Christmas decorations from plastic bottles
Christmas is for peace, joy and happiness, especially enjoyed by children. One major activity is Christmas decorations where homes, hotels, offices and many other places are decorated during the festive season. Many organisations this year are transforming waste to decorations like the Christmas decorations at Colombo Hilton for instance. This gives a strong message on [...]
Smart Sri Lanka initiative becomes a white elephant
The Smart Sri Lanka initiative launched by former President Maithripala Sirisena aimed at empowering youth with skills and talents to face present day challenges has failed to bring tangible results despite spending millions of rupees. This was highlighted in an internal audit inspection which has examined the progress of 20 special projects being implemented under [...]
Streamlining processes towards destination marketing
State tourism bodies are poised to make sure that bureaucratic processes don’t get in the way of destination promotion in future. Newly appointed Sri Lanka Tourism Chairperson Kimarli Fernando speaking with the Business Times on Tuesday said that currently discussions were underway on the procurement process on how to follow the due process with shorter [...]
Wellness brand Santani to go global
Santani Resorts and Spa, the iconic wellness brand established in Sri Lanka is now set to expand to other destinations as part of a wave of demand for this unique concept in its brand. Founder and CEO of Santani Resorts and Spa,Vikum Nawagamuwage told the Business Times on Friday that as part of the company’s [...]
Hibernated brokers returning to CSE
Some stockbrokers who voluntarily moved out of the stock market due to lack of business and regulatory requirements are dusting off the cobwebs in a bid to get back into the game. This has come in the wake of another who went bust trying to make a comeback to the market after applying for a [...]
Renegotiating Hambantota
It was raining cats and dogs on Wednesday night. The next morning, though, it had ceased and the trio – Kussi Amma Sera, Mabel Rasthiyadu and Serapina – was having a relaxed chat under the margosa tree. In the distance, the ‘choon paan karaya’ could be heard going down the lane with his distinctive ‘tune’ [...]
Money for the next world
If the “end of the world” is nearing, where do you store your wealth? People in the world – mostly the rich, store their wealth in various places such as bank deposits, company stocks, government or corporate bonds, properties and commodities. But if the value of these assets is likely to get wiped out, where [...]
EXCO of the Sunday Times Business Club (STBC)
The annual general meeting of the Sunday Times Business Club (STBC) was held recently in Colombo. The following were elected to the Executive Committee (EXCO) for the year 2019-2020: President – Sampath Kulatunga, Immediate Past President – Chathuranga Perera, Vice President – Sarath Wijesinghe, General Secretary – Samitha Hemachandra and Treasurer – Vijitha Fernando. Committee [...]
State agency discrepancy inflicts massive loss on Shipping Corp
Ceylon Shipping Corporation Ltd (CSC), the national carrier, is now facing financial difficulties as it is deprived of over 90 per cent of the cargo import and transportation share of state institutions, a performance audit report revealed. Although state institutions are compelled to obtain these services from the CSC, the transportation of containers with goods [...]
Govt. strongly objects to Fitch claims on economy, targets on track
The Government has strongly disputed claims by Fitch Ratings which revised the Sri Lanka outlook to ‘negative’ from ‘stable’, saying the administration is continuing its engagement with multi-lateral lending agencies and the authorities are certain that the performance targets for 2019, set under the IMF programme, will be met. “Revision of the outlook to ‘Negative’ [...]
ComBank takes financial literacy programme to dairy farmers in Mulliyawalai
More than 100 dairy farmers in the Mulliyawalai area in the Mullaitivu District benefitted from a Financial Literacy and Entrepreneurship Development programme conducted recently by the Development Credit Department of the Commercial Bank of Ceylon, in collaboration with the Central Bank. Organised by the bank’s Mulliyawalai branch, the programme was attended by dairy farmers from [...]
Germany, first Schengen State to open permanent visa application centre in the Maldives
Germany is set to be the first Schengen State to operate a permanent visa application centre in the Maldives, its embassy in Colombo announced on Monday. This will allow Maldivian residents to apply for a Schengen visa for Germany directly in the Maldives without visiting the visa application centre in Colombo, Sri Lanka which is [...]
“The Relentless Warrior”- Indrajit Coomaraswamy, the Central Bank Governor
Dr. Indrajit Coomaraswamy retired as Governor of the Central Bank (CB) on Friday (December 20). He accepted the job during a momentous time for the bank. With his PhD in Economics, he was living in Sri Lanka post retirement from his position at the Commonwealth Secretariat enjoying his lectures and invited to the boards of [...]
Fitch revises outlook on National Insurance Trust Fund to ‘negative’; affirms at ‘AA-(lka)’
Fitch Ratings Lanka has revised the outlook on Sri Lanka-based National Insurance Trust Fund Board (NITF) to ‘Negative’ from ‘Stable’ and has affirmed the insurer’s National Insurer Financial Strength (IFS) Rating at ‘AA-(lka)’. The revision reflects the increased volatility in NITF’s capitalisation, measured by the regulatory risk-based capital (RBC) ratio, which fell to 180 per [...]
Sri Lanka’s king coconut beverage in export demand
Sri Lanka’s king coconuts are finding new markets as they enter Europe as the demand from health conscious customers is on the rise for this beverage unique to tropical countries. Expo Aurganica Pvt Ltd, which markets local king coconut as a healthy beverage to Germany, is now increasing its supply as demand increases and the [...]
