End of a decade
As Sri Lanka witnesses the end of a decade (2009-2019), moving forward to the next decade (2020-2030) will ensue a period of significant change and as one analyst put it, an era where the top 20 companies in the Colombo bourse are unlikely to grow in a marketable sense and would be replaced by a [...]
New Year bonanza for private sector employees and migrant workers
The Government will be enhancing benefits to the country’s more than 2 million employees in the formal private sector and migrant workers with the implementation of its national policy. The National Policy Framework approved by the cabinet recently has spelt out measures necessary to protect private sector employees as well as migrant workers. An enabling [...]
Ceylon vs Sri Lanka
Branding the island nation as a destination has come up for discussion with its identity shifting depending on what is on sale right now. Veteran hotelier Jetwing Symphony Chairman Hiran Cooray raised the concern over the lack of proper branding of the destination and the confusion it has created. “We need to do marketing and [...]
Jan-March crucial to money market
The January-March 2020 period will be crucial to the money market expecting fresh directions from the new Central Bank Governor Prof. W.D. Lakshman, dealers said. “This period is crucial in terms of interest rate policy and exchange rate policy particularly since Sri Lanka has foreign debt obligations which would be paid off from the current [...]
SL start-up in healthcare breakthrough
Sri Lanka has done it again. In the wake of the country being on a winning streak this year in many fields; start-ups are assisting to brand Sri Lanka as well. In a new development, Jendo Innovations Pvt Ltd has developed a technology to detect cardio-vascular diseases way ahead of time – and they are [...]
Just another day (in paradise)!
When Wednesday January 1, 2020, dawns it will be just another day in paradise, as Kussi Amma Sera reminded me this week. “Aie janavari palavenida enakang balagana inne (Why are you looking forward to January 1)? Eka thavath davasak nemeda (Isn’t it just another day)?” she asked, as she brought me the morning tea. “Ovu….. [...]
The lost decade
For 30 years prior to 2009 we had a big excuse – the conflict! We missed many opportunities, and kept looking at how other countries in the region were exploiting them and surpassing us. We were left behind, but we had an excuse. Sri Lanka was once on the top of the list of “second-tier [...]
Indian beauty culturists tap Lanka salon industry
Indian beauty culturists are tapping the salon industry to enter into the Sri Lanka market in a big way through joint venture and franchise holder firms threatening local beauty parlours. A network of 100 beauty salons is to be opened in the country employing Indian beauty culturists along with local assistants with the involvement of [...]
Orange brand hopes to attract 1 m tourists to Sri Lanka
Tourism plays a major role in contributing to the economy of the country apart from agriculture and fisheries industry. “I got interested in Orange Tiger Hospitality Pvt Ltd because of its tourism potential where we hope to get one million tourists to Sri Lanka in another five years,” said Dayal Fernando, Head Development and Operations, [...]
Finagle Lanka celebrates 25th anniversary milestone
Award-winning baking and confectionary artisans Finagle Lanka Pvt Ltd marked its 25th anniversary milestone at Siyasra Luxury Banquet Hall, Seeduwa on December 9. It was held amidst a distinguished gathering comprising its key customers, leading suppliers and over 400 employees responsible for the company’s success. The Chief Guest was M.H. Omar, Founder – Brandix Lanka, [...]
Struggling to retain SL tourism’s charm
Sri Lanka was considered a must visit destination in 2019 but it took just a matter of months before travellers started to leave and some never to return. The industry is likely to see a revival in the summer of 2020 with hopes that the ‘must visit’ tag would take everyone through this bitter cold [...]
COYLE – Myanmar Chapter to further business cooperation between Sri Lanka and Myanmar
The COYLE – Myanmar Chapter was launched with the signing of the Memorandum of Understanding between COYLE – Myanmar and Three Maroons recently in Yangon. This will serve as a foundation for coordination between the Sri Lankan and Myanmar private sectors in order to enhance business cooperation in both countries and invigorate engagement in the [...]
