Electric bicycle
‘Rhoda AT’, an electric bicycle, was launched last Thursday at the Hatch Works in Colombo Fort. Pic by Indika Handuwala.
Ten bankrupt state entities face liquidation
As the Treasury plans to curtail public expenditure in the 2021 budget, plans are underway to liquidate at least 10 bankrupt state institutions including Mihin Lanka while protecting the interest of their employees who are to be offered compensation, official sources divulged. Liquidation of these institutions will be carried out without affecting employees and it [...]
Sri Lanka’s direct tax revenue to record a significant hike in 2021
Sri Lanka’s direct taxation is expected to witness a significant increase among other budget 2021 revenue proposals. The country faces several issues such as low level tax ratio with declining trend, slow structural change of tax composition, dismal outcome even after changing the tax system and low level of efficiency and productivity of Value Added [...]
SEC to push PPPs listings
The Securities and Exchange Commission (SEC) will submit a concept paper to the government on publicly listing Private Public Partnerships (PPPs). Chinthaka Mendis, Director General SEC has said in his annual statement that PPPs combine the skills and resources of both the public and private sectors through sharing of risks and responsibilities, which in turn [...]
Hotels face shock treatment from CEB
Sri Lanka’s tourism industry is now faced with another crisis as their electricity bills have skyrocketed and with no revenues to pay they face the likelihood of disconnection. The cabinet has approved that electricity charges made to the tourism industry be deferred by one year, City Hotels Association President M. Shanthikumar told the Business Times [...]
Banking and finance sector undergo significant changes
Sri Lanka’s banking and finance sector will undergo significant changes next year following the replacement of the specialised bank licence with commercial licences and introduction of mergers of licensed finance companies. The banking sector has been directed to get ready for necessary changes in the current banking industry landscape under the new Banking Act which [...]
Dilmah launches tea beer in Australia
Two of Australia’s most beloved rituals have been combined in one ground-breaking beer thanks to Port Adelaide Pirate Life Brewing and family tea company Dilmah. The Australian-first collaboration has produced Tea and Biccies Brown Ale, combining the deliciousness of fresh beer with the refreshing taste and natural goodness of Sri Lankan black tea, Dilmah Tea [...]
Chaos in imports
Chaos and disruptions. This was the view on Sri Lanka’s import crisis during a conversation with Pedris Appo, short for Appuhamy who is a retired agriculture expert who does farming, and Seeni Bola, my banker friend (so named after he once boasted that other banks were handling ‘seeni bola’ deposits compared to his bank). We [...]
Port City cuts across “time zones”
It’s only early morning in Colombo, when an international commercial city in the Far East begins its working day. For instance, the international corporations that are headquartered in Tokyo or international financial businesses that are operating from Seoul opens for businesses at 10 o’clock in the morning, while it is only 6.30 in Colombo. If [...]
Sri Lanka to introduce AliPay to attract Chinese
Sri Lanka is looking at the possibility of introducing AliPay to the market in a bid to encourage more Chinese travellers to visit the country and ensure their payments will be made prior to arrival, a key government official said on Wednesday. Ambassador-designate to China Palitha, Kohonna speaking at the discussion on “post COVID Tourism [...]
People’s Bank, first state bank to accept fingerprints for pensioner verification
People’s Bank has made history by becoming the first state bank to accept fingerprints of pensioners for verification purposes, in lieu of the conventional life certificate. The official launch ceremony of this product was held at the People’s Bank Head Office under the patronage of chief guests former Auditor General – S. Swarnajothi and veteran [...]
CSE launches digitalised stock exchange
After 35 years, the Colombo Stock Exchange’s (CSE) digitalisation was ceremoniously unveiled mid this month at the CSE, repositioning the country’s capital mobilisation efforts into the future. With this, CSE has eliminated all paper and enable digital account opening, unflawed post-trade and settlement and implementing e-contract notes and e-statements. “For decades we have known what [...]
Fonterra co-creates grass root solutions with their dairy farmers
Fonterra Brands Lanka has implemented specific solutions together with its dairy farmers to improve milk quality and yield, which includes the provision of fodder and farming equipment. Smallholder dairy farmers form the backbone of the dairy industry, contributing to 90 per cent of Sri Lanka’s local milk supply. Organised knowledge-sharing, training, a sustainable business model [...]
DFCC Bank supports Watawala Tea Ceylon Ltd’s leveraged acquisition financing of Daintee Ltd
DFCC Bank PLC recently completed the acquisition financing for Watawala Tea Ceylon Ltd, a 100 per cent-owned subsidiary of Sunshine Holdings, one of the most established corporate entities in Sri Lanka. Watawala Tea Ceylon Ltd acquired a leading Sri Lankan confectionery company Daintee Ltd, adding several brands to its portfolio including Daintee, Milady and Bensons. [...]
3,000 coconut farmers receive training and agricultural support from CCB and Nestlé
3,000 farmers and outgrowers in the Nestlé Coconut Plan received 150,000 kg of fertiliser and training on modern farming practices from the Coconut Cultivation Board (CCB) and Nestlé, at a recent event which marked the completion of the plan’s fourth year. To help address unstable coconut supply over the last few years, caused largely by [...]
