Blue Christmas at city hotels
Colombo’s city hotels that usually draw large crowds every year during Christmas have been compelled to scale down operations as the coronavirus spreads and no gala dances for any merry makers to ring in the New Year either! Hotels are this year functioning on moratoriums on their loans and limited numbers that could be entertained [...]
Seized vehicles likely to be auctioned
At least 49 vehicles among 300 luxury vehicles worth Rs. 2 billion seized by Customs which were imported before and during the import ban, are likely to be auctioned, official sources said. The lot, likely to be auctioned, are vehicles that have been imported without proper documentation and in some cases forged papers, the sources [...]
Colombo Port operations nearing normalcy
Sri Lanka’s shipping industry together with the authorities are currently working out a strategy to ensure shipping lines will now return to the Colombo port as operations are reaching near normalcy. Sri Lanka Ports Authority (SLPA) Chairman Gen. Daya Ratnayaka told the Business Times on Friday that the Colombo port has returned to normal with [...]
W.M. Mendis accused of tax fraud amounting to over Rs.6 b
Investigators have unearthed a massive tax evasion of more than Rs.6 billion by W.M. Mendis & Co. Ltd one of the renowned liquor manufacturers in Sri Lanka owned by Central Bank bond scam suspect Arjun Aloysius. It has also defaulted Rs. 1.1 billion in excise duty up to now inflicting a massive loss to the [...]
Herd instinct on penny stocks will burn retailers
The Colombo Stock Exchange (CSE) retailers have found new life going into the holiday season, but this recent surge could be catching a number of traders off guard, given the elevated short-interest levels in penny stocks seen on retailers, analysts say. Analysts called it the ‘herd instinct’ and noted that retailers are comfortable with trading [...]
Rogue finance companies face legal action for fraud
Rogue finance companies are now being brought under intensified surveillance of the Central Bank (CB) which is taking necessary legal action as these firms have become a severe threat to the current financial system affected by the second wave of COVID-19. The CB will be taking measures to broaden public awareness on the consequences of [...]
‘Blowing in the wind’
In the early 1990s, there was an enterprising group of Sri Lankans who helped install small solar power units in the homes of farmers, paving the way for their children to study at night. The group was also involved in a solar project financially backed by a multilateral agency to help dozens of farmers to [...]
Losses from EU isolation
Starting from next year, goods arriving from the UK to European Union (EU) countries would be subject to border taxes as well as customs procedures and inspections. The businesses located in the UK, supplying to the EU “common market” may also lose their market share due to higher border taxes and regulatory barriers; anticipating that, [...]
Fiscal incentives to encourage worker remittances
Several countries are using fiscal incentives (like Sri Lanka) rather that directives to encourage migrant workers to repatriate their earnings, an international webinar on unpaid wages of migrant workers was informed on Wednesday. The discussion titled “Unpaid Wages and Remittances: Deconstructing the Impact of COVID-19 and Ways Forward” was organised by the Philippines-based Migrant Forum [...]
Increasing the productivity of crop research institutes
J.A.A.S. Ranasinghe, in an article titled “Exodus of scientists from research institutes to universities – A national malady” published in the Sunday Times on November 22 has highlighted scientists leaving crop research Institutes to other institutions and that these institutions are heavily understaffed. According to Mr. Ranasinghe, 12 experienced and qualified research officers have left [...]
Samsung launches world’s first fridge that prepares curd and yogurt
Samsung announced this week the launch of the Curd Maestro™ Refrigerator, the world’s first refrigerator that will not just preserve food but also prepare it. Dairy products are a major component of daily food consumption in Sri Lanka. Yogurt and Curd have gained popularity as a dessert across Sri Lankan households, especially to prepare curd [...]
STBC discussion on ‘COVID-19’
The Sunday Times Business Club (STBC) last week held a virtual discussion among its members on the topic of “COVID-19 – Recent Developments”. The main speaker at the event was Dr. Hemantha Herath, Deputy Director-General, Public Health Services of the Ministry of Health. He spoke in detail about the developments about the COVID-19 pandemic since [...]
Renuka Holding to raise Rs. 1.031 b from rights issue
Renuka Holding PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on December 16 through the stock market’s online platform to carry out debt settlements and to fund future investments into group subsidiaries according to a circular issued to its shareholders. According to the circular, the new Ordinary Voting [...]
Dialog Axiata’s Genie enables Tenaga Smart Parking with ‘One-Click-Pay’
Genie, Sri Lanka’s first PCI-DSS (Payment Card Industry Data Security Standard) certified Fintech platform powered by Dialog Axiata PLC, recently presented customers of Tenaga Car Park, South Asia’s largest parking management company, with an easy, streamlined and secure ‘One-Click Pay’ payment method for services rendered. Launched in partnership with the Colombo Municipal Council, the Tenaga [...]
EU assists Sri Lanka to set up One Stop Business Service Centres in rural areas
The European Union will be extending its support to set up One Stop Business Service Centres in rural areas countrywide, a high official of the EU residential delegation said in Colombo this week. One such Business Service Centre designed under this project was opened recently in Moneragala and similar centres will be set up in [...]
CICT donates $100,000 to Govt.’s COVID-19 Fund
The government’s efforts to combat the spread of the COVID-19 pandemic in Sri Lanka were further strengthened this week with a donation of US$ 100,000 (Rs. 18.6 million at current exchange rates) from Colombo International Container Terminals (CICT), the company that manages the South Terminal of the Port of Colombo. The donation presented to President [...]
Veteran businessman Hubert Jayakody passes away
Veteran businessman Hubert Jayakody, 84, one of the pioneers of a group of Sri Lankans who made Japan their investment base and second home, passed away on December 2, his family said. His funeral was held in Japan, where he resided for most of his business life. Mr. Jayakody, whose son Rohan is married to [...]
CB, SEC and IRCSL efforts on consolidated supervision
The country’s three premier regulators are set to revive the effective consolidated risk-based supervision which they undertook over two years ago. The Central Bank (CB) entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Regulatory Commission of Sri Lanka (IRCSL) in December 2018 at [...]
SL’s Angel Fund shortlists five start-ups for investment
The Angel Fund, the first of its kind in Sri Lanka, has shortlisted its five early-stage start-ups for potential investment; Niftron, Traccular, Medica, Soulboner Clothing, and Ophir. This follows an intense application and selection process, spanning September, October, and November 2020, which initially attracted 80 applications, the fund said in an announcement this week. The [...]
LOLC bringing hope and relief
Bringing hope and relief to a duo, grandmother and grandson, battered and bruised in no uncertain means for over two decades, open tear ducts even in hardened hearts. This aged grandmother was the only salvation to the grandson orphaned at the tender age of four, being born differently-abled. This staunch and strong hearted woman weathered [...]
Lanwa Sanstha Cement to commence operations in June
The state-of-the-art cement manufacturing facility Lanwa Sanstha Cement Corporation (Pvt) Ltd which is slated to be one of the largest in the region is scheduled for commissioning in June 2021. The facility which is spread across 63 acres is at the Mirijjawila Export Processing Zone, Hambantota. A BOI venture, the investment for Phase 1 of [...]