Cricketer-turned-PM
Visiting Pakistan Prime Minister Imran Khan in conversation with Sri Lankan Prime Minister Mahinda Rajapaksa on Wednesday during an investment forum in Colombo.
Loss-making CPC profits from lower oil prices
Loss-making Ceylon Petroleum Corporation (CPC) has been turned into a profit-making entity in 2020 after several years following a drastic fall in world crude oil prices during the COVID-19 crisis. However local fuel prices have remained unchanged. Global oil prices have been falling amidst the coronavirus pandemic and the Singapore Platts price of a barrel [...]
Govt. to reconsider new export regulations
Faced with opposition from exporters of varied sectors against the newly imposed regulations by the Central Bank to convert 25 per cent of their proceeds from dollars to rupees, authorities agreed to revise the regulations next week. At a meeting of exporters from a number of different sectors at the Central Bank on Thursday chaired [...]
E – ROC faces erasing out system issues
The E-ROC, the electronic system of the Registrar of Companies (ROC) designed to ‘ease’ the paperwork and red-tape, has in fact become a major nightmare for companies and their company secretaries. The system that was touted as South Asia’s most sophisticated, national scale hi-tech electronic company registration system has created a backlog since last August [...]
Workers’ remittances rise in 2020
Workers’ remittances from West Asia, while everything else economic-wise was gloomy owing to the COVID-19 impact, was a godsend to Sri Lanka’s flagging foreign reserves, unusually rising by 5.8 per cent to US$7,104 million in 2020 from $6,717 million in 2019. This was due to a multitude of reasons. “We were also puzzled by the [...]
Remittances great, but workers suffer
The good news is that worker remittances is the silver lining, the only one, in the economy in 2020 and this despite the economic slowdown owing to the COVID-19 pandemic. The bad news, however, is that Sri Lankan authorities appear to have a devil-may-care attitude towards migrant workers stranded in West Asia. A video from [...]
Tell them about inflation!
Most of the adults know what inflation is, because they have experienced it as a real-life situation. They may explain this to their children: “Those days, we took money in the wallet and brought our purchases in a basket; nowadays, we have to take money in a basket to bring the purchases in the pocket.” [...]
RPCs ready to scrap collective agreement
Regional Plantation Companies (RPCs) are preparing to scrap the Collective Agreement although the estate unions say this is not warranted as talks could still be centred on this if they could gain Rs.1000. Former Planters Association Chairman and Hayleys Plantations Managing Director Roshan Rajadurai told the Business Times on Tuesday that the RPCs were readying [...]
MAS ‘Ocean Strainer’ Technology freely open to others
MAS Holdings, inspired by the success of its pilot ‘Ocean Strainer’ floating trash trap project initiated in the Dehiwala Canal last year, announced recently that they would make the ‘Ocean Strainer’ technology openly available to interested parties, in order to replicate and scale up the solution. The pilot project initiated by MAS included installing the [...]
SLSI to standardise beauty products
The genies in jars and tubes may have to step up their game with new edicts round the corner. The Sri Lanka Standards Institution (SLSI) will be setting the standards for all cosmetics entering the Sri Lankan shores. SLSI Chairman Nushad Perera told the Business Times in a recent interview that the SLSI will be [...]
Importance of quality tea
It is most encouraging to note the meaningful comments made by young minister Kanaka Herath on the post-harvest damage caused to green tea leaves during transportation. Post- harvest damage leads to degradation of quality and consequently enormous loss in revenue. I earnestly and sincerely appeal to the tea farmers to adhere to the basic principles [...]
Trade Finance and Investments PLC amalgamates into Commercial Credit and Finance PLC
Trade Finance and Investments PLC (TFI), in existence for over 35 years, has been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF). The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings [...]
Araliya Group launches Galle hotel amidst environmental protests
The politically-powerful Araliya Group of companies is expanding its hotel chains’ room capacity to 1,014 rooms following the planned opening of the 304 room Unawatuna luxury beach hotel in Galle on March 20, amidst environmental protests. The 14 storied new luxury beach resort and spa was built at a cost of US$17.12 million in the [...]
Is corporate governance the panacea for finance company ills?
The downfall of several licensed finance companies (LFCs) in recent years and the arrest of its directors earlier this year created fresh ripples of anxiety amongst the public as to the stability and sustainability of finance companies. In January 2021, the State Minister of Finance, Money and Capital Markets and Staten Enterprises Ajith Nivard Cabraal [...]
Watawala Plantations supports Peradeniya University in agri research
Watawala Plantations PLC (WATA) recently donated a Sap Flow Meter with six sensor units to the Department of Crop Science of University of Peradeniya. The contribution, which highlights WATA’s ongoing efforts to develop the local agriculture sector and further agriculture education among Sri Lankan students, was worth over Rs. 1.4 million. The unit donated is [...]
ComBank ends tough 2020 with platform for growth
Strong asset and other income growth combined with an emphasis on prudent provisioning in one of the most challenging years on record, have enabled the Commercial Bank of Ceylon Group to end 2020 on a stable platform for growth, with better liquidity than most peers and adequate provision cover. The banking group has reported gross [...]