Capital TRUST-Sky One Residences markets luxury Sky One Tower
Leading Sri Lankan real estate company Capital TRUST Properties has partnered with Chinese construction company Zhong Tian Ding Hui (ZTDH) Hong Kong Ltd to promote apartment sales at ‘Sky One Residences’ in Colombo 10. “Both parties bring to the table impressive knowledge and expertise in real estate, which leveraged together, will drive sales and revenue [...]
AHASA ONE Sky Bridge – First of its kind in South Asia
For over a century, Galle Face has been Colombo’s prestigious ocean front green and the city’s ceremonial centre. Sitting majestically between the ocean, bustling metropolis and lake, this narrow, picturesque stretch of prime land is being transformed into a vibrant new cosmopolitan area. Today, with luxury property after luxury property appearing in this central zone [...]
Zilingo acquires Sri Lankan software company nCinga Innovations
Singapore-based technology platform Zilingo has bolstered its position as a global digital supply chain enabler with its acquisition of Sri Lanka-based software company nCinga Innovations. The acquisition is touted to be one of the largest tech exits in Sri Lanka in recent times. “The deal marks a major win for Sri Lanka’s start-up ecosystem, taking [...]
TAMAP supports local farmers towards sustainable agriculture
The European Union (EU) is funding the Rs. 810 million Technical Assistance to the Modernisation of Agriculture Programme (TAMAP) in Sri Lanka, supporting a move towards sustainable and productive agriculture. The programme is being implemented by the consulting company Ecorys since January 2018. One of the main activities of TAMAP has been the development of [...]
Modern monetary policies ensure too many zombie companies
A top economist criticised modern monetary policies saying that they ensure too many ‘zombie’ companies, industries and banks and while suppressing interest rates central banks have succeeded in damping creative destruction. Little vision Central bankers are keeping interest rates low to induce inflation, which is refusing to rise, macroeconomist and internationally renowned emerging markets investment [...]
SLIC holds Life Congress in Thailand to recognise top sales achievers
The Sri Lanka Insurance (SLIC) Life Congress 2019, for the first time, was held at the Sunbeam Hotel, Pattaya and Bangkok Palace Hotel, Bangkok, Thailand from December 1 to 4 amidst much splendor to honour the top performers in the Life Insurance category. The Life Congress is organised annually to award and recognise the outstanding [...]
CEAT passes on tax reductions to customers
CEAT Kelani Holdings, which manufactures nearly half of Sri Lanka’s pneumatic tyre requirements, announced on Monday that it has already begun passing on the full benefit of the recent tax reductions to its customers. While every segment of tyre users would benefit from the resulting reduction in the prices of tyres, the overall impact would [...]
Softlogic Finance Rs. 602 M Rights Issue fully subscribed
Softlogic Finance PLC successfully raised Rs. 602 million of new equity by way of a Rights Issue in the proportion of 12 new shares for every 23 shares held at an issue price of Rs. 17 per share. This, thus, has created 35,440,896 new shares increasing the total number of shares in issue from 67,928,384 [...]
Ogilvy’s Redworks going places!
Ten Annual Reports conceptualised, designed and produced by Redworks were recognised at the recently concluded 55th CA Sri Lanka Annual Report Awards ceremony. Redworks is a member of the Phoenix Ogilvy Group and is recognised as the corporate communications arm of the group. At this ceremony 10 clients of Redworks were recognised with Gold, Silver [...]
CSE discussing with firms to efficiently subscribe to Rights
The Colombo Stock Exchange (CSE) is discussing with publicly listed firms to directly upload the rights allotments to shareholders’ Central Depository Systems (CDS) accounts. This is done in a bid to allow investors to trade on rights for a longer period and to make the process more efficient. Currently the rights allotment letters are posted [...]
ACL-led consortium acquires controlling stake in cable manufacturer, Cable Solutions
A consortium of investors put together by Tempest PE Partners (Pvt) Ltd has acquired a 75 per cent stake in specialist cable manufacturer Cable Solutions (Pvt) Ltd (CSOL) from three of its foreign shareholders for Rs. 710 million. The transaction was completed subsequent to an internal restructuring whereby CSOL’s enterprise value was pegged at over [...]
Government restarts wind power generation in Jaffna
The new government has focused attention on development in the North by restarting two stalled wind power projects which had to be suspended by the previous regime owing to protests of residents. The pylons were erected from Thenamachchi -Marawanpilawa to transmit power from the wind power plant in the area by the Ceylon Electricity Board [...]
oDoc start-up bags international award
YourStory, a leading tech publication in India has featured oDoc, a technology platform that allows businesses to grant their employees unlimited access to high quality remote healthcare, as one of the top 50 disruptive start-ups of India for 2019. oDoc, a Sri Lankan B2B telemedicine start-up that operates in Sri Lanka, Maldives and India (which [...]
Narcissism at Work
Narcissism is a concept that was birthed in Greek mythology, in the story of Narcissus. A handsome man who was so enamoured and in love with his reflection in water, that he fell into the depths of a river and drowned to his death. In the field of psychology today, narcissism is understood as an [...]