Beleaguered MTD Walkers’ directors pay Rs.36.3 m in SEC fines
On the dock MTD Walkers PLC’s problems has exacerbated after the capital market regulator slapped a fine on its directors for violating five rules relating to non-compliance and default. The Securities and Exchange Commission (SEC) fined Rs.1.1 million compounding fee per director, per offence for breaching the listing rules of the Colombo Stock Exchange (CSE) [...]
No dates fixed for airport reopening
Health authorities in Sri Lanka have agreed with the tourism industry to reopen the airport to international travellers sometime in January on the condition that the country overcomes its current second wave in time. Although there was no guarantee given that the move to re-open the airport could take place by the proposed January 1 [...]
State revenue enhancement measures unveiled
With several public and private sector establishments coming to a near standstill during COVID-19, the government has taken several revenue enhancement measures to achieve an income of around 9.5 per cent of GDP in 2021, according to a Finance Ministry fiscal strategy report. To complement such a strategy, several measures have already been taken to [...]
Encouraging SOE public listings
Of the 55 State Owned Enterprises (SOE) monitored by the Ministry of Finance, some Rs. 150 billion loss was recorded last year, officials said. This amount equals to 80 per cent of government’s health expenditure of that year, Dr. Roshan Perera, Independent Consultant and former Director, Central Bank, a panellist at the Ceylon Chamber of [...]
Colombo Port clearing backlog
The Colombo Port is working on clearing its backlog even as exporters insist their problems are yet to ease off. Sri Lanka Ports Authority (SLPA) Chairman Gen. Daya Ratnayaka told the Business Times on Thursday that they will be clearing the backlog within a week. Ceylon Association of Shipping Agents Chairman Iqram Cuttilan asserted that [...]
Strict adherence to curbing foreign currency outflows
Sri Lanka is strictly adhering to curbing foreign currency outflows while encouraging foreign investment for local projects as joint ventures to drive economic growth introducing new laws to fully protect investments and inward foreign remittances, Finance Ministry sources said. The government has taken this decision amidst net capital outflows of around US$540 million (0.7 per [...]
‘Instant’ education
In a village near the town of Nawagattegama in the Puttalam district, a group of children climb to the highest point in the area daily – a 60-foot water tank, to study. Armed with cellphones and books, the children are using the tall tank to get a clear signal on their phones to follow online [...]
Desire and fear
For UK customers, Japanese motorcars are cheaper than similar German models because of the differences in cost of production. I am using this example to get my point across. For instance, imagine that a Japanese car costs £10,000, while a German car costs £11,000. The UK also produces its own motorcar which has a higher [...]
SLT initiates 3-year strategic business plan to meet changing needs
Sri Lanka Telecom PLC (SLT) has initiated a 3-year strategic business plan continuing its commitment towards customer value propositions, SLT sources revealed. During the COVID-19 pandemic emerging technologies became a catalyst for the telecom industry to prefer digital platforms, and deliver emerging digital experiences to changing consumer demands in an unprecedented way, a senior official [...]
Litro Gas Chairman receives special award
Litro Gas Lanka Ltd was showcased on the international stage when its Chairman and CEO, Anil Koswatte was awarded the ‘CEO of the Year’ at the Sri Lanka Best Employer Brand Awards 2020 hosted by the World HRD Congress. For the 15th consecutive year, the Sri Lanka Best Employer Brand Awards has recognized and feted [...]
Government institutions to sell scrap metal to local industries
The Government has decided to sell scrap metal produced by the state sector to local industries outside the formal procurement procedure, it was announced recently. This includes empty shells and scrapped armour plates from the Sri Lanka Army, Sri Lanka Air Force and Sri Lanka Navy, it said. Large stocks of scrap metal are piling [...]
Colombo Dockyard secures contract from French company
Colombo Dockyard PLC (CDPLC), the leader in Sri Lanka’s shipbuilding industry in Sri Lanka and one of the most competitive shipyards in South Asia, has won a contract to build a Cable Laying and Repair Vessel (vessel) for Orange Marine, France. Orange Marine is a French company specializing in the field of submarine telecommunications, from [...]
