Sustainable packing material
Sri Lankan inventor Udaya Gunaratne (see inset) has developed a sustainable product using paper to replace fruit mesh cover made of plastic. See story below. Picture shows one of the products.
Stock market: Avoiding a national crime
One would think Sri Lankans would learn. The Central Bank (CB) from 2010 to 2013 drew much flak as the Employees’ Provident Fund (EPF) incurred losses by purchasing stocks in companies with artificially inflated share prices. It won’t be long before CB and other state entities are confronted with another disaster if prudence isn’t exercised. [...]
IMF puts on hold final disbursement of $1.5 bn bailout facility
Sri Lanka’s ailing economy amidst COVID-19 could further worsen as the International Monetary Fund (IMF) has put on hold the final disbursement of the US$1.5 billion Extended Fund Facility. “The country could not avail of the last disbursement under the EFF, amounting to SDR118.550 million (around Rs.200 million) due to incompletion of the final review [...]
Vehicle import ban drives motor traders off the road
With the government’s extension of vehicle import ban till December 31 this year, around 32,000 people directly and indirectly employed in the motor trading sector would lose their earnings and even jobs as motor vehicle dealer companies’ move towards closure within months, motor traders warned. Vehicle sales revenue of motor traders was zero during the [...]
Biodegradable cover holds fresh fruits, veggies
A self-employment venture has been kick-started by a Sri Lankan inventor who believes that his product made of paper could replace the fruit mesh cover made of plastic. Udaya Gunaratna told the Business Times recently that his product is an environmentally-friendly mesh that absorbs any moisture but retains its size and shape and would not [...]
East Container Terminal: India should succeed
Sri Lanka is likely to go ahead with the arrangement between the Indian terminal operator Adani and partner Japan in the best interests of all parties. India and Japan are parties to a Memorandum of Cooperation (MOC) signed with the Sri Lanka Government in March 2019 in a bid to run the East Container Terminal [...]
Irrational decision
The news came as a shock to migrant workers, associations and non-governmental organisations working on behalf of migrant workers. A report in the Sunday Times last week said that newly-appointed Labour Minister Nimal Siripala de Silva had directed the shutting down of the labour offices in Sri Lankan missions overseas, saying the government was spending [...]
The rich neighbour
Imagine one of our neighbours doing well in his business and becoming rich day by day. The way he continues to progress, surely in the years to come he is going to be one of the world’s richest persons. If we get to sit and discuss for half an hour with him over a cup [...]
Dialog welcomes best practice in customer choice
Dialog Axiata PLC, following the announcement by the Telecommunications Regulatory Commission of Sri Lanka (TRC) with respect to the implementation of Number Portability (NP), has welcomed the re-initiation by the TRC of a roadmap to reach “International Best Practice in maximising Customer Choice in the Telecommunications Industry”. Number portability which enables switching of mobile and [...]
“Be Sri Lankan – Buy Sri Lankan” Trade Fair boosts local trade
The ‘Be Sri Lankan – Buy Sri Lankan’ trade exhibition, the largest ever exhibition of Sri Lankan products, will be held on October 9 to 11 at BMICH. In the absence of any such trade fair for this year so far, this event gives a huge boost to small, medium and large industries in the [...]
BOC ends first half 2020 with satisfactory results in the midst of crises
Bank of Ceylon has concluded the first half of the year once again earning industry leadership in terms of assets, deposits, advances and revenue. This year the bank has delivered results despite facing unprecedented challenges. “Although, the bank has ended the first half with satisfactory results, the Year-on-Year decrease in numbers that has been reported [...]
Record performance by LOLC in 1Q2020/21
LOLC has recorded its highest ever post-tax profit (PAT) of Rs. 37.2 billion for the first quarter (ending June) 2020/21, compared with Rs. 5.6 billion recorded in the same quarter in 2019/20, in a period which included the part-sale of its Cambodian investment in PRASAC to South Korea’s largest Commercial Bank – Kookmin Bank, for [...]
