Drumming for sound investment
President Ranil Wickremesinghe during the opening of the Toyota Lanka fulfilment Centre in Mahara, Kadawatha on Wednesday coinciding with 70 years of Japan-Sri Lanka relations stressed that he will definitely work towards resurrecting the country from bankruptcy to build an economy that is free from debt and create a stable economy that is able to [...]
Sri Lanka’s apparel workers face bleak future
Workers are facing their worst nightmares this year especially in the apparel industry which is facing huge setbacks as employees are forced to quit with no allowances and limited workdays. The industry is likely to face a further 25 per cent drop in orders, in addition to earlier reported drops. The SME sector responsible for [...]
Govt. plans to restart suspended Japanese-funded LRT project
In an effort to mend fences with Japan, the Sri Lanka government plans to resume the Japan International Cooperation Agency (JICA)-funded US$2.2 billion ‘Light Rail Transit (LRT) project, stretching from Malabe to Colombo Fort which was abruptly terminated by the previous regime, Presidential Secretariat sources divulged. The new administration is set to renew the LRT [...]
Indonesian firm likely to get coal tender
The Ministry of Power and Energy’s Technical Evaluation Committee (TEC) having evaluated four supplier proposals, is likely to award the 720,000 metric tonnes (MT) controversial coal tender to Indonesian firm, Concept Global / PT Mitra Jaya, Ministry officials said. This tender is for powering Lakvijaya Power Plant, Puttalam, from January 2023 to the end of [...]
High tension electrical shock for consumers next year
Sri Lanka’s state-run Ceylon Electricity Board (CEB) will introduce another tariff hike by 30 per cent in January and another 40 per cent in July in 2023, in a series of shocking power price hikes. The aim is to cut losses amid high fuel costs in accordance with the cost reflective price formula enforced in [...]
Dialog to invest in ‘right’ technology over time
Despite the myriad of challenges in the current environment, Dialog aims to invest in the right technology, etc over the next few years. “We cannot plan to be negative. We have a positive outlook on Sri Lanka and its people, and we will get out of this crisis,” Navin Pieris Group Chief Officer – Dialog [...]
Data Protection Authority comes into force next year
Sri Lanka is to set up a Data Protection Authority (DPA) next year to protect personal data in its major move towards developing digital economy, while taking measures to implement Personal Data Protection Act, State Minister of Technology Kanaka Herath told the Business Times. The government enacted the Personal Data Protection Act recently thereby becoming [...]
Mystery of forex earnings
Central Bank (CB) Governor Dr. Nandalal Weerasinghe and his officials hit a nerve when they said that some (not all) exporters had stashed foreign currency overseas without remitting it to the country. However, days after the claim was made, the Joint Apparel Association Forum (JAAF), the umbrella organisation that represents garment exports, reported that Dr. [...]
Opinions and sentiments vs principles and facts
I often used to tell my Economics classes that if we pose an economic question to anyone, they may all have an answer! It’s because Economics, though we study it as a subject, is an integral part of our life and lifestyles; therefore, anybody can have an answer. However, at least some of these answers [...]
Errant stockbrokers on SEC chopping block
Capital markets regulator, the Securities and Exchange Commission (SEC) is coming down hard on stockbrokers for promoting stocks ‘without a basis’. The latest to be on the chopping block is Capital Trust Securities (Pvt) Ltd which was slapped with an administrative penalty of Rs. 500,000 recently. It was imposed in terms of section 178 (1) [...]
People’s Leasing wins European Award for ‘Best Practices 2022’
People’s Leasing & Finance PLC (PLC) has received another international accolade from the European Society for Quality Research (ESQR) in Brussels, Belgium in their annual recognition programme; the European Award for Best Practices 2022 for selected companies, public administrations and organisations representing different sectors from Europe, Asia, the Americas, Africa and Australia. The company said [...]
Baurs celebrates 125 years with a gala night
A. Baur & Co. (Pvt.) Ltd (Baurs), recently marked its 125th anniversary with a grand cocktail party capturing the grandeur of its journey, showcasing its resilience and strong commitment throughout the decades and the ambitious and bold plans to take on the future. Held on November 30 at the Cinnamon Lakeside Hotel, the event saw [...]
Numbers fall in tourism; 2022 target unlikely
Sri Lankan hoteliers are struggling to sell their rooms as tourists continue to travel anywhere except Sri Lanka which has today become synonymous as a country in a deep economic crisis. The industry is back to seeking out moratoriums and Sri Lanka is destined to miss the 800,000 arrivals expectation for this year. “We expected [...]
