Protests over TFC
Hundreds of disgruntled depositors of the failed, 80 year-old The Finance Company (TFC) staged a protest on Wednesday in Colombo urging the government to resolve the crisis. Pic by Amila Gamage.
Textile plant in Eravur to attract $40m investment
Sri Lanka’s apparel industry expects the fabric manufacturing plant, to be established in eastern Eravur, to commence construction in six months’ time with the likelihood of attracting an investment of US$40 million towards the project. Sri Lanka Apparel Exporters Association (SLAEA) Rehan Lakhany told the Business Times that within about six months the plant would [...]
Tourism hurt by just 1.9 m visitors
The tourism industry is unhappy about the 1.9 million arrivals achieved last year and as Sri Lanka City Hotels Association President M. Shanthikumar said they are “not at all satisfied with this number.” It is a figure that is down by 400,000 compared to the previous year. “Soon after the April blast if the promotions [...]
Colombo braces for shocks from West Asia crisis
The stock market recovered after a day-long crash, the Colombo auction didn’t react but was on alert while airlines are bracing for possible pressure on air fares if tensions in West Asia escalate to a full blown conflict between the US and Iran. Board of Airline Representatives (BAR) Chairman Dimuthu Tennakoon told the Business Times [...]
Sri Lankan-founded eTreatMD makes waves in the West
Although not a life threatening condition, acne can be upsetting and disfiguring while treatments can be complex and costly. But not anymore, thanks to eTreatMD, an eHealth technology start-up based in Vancouver founded by Sri Lankans which transforms smartphones into medical imaging devices. Fresh from receiving a Canadian Government Grant for its ‘Acne App’ which [...]
Small retail liquor business hit by high taxation
Despite regulatory and operational issues and high taxes, small retail liquor businesses are finding ways to survive and thrive in the face of adversity amidst non- constant policy on liquor production and marketing. According to Finance Ministry sources, there are currently 4910 licensed liquor shops and of them 1100 are retailers, 1,567 hoteliers and 554 [...]
Hostilities in West Asia
Tensions in West Asia appeared to have eased on Thursday, but the issue was still alive in the Sri Lankan space with the trio sitting down under the margosa tree reading newspapers on the crisis. “Batahira asiyave, ape daruvanta mokak vevida (What will happen to our children in West Asia)?” asked Kussi Amma Sera. That [...]
Road Map 2020 and the need for “enlarging the Central Bank premises”
Governor of the Central Bank of Sri Lanka, Prof. W.D. Lakshman, on Monday, presented the Road Map 2020 highlighting the monetary and financial sector policies for the year 2020 and beyond. Given the central banking objective of maintaining economic and price stability, the banking regulator has the mandate to implement monetary policies and financial sector [...]
Hela Clothing recognised as ‘Most Inclusive Employer of the Year’ in Ethiopia
Hela Clothing, a global apparel manufacturer with factories across Kenya, Ethiopia and Sri Lanka, was recently awarded the ‘Most Inclusive Employer of the Year’ by the Ethiopian Centre for Disability and Development (ECDD) at the Inclusive Employers Forum. This award was in recognition of Hela’s efforts to nurture a culture of inclusivity within their workforce [...]
Twin deficits impact Sri Lanka’s growth momentum
Sri Lanka’s twin deficit condition – high budget and external current account deficits – has been fuelled by a host of domestic and international factors driving the economy towards a crossroads with many tough challenges. The country has an inherent economic potential to face these challenges, new Central Bank Governor Prof. W.D. Lakshman said. He [...]
Ceylinco Life introduces ‘Ceylena’, the friendly chatbot accessible 24/7
Anyone browsing Ceylinco Life’s website can now meet ‘Ceylena,’ the life insurance leader’s newly introduced virtual assistant who is available 24/7 to answer all insurance related questions instantly and point visitors to specific web pages that would be of use. “She is cute in traditional fashion but clever in the ways of modern IT and [...]
Hemas Hospitals’ employee excellence at Annual Awards Night
Pioneering healthcare provider Hemas Hospitals recognised the immense contribution of its staff cadre at the annual Hemas Hospitals Awards 2018/19, held recently at the Golden Rose hotel in Boralesgamuwa. The event, which was organised by the group’s HR department and spearheaded by Hemas Hospitals and Laboratories Managing Director and President, Association of Private Hospitals and [...]
SL – Asia’s best destination for Wildlife Tourism, in CNN’s 20 best places to visit in 2020
The New Year 2020 kicked off with a fresh start and good vibes for Sri Lanka, for the island destination bagged its first award of the year, as Asia’s best destination for Wildlife Tourism at the Top Asia Corporate ball 2019, which was held at the Shangri-La Hotel, Kuala Lumpur, Malaysia. Sri Lanka was ranked [...]
Fonterra empowers smallholder dairy farming families to increase milk quality, production
Sri Lanka’s smallholder dairy farmers are at the heart of the local dairy industry, which has always been a part of the nation’s rural economy, according to Fonterra. It said in a media release that Shantha Kallora is a successful 44-year old dairy entrepreneur from Doluwa and father of two daughters and a son. Shantha [...]
Uncertain future for grand old TFC depositors
The spillover effect of the liquidity crisis in the Ceylinco group with the collapse of Golden Key Company 11 years ago in 2008, is now being felt by the 80 year-old, The Finance Company (TFC), after crossing Rs.25 billion mark in public deposits. TFC has called expressions of interest for potential investors to inject Rs. [...]
