BMICH re-opens for business, events
The BMICH recommenced its operations on June 23 after the COVID-19 lockdown with a corporate event for CEOs. The event (see picture) organised by the Sri Lanka Institute of Marketing was facilitated by the globally renowned Omar Khan as guest speaker was held in the [...]
Air ticket refunds for passengers sought
Sri Lanka’s civil aviation authorities are currently considering granting air ticket refunds to passengers affected by the COVID-19 pandemic and whose bookings have had to be cancelled. A number of passengers had to cancel their bookings on airlines due to a number of issues arising out of the COVID-19 pandemic since airports were closed and [...]
SL loses footing in per capita income status
Sri Lanka is among three countries whose World Bank classification by income has been downgraded this year. The other two are Algeria and Sudan. Sri Lanka’s per capita which fell to US$4020 in 2020 from $4060 in 2019 has been downgraded to “Lower-middle income” status from ‘Upper-middle income” status, according to the July 1 new [...]
Government mulls single shareholder limit increase in banks
The government is strongly skewed towards increasing single shareholder limit of banks, bolstered by many requests from such main shareholders, officials said. This came after many such shareholders in the past few months appealed to the Central Bank (CB) to ‘reconsider’ its rules because time is running out for them. Most are supposed to sell [...]
Diplomatic tussle for ECT continues
The government on Friday agreed to install three Chinese cranes at the East Container Terminal (ECT) of the Colombo Port to defuse tensions caused by protesting trade unions during the week but fell short of allowing these to be commissioned. This decision was made in the backdrop of diplomatic discussions underway on rearranging an agreement [...]
President allows clearing of DCSL ethanol shipments
While the Government continues the ban on ethanol, it has permitted clearing a batch of pre-ordered containers belonging to the Distilleries Company of Sri Lanka PLC (DCSL) on the president’s directive. This massive consignment of around 74 imported ethanol containers of DCSL held at the Colombo Port by Sri Lanka Customs under the ethanol import [...]
Saga of finance companies
Reading a daily newspaper, Serapina exclaimed, “Pinance company wala karadara aapahu paththara-wala thiyenawa (The problems with finance companies have once again hit the news).” Adding to the conversation, Kussi Amma Sera said that “mage nedeyoth salli dala thiyenawa kada wetichcha pinance company eka-kata (my relatives have also deposited money in a finance company which has [...]
Hot coffee and cold tea
During a recent meeting, some of us ordered tea while others opted for coffee. Prof. W.N. Wilson who is now retired from the university was also with us. While sipping a cup of tea, he started to share some thoughts on coffee. Listening to our older generation always brings new insights and in this context [...]
Rising demand for export of face masks and surgical products
Manufacturers of Board of Investment (BOI) companies and other export oriented companies will be exempt from an import ban, as their contribution is through value addition and exports. The main purpose of introducing new regulations relating to imports and exports was to stem the flow of outward remittances to protect the local manufacturing industry, said [...]
Recycling waste plastic now a big cottage industry
For whatever reasons, Sri Lanka is struggling to solve the issue of garbage while also tackling problems about plastic waste. In the case of plastics Sri Lanka has banned single-use plastic products since January 2018 and some sectors using packaging material objected to the ban as plastic is essential in their industries. However, elsewhere in [...]
FinTech Hive introduces ‘Moneta’ lifestyle app in Sri Lanka
FinTech Hive, a homegrown start-up company founded through PickMe’s incubation programme, recently introduced its tech-enabled, futuristic and secure financial assistance platform ‘Moneta’ to the Sri Lankan market. Moneta is an on-demand, versatile personal financial assistance ‘Lifestyle App’ which enables discerning users to make prudent financial decisions with regard to saving and spending. Moneta is working [...]
Banking industry expresses concern over removal of 2 bank CEOs
The recent removal of CEOs/General Managers of two state banks – Bank of Ceylon and People’s Bank – by the Government has raised ‘grave concerns’, according to a top banking industry body. Raising concerns is the Association of Professional Bankers-Sri Lanka, which has at the same time commended the Government, health care professionals, the tri-forces [...]
Takas E-Commerce Services (TES) enters Pakistan market
Pakistan’s SIAR Digital a technology company and Sri Lanka’s Takas E-Commerce Services (TES-the tech arm of Takas.lk) have entered into a strategic alliance to be the sole distributor of TES to Pakistani e-commerce companies. TES as well as SIAR Digital see a huge potential in Pakistan in the e-commerce space which is now valued at [...]
Hotel owners frustrated over liquor licence delay
Over 30 hotels are awaiting liquor licences for the past several months. These licences are lying at the Department of Excise pending approval, industry sources said. They say the owners are getting frustrated in these dire times amidst the pandemic. “We have been waiting for many months and some hotels have been waiting for over [...]
