Sri Lanka adequately handling COVID-19, BT Poll reveals
Most respondents in an email poll conducted by the Business Times on the impact of the coronavirus (COVID-19) were of the view that local health authorities were reasonably dealing with the virus and preventing its spread in Sri Lanka. Asked to respond with Y (Yes), N (No) or U (Unsure) to the question that Sri [...]
PPP comes to the rescue of failed state entities
Rising public debt and spending rationalisation has prompted the present government to bring public-private partnership (PPP) to the forefront in revitalising loss-making and defunct state-owned enterprises. The Ministry of Small and Medium Business and Enterprise Development, Industries and Supply chain Management will be reviving all crippled state owned entities through PPPs, a senior official of [...]
MCC review committee: Strings attached to $480m grant
The government has been advised to be cautious in ratifying the Millennium Challenge Corporation’s (MCC) grant of US$480 to Sri Lanka as key conditions laid down in the compact would erode the country’s sovereign rights. The 4-member expert committee appointed to review the MCC grant has issued this warning in their preliminary report presented to [...]
Govt. reactivates Strategic Development Projects Act
In the wake of the economic setbacks triggered by the Easter Sunday terror attack and the corona virus, the Government is now offering massive generous tax concessions and incentives to attract foreign investment. This was made possible following the reactivation of the Strategic Development Projects Act (SDPA) of 2008 which was put on hold for [...]
China slowdown shakes local apparel industry
The apparel industry is facing a crisis as Sri Lankan factories are looking at the possibility of reducing work times and contemplating shutting down until China resumes operations. The coronavirus outbreak in China has led to a number of cities being quarantined and causing concern among firms globally as the country is one of the [...]
Beating a deadly virus
The trio was at the gate having a ‘go’ at Aldoris, the choon-paan karaya, and pulling his leg. “Aney miss, kaeme tikak ganna-ko (Miss, please buy some food),” he pleaded. “Issaravela oya kiyanna-ko corona virusaya gena monavada danne kiyala (First tell us what you know about the coronavirus),” cajoled Serapina, the youngest of the trio. [...]
Triple win with double misery
A few years ago, a University research team was engaged in a research project in a remote village located on the river bank of the “Deduru Oya” in the North Western province. While they were conducting the project activities, they came across a prominent feature in that village: That there is an unusually large number [...]
Business impact globally from COVID-19 larger than SARS
The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03, according to a report by the Economic Intelligence Unit of the Ceylon Chamber of Commerce (CCC) released on Thursday. The outbreak is lowering China’s GDP growth [...]
Local banking shares undervalued compared to frontier markets
With the recovery in economic activity supported by monetary easing and fiscal stimulus, an upward trend in the banking sector lending is likely, analysts say. Recently introduced regulation on capital adequacy is expected to provide more leeway for the mid to large banking segment, supporting credit expansion, they say noting that the sector has a [...]
Mattala a dead airport, thanks to politicians
The first green-field airport in the country continues to be a dead airport due to poor political decisions by both governments. Our politicians have proved to have failed in the aviation business in the case of the two main airports and the national carrier. These state-owned economic institutions should be managed by industry professionals in [...]
Mobile app for farmers connecting markets to make better deals
While technology is booming and new inventions are coming into place, the agricultural sector is also flourishing with new methods of harvesting and farmer friendly apps to make their lives much easier. The ‘Technical Assistance to the Modernisation of Agriculture Programme in Sri Lanka’ (TAMAP) funded by the EU and implemented by the consulting company, [...]
Ambeon Group revenue up by 18% during Q3 2019/20
Ambeon Holdings PLC, Sri Lanka’s leading medium sized conglomerate involved in financial services, manufacturing, real estate, technology and strategic investments, has recorded a revenue of Rs.15.9 billion at group level for third quarter 2019/20 period compared to Rs. 13.4 billion during the corresponding period of 2018/19, resulting in a growth of 18 per cent. The [...]
WERK empowers warriors of change
Being a woman in the ‘now’ means being a warrior for change. WERK (Women Entrepreneurs Resource Kit), Sri Lanka’s first online woman-centric professional network, which was launched last Saturday, at Hatch in Colombo amply testifies to this. Amongst the gathering, mothers, sisters, daughters, wives, leaders, entrepreneurs and Angels, – of which they were at least [...]
