Economy will recover in 2021: BT Poll
Most respondents in a Business Times poll conducted this week believed the COVID-19-affected economy will recover in 2021 but were less confident about the prospects of Sri Lanka meeting its foreign debt obligations and on business activities recovering. The BT poll, examining the prospects for 2021, asked about 200 respondents from different backgrounds including business [...]
SEC probes On’ally Rights on UDA complaint against Renuka
The Securities and Exchange Commission (SEC) is probing the Rights Issue of On’ally Holdings (On’ally), which owns and manages the Unity Plaza Complex in Bambalapitiya, on a complaint made by On’ally’s major shareholder, the Urban Development Authority (UDA). The preliminary inquiry was held on Wednesday. The UDA (with 44.8 per cent) complained that Renuka Capital [...]
Travellers unaware of rules
Just as a large entourage of tourists from the CIS bloc were due to arrive yesterday (Saturday), the tourism industry earlier in the week was thrown into confusion as health guidelines were still under preparation. However, at the time this edition went to print on Thursday, the authorities were believed to have reached a decision [...]
New Year 2021 to dawn with renewed hopes of overcoming economic crisis
The economic misery of 2020 triggered by the COVID-19 crisis pushing people into untold sufferings which resulted in the government spending Rs. 70 billion to battle the pandemic, is likely to end in the New Year amidst renewed hopes of optimism. The country’s public finances have been executed by the Treasury with severe constraints arising [...]
MTD Walkers directors likely to face more charges
Under–fire MTD Walkers PLC directors are likely to face more charges after the capital market regulator directed an audit. The Securities and Exchange Commission (SEC) hired a local audit firm to get to the bottom of MTD accounts. The auditors will advise future course of action against MTD Walkers taking grave notice of default in [...]
Tourism longs for Auld Lang Syne
Sri Lanka’s tourism industry does not have too many hopes for the next year and are viewing 2021 with concern as they are clouded with a possible end to moratoriums and no large numbers of arrivals whenever the country opens to tourists on commercial flights. “The pandemic is changing course everyday so we really cannot [...]
Living dangerously
Phew what a year it was! As we turn the page to January 1, 2021, every Sri Lankan, and for that matter, every citizen in the world would be hoping for a better year than 2020. Peering into the crystal ball, what can we expect? Observance of social distancing, limited contact with crowds, washing the [...]
From Dover to Calais
If you think of travelling from London to Paris or any other European city, perhaps, the most enjoyable 8-hour journey would be by an international bus. The bus would take you to the port of Dover in England, enter a ferry anchored at the port, and park on a vehicle-parking deck along with many other [...]
Huge potential for local brands to tap US and Canada
While Sri Lanka’s exports is revolving around a handful of sectors that have been in the business for many years, many locally manufactured brands and products have not tapped some interesting markets such as the US and Canada. There is huge potential for Sri Lankan products to reach such markets because of the many raw [...]
Spectrify AI to launch agri-tech revolution in Sri Lanka
Spectrify AI, a part of VeracityAI Sri Lanka’s fastest going AI company, has announced the launch of a new suite of solutions specifically designed to radically optimize production, agri-inputs, and quality control across the entire value chain for tea, spices and herbs – a first in Sri Lanka. Leveraging the very latest advancements in spectral [...]
Motor trade: “Increase your vehicle value by taking it to the authorized agent”
The Ceylon Motor Traders Association (CMTA), Sri Lanka’s leading automotive association with a 100-year history, has said that especially due to the current import suspension, vehicle owners should maintain their vehicles according to manufacturer guidelines in order to increase the market value. The association which represents the authorized agents of global auto manufacturers in Sri [...]
Softlogic brings AI device, TeDi Alexa, to local consumers
Retail giant Softlogic Retail Pvt Ltd, a fully owned subsidiary of Softlogic Holdings PLC, has joined hands with The Connection Workshop Pvt Ltd to bring seamless efficiency of Artificial Intelligence to the homes of the Sri Lankan consumer through the island-wide network of Softlogic showrooms. This futuristic collaboration has led to the introduction of the [...]
Life insurance for 2500 employees of the Wildlife Department facilitated by WNPS
The Wildlife and Nature Protection Society (WNPS) has initiated Sri Lanka’s first-ever Life Insurance Policy for the employees of the Department of Wildlife Conservation (DWC) where, in the past five years, eight officers have died and 54 have been involved in multiple accidents. The much-anticipated programme will offer Life, Permanent, and Partially Disability Cover to [...]
RPCs submit radical new proposal to boost plantation sector
Sri Lanka’s Regional Plantation Companies (RPCs), taking a cue from the success of the smallholder sector, handed over fresh proposals aimed at radically expanding worker earnings during a recently concluded meeting with the Minister of Labour and trade union leaders. The newly introduced proposal provides for a hybrid between the daily wage model and the [...]
Private sector records subdued performance in economic downturn
Sri Lanka’s private sector has been severely hit by the economic downturn in the country owing to the second COVID-19 wave although the state authorities projected a positive outlook in the 3rd quarter this year and even in the New Year 2021, economic experts disclosed. Senior Economist Dr. Anil Jayantha of the Sri Jayawardenapura University [...]
Fisheries industry caught up in the devil but not the deep blue sea
Sri Lanka’s fishing industry is facing immense challenges as its lifeline – local and export markets – have ground to a near halt due to failure of successive governments to develop the industry The present government has also failed provide any concessions for 2.7 million fishermen although it has given tax concessions to business ventures [...]
DHL starts international COVID-19 vaccine distribution
DHL, the leading global brand in the logistics industry, has begun the international distribution of COVID-19 vaccine. For the provision of its citizens the government of Israel received the first batch of the vaccine with flights operated by DHL Express and DHL Global Forwarding last week. The first DHL Express aircraft touched down at the [...]
Former CJ appointed new ComBank chairman
Former Chief Justice Kanagasabapathy Sripavan has been appointed as the new Chairman of Commercial Bank while senior academic Prof. A. K. W. Jayawardane is the bank’s new Deputy Chairman, it was announced recently. Justice Sripavan and Prof. Jayawardane succeed Messrs. Dharma Dheerasinghe and Preethi Jayawardena, who retire from the positions of Chairman and Deputy Chairman [...]
SL focuses on electrical component manufacturing
Sri Lanka is to embark on Electronic and Electrical Components (EEC) manufacturing in a big way to cater to the needs of the country under the present set up of import restrictions, Minister of Power Dulles Alahapperuma announced at a top level official meeting recently. He expressed the belief that local manufacturers have the potential [...]
Asia Capital buys 70% stake in Navara Capital Partners
Asia Capital PLC (ACAP) on Tuesday announced to the Colombo Stock Exchange (CSE) that the company has entered into a share purchase agreement on December 21 to acquire 70% stake of Navara Capital Partners Ltd (NCPL). Speaking on these developments, ACAP Chief Executive Officer Stefan Abeyesinhe said that upon acquisition of NCPL, Asia Capital will [...]