Lankans patronise hotels, foreign bookings pushed to 2021
Sri Lanka will see a revival of the tourism industry by January next year since bookings even after August seem to be getting postponed amid a surge in local demand. The industry believes that the authorities need to engage in bilateral ties with the respective markets in a bid to attract travellers to the country. [...]
BOC and China Development Bank enter into $140m facility agreement
Sri Lanka’s largest bank, the Bank of Ceylon (BOC) and China Development Bank (CDB) this week entered into a US$140 million long-term facility which will be disbursed in two tranches of $70 million each. Due to the COVID-19 pandemic, the signing ceremony was held through an online video conference. The ceremony was witnessed by Economic [...]
Another brazenly shameful act by the Central Bank!
The Central Bank has issued a Direction on all finance companies (Finance Business Act Directions No. 5 of 2020) on 18.05.2020 extending the retirement age of their directors beyond the current age of 70 years, citing the prevailing corona outbreak and ‘difficulty in finding experienced personnel’ as reasons. This action by the Central Bank is [...]
Specially designed motorbikes for home delivery from LAUGFS Gas
LAUGFS Gas has enhanced its delivery operations to meet the needs of its customers through its recent distribution of 20 specially designed motorbikes free of charge to selected dealers within its nation-wide home delivery network. Through this distribution, LAUGFS Gas intends to reinforce its home delivery network and provide its robust delivery service to an [...]
ADA recognises COVID-19 frontliners with ‘Diriya’ campaign
ADA Sri Lanka, at a time when healthcare workers are rightly being celebrated as national heroes, had a slightly different take on how Sri Lankans should honour the frontline workers. The integrated digital marketing company – having raised a private donation of Rs.0.5 million via employee contributions – adopted an innovative approach to make the [...]
Global tech firm Apple files intellectual property action against Stassen Exports
Top US tech firm Apple Inc. has filed an Intellectual Property action in the Commercial High Court of Colombo against the Harry Jayawardene-led Stassen Exports (Pvt) Ltd, in protecting its Intellectual Property Rights worldwide. The plaintiff, Apple Inc, said in its plaint that, in the backdrop where “Apple” is one of the most well-known and [...]
Govt. plans to cap loopholes in Customs processes
The Government is looking to tackle loopholes in cargo clearance procedure and valuation system of the Customs Department with the aim of preventing fraudulent practices of some errant importers, high level official sources said. One such case is how a Chinese importer used the loopholes to import an item which came under an import ban. [...]
WCIC’s COVID-19 initiatives
Sri Lanka’s Women’s Chamber of Industry & Commerce (WCIC) has been involved in many COVID-19 support projects. Members of the chamber in a social responsibility initiative have donated three Washing Machines, Electric Kettle Jugs and Boxes of Surgical Masks to the De Soysa Maternity Hospital Colombo, COVID ward and other wards. The chamber said that [...]
Smart Shirts workers at home on half pay
The Smart Shirts apparel company has asked its workers to remain home since May, trade unions state raising concerns of possible termination of employment of these workers going forward. Factory workers at the free trade zones are facing a number of issues from being not called to work to asking them to go home voluntarily [...]
COVID-19 showcases ‘sense of family’ at Fab Foods
For the team at Fab Foods, the closing up of the entirety of their workplace on March 20th struck a death knell. Questions of day-to-day survival arose, uncertainty prevailed and families dependent on their breadwinner were unsure of what lay ahead. But surprises were in store! Each of the 527 workforce began getting text messages [...]
Pan Asia Bank adds new Mobile Banking Unit
Pan Asia Bank recently added a well-equipped Mobile Banking Unit to strengthen its mobile banking efforts, in yet another customer-centric initiative launched by the bank. Commenting on the initiative, in a media release Nimal Tillekeratne Director/CEO of Pan Asia Bank said, “Staff at Pan Asia Bank is working round the clock to facilitate services for [...]
Video conferencing for CDS verification
Sri Lanka’s capital market regulator has proposed a new method of investor verification– all in a bid to ease the Central Bank (CB) KYC (Know Your Customer) rules when opening share trading accounts online. The Securities and Exchange Commission (SEC) together with the Colombo Stock Exchange (CSE) has proposed another form of verification – via [...]
Home Lands sees 100 reservations of apts and property in the last 50 days
Home Lands Skyline is celebrating a sharp increase in reservations of its units with 100 reservations of apartments and houses of all projects in recent times. The company resumed work after a COVID-19 lockdown on May 11 and the entire operations were back to normal within the same capacity with consumer confidence in the property [...]