Ambalangoda GMA de Silva Jewellers marks 100 golden years of business
GMA de Silva, one of the most trusted jewellers in southern Sri Lanka, will be celebrating its 100th anniversary this year. GMA de Silva (Pvt) Ltd was founded in 1920 by the late Mr. G.M.A de Silva as a trusted gold pawning operation in Ambalangoda. In 1956 the son of the founding chairman Mr. G.M.S [...]
Vehicle emission testing to be revamped using high technology
Sri Lanka’s entire vehicle emission testing programme will be overhauled by introducing modern high tech systems while allowing more companies with technical knowhow to participate in breaking the existing oligopoly, Motor Traffic Department (MTD) sources said. The State Ministry of Vehicle Regulation will be focusing attention on changing the existing system on the directions of [...]
Dilmah Founder Merrill J. Fernando receives Fellowship of Institute of Chartered Professional Managers of Sri Lanka
Merrill J. Fernando, Founder of Dilmah Tea was honoured by Prof. Lakshman R. Watawala, Founder and President of the Institute of Chartered Professional Managers of Sri Lanka with the Fellowship of the Chartered Professional Managers Institute with the designatory letters FCPM. CPM Sri Lanka is the Sri Lankan chartered professional management body celebrating its 10th [...]
Veteran banker Senarath Bandara appointed new MD/CEO of Cargills Bank
Veteran banker Senarath Bandara has been appointed as the Managing Director/CEO designate of Cargills Bank Ltd with effect from September 8, 2020. Mr. Bandara will take over as MD/CEO of the bank with effect from October 1, 2020, subject to regulatory clearance. He succeeds Mr. Rajendra Theagarajah who is due to step down on September [...]
Palm oil has tremendous impact on environment
The government or any authority do not have any prerogative power to allow the environment to be destroyed as it is the duty of all to preserve for the future generation in keeping with the provisions of the Constitution, according to Ravindranath Dabare, Attorney at Law and Chairman, Centre for Environmental Justice. He was speaking [...]
Commercial Leasing and Finance PLC records solid performance in 2019/20
Commercial Leasing and Finance PLC (CLC) has concluded FY2019/20 on an impressive note, consistently performing well year on year despite the extremely challenging events that marked the financial year, the company announced in a media release. CLC recorded a Profit After Tax of Rs. 1,547 million, an increase of 29 per cent from Rs. 1198 [...]
Latest initiative by Tourism Alliance, ‘Love Sri Lanka Locals’ Goes Live!
Sri Lanka Tourism Alliance has announced the launch of ‘Love Sri Lanka Locals’, a domestic tourism initiative to assist the industry during these unprecedented times. Silver Members of the Tourism Alliance are given the opportunity to feature their amazing resident offers on this platform developed by Tourism Alliance’s web and digital partner Antyra Solutions. “With [...]
Multiday boats fetch major income share of fisheries industry
A small group of fishing boat owners and fish mudalalis (wholesale fish traders) are getting a major share of the income although Sri Lanka’s fisheries industry contributes almost 2 per cent of GDP to the country’s economy, official report revealed. After deducting all operating expenses, the income is distributed among the owners of craft and [...]
Harsha Amarasekera, new chairman of Sampath Bank
Harsha Amarasekera PC has been appointed as Chairman (Non-Executive, Non- Independent) of Sampath Bank PLC with effect from August 30. A resolution for this purpose was passed by the Board of Directors of the bank at a meeting held on August 27. He takes over from Prof. Malik Ranasinghe who has retired with effect from [...]
MAS pilots innovative trash trap project to address marine plastic issue
MAS Holdings is piloting an innovative solution to cap the problem of plastic waste at the source itself, by capturing plastic waste in the rivers and canals which play a critical role in transporting mismanaged plastic waste from land to ocean. By installing trash traps in the canals that push plastic waste into the oceans, [...]
Surviving the vehicle import ban
The objective of this article is to outline a strategy of how the Franchise Holder (FH) can cope with the motor vehicle import ban. The FH is the local agent of the automotive manufacturer in Sri Lanka and is distinct from the Parallel Importer (PI), who buys vehicles in the retail market abroad and imports [...]