Ceylinco Life closes 2019 with PBT of Rs. 8.2 billion, revenue Rs. 32.1 billion
Ceylinco Life closed 2019 on a characteristically strong note, with consolidated income of Rs. 32.1 billion for the 12 months ending December 2019, reflecting top line growth of 9.9 per cent. The life insurance frontrunner reported gross written premium income of Rs. 18.7 billion, an increase of Rs. 906 million or 5 per cent over [...]
Coronavirus affects business but Softlogic can benefit from healthcare
With the outbreak of the coronavirus, Chinese tourists have declined sharply and this would affect the business of the Softlogic Group in the forthcoming quarter, according to Group Chairman Ashok Pathirage In his statement on the group’s 9th month results ending December 2019, Mr. Pathirage said that heavy investments in retail, healthcare and other sectors [...]
NDB in 2019 records its highest ever pre-tax profit
The National Development Bank PLC has recorded Rs.10 billion profit before tax (PBT), the highest ever in banking operations in its journey of 40 years. This is a 6 per cent year on year [YoY] growth, affirming its resilience in a challenging market environment that prevailed during 2019. However NDB’s profit after tax was Rs. [...]
Tax cuts no impact to construction sector stocks
Construction stocks have outperformed the Colombo bourse’s All Share Price Index, but did not react to the two waves of state tax cuts that followed, a recent presentation by Asia Securities’ said. Pent-up demand, low interest rates, and higher disposable income in the residential housing segment will drive volume growth over 20 20–2022, said Naveed [...]
Q3 FY 2019/20 revenue drop at Jetwing Symphony
Jetwing Symphony PLC recorded a revenue of Rs. 396 million for the quarter ended 31st December 2019, down by 18 per cent compared to the last financial year due to the decrease in expected tourist arrivals as a result of the Easter Sunday attacks. In his statement, Hiran Cooray, Chairman of Jetwing Symphony PLC, said: [...]
Sri Lankan economy: On the door-step of a recession
While it’s easy to destroy, bankrupt or ruin any country’s economy, it’s extremely difficult to re- build the country’s economy. The Sri Lankan economy is almost on the door-step of a recession in the absence of political economic certainty and economic confusion. Both main political parties Kleptocrats have destroyed Sri Lankan economy, gambling with taxpayer’s [...]
Classic Travel partners with SriLankan Airlines
Classic Travel, a subsidiary of Expolanka Holdings PLC, will be the first travel agency to partner with SriLankan Airlines. The company will join a large network of international and local partners that offer the airlines’ passengers benefits and rewards on their FlySmiLes membership. Under the offer, FlySmilLes members will earn one FlySmiLes mile for every [...]
US /Canada LNG project requests President its rightful place
In pursuit of increasing Sri Lanka’s power generation, the government will be going ahead with three major liquefied natural gas deals with China, India and Japan to add 1400 MW to the national grid without considering a US/ Canada and Sri Lanka joint venture project approved by the BOI in 2012, company officials alleged. Power [...]
Dialog Axiata in $250 m investment agreement with BOI
Dialog Axiata Group, the largest Foreign Direct Investor (FDI) operating under the aegis of the Board of Investment of Sri Lanka (BOI), recently announced entering into two supplementary agreements with the BOI for the investment of an additional sum of US$254.1 million (Rs. 46.1 billion) in Sri Lanka’s ICT Infrastructure. The investment comprises $190.7 million [...]
Sunshine Holdings’ 9mth 2019/20 profitability boosted by gain from divesting tea plantations
Diversified Sri Lankan conglomerate Sunshine Holdings, boosted by the divestment of its tea plantations, reported notable growth in bottom-line performances during the first nine months of the current financial year (9MFY20). During this period, the group recorded a consolidated revenue of Rs. 15.8 billion and also a 32.3 per cent Year-on-Year (YoY) increase in Profit [...]
Seylan Bank excels at ACCA Sri Lanka Sustainability Reporting Awards
Seylan Bank emerged runners up in the banking sector at the ACCA Sri Lanka Sustainability Reporting Awards 2020, which concluded recently. The prestigious ACCA Sustainability Reporting Awards presented for the 16th year and recognises responsible corporates for their excellent demonstration in environmental, society and sustainability reporting. In a media release, Seylan Bank said its approach [...]