Sri Lanka reaps benefits of trade facilitation through FTAs
Sri Lanka is now harnessing benefits of trade facilitation through multilateral, regional and bilateral trade agreements and comprehensive economic partnerships, Department of Commerce statistics showed. Bilateral and multilateral trade agreements are beneficial in enhancing commercial relationships and facilitation of trade and investment by reducing/eliminating tariffs, import quotas, export restrictions and other trade barriers, a top [...]
NGO Plan International closing operations in Sri Lanka
NGO Plan International is ceasing its operations in Sri Lanka after nearly four decades of implementing development programmes in the country and supporting hundreds of thousands of children. The organisation’s exit is based on the significant growth in Sri Lanka’s economy and a marked improvement in its Human Development Index ranking, which now ranks Sri [...]
Classic Travel bags Gold at NBEA 2019, Silver at SLIM Brand
Two more awards were added to Classic Travel as the company continues its excellent services, claiming a Gold Award at the National Business Excellence Awards (NBEA) 2019 for the third consecutive year and a Silver Award at the recently held prestigious SLIM Business Excellence Awards 2019. The gold won at NBEA hosted by the National [...]
Discrepancy in ‘Tax notice’ by IRD
The recently published ‘Notice to tax payers’ by the Inland Revenue Department (IRD) in their website has a discrepancy. I checked this “Notice to tax payers’ in the Sinhala web site of the IRD but the site directed me to an English notice which has a discrepancy according to my little knowledge of English. Section [...]
IMF continues constructive cooperation with Sri Lanka
The International Monetary Fund has expressed willingness to continue its ‘constructive cooperation’ approach with Sri Lanka under new President Gotabaya Rajapaksa relating to the disbursement of the final tranche of the US$1.5 billion Extended Fund Facility (EFF) This was conveyed by the IMF media relations division to the Business Times in response to an e–mail [...]
Subway® Fresh Forward restaurant in Sri Lanka
Subway®Sri Lanka has introduced the Fresh Forward makeover to its newest restaurant which was opened in Shangri-La’s One Galle Face Mall in mid-December. The new restaurant design at Shangri-La’s One Galle Face Mall include a modern layout, new technology features and menu innovation, a media release by the company said. “The restaurant is designed to [...]
Sunlight ‘Manudam Viyamana’ invites nation to strengthen SL’s fabric of humanity
“Manudam Viyamana’ a nationwide initiative recently launched by Sunlight – one of the oldest and most loved brands in Sri Lanka with a legacy of 135 years – has urged all Sri Lankans to strengthen the bonds of care among all communities in the country. Sri Lankans have long lived as a multi ethnic, multi-cultural [...]
NDB wins 4 awards at the National Business Excellence Awards
National Development Bank PLC was recently felicitated with four awards at the National Business Excellence Awards 2019, hosted by the National Chamber of Commerce, Sri Lanka (NCCSL). The bank won the Runner-Up in the Banking Sector category in addition to emerging as the Runner-Up for Excellence in Performance Management, Runner-Up for Excellence in Capacity Building [...]
People’s Leasing and Finance PLC Annual Report recognised
People’s Leasing & Finance PLC, one of the leading non-bank financial institutions in Sri Lanka, recently bagged eight coveted awards for its 2018/19 annual report at the 33rd ARC Awards International – 2019. The ARC Awards International being one of the world’s premier annual report competitions is considered the best evaluator of academic awards for [...]
Textile and clothing factories decline in Sri Lanka
Textile and clothing factories in Sri Lanka have declined over the past decade whilst there has been a growth in other South Asian countries and their products are more competitive than those in Sri Lanka, lamented a top industry official. Chairman of the Textile Institute Sri Lanka Section, Prof. Rohana Kuruppu, addressing the membership and [...]
New Central Bank Governor stresses the need for alternate economic policy
Sri Lanka will have to follow an alternate economic policy without being caught up in between the neo-liberalism intervention and Washington consensus of stabilise, privatise and liberalise, new Central Bank (CB) Governor Prof. W.D. Lakshman emphasised at a media conference in Colombo on Friday. In future, it is necessary to consider the economy holistically, with [...]