Sri Lanka Exams Dept’s modern computer system lies idle
The Government’s latest initiative of digitalising various stages of the Examination Department including releasing exam results, evaluation system and the issuance of certificates has been made ineffective owing to official incompetency, an internal audit report highlighted. The department had purchased a new IBM branded computer system at a price of Rs. 200 million but it [...]
Myriad of festive happenings at Mövenpick Colombo
Mövenpick Hotel has prepared a multitude of seasonal offers and celebrations during this festive season. The hotel has curated a variety of room offers for guests, turning the festive season into a great escape coupled with luxurious comfort, and gastronomic cuisine. Guests can celebrate the joy of life, love, family and friends in the Executive [...]
LOLC Finance’s deposit base surpasses Rs.180 bn
LOLC Finance PLC has unlocked successes in many fronts while stepping into a new era, as the largest Non-Banking Financial Institution (NBFI) of the country in early 2022. During a background where the country’s economy was already in a fragile state, achieving an impressive deposit growth reflects the strong brand acceptance and reputation relished by [...]
Jetwing Sea turns 50
Jetwing Sea in Negombo, which began life as the Seashells Hotel in 1972, celebrated its golden jubilee on December 10 with the event graced by Minister for Tourism and Lands Harin Fernando, Dr. Binod Chaudhary, Chairman of the Chaudhary Group Nepal and CG Corporation Global and co-owner of Jetwing Sea, and stalwarts of the hospitality [...]
Pharma manufacturers want BOI approval for new zone in A’pura
The Chamber of Pharmaceutical Manufacturers- Oyamaduwa (CPMO), the local investors of the “SUWA SIRI PURA” pharmaceutical manufacturing zone in Oyamaduwa, Anuradhapura, recently had a discussion with the Board of Investment (BOI) requesting the investment promotion agency to consider registering the Oyamaduwa under the BOI. The meeting was convened under the patronage of BOI Chairman Raja [...]
MullenLowe Group Sri Lanka brings on board Dr. Sohan Dharmarajah
MullenLoweGroup Sri Lanka (MLG) has appointed Dr. Sohan Dharmarajah to lead a specialised unit that will offer clients access to MarTech services. The Massachusetts Institute of Technology (MIT) and Stanford University- alumnus Dr. Dharmarajah will be at the helm of LoweTech, a new vertical under MLG that will deliver value at scale through multiple technology-based [...]
SLSEA approves 226 RE projects
The Sri Lanka Sustainable Energy Authority (SLSEA) has approved 226 renewable energy projects with 816.1 megawatts (MW) capacity, but energy permits were not issued for these, a recent report showed. “The SLSEA by the letter no. SEA/RDF/CEB dated September 23, 2022 issued 226 numbers of renewable energy projects to be accommodated in line with the [...]
Mathaka keeps alive SriLankan memories
Ms. Anushika Priyadharshani, a mother of two and her husband from Hokandara sews numerous textile products for national carrier SriLankan Airlines as part of a unique initiative of upcycling products that helps to conserve the environment. Proud to be part of a larger group of women who stitch for the House of Lonali that has [...]
Is graduate employability the prime role of universities?
“Whether graduate employability is a responsibility of universities or not” is being discussed in many forums of academia, civil society and politics. While contradictory views are coming out, this is important for universities and policymakers to know their call towards society. One school of thought is that “universities are not job factories and they need [...]
WSO2, Sri Lanka’s largest software company, ends yet another successful year
WSO2, the Colombo-based global leader in digital transformation technologies, said this week that it is on track to close this financial year with 30 per cent year-over-year (YoY) growth. Contributing to customer adoption was WSO2’s participation in several of the world’s most influential tech and software development conferences visited by over 500,000 industry experts in [...]
Hambantota Port surpasses 500,000 units of RORO cargo
Hambantota International Port reached the milestone of handling 500,000 RORO cargo units in 2022 this November, with the discharging of 4302 units from Hyundai Glovis’ Hae Shin to the yard for transshipment. This year, 223 RORO vessels called at the port with cargo from India, South Korea, Japan and the Middle East for transshipment mainly [...]
JAT Holdings launches facility in Bangladesh
JAT Holdings PLC recently unveiled and commissioned into operation an end-to-end manufacturing, warehousing and laboratory facility in Bangladesh. Strategically located, the new plant offers efficient and easy access to JAT’s two key markets in Bangladesh – Dhaka and Chittagong, together with quick and easy access to the port, further consolidating operations, and bringing JAT Holdings [...]