New policies in the pipeline on election campaign funding
While the presidential poll is all set for next Saturday November 16, billions of rupees have been pumped in for election campaigning by various parties on behalf of their respective candidates. How and where the money came from remains a mystery, unless otherwise a report on the expenses incurred is declared by each party or [...]
Presidential candidates riding on voters’ wave or money wave?
Ensuring transparency of government spending, Sri Lanka’s ministries and state institutions have been directed by the Treasury not to use state resources and financial allocations for presidential election campaigns. At a time of Presidential or General elections, the Finance Ministry is normally under pressure to relax the tight budgetary controls making room for ministries and [...]
Tourism gears for string of promos
The tourism industry is readying with a number of promotions to be carried out in a line-up of 12 markets that would ensure all 22 activities be aggressively executed by January. Sri Lanka Tourism Promotion Bureau Chairman Kishu Gomes told the Business Times that by January all 22 activities in the 12 countries will be [...]
Cost of construction in SL, highest in S. Asia
Unit cost of construction in Sri Lanka is the highest in the South Asian region. Construction labour and the cost of the raw materials have been rising over the last five years, and are higher here than other parts South Asian or the South East Asian regions for that matter, experts say. “Our construction labour [...]
SEC frowns at LAUGFS
The Securities and Exchange Commission of Sri Lanka (SEC) is rolling up its sleeves to bring more offenders to justice. This time they filed action in the Colombo Fort Magistrate’s Court on November 5 against three investors. W.K.H. Wegapitiya, U.K. Thilak N. De Silva and Thakshila I. Hulangamuwa have been charged with market manipulation, conspiracy [...]
Innovating for progress
Amidst all the election-related news this week, emerged a non-related but a very important development for the country’s progress – the gazetting of a bill to establish a National Innovation Agency. According to the bill, the objectives of the proposed Agency are to promote better understanding “on social innovation, science and technology innovation, defence innovation, [...]
Right to misinformation
It was after I wrote on the Millennium Challenge Corporation (MCC) Compact grant under the title “Transport corridors and elephant corridors” in this column on September 15, that this commentary opened the doors to a couple of follow-up interviews. One of the interviewers asked me: “If Sri Lanka accepts this grant, according to various reports [...]
Cinnamon Bentota Beach opens doors next month with Rs. 4.9 bn investment
Cinnamon Hotels and Resorts has announced the grand unveiling of Cinnamon Bentota Beach with an investment of Rs.4.9 billion scheduled on December 15 with the announcement being made at this week’s World Travel Market (WTM) in London. The hotel will open following refurbishment of the formerly known Bentota Beach Hotel, a property which was originally [...]
TRC spectrum allocation questioned
The Regulator of Telecommunication Industry of Sri Lanka just attracts trouble. For a second consecutive time, a mobile operator is preparing to file action against the Telecommunications Regulatory Commission (TRC) against propagating unfair practices in giving out certain spectrums to competitors. This time the TRC has plans to allocate a much sought after spectrum telecommunication [...]
Australia and Sri Lanka economic and trade ties strong
Australia- Sri Lanka bilateral trade and services grew strongly in 2018 to more than $A 1.5 billion mark for the first time to reach over $ 1.6 billion, an increase of more than 30 per cent against the previous year, said David Holly, High Commissioner of Australia in Sri Lanka. He was addressing the National [...]
Is Sri Lanka ready for a Climate Strike Movement?
Ignorance is no longer bliss when it comes to combating climate change. The strong winds and heavy downpours encountered across the globe lately are just the tip of a rather fast-melting iceberg. The Global Climate Risk Index 2019 ranks Sri Lanka as the second most affected country by extreme weather events that caused 600,000 displacements [...]
Industry stakeholders urge formulation of national milk production policy
Industry stakeholders last week urged the formulation of a national milk production policy accompanied by a five year development plan. To fulfil their task and to increase the milk production in the country a new association representing this industry is also bringing down Australian and US experts to offer advice. These points emerged at the [...]
Ayurvedic products at Lanka Sathosa
Sri Lanka’s largest supermarket chain ‘Lanka Sathosa’ has in a joint venture with Sri Lanka Ayurvedic Drugs Corporation launched its first Ayurvedic Corner at Lanka Sathosa Welisara Mega outlet recently. More than 60 well-known Ayurvedic products can now be purchased from Lanka Sathosa outlets at Welisara Mega, Ratmalana Mega, Negris Building Colombo 1, Borella, Narahenpita, [...]
