Innovations
An image of a SLINTEC analytical instrument which is used to develop new products and patents. See story on this page.
Public sector shrank by 135,000 workers in 2022
The Finance Ministry has been directed to devise strategies to limit growth in the public sector wage bill and further prune the already shrinking government workforce after a steady increase in spending on salaries via a hike of Rs.2,500- Rs.10.000 in 2019 and Rs.5,000 from January 2022. At present the public service has shrunk by [...]
SLINTEC offerings a way to beat dollar woes
The Sri Lanka Institute of Nanotechnology (SLINTEC) is proposing to counter the economic crisis by giving a new lease of life to exports through their new product developments. Thushara Vajira Perera, Director SLINTEC, the first public private partnership focusing on research and nanotechnology, told the Business Times recently that the institution is cottoning onto a [...]
Ceylon Tea to regain lost markets
Sri Lanka lost over 50 million kg in exports of Ceylon tea due to production drops in the past year as a result of which it lost key markets that it is now hoping to regain. Sri Lanka lost a number of its key markets and a fair market share in Dubai, Russia (around 4 [...]
Much-needed forex held up by bitter power play
The Fisheries Ministry is not allowing the Walkers Colombo Shipyard to operate after the court had given leeway to do so, with top officials accusing the ministry of being vindictive. They say the ministry with its spiteful attitudes is not allowing the shipyard to operate – build and repair yachts and leisure crafts, bringing in [...]
Land of deal-makers
Never a dull moment in this land called paradise. Move over sugar scam, garlic scam, bond scam, petroleum scam; we have a new scam ‘star’ – the X-Press Pearl fiasco on the horizon. Whether this scam would also end up like the others where no action has been taken remains to be seen. Last month, [...]
Your brainy buddy
One of my colleagues – a University teacher -, while reading a project assignment submitted by a student, found the following few lines amid the text: “I don’t know the background of how the outcomes of this data set were determined because I am an AI language model…. As an AI language model, I lack [...]
Sri Lanka to re-enter $15 bn Chinese seafood market
Sri Lanka is preparing to re-enter the US$15 billion Chinese seafood market following the signing of a memorandum of understanding (MOU) with China’s General Administration of Customs. The deal will immediately allow 38 Sri Lankan companies to more easily export 33 local products including 29 aquatic products to China before signing the free trade agreement [...]
Hemas poised to meet challenges head-on
Hemas Holdings is poised to meet challenges head-on with a strong strategic vision to drive growth while maintaining an acceptable risk profile, it announced in the financial results for the year ending March 31, 2023. “Hemas will continue to leverage on the strength of the business relationships of our strategic partners to generate win-win solutions [...]
Electricity bill revision drags Sri Lankans into misery again
Following the increase of electricity tariff by an average of 75 per cent since August 2022 after eight years since 2014 and thereafter revising it in February 2023 by 66 per cent, the Ceylon Electricity Board (CEB) is to review it again on July 1. Power and Energy Minister Kanchana Wijesekera announced that the proposal [...]
No endorsement by SLTDA for booking app
Sri Lanka Tourism Development Authority (SLTDA) has stated that they have not formally accepted any tourism app nor entered into any agreement with any private party to provide services for booking online and security related information on travel in Sri Lanka. SLTDA Chairman Priyantha Fernando told the Business Times that they have not formally accepted [...]
BoardPAC new Knowledge Partner of India’s Prestigious Board Stewardship
BoardPAC, the leading board meeting automation company, has been appointed as the knowledge partner of Board Stewardship Inc., an exciting new magazine founded by Vikesh Wallia, a former Board Member of the Times of India Group. “This partnership reinforces our commitment to providing cutting-edge solutions and industry insights that empower board members and executives to [...]
Tokyo Cement wins Gold at Presidential Environmental Awards
Tokyo Cement Group won the Gold Medal for exceptional environmental conscious business practices in the Chemical Industries Category, at the recent Presidential Environmental Awards 2021-22 organised by the Central Environmental Authority (CEA). Under the guidance of the Ministry of Environment, the annual Presidential Environmental Awards is organised by the CEA to recognize and reward public [...]
Arpico Insurance PLC continues its growth in Q1 2023
Arpico Insurance PLC, one of the most innovative and trusted Life Insurance providers in the country and fully owned subsidiary of the blue-chip conglomerate Richard Pieris & Company PLC, reported a 19.5% growth in Gross Written Premium (GWP) in Q1 of 2023, exhibiting the fifth highest growth in the life insurance industry. The Group Life [...]