HNB Group shows resilience, strength and stability
Hatton National Bank PLC (HNB) demonstrated resilience and a focus on sustainable business performance as it posted Rs. 13.7 billion in group Profit After Tax during 2020, a year filled with unprecedented circumstances and challenges. Bank level Profit After Taxes amounted to Rs. 11.5 billion. Commenting on the performance, Chairman of HNB Dinesh Weerakkody said: [...]
Sri Lanka continues debt servicing without defaulting, says State Finance Minister
Sri Lanka will be continuing debt servicing with adequate foreign reserves and foreign exchange inflows into the country without defaulting a cent, State Minister of Finance Ajith Nivard Cabraal told the Business Times. He noted that the country’s fiscal and monetary authorities are taking every possible action including further restricting non essential imports and careful [...]
DSI signs MoU with SLMA’s special shoe project
D. Samson Industries recently signed a Memorandum of Understanding (MoU) with the Sri Lanka Medical Association (SLMA) for the production of a Beta Brand-Diabetic Shoe Range under the NIROGI LANKA project. Dr. Padma Gunarathne, President of the Sri Lanka Medical Association, Dilshan Rajapaksa, Director at D. Samson Industries (Pvt) Ltd., Dr. Chathuranga Ranasinghe, Chairperson of [...]
Dialog Axiata connects SL and Maldives with High Speed Submarine Cable
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has announced the commissioning of the Maldives Sri Lanka Cable system (MSC), enabling the delivery of high-speed broadband services. Dialog’s investment in the new high-speed submarine cable will trigger the single largest infusion of International Bandwidth between Sri Lanka and Maldives to date, the local telecom operator [...]
Government promotes classic car exports encouraging collectors
The Government is promoting the classic car collection and finding export market for such vehicles as it has now become the best performing assets in US and European markets, official sources said. The State Ministry of Transport Services has already taken measures to promote classic car exports finding better markets for owners of such vehicles. [...]
Heavy tax on tele dramas and films re-imposed
The tax exemption granted to local tele- dramas and films in telecasting over television channels by former Finance Minister Mangala Samaraeera in 2018 has been lifted recently and re-imposed. Issuing a special gazette notification on February 2021, under the signature of Finance Minister and Prime Minister Mahinda Rajapaksa, the tax has been reinforced and currently [...]
WSO2 expands global customer base and revenues in 2020
WSO2, the Colombo-based leader in digital transformation technology, recently announced that 139 enterprises joined as new customers in 2020. Now, 550 of the world’s largest corporations, top universities, and governments rely on WSO2’s open source, cloud-native solutions to drive their digital initiatives, executing over 6.2 trillion transactions annually, the company said in a media release [...]
Import restrictions a concern for the EU
Despite import restrictions by Sri Lanka which are hurting other countries and the current international human rights discourse against Sri Lanka, the European Union (EU) is unlikely to reduce trade ties and in any way withdraw GSP + concessions. This assurance was given by Frank Hess, Head of Cooperation, EU connecting online at the media [...]
Persevering entrepreneurs: De Jong’s drinking and frozen yogurt
Why do export-oriented local entrepreneurs fail? Travis de Jong, Chairman, Woodywood Creators (Pvt) Ltd, makers of novel drinking yogurt and frozen yogurt in Sri Lanka, has the answer. A versatile entrepreneur throughout who started ornamental fish rearing at the age of 9 with only one fish tank earning money for his school expenses, he later [...]
Pandemic resulted in businesses thinking differently to woo customers
Sustainability has become an important issue for most businesses today although it did not originally revolve around when building brand images of sustainability. But now social and environmental issues relating to forward and backward integration in retail business and its supply chain play a pivotal role in building brand equity in sustainability, said Lilanthi Herath, [...]
Remote career with Remotejobs.lk
During the pre-pandemic period, becoming a remote employee was left to choice but according to Remotejobs starting a remote career after getting laid off isn’t something people do by choice any longer. “You almost begin to explore remote employment by necessity. You don’t have time to try or be down or depressed, because you lost [...]
Ceylinco Life records income of Rs. 36.98 bn in 2020
Ceylinco Life has achieved consolidated income of Rs. 36.98 billion for FY 2020 showing the company’s ability to grow business volumes and investment returns even in the most challenging conditions. This top line growth of 15.2 per cent was made possible by Gross Written Premium Income of Rs. 22.07 billion for the 12 months ending [...]
Amãna Bank total assets cross Rs.100 bn
Amãna Bank crossed the Rs. 100 billion mark in total assets as at YE2020, a milestone bearing evidence to its accelerated growth, which comes in a context where the bank has completed only 9 years in banking operations. In the face of the COVID-19 pandemic related challenges, the bank said it showcased strong resilience specially [...]
‘Syngco’ and ‘Platned’ merge to integrate IT systems
‘Syngco’ and ‘Platned’, two well established IT companies in UK and Sri Lanka have partnered to form Platned Syngco Consultancy Services Ltd to serve the IFS ERP market in Australia, company officials said in a media release. IFS application is a cloud-based enterprise resource planning (ERP) solution that helps businesses to integrate data and processes [...]