last year in Colombo. The European Union’s assistance has also been sought on developing the Wellness Tourism sector in Sri Lanka, said [...]
US-China trade war draws trading opportunities for SL
Sri Lanka should capitalise on stresses such as trade wars between other nations. The continuing fallout from the U.S.-China trade war, which experts say will stretch over the next decade, despite who dwells in the White House will open immense trading opportunities for emerging nations. They predict the upshots of US-China tensions to result in [...]
Corporate leaders, entrepreneurs, cricketers, mountaineers to motivate Chartered Accountants at CA Sri Lanka’s 40th National Conference
A diverse portfolio of some of Sri Lanka’s well-known names including corporate leaders, entrepreneurs, famous mountaineers and a legendary cricketer will take the stage at the 40th National Conference of Chartered Accountants to help re-discover the passion and purpose of professionals to ensure they reach the pinnacle of professional success. Dubbed as Sri Lanka’s biggest [...]
Keells Food opens new factory for Keells Krest Ezy Rice
Keells Food Products PLC, a pioneer in processed meat manufacturing, recently opened its world class, state-of-the-art newest factory located at the Makandura Industrial Zone premises in Pannala. This facility is the company’s newest addition to its operations. Deployed with modern customised machinery, the factory is designed to leverage best-in-class innovation such as its latest addition, [...]
Sirio Ltd recognised at Presidential Export Awards 2018/19
Sirio Ltd, a leading manufacturer of lingerie and swimwear to the European market operating under the flagship of Italy-based Calzedonia S.p.A, was recently recognised with a Merit Award in the ‘Apparel’ sector at the 23rd Presidential Export Awards. Initiated by the Sri Lanka Export Development Board (EDB), the event was held under the patronage of [...]
AmSafe Bridport (Pvt) Ltd opens new factory at BOI’s Wathupitiwala EPZ
AmSafe Bridport (Pvt) Ltd recently opened a new factory at Phase III at the Board of Investment (BOI) Wathupitiwala Export Processing Zone in the Gampaha district. Amsafe Bridport (Pvt) Ltd was established in November 2001 at Wathupitiwala and was 100 per cent British, but is now a US company. The company was originally named as [...]
Sri Lanka’s cassava generates FDI venture
Sri Lanka will be supplying part of the world demand for manioc or tapioca starch and its leaves used as healthy foods processed at a proposed new US$40 million venture empowering farmers to increase incomes. The company Starch Industries Pvt. Ltd is managed by two Norwegian and Swedish nationals and established about two years ago [...]
Why corporate reporting needs to evolve
Over the past two decades, we have experienced a major shift in the business landscape, fuelled by the rise of the digital economy. Today, intangible assets, such as software, data and customer relationships, often comprise most of a company’s worth. In the past, companies often saw their greatest value tied to tangible assets, such as [...]
Enrolling in foreign universities made easier for students
The opening of the state of the art Adventus headquarters in Colombo will provide more opportunities for Sri Lankan students to pursue studies in overseas universities following the introduction of new technology called Adventus Connect, an intelligent platform that connects universities and recruitment partners by streamlining and selection of applications and enrolment process through automation. [...]
CAL surpasses Rs. 100 bn footprint in investment banking
Capital Alliance (CAL), riding a wave of success over the past two years as the foremost force in investment banking, continues its reign as the market leader in investment banking services (debt and equity fund raising and mergers and acquisitions) with a transaction footprint of over Rs.100 billion in the past 24 months. With a [...]
Prelude to a “Change” in agro-industry of Sri Lanka
Since independence, successive governments of Sri Lanka experimented with many models to make agriculture a viable venture to uplift the life standards of the “poor farmer” to a reasonably comfortable level. However, 71 years of experimentation has not brought about decent living standards to the farming community, which is more than a third of the [...]
Havelock City’s Mireka Tower now open for pre-leasing
Overseas Realty (Ceylon) PLC has announced that it will officially begin pre-leasing for occupancy at Mireka Tower. The 50-storey Havelock City commercial development will feature 600,000 square feet of office space adjoining a world class shopping mall and is scheduled for completion in March 2021. Designed by the Singapore-based Palmer & Turner Group, the LEED [...]
Critical analysis of the energy sector (electricity focused) in Sri Lanka
Energy costs between 25 per cent and 50 per cent of Sri Lanka’s total import bill in any fiscal year, this number depending substantially on external market conditions and weather. As such, it is the highest import line item we have, and the benefits of mitigating its dependence on two factors that are completely beyond [...]
