Networking sessions
Dr. Ivan Misner, Founder and Chief Visionary Officer of Business Network International (BNI), visited Sri Lanka for a series of meeting with local partners. Here he is seen speaking at the BNI National Conference in Colombo on Wednesday. Pic by Nilan Maligaspe.
Shipping sector could lose business if sea lane shifts
Shipping and marine industries are fearful of another crisis in their waters such as losing the geographical preference, after a proposal to shift the shipping lane of Dondra’s head to the South Coast to protect whales from being hit by ships but the government is totally rejecting it. The separation scheme used to manage traffic [...]
SriLankan Airlines to get busy in winter 2023
National carrier SriLankan Airlines is planning on a significant increase in flights to a number of destinations in its network during the upcoming winter season. “We anticipate increasing our overall number of weekly flights to existing destinations by 22 per cent in the upcoming winter season,” SriLankan Airlines CEO Richard Nuttal told the Business Times [...]
Employers demand hire and fire rights
With the latest move by Labour Minister Manusha Nanayakkara to promote the adoption of hire and fire rights by employers aimed at making it easier to dismiss workers, unions allege this could lead to job insecurity and exploitation. The hire and fire rights will accord employers the ability to recruit workers when they want and [...]
SME factories want to reschedule loans
The apparel industry, severely struck by the recent drop in demand for new garments from Europe, has caused a drastic reduction in orders as a result of which a rescheduling of their loans is warranted in order to retain themselves. With bank interest rates surging to 30 per cent the industries are faced with a [...]
Dollar gains vs Rupee
The US dollar has been gaining this week but on Friday saw the rate easing to Rs. 309 from Rs. 311 on Thursday. The last time the Rupee gained was on June 8 at a middle rate of Rs. 290. Dealers said the demand for dollars rose due to further relaxation of 300 imported items [...]
Discontinuing efficient rules
Utterly frustrating,” exclaimed an exporter. “The government keeps changing the goalposts all the time making it difficult to run a business,” he added. He was alluding to a Cabinet decision last week to discontinue the Simplified Value Added Tax (SVAT) scheme with effect from January 2024. As I reflected on these developments, the phone rang. [...]
Growing local businesses through Daraz
Amid easing economic activity, COVID-19 has fronted a surge in e-commerce and speeded digital transformation with businesses across the board turning to pandemic-proof e-commerce sales for basic survival. Data don’t lie when analysing their exponential growth during the pandemic where consumers could not stop buying through this website. “Each year during the two years of [...]
Rupee depreciation boosts wood-based product purchases from abroad
While the economic crisis had an impact on many sectors in Sri Lanka since last year, there are industries that made good profit margins by grabbing the opportunity. One such industry is the wood-based industry. Sri Lanka saw a growing trend of foreign direct investors purchasing wood-based products due to the rupee depreciation and quality [...]
Networking plays pivotal role in success, says BNI Chief
While turbulent times are prevalent in any economy around the world, it is the network and the relationship one builds with another that plays a pivotal role for successful businesses, says Dr. Ivan Misner, Founder and Chief Visionary Officer of Business Network International (BNI). Delivering the keynote address at the BNI National Conference held at [...]
CFA Society Sri Lanka Capital Market Awards next week
The 10th annual CFA Society Sri Lanka Capital Market Awards is scheduled for June 21 to be held in Colombo. The Best Unit Trust Fund Award is one of the five major accolades presented at the CFA Society Sri Lanka Capital Market Awards. Its objective is to recognise and reward fund management companies that place [...]
Reef Garden Hotel Polhena opens doors after revamp
Reef Garden Hotel, Polhena Matara, recently opened its doors to tourists, families and adventurers after renovation with better and improved facilities. The hotel which has been revitalised under its new management HMDC (Pvt) Ltd offers many activities and promotions to guests from near and far. Tucked away in Polhena, Matara, and nestled amidst a lush, [...]
Railway, bus services undergo changes with private investment
Sri Lanka’s public transport system is to be developed to cater to the growing demand by changing the railway and bus regulatory model, to bring in private investment so that the infrastructure can be modernised and deliver higher service quality, Transport Ministry sources said. The government is exploring the option of re-negotiating with Japanese International [...]
USAID, SLTDA launch scheme to boost tourism
The United States Agency for International Development (USAID) and Sri Lanka Tourism Development Authority (SLTDA) recently launched a new strategy to reenergise the critical tourism sector by promoting a dozen new sustainable niche tourism categories, according to an agency media release. The launch of this strategy is a strong step forward in USAID’s Indo-Pacific Opportunity [...]
New CSE dispute resolution framework
A new dispute resolution mechanism between investors and the stockbrokers developed since 2021 was finally given approval by the stock market regulator recently. Currently, dispute resolution is carried out at the Colombo Stock Exchange (CSE) and often, is seen as biased and not independent. The CSE appoints a panel for the initial hearing and if [...]
Ayodhya Perera, Sampath Bank’s new MD
Ayodhya Iddawela Perera will take over as the next Managing Director of Sampath Bank PLC from July 1, 2023. She will succeed the incumbent Managing Director, Nanda Fernando, who will conclude his term in office on June 30. Having pursued a Master of Business Administration at the Postgraduate Institute of Management of the University of [...]
Hemas secures full ownership of Atlas
Hemas has secured full ownership of Atlas Axillia Company (Pvt) Ltd, after recently acquiring a 24.9 per cent stake at Rs.3.4 billion. With this strategic move, the group now owns 100 per cent of Atlas expanding its market presence and reinforcing its position as a key player in the Consumer Brands Sector, the group said [...]
Sri Lanka’s Digital Marketing Summit 2023 in July
The Digital Marketing Association of Sri Lanka (DMASL), the professional body for digital marketers in Sri Lanka, along with Dialog Axiata PLC, will be hosting the Sri Lanka Digital Marketing Summit 2023 on July 4. It will be held at the Taj Samudra Colombo. The theme for this year will be ‘The Lankan Revival: Unleashing [...]