Sampath Bank and EDB organise Business Planning Sessions for SMEs
Sampath Bank, in a recent initiative to support the Sri Lanka Export Development Board’s (EDB) national programme to develop 2,000 new exporters by the year 2020, collaborated with the EDB to host a number of valuable Business Planning Sessions for export-ready entrepreneurs. These two day business planning sessions for export-ready entrepreneurs registered with the EDB [...]
Traditional banks face challenges
To keep abreast with digital banking technology and to be on par with other international banks, the Bank of Ceylon (BOC) this week launched the INNOVBANK symposium at a ceremony held at the bank’s headquarters to commemorate its 80th anniversary. The INNOVBANK’s website was launched by BOC General Manager/ CEO Senerath Bandara in the presence [...]
JKH leisure business crisis affects group performance
The Consumer Foods, Retail, Leisure and Property industry groups at John Keells Holdings continued its growth momentum from the first quarter despite the disruptions after the Easter Sunday terror attacks in April 2019, according to the group’s results released recently for the three months ending September 2019. The group’s year-on-year performance for the (quarter) was [...]
Jetwing Symphony hotels eyes long-term growth in shattered industry
Jetwing Symphony PLC, a hotel group, says it is focusing on the long-term future of the company in an industry that was shattered by the Easter Sunday bombings in April. “Focusing on the short-term now seems futile, and it is certainly more fruitful to look at the long-term future of your company and the country [...]
EU says GSP+ has fostered sustainable development in SL
Since Sri Lanka’s entry into the GSP+ scheme in mid-May 2017, the apparel industry has been the biggest beneficiary of the trade facility accounting for 60 per cent of the country’s US$3 billion exports to the EU, the European Union (EU) said in a public notice on Monday. Explaining the benefits of this scheme, the [...]
Dipped Products Group posts Rs. 15.3 bn revenue in 1H 2019/20
Hayleys Group’s subsidiary Dipped Products PLC (DPL), a leader in the global hand protection glove market, reported Rs. 15.3 billion group turnover for the six months ending September 2019. The Hand Protection sector contributed Rs. 8.6 billion to the group’s topline. The Dipped Products Group recorded a profit before tax (PBT) of Rs. 450 million [...]
Presidential election to impact Sri Lanka’s economy:CB
While the Sri Lanka economy is expecting lower economic growth this year due to the impact from the Easter Sunday terrorist attacks in April and weather-related issues, the Central Bank (CB) on Monday cautioned that the outlook for the economy, in both the short and medium term, will be determined “to a significant extent by [...]
Expolanka on a sustainable growth path
Expolanka PLC, presenting its results for the second quarter of the financial year, announced this week that it was on a sustainable growth path despite a global environment that continues to be challenging for business. The company once more credited its performance to a focus on its core logistics business, generating revenue of Rs 28.7 [...]
5G innovation centre early next year
Ericsson, the communications Technology Company in partnership with Dialog Axiata PLC along with the Telecommunication, Digital Infrastructure and Foreign Employment Ministry will set up Sri Lanka’s first state-of-the-art 5G innovation centre in Colombo by early next year. “When 5G is launched early next year, we will also launch the centre,” Head of Ericsson Sri Lanka [...]
One Galle Face mall opens in Colombo
The Shangri-la group is planning a long term commitment in Sri Lanka with the opening of the One Galle Face mall on Friday. Shangri-la Group CEO Lim Beng Chee said they are in for a long term commitment that would go beyond the opening aimed at boosting the economy and play a part in Sri [...]
Tea factory owners in dire straits
The Tea Factory Owners Association has pointed out the grave situation the industry was facing with 62 factories shut down due to a current crisis. Sri Lanka Tea Factory Owners Association outgoing Chairman Harith Ranasighe speaking at the recently concluded AGM held at the Waters Edge said that as per Colombo Tea Brokers Association data, [...]
Sampath’s Net Interest Income rises by 13.4% during 9-mth period in 2019
Sampath Bank on Friday announced that its Net Interest Income recorded an encouraging growth of 13.4 per cent for the nine months ended September 30, 2019 over the figure reported for the corresponding period in 2018. “Commendably, these results are despite slower growth in the loan book, increasing non-performing loans and other external environmental factors [...]
SriLankan Airlines forges ahead with Business Turnaround Plan
SriLankan Airlines said on Thursday that it has made significant progress in its efforts to become a sophisticated customer-centric airline intent on achieving financial success, by implementing a wide-ranging Turnaround Plan under the leadership of its Board of Directors with the unstinted support of its employees across all divisions. Following the appointment of a new [...]
