Rain disrupts sales
Colombo was lashed by rains on Friday. Here pavement traders covering up their items for sale. Pic by Priyanka Samaraweera
Vehicle assembly with used spare parts under scrutiny
The Government is promoting vehicle assembly units using imported used spare parts amidst import restrictions but questions are being raised over this facility. The Ministry of Industry in collaboration with Sri Lanka Automotive Component Manufacturers’ Association will be seeking a substantial level of investment in the domestically value-added automobile manufacturing/assembly industry. This could create the [...]
Agri biz wants scientific approach to proposed chemical fertiliser ban
Sri Lanka’s agriculture sector wants a phased out, targeted and scientific approach in the breakthrough into organic farming practices without causing losses to a number of industries that could be impacted by an overnight ban on chemical fertiliser widely used in the country. President Gotabaya Rajapaksa’s assertion that in the future there will be a [...]
WindForce to acquire waste management project, start solar plant in Senegal
WindForce PLC, which started trading on the Colombo Stock Exchange (CSE) on Thursday, will venture into waste management in addition to starting renewable energy businesses in East Africa. Manjula Perera, Managing Director WindForce, on the sidelines of the bell ringing ceremony to mark the start of trading, told the Business Times that waste management is [...]
COVID-hit tourism industry battles new Act
The privately-led tourism industry is fighting tooth and nail to ensure the authorities do not force the new Tourism Act on the sector. In this respect, they have already stated their refusal to accept the adoption of a new Tourism Act stating that the existing Tourism Act 2005 was an initiative of the private sector [...]
“Pay Your Workers” for April 2020, says Labour Ministry
The Labour Ministry has directed companies to pay the full salaries to its workers for April 2020 and that proper payments need to be made to obtain additional labour hours for the loss of hours of work in that month due to the COVID-19 lockdown imposed in the country last year. Labour Ministry Secretary Mapa [...]
Working from home
Somewhere around the early part of 2000, a Sri Lankan company set the tone for what is driving the corporate culture today in these pandemic times – working from home. The company into management consulting and undertaking other assignments operated an office in a Colombo hotel where its fully-hired staff met just once a week [...]
How to keep them poor…?
I was amazed to see that when an average Sri Lankan farmer earns US$ 3,160 for the country’s GDP, an average Israel farmer contributes over $107,523 to Israel’s GDP, according to World Bank data. It is the value-added share of the agriculture sector which makes up part of the GDP. I converted it to monthly [...]
SEC taps SL missions to attract Diaspora, foreign investors
The Securities and Exchange Commission (SEC) with its affiliate agencies is accelerating efforts to attract the Diaspora, foreign investors and fund managers overseas and showcase the Colombo Stock Exchange (CSE) as an attractive destination. The SEC is organising forums for investors in association with the Ministry of Foreign Affairs, the Colombo Stock Exchange (CSE) and [...]
Hilton partners with SPAR Supermarkets to mark Earth Day
In celebration of Earth Day, 1200 re-usable grocery bags made from denim waste material was distributed amongst customers at 4 selected SPAR Supermarket outlets on Thursday. “Keeping the promise of Hilton’s Travel with Purpose Initiative which is the Environmental, Social and Governance (ESG) strategy to drive responsible travel and tourism globally, Hilton Colombo and Hilton [...]
Government urged to rescue film industry from the grip of NFC
Sri Lanka’s National Film Corporation (NFC) has now become a liability to the modern local cinema due to malpractices, irregularities and inefficiency since its inception in 1971, industry stakeholders complained. They urged the government to maintain the NFC as a regulator of the cinema industry stripping away its additional role as a film distributor and [...]
Eco Spindles promotes responsible recycling at CFW’s Fashion Summit
Sri Lanka’s largest plastic recycler Eco Spindles was among industry experts in an invaluable panel discussion themed ‘Circularity in a Fashion Supply Chain’ held at the recently concluded Responsible Fashion Summit organised by the Colombo Fashion Week (CFW). Representing Eco Spindles at the discussion, Chief Executive Officer at Eco Spindles Yarns, Nalaka Seneviratne elaborated on [...]
WCT to be fast-tracked
The development of the West Container Terminal (WCT) is being fast- tracked as the Adani Group this month has tendered their agreement to the draft BOT agreement. In this respect, it is learnt that the Attorney General’s Department has issued verbal instructions for the draft BOT (Build Order and Transfer) agreement should be compiled with [...]
Wild swings in US dollar
Wild swings in the US dollar exchange rate against the Sri Lank rupee and the burgeoning debt crisis are spooning the economy into a black hole. Analysts fear that crossing this hurdle will be very painful to the economy. Tuesday the spot dollar rate was at Rs 193, I94 while banks were selling a US [...]
Soaring essential commodity prices hit consumers amid tax cuts
Consumers are badly affected by the rise in prices of essential commodities specially sugar, dhal and big onions despite the government’s efforts to provide them some relief by reducing taxes drastically, consumer protection societies said. The Finance Ministry has extended special commodity levy (SCL) of 25 cents per kilo on sugar, dhal and big onions [...]
Finance Houses Association launches revised Self-Regulation Code
The Finance Houses Association of Sri Lanka (FHA) the apex body of all registered finance companies, has announced the introduction of its revised Self-Regulation Code which has been voluntarily practised by member companies over a long period of time, but has to be adapted to changing times. The revisions to the Code were effected with [...]
Micro finance companies defend against accusations of alleged malpractices
The Lanka Micro Finance Practitioners’ Association (LMFPA) said this week it was concerned over several protests and media reports over indebtedness seemingly due to alleged malpractices of microfinance institutions. “We are concerned about these protests and media reports because they may make a serious implication on the industry as a whole. Similar media reports appeared [...]