Emirates offers Sri Lankans new fare sale
Emirates has announced a new series of special fares for 2020 for Sri Lankans, making it possible to ‘Fly Better’ with the world’s largest international airline for less to popular destinations worldwide. On sale from Tuesday, January 7 to January 20, these special fares are valid for travel between January and November 30, and represent [...]
Chinese Dragon Cafe celebrates 77 years
Chinese Dragon Café (Pvt) Ltd, the pioneering restaurant in Sri Lanka’s Chinese restaurant sphere, held its 77th anniversary celebrations recently at the premises with religious ceremonies. The emphasis this time was on welfare made for the staff. Wheelchairs were donated to needy relatives of the workers and children of all workers who are schooling were [...]
Local firm launches high tech products using AI, machine learning tech
AI and Vision Solutions (Pvt) Ltd, Sri Lanka’s newest upcoming contender in the field of Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) – recently launched pioneering high tech products with the use of AI and Machine Learning technologies. With the development of the innovative Registration Number Recognition System (RNRS), users will [...]
EDEX celebrates 17th year in education guidance venture
A group of dedicated past Royal College students has worked hard for the past 16 years to empower the youth of Sri Lanka to be globally competitive and to make a ‘difference’ in guiding them to select their future career path. The venture has been very successful, declared Mahinda Galagedara, Chairman EDEX, speaking at a [...]
LankaPropertyWeb sets up first ever Property Centre
LankaPropertyWeb.com, following over a decade of successful operation of helping people find, sell and rent property in Sri Lanka which has become the most popular place for properties along with House.lk, has established the ‘Property Centre’ in Colombo. In a prime location at No.1 Bagatelle Road, Colombo 3 in the Platinum One Building, the new [...]
Samsung crowned No. 1 Digital Innovation Leader in the world
Samsung was recently adjudged No. 1 in the Global top 100 Digital Innovation Leaders ranking, which reveals that it’s leading the digital penetration of future technologies and decisively influencing the global innovation landscape today. The ranking was developed by PatentSight in cooperation with EconSight, a Swiss based Consulting and Economic Research company. The ranking focuses [...]
Ceylinco Healthcare launches 3D Posture Scans with AI to identify posture-related problems
Ceylinco Healthcare Services Ltd (CHSL) has announced the introduction of a digital posture, balance and movement screening service to help identify and remedy common, but poorly managed, movement-related disorders, which affect one in every three people because of musculoskeletal, neurological or age-related problems. The software developed by a Swedish technology company Qinematic, uses accurate and [...]
Aviraté signs contract with EFL 3PL
Premier luxury fashion retailer, Aviraté, has announced that it is partnering with global supply chain service provider, EFL to avail its wide portfolio of 3PL services in order to ensure a seamless brand experience for its consumers. With nearly a decade of excellence in retail to its name, Aviraté was founded by a leading Sri [...]
National Enterprises Authority to streamline 422 SOEs
Sri Lanka’s 422 State owned Enterprises (SOEs) are to be brought under a streamlined management system to ensure the accountability of the chairmen and the board of all these institutions making it efficient, and profit oriented instead of privatising any of them, official sources said. The National Policy Framework of the government has suggested implementing [...]
Fairfirst Insurance protects Sri Lankan police dogs
The K9 forces; the four-legged rescuers; the Fur heroes: Whatever you may call them they are an integral part of protecting and serving the community better. As an insurer Fairfax Insurance strongly believes in supporting the community and in protecting these dogs. “The Sri Lanka Police K9 forces are a valuable source to our country [...]
Commercial Bank launches Pre-paid Travel Card with latest technology
The Commercial Bank of Ceylon has announced the launch of its latest card product, a Prepaid Travel Card to improve customer experience and convenience when travelling overseas. Issued in collaboration with the world’s leading payment network Visa and issued in five currencies – US Dollar, Great Britain Pound, Euro, Singapore Dollar and Australian Dollar, the [...]
Mercantile Investments Annual Report wins CA sector silver, recognised in top 10
Mercantile Investments and Finance PLC’s (MI), annual report was recognised among the top 10 corporates at the 55th Annual Reports Award Ceremony, held at the Shangri La Hotel in Colombo recently. Organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the Annual Reports Awards is one of the country’s most prestigious [...]
MTI wins India market entry project for Bank of Bhutan
Bank of Bhutan (BoB), the country’s oldest and largest commercial bank, has selected MTI Consulting to advise them on their India market entry. With the bank’s vision “To be the nation’s premier financial institution” and having a significant presence in Bhutan, the bank intends to make its presence in the Indian financial market as well. [...]
CSE posts second highest turnover in history
Colombo stocks recovered on Thursday after recording the biggest fall since the April 21 attacks in 2019 when Malaysia’s sovereign fund Khazanah Nasional’s Broga Hill Investments Ltd sold its entire 10.8 per cent of John Keels Holdings (JKH) in a Rs. 22 billion deal to Canada’s Fairfax Financial. Broga Hill was the second largest shareholder [...]
40th AGM of the Sri Lanka – Japan Business Council
The 40th Annual General Meeting of the Sri Lanka – Japan Business Council of the Ceylon Chamber of Commerce was held recently. The Sri Lanka – Japan Business Council was set up in 1979 as the Sri Lanka – Japan Business Co-operation Committee (SLJBCC) by the Ceylon Chamber of Commerce, following a Memorandum of Understanding [...]