Rewards to exporters for COVID-19 performance
The commendable performance of Sri Lankan exporters and the resilience shown during an unprecedented COVID 19 pandemic is to be rewarded by the Sri Lanka Export Development Board (EDB) of the Ministry of Trade, through a proposed export stimulus rewards scheme. Exporters who managed the risk and the vulnerabilities despite the current global economic crisis [...]
Women IT entrepreneurs for economic growth
The launch of the Women Technopreneurs Forum will have a positive change in the creation of the IT industry in Sri Lanka. In Norway women participation in the IT industry has contributed to a key growth in the economy, according to the Norwegian Ambassador to Sri Lanka Trine Joranli Eskedal. She was speaking as the [...]
Govt. should allow oil plantations to continue
While the coconut growers lament about ban on the expansion of oil palm cultivation in Sri Lanka, at the 166th AGM of the Planters Association of Ceylon (PA) held at the BMICH, last week, its outgoing Chairman, Sunil Poholiyadde indicated that despite the ban, oil palm cultivation should be continued to the extent that was [...]
Controversial Singapore firm bags coal deal
Sri Lanka is now being embroiled in another coal procurement deal with Swiss Singapore Overseas Enterprises Pte Ltd (SSOE) recently, once again sparking allegations against the company of irregularities in importing coal since 2009. The Power and Energy Ministry is not following a formal and practical annual procurement process to avoid malpractices in coal purchases [...]
EFC Chairman Vish Govindasamy calls for a new era of sustainability and resilience for employers
Vish Govindasamy, Group Managing Director of Sunshine Holdings, has been appointed as the Chairman of the Employers’ Federation of Ceylon (EFC) for the year 2020/21. He takes reins of the national organisation for the employers, succeeding Pravir Samarasinghe, Group CEO of Overseas Realty. A media release from Sunshine Holdings said that Mr. Govindasamy has pioneered [...]
SL tea production hits lowest levels in August
Sri Lanka’s tea production in August hit the lowest levels since April this year due to extreme weather and low fertiliser application. Asia Siyaka Tea Brokers stated in their report that 67 per cent of the crops loss in August came from the Low Grown sector, which declined 2.5 million kg compared to the same [...]
John Keells Hotels and Indra Traders to build 160-room hotel in Kandy
The Board of Investment (BOI) of Sri Lanka has signed an agreement with Indra Hotels and Resorts Kandy (Pvt) Ltd, a joint venture between John Keells Hotels PLC and Indra Traders (Pvt) Ltd, to build a 160-room, 3-star, lean luxury hotel in Kandy. The agreement was signed on behalf of the BOI by Susantha Ratnayake, [...]
SOEs reform in Sri Lanka: An enhancement proposal
The performance and future of Sri Lanka’s state owned enterprises (SOEs) continues to be a subject of public conversation. The ‘State Enterprises Management Policy’ described in the SLPP Manifesto (Chapter 2, page 08) for instance, pledges to “…develop State Enterprises and to make them profitable” and further to “…ensure that all State Enterprises are free [...]
SL’s first electric bicycle ‘Rhoda’ unveiled
While the government is taking steps to build the infrastructure for cycling tracks within the Colombo city to reduce the ongoing vehicle congestion, it is timely for a home-grown product, an electric bicycle to make commuting much easier and faster within the city. ‘Rhoda AT’ (All Terrain), an electric bicycle was launched last Thursday at [...]
Pandemic opens new business avenues
The tourism industry is currently faced with a plethora of issues as they are fighting hard to sustain themselves in a scenario where there is no one knocking at the door to spend a holiday in Sri Lanka. However, interestingly the industry has become more energetic and some running travel agencies at one time are [...]
Nestlé’s Bandula Egodage appointed chair of Industrial Association
The Industrial Association of Sri Lanka, part of the Ceylon Chamber of Commerce and the apex body for representing industries and manufacturing companies in Sri Lanka, held its 29th Annual General Meeting (AGM) recently. In compliance with health and safety recommendations, the AGM was conducted virtually. Bandula Egodage of Nestlé Lanka PLC was elected Chairman, [...]
RDB continues development banking expediting digital presence
The Regional Development Bank (RDB) is continuing its core function of development banking while strengthening micro financing on the directions of the State Ministry of Samurdhi, Household Economy, Micro Finance and Self Employment, official sources said. RDB accelerates its digital presence via Oracle cloud infrastructure across the country, and provides innovative and simple financial solutions [...]
Atlas launches Sri Lanka’s first-ever Anti-Bacterial range
Atlas has introduced Sri Lanka’s first ever range of Anti-Bacterial Stationery. “As Sri Lanka’s most loved learning brand and the largest brand of stationery in the country, Atlas is pioneering school supplies that create a safe learning environment and ensures that our children are protected. The need for hygiene and safety in the learning environment [...]