Trade deficit contracts significantly in 2019, Central Bank says
The trade deficit in Sri Lanka’s economy, despite the impact of the Easter Sunday bombings in April 2019, contracted significantly in 2019, driven by a sharp contraction in import expenditure. Earnings from exports declined while expenditure on imports increased during December 2019, widening the trade deficit, the Central Bank (CB) said in releasing the economic [...]
Hambantota Port takes precautions against coronavirus
The Hambantota International Port (HIP), with the coronavirus epidemic becoming a serious cause for concern, has put in place several measures to ensure the safety of its staff, environment, and the general public. An Emergency Response Procedure is in place with three response levels. A special committee has been appointed headed by the CEO with [...]
Businesses transforming as trust and integrity play key roles
British author Michael Smith, who was in Colombo recently to launch his book titled “Leading with Integrity: Creating Positive Change in Organisations”, explained at an event in the capital the varied reasons why he wrote this book which looks at leading private companies with integrity and transparency. The event was held at the Colombo Hilton [...]
Mismatch between career aspirations, job opportunities
The mismatch between career aspirations and job opportunities and the gap between formal education and market demands could be a major cause for youth unemployment and, this become the focal point of an ‘Open Forum’ organised by the Centre for Poverty Analysis (CEPA) held last week in Colombo. The discussion centred on Technical and Vocational [...]
INSEE Cement hosts glitzy awards night for top performing business partners
Sri Lanka’s top cement manufacturer INSEE Cement rewarded its island-wide distributor network at the annual INSEE Business Partner Awards 2020 held recently. The gala awards night hosted at Shangri-La Hotel Hambantota under the patronage of the company’s Executive Committee, recognised top performing business partners that strengthened INSEE’s position as the undisputed leader in the local [...]
Expo offers free visa application services to persons with disabilities
Expo Visa Services, a subsidiary of Expolanka Holdings, in a bid to extend a practical helping hand to persons with disabilities, has reached out to the Specialised Training and Disability Resource Centre of the Employers’ Federation of Ceylon (EFC) to provide free visa application services to persons with disabilities seeking foreign training opportunities. Accordingly, Expo [...]
Digitisation, Fintech game changers for local banks – Analysts
As fintech firms and technology giants use consumer data, artificial intelligence and modern technology to build competitive alternatives to traditional financial offerings, banks are consolidating their brick and mortar branches to become more digitised. Sri Lanka has entered a phase which is dominated by mobile applications. The figures attest to the degree to which digital [...]
Lanka Property Show 2020 on Feb. 29
The Lanka Property Show 2020 will be held on February 29- March 1 at the Balmoral Hall at The Kingsbury Colombo from 10 am to 8pm. Organised and hosted by LankaPropertyWeb; Sri Lanka’s premier Real Estate website, the Property Show is a must-attend event for those with an interest in the Sri Lankan real estate [...]
New book on challenges of rubber smallholdings
‘Rubber Smallholdings in Sri Lanka: Opportunities and Challenges’ authored by Dr. Faheema Saheed was launched recently in Colombo, based on Dr. Saheed’s doctoral thesis, which was published by the Department of Economics, University of Colombo under its Doctoral Research Series. Prof. Sirimal Abeyratne, Head of the Department of Economics at the University of Colombo delivered [...]
Melsta Labs grows across Sri Lanka
The recently launched Melsta Laboratories is set to be an industry-wide game-changer, as the pioneering stand-alone laboratory operation in Sri Lanka. “Melsta Laboratories is a fully owned subsidiary of Melstacorp PLC one of Sri Lanka’s largest and most respected conglomerates. Melsta Laboratories was initiated with the objective of providing the highest quality medical testing available [...]
Asia Leisure Travels committed to bringing travel dreams to life
Asia Leisure Travels (ALT), as part of the Asia Leisure brand and subsidiary of Asia Capital PLC, is a one-stop inbound and outbound travel house designing unique and memorable travel experiences building lasting relationships with clients and vendors around the world. Asia Leisure currently owns and operates six luxurious boutique hotels in southern Sri Lanka, [...]
Tour operators sidelined, says top operator
Sri Lankan tour operators have once again been sidelined as a result of which they incurred approximately Rs. 275-300 million in losses over the past two months since, unlike hoteliers, they were not exempted from the zero VAT. Former Sri Lanka Association of Inbound Tour Operators (SLAITO) head and NKar Travels Managing Director Nilmin Nanayakkara [...]