Showcasing Sri Lankan gems
FACETS Sri Lanka, the premier gem and jewellery show which opened yesterday and ends today is being held at the Cinnamon Grand Colombo. On Friday, the Business Times was provided a sneak preview of the show – revived after two years – with preparations ahead of the opening.Pic by M.A. Pushpa Kumara shows a buyer [...]
Famed Ceylon Tea losing global market share
Ceylon Tea is facing its worst crisis as the industry has to deal with costly fertiliser inputs and delayed distribution of glyphosate that has pushed Sri Lanka to the edge leading to a loss of market share and its position as the world’s largest exporter of orthodox black teas. Asia Siyaka Commodities Managing Director Anil [...]
Sri Lanka’s Lanka Tiles restarts Indian operation
Sri Lankan tile manufacturer, Lanka Tiles PLC has reactivated its Indian mosaic tile manufacturing and aluminium fabrication unit while planning to also start a distribution arm there, a top official said. Mahendra Jayasekara, Managing Director of the company told the Business Times that reviving its Lanka Tiles India Pvt Ltd to restart exports to beat [...]
At least $2-3 bn in annual earnings stashed abroad
The government is contemplating to amend Foreign Exchange Act No. 12 of 2017 with the aim of dealing with offenders of foreign exchange hoarding by parking monies overseas, official sources disclosed. Some of these exporters, importers, businessmen and individuals used to stash money in overseas accounts using loopholes in the Act which has no provisions [...]
Owners shedding unviable business units
At least half a dozen owners of companies are divesting their ownership in certain business units to bank the cash at over 30 per cent interest to earn a handsome return while others are moving abroad to start fresh businesses, officials in the industry say. Most are weary of managing overhead costs, day-to-day businesses, and [...]
SLT-Mobitel unified organisation structure comes into force this year
With the dawn of 2023, Sri Lanka Telecom (SLT) has embarked on a major initiative of SLT-Mobitel unification to steamline operations completely with the establishment of the unified organisation structure, according to a SLT Group CEO’s joint circular. As the group transforms from a ‘Telco’ to a ‘Techco’, an aligned organisation structure is required to [...]
War on eggs
Many years ago when the late Kingsley Wickremaratne, Trade Minister during 1994-2000, sought to import eggs from India during Christmas and the festive season as local eggs had risen to unbelievably high prices, egg and poultry producers raised a big hue and cry. Following the protests, the plan to import eggs which would have been [...]
Give it to the “Sakala-man”
After studying and working in Japan and living there for some years, Vernan Perera decided to come back with his wife and son and settle down in Sri Lanka. He and his wife wanted to serve the motherland, while educating their son in the Sri Lankan way. He decided to renovate his ancestral house located [...]
Port City duty free mall to attract high end shoppers
The Colombo Port City US$7 million Duty-Free (DF) shopping Mall due to open in the first quarter of this year would offer duty free shopping to tourists as well as Sri Lankans and expatriates returning from overseas giving them more choices of shopping, official sources said. It will first open as an “IKEA Style Warehouse [...]
Unprecedented measures imposed by Central Bank in 2022
The near-term economic stabilisation measures implemented thus far (2022) by the Central Bank are unprecedented. “The sacrifice made by individuals and businesses during these difficult times would be meaningful only when economic stability is restored over the medium to long term. Towards that end, collective and coordinated efforts are needed from all corners of society [...]
Ronald Perera PC appointed as BOC Chairman again
Leading lawyer and renowned President’s Counsel Ronald Chithranjan Perera has taken over the reins as the Chairman of the Bank of Ceylon (BOC) on the directions of President Ranil Wickremesinghe. He succeeds former Chairman Kanchana Ratwatte. He held the same position from January 2015 until November 2019 and was instrumental in shaping BOC as a [...]
Impact of personal income tax on the economy
The Personal Income Taxation introduced from January 1, 2023 would adversely affect the livelihood of the working-class people who are the backbone of our economy. In today’s context when the cost of living has skyrocketed and families are struggling to make ends meet, reducing the tax-free allowance to a mere Rs. 100,000 per month and [...]
MAS extends Eco Go Beyond sustainable schools programme to India
Fifteen years since its inception, the MAS Eco Go Beyond sustainable development education programme was recently extended to India, marking the first time that leading apparel manufacturer, MAS Holdings has taken this initiative outside of Sri Lanka. The Eco Go Beyond programme was launched in the India’s Kayarambedu Government High School and the Nandiwaram Government [...]
Walkers Tours to welcome two cruise ships this month
Destination management company Walkers Tours will be welcoming two cruise ships, MS Amera and MS Artania belonging to Phoenix Reisen, Germany carrying German tourists, in the second and third weeks of January. MS Amera, a mid-sized passenger cruise vessel that can carry 835 passengers and 440 crew will call in Colombo on January 12. Shore [...]
Opportunities from Hatch for start-ups to pitch overseas
Hatch in collaboration with Draper Startup House is bringing the global TV Show “Meet the Drapers” to Sri Lanka. “If you are working on the next big idea in Tech don’t miss this opportunity! Email your pitch decks to hello@meetthedrapers.com by January 18, 2023,” Hatch said in a media release This is a chance for [...]