SDB bank says records strong performance in COVID-hit 2020
The year 2020 proved to be one of unprecedented economic change across the globe and in Sri Lanka, presenting significant challenges in all industries, particularly impacting the banking and financial services sector, said SDB bank in a media statement on its 2020 performance. “Alongside the Government and Central Bank-led economic revival measures mandated industry-wide on [...]
ComBank’s ATM network sets new records for cash dispensed in a festive season
The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs. 8.818 billion on April 9 and 10 during the Sinhala and Tamil New Year celebrations, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period. The disbursements of Rs. 4.498 billion on April 9 [...]
Tug of war over Tourism Act of 2005
The tourism industry is currently witnessing a raging debate on changing the Tourism Act of 2005. The private sector which lobbied very hard to get this Act is of the opinion that the Tourism Act of 2005 should continue while the government authorities are of the view that the tourism institutions should merge and the [...]
Apparel sectors in Sri Lanka, Bangladesh affected by pandemic
Any value chain is strong but can also be its weakest link. The value chain is optimised when stakeholders work together collaboratively especially during a crisis period that was experienced during the COVID-19 pandemic when China went into a lockdown last year. There were disruptions of raw materials to the supply chain that affected production, [...]
Government bans palm oil industry – But for what reason?
The government recently surprised the nation by announcing a ban on palm oil imports amidst an issue of the carcinogen aflatoxin detected in imported coconut oil. Wonder who the advisors were to this decision? Don’t they know that palm oil is a very versatile raw material used in so many industries manufacturing both edible and [...]
HSBC launches SL’s first recycled plastic payment cards
HSBC on Wednesday announced the rollout of sustainable payment cards made from 85 per cent recycled plastic in Sri Lanka. The new cards, with a vertical design, will be initially issued to HSBC’s Premier customers in April and subsequently to all other credit/debit card customers, later this year. The rollout is part of a new [...]
Calcey Technologies goes remote-first
Calcey Technologies, a Sri Lankan boutique software engineering firm with roots in California, has announced its decision to transform itself into a remote-first company. Thanks to its foresight in trialing a work-from-home policy well before the pandemic necessitated it, Calcey was able to lay the foundations for a successful remote work culture that truly came [...]
Colombo Port City – newest commercial landscape in Asia, says Veemansa Initiative
Veemansa Initiative, an independent think tank, recently held a webinar on the proposed Colombo Port City Economic Commission Bill and related subjects. “Based on the deliberations at the webinar and the follow-up analysis, it was evident that the Colombo Port City Project, a 100 per cent foreign investment venture plans to attract a diverse group [...]
Sri Lanka heading towards military-led governance, trade unions claim
Sri Lanka appears to be marching towards militarisation and the stage has been set for this with military officials being assigned various administrative districts while also serving as secretaries of some of the most vital ministries, a trade union leader said on Thursday. Sylvester Jayakody, General Secretary, Ceylon Mercantile Union (CMU), made this comment at [...]
SL’s Niftron raises Rs. 21 m capital from LAN’s Angel Fund
The LAN Angel Fund has announced a Rs. 10 million investment in Niftron, a blockchain-as-a-service (BaaS) platform that aims to make blockchain simpler and more affordable for businesses at all levels and industries. Niftron is one of the first investments made by the Angel Fund since its launch last year. Additionally, Niftron has raised a [...]
Mahapola Trust Fund’s subsidiaries marred by financial irregularities
The Mahapola Higher Education Scholarship Trust Fund established four decades ago in 1981 by the then Education Minister Lalith Athulathmudali to assist the needy university students is marred by financial irregularities under its subsidiary National Wealth Corporation Ltd during the last 10-15 years. The Committee on Public Enterprises (COPE) has come across these financial misappropriations [...]
Norway supports fisheries research between NARA and IMR
The National Aquatic Resources Research and Development Agency (NARA) in Sri Lanka and the Institute of Marine Research, Norway (IMR) on Tuesday joined hands to continue their cooperation in fisheries research in Sri Lankan waters. The two institutions will engage in research on fish stocks in the waters of Sri Lanka, with the aim of [...]
Samson International PLC wins 6th consecutive Gold Award at NCE Awards
Samson International PLC (SIL) recently won its 6th consecutive Gold Award at the recent 28th annual NCE Export Awards for the Rubber and Rubber product sector. The organisation also secured the Gold Award for Overall Best Performance in Research and Development activities, for their extensive steps towards innovation and product development, the company said in [...]
Palm oil ban bemuses local industry
Sri Lanka’s palm oil-based industries including cooking oil producers are on the verge of collapsing as a result of confusion created following the ban on palm oil imports. The ban was enforced as a result of Aflatoxin (toxic substance) detection in recently imported crude coconut oil shipments, representatives in the industry complained. . The Finance [...]
LankaPropertyWeb successfully concludes the 2nd virtual property show
LankaPropertyWeb’s ‘Lanka Property Show 2021 Virtual’ event was successfully concluded recently. The event was visited by over 7000 visitors from across the world including the US, Bangladesh, UAE, UK and Saudi Arabia. It was organised to attract local and expat buyers who are increasingly looking into buying properties in Sri Lanka since the COVID-19 outbreak. [...]
H2O1 in discussions with Water Board on cost-effective water supply
H2O ONE Pvt Ltd (H2O1), one of the leading providers of water and wastewater solutions, recently met with Chairman Nishantha Ranatunga, General Manager Eng. Thilina S. Wijetunge and other senior staff members of the National Water Supply and Drainage Board (NWSDB) at their Head office in Ratmalana. Both parties had wide ranging discussions covering several [...]