Conglomerate George Steuart acquires majority stake in tea firm HVA Foods
George Steuart & Company Ltd (GS&Co) this week announced its intention to acquire majority control (51 per cent stake) of HVA Foods PLC, one of Sri Lanka’s fast growing and innovative value-added tea exporters. The transaction, structured under the guidance of NDB Investment Bank, is a strategic move by the George Steuart Group to further [...]
SL’s time to reset outlook and thinking
A top business leader this week urged Sri Lankan industries to follow an approach to generate profits by improving value addition in production processes. “We are facing a unique window of opportunity to shape the direction of our economy. These unique circumstances give us an opportunity for alternative thinking through retrospection and introspection. As the [...]
“I don’t need to go to school, I have Google”
While browsing through the Internet, I came across the above posting on a student Facebook page recently. It attracted my immediate attention with mixed feelings. Currently, with COVID-19, educational institutions are compelled to navigate the mode of teaching to online lessons and to shift the mode of assessment to online assignments. Schooling during the pandemic [...]
Dr. Indunil Liyanage, new GM at Condominium Management Authority
Dr. Indunil Liyanage, a senior management and marketing professional, has assumed duties as the General Manager of the Condominium Management Authority (CMA) of Sri Lanka. Prior to joining CMA, Dr. Liyanage served as a Director/ Consultant at CCPI Management Holdings (Pvt) Ltd and as the former Chief Marketing Officer (CMO) of the Bank of Ceylon [...]
Cash no longer king in times of COVID-19
Sri Lanka is gradually moving towards a cashless society with COVID-19 second wave prompting the people to look for non physical cash transactions as one of the protections against the pandemic. The Central Bank (CB) now promotes e-cash as new cash printing, destroying defaced and worn off cash stocks have become a costly affair while [...]
Vallibel Finance posts steady results
Vallibel Finance has been able to record steady performance for the first half of the current financial year weathering many challenges particularly the challenging COVID-19 pandemic. The company said in a media release that its profit before tax (PBT) reached Rs. 890 million for the first six months ending September 2020. Total assets crossed Rs. [...]
Global study by SL team shows PCR testing important to control COVID-19
A leading international US journal has published a global analysis by Sri Lankan researchers from the Colombo-based Institute for Health Policy (IHP) showing that testing was the most important intervention for controlling COVID-19 during the pandemic’s first wave. There is no international consensus on how best to tackle COVID-19 before an approved vaccine is rolled [...]
Ideal Group takes over Takas.lk
Ideal Group, headed by Nalin Welgama, recently acquired one of the pioneers in the Sri Lankan e commerce industry, Takas.lk. Picture shows from left – Murtaza Moosajee (co-founder Takas.lk), Lahiru Pathmalal (co-founder Takas.lk), Nalin Welgama (Chairman – Ideal Group), Nimisha Welgama (Director – Ideal Group) and Kalinga Athulathmudali (CTO- Takas.lk)
LOLC Al-Falaah voted Best Islamic Leasing Provider
LOLC Al-Falaah, the alternate finance arm of LOLC Finance, Sri Lanka’s largest Non-Banking Financial Institution (NBFI), was crowned the Best Islamic Leasing Provider of the year by IFN’s 1st Non-Banking Financial Services Polls for 2020. Al-Falaah emerged the winner by the largest margin across all categories, acquiring 60 per cent of the global votes, the [...]
Pan Asia Bank records best-ever 9 month results
Pan Asia Banking Corporation PLC has reported its best-ever financial results in the 9-month period ending September 2020, a pre-tax profit of Rs.1,864.84 million and a post-tax profit of Rs.1,250.33 million, impressive growths of 47 per cent and 22 per cent respectively from the previous year amidst challenging conditions. The bank’s operating profit before taxes [...]