New era of digital healthcare in Sri Lanka
The Ministry of Health is partnering with the global experts REDtone MEX Sdn Bhd – a subsidiary of Berjaya Corporation, Malaysia and Hinacom Software and Technology, China, an industry leader in Medical imaging and Telemedicine, to introduce cutting edge, Artificial Intelligence-based technology to 20 main government hospitals islandwide. This landmark project which costs approximately Rs. [...]
Jetwing Hotels launches Project WE at Jetwing Lake
The Easter Sunday attacks have threatened the harmony wrought amongst the communities, resulting in racial tension and violence in several areas across the country. As a hospitality provider with an island-wide presence and a decades-old reputation built on strong communal ties, Jetwing Hotels management is taking it upon themselves to ease racial tension and encourage [...]
Sri Lanka Insurance commences environment enhancement of 100 needy schools
Sri Lanka Insurance (SLI) kicked off yesterday the second phase of its CSR initiative ’Pasal Piriyatha Surakimu’ school enhancement drive at 100 underprivileged schools located across the country. The SLI-initiated ‘Pasal Piriyatha Surakimu’ CSR programme in 2005 as an outreach corporate social responsibility initiative, is now aiming to continue it from 2019. The CSR initiative [...]
Citra Social Innovation Lab training inspires new generation of public sector champions
The ‘Foresight and Innovation for #NextGenGov Champions’ programme has trained 60 selected public sector officials in Sri Lanka, along with several international participants, on implementing creative solutions to complex challenges. Public officials face unique challenges when making changes within their traditional systems of work, but have to tackle increasingly complex problems that do not respond [...]
Government’s policy inconsistency hurts US and foreign companies
US and foreign companies have expressed dissatisfaction on inconsistent and unpredictable policies, including taxation, Customs procedures, and regulatory approvals of the Sri Lankan government, a recent government report on ‘Sri Lanka Market challenges’ disclosed. US and foreign companies have also raised concerns regarding opaque public tendering processes and widespread corruption. The present government has publicly [...]
CBL group among top 10 Most Admired Companies of Sri Lanka
The CBL Group has been named among the top 10 Most Admired Companies in Sri Lanka in a recent competition. This award recognised 10 exceptional organisations that were outstanding in terms of not just their financial performance but also on the value they create for their shareholders, customers, employees and the general community and proved [...]
Sri Lanka Retailer’s Association joins FAPR A
Sidath Kodikara President of Sri Lanka Retailers’ Association (SLRA) and Murali Prakash, Vice President of SLRA attended the 19th Asia-Pacific Retailers Convention and Exhibition (APRCE), which was held on September 5-7, at Chongqing Yuelai International Convention Center, Chongqing, China. The theme of this year APRCE was ‘New Retail, New Consumption, New Dynamics – Cooperation and [...]
Five forensic audit reports on bond scams ready by next month
Five out of six forensic audits into alleged Treasury bond scams and transaction of Rs. 2.2 trillion Employees’ Provident Fund (EPF) are nearing completion and those audit reports will be ready by next month, Central Bank (CB) Governor Dr. Indrajit Coomaraswamy said. He told a media conference on Friday that the forensic audit reports on [...]
CAA spotlights Jaffna airport’s potential
Palaly’s commercial viability has seen its location to be a key factor in attracting tourists from India’s Southern sector and a good option for Northern citizens that want to fly out. With destinations like Trivandrum, Chennai, Mumbai, Bangalore and Delhi showing an increasing trend in passenger movement the market has attracted Sri Lanka’s highest number [...]
Launch of a new book on eco-tourism
A new book on eco-tourism authored by U.P.S. Pathirana, lecturer in tourism and former Director of the Sri Lanka Tourism Development Authority (SLTDA), was launched recently. Here, the author is seen presenting the first copy of the book to SLTDA Chairman Johanne Jayaratne at his office.
‘Built to be CEO’ by Sabrina Ghouse: must-read book for aspiring women
Sri Lankan-born Sabrina Ghouse in her newly released, thought-provoking book ‘Built to be CEO, A Woman’s Journey to the Top’ gives a powerful message to women who are undecided as to what they want to be when it comes to their careers. And she convincingly says: ‘You are built to be CEO.’ The 221-page book [...]
Five reasons to attend Ceylon Chamber’s Future of Business event
The Ceylon Chamber of Commerce will be organising the ‘Future of Business,’ innovation strategy and learning event for the third consecutive year on October 23. According to a chamber media release, here’s why this event would be of interest to you: 1. Learn from renowned global and local speakers: the speakers for this year’s event [...]