Kelani Cables employees receive prestigious CEO’s award
Kelani Cables PLC, which produces Sri Lanka’s number one secure electrical and communication cable, honoured its outstanding sales persons with the CEO’s Award for the seventh time at the Ananthaya hotel, Chilaw with the participation of Mahinda Saranapala,. Director/CEO, Kelani Cables PLC. Anuruddha Wijekoon was adjudged the ‘Best Area Sales Manager’ while Thilina Walgama was [...]
Amana Bank, first bank in Sri Lanka to facilitate account deposits through Pay&Go
Amana Bank has joined hands with MegaPay (Pvt) Ltd, the operators of Pay&Go kiosks to become the first bank in Sri Lanka to enable its customers the convenience of depositing money to their accounts through Pay&Go kiosks located island-wide, without any additional charges, the bank said in a media release. Commenting on this tie up, [...]
Ceylinco Life wins Gold for ‘Market Reach’ at 2019 National Business Excellence Awards
Ceylinco Life’s success in aligning with its vision of protecting every Sri Lankan family with life insurance was reaffirmed when the country’s life insurance leader won Gold for ‘Excellence in Local Market Reach” at the recent 2019 National Business Excellence Awards (NBEA) organised by the National Chamber of Commerce. Ceylinco Life was also presented the [...]
Driving Licence Information System comes under government scrutiny
Sri Lanka’s new driving licence information system has come under the strict scrutiny following the revelation of malpractices and financial fraud in awarding the contract to a private firm. An independent commission will be set up to investigate into the selection and implementation of a new private entity to upgrade and maintain Driving Licence Information [...]
CPC’s revenue generating fuel pricing formula to be scrapped
Sri Lanka’s fuel pricing formula introduced in mid last year at the insistence of the International Monetary Fund (IMF) is set to be abolished or reviewed despite its input in increasing the Ceylon Petroleum Corporation (CPC) revenue. The Government will be reviewing the monthly fuel pricing formula, Power and Energy Minister Mahinda Amaraweera announced recently. [...]
EY Sri Lanka workshop on IFRS 17 for insurance sector
Ernst & Young (EY) Sri Lanka recently conducted an in-depth workshop for the insurance sector on IFRS 17 – Insurance Contracts, which are due to come into effect from January 2022. The session was organised to provide insights from explaining the fundamentals of IFRS 17 to practical implementation of the standard. The workshop attracted many [...]
Bangladesh’s top conglomerate hires MTI for major strategy overhaul
The Gemcon Group, one of Bangladesh’s leading conglomerates, with diversified interests in retailing, education, sports franchises, engineering, F&B, has signed up an international consortium of MTI Consultants to carry out a major strategic re-alignment of the group, in preparation for quantum growth. Dr. Kazi Anis Ahmed, Group Director of the Gemcon Group, speaking at the [...]
ComBank launches ‘ComBank RemitPlus’ mobile app
The Commercial Bank of Ceylon has launched ‘ComBank RemitPlus’ – a remittance app to enable those who use the bank’s remittance services to conveniently access remittance-related information and services. This app was launched to commemorate International Migrant Day which was celebrated on December 18. The mobile app which can be downloaded for both iOS and [...]
Capitol TwinPeaks awarded Green Certification
Capitol TwinPeaks, the flagship residential venture of the Sanken Group located at the up-and-coming, high-end investment location – the Beira Lakefront in Colombo 2, was awarded the Green Certification by the Green Building Council of Sri Lanka (GBCSL), on December 14 at The Earl’s Regency, Kandy. The project which offers twin interlocking skyscrapers at 50 [...]
SMAC in the DARQ: Five trends shaping tech in 2020
LONDON, AFP, Dec 26 – In 2020, will the wow factor return to consumer hardware? Will blockchain and 5G punch into the mainstream? Or will the world unify against Big Tech’s tax-avoiding practices? AFP looks at five themes shaping the world of technology, after a year in which debate intensified over the industry’s exploitation of [...]