Asia to take slice of Chinese apparel market
China continues to remain the undisputed top textile and clothing manufacturer although buyers may look to more promising markets as producers in the Asian region are gearing up to counteract the impact and challenge that have resulted due to the US- China trade war by offering attractive packages for investors to set up in countries [...]
Softlogic Finance appoints Aaron Russell-Davison new Chairman
Softlogic Finance PLC one of the country’s leading financial services firms, has appointed Aaron Russell-Davison as its new Chairman, effective from October 24, succeeding Ashok Pathirage who resigned as Chairman of the Board of the Company after serving the regulatory maximum period of nine years. Mr Russell-Davison brings a wealth of experience and background to [...]
LOT Polish Airlines makes its inaugural flight to Sri Lanka
‘’LOT’’ Polish Airlines, a modern airline connecting Central and East Europe, made its inaugural flight to Sri Lanka from Warsaw to Colombo on November 4. The new aircraft received the traditional water cannon salute on its landing (see picture). Among the distinguished passengers onboard inside the Boeing 787 aircraft were Poland’s Deputy Minister of Foreign [...]
Future of employee healthcare is online
In recent years, Sri Lanka has made impressive strides in healthcare delivery. One such case has been the rise of telemedicine adoption by doctors, patients, and now, corporates, a local medical support platform said in a media release. The American Medical Association has found that nearly 75 per cent of regular doctor visits can be [...]
Allianz Lanka signs MOU with All Island School Childrens’ Transport Association and Sensus Hub
Allianz Insurance Lanka Ltd (Allianz Lanka) recently entered a tripartite agreement with the All Island School Childrens’ Transport Association (AISCTA) and Sensus Hub through the signing of a memorandum of understanding (MOU) which will serve as a pathway to uplift the transport services of school children via digitalisation. As a part of this agreement, a [...]
Business leaders expect an economic lift-off under the incoming President
Sri Lanka’s business leaders are eagerly waiting for an economic lift-off in 2020 as Sri Lankans are in the midst of voting at a presidential election hoping to be better off with a new leader. The need of the hour is decisive leadership not based on politics but national needs to meet the debt servicing [...]
Fort can be the icon of S.E. Asia’s colonial architecture – Balmond
Perhaps nothing can identify a place quite as clearly as its architecture. Whether it’s through reflective urban planning or tallying to cultural movements, the visual design of a city can carry you through time, while lodging you firmly in a very precise place. Cities are very central, not just for the world of architecture and [...]
Wiley opens world-class technology centre in Colombo
John Wiley and Sons, Inc, a global leader in research and education, announced the official opening of a world-class technology centre in Colombo, Sri Lanka on November 4 . This centre marks the latest addition to Wiley’s technology organisation and reflects the company’s strategic focus on its digital transformation and delivering innovative services and products [...]
SLT receives ISO 9001: 2015 QMS certification
Sri Lanka Telecom (SLT), has announced that the company has received the ISO 9001:2015 Quality Management System (QMS) certification issued by the Sri Lanka Standards Institution (SLSI). The company is the first organisation in the ICT sector in Sri Lanka to achieve this world renowned certification. SLT Group Chairman, P.G. Kumarasinghe Sirisena accepted the certificate [...]
CIMA CEO Forum – Thriving in the digital economy
The annual CXO Forum of the Chartered Institute of Management Accountants (CIMA) in Sri Lanka was held recently at the Hilton Colombo Residences. This year’s theme was “Thriving in a Digital Economy” which focused on how the inevitable transformation towards a digital economy will compel CXOs to revamp the strategies they intend to pursue, as [...]
Browns Investments inks agreement with Barceló Group in hotel deal
LOLC Group’s subsidiary company, Browns Investments PLC (Browns), on Thursday signed an agreement with the Barceló Hotel Group which will make Barceló’s maiden entry into Asia through Sri Lanka and Maldives. The group will develop three Browns’ hotel complexes in North Male’ Atoll, Maldives and manage five leisure properties of Browns Hotels and Resorts in [...]
Alliance Air connects Jaffna to Chennai and beyond
Alliance Air, a wholly owned subsidiary of Air India, is all set to expand globally and commence commercial flight operations from Chennai International Airport to Jaffna International Airport from tomorrow. The airline stated that there will be direct flight operations on Mondays, Wednesdays and Saturdays. Flight 9I 102 will depart from Jaffna at 1245hrs IST [...]