Helping female entrepreneurs
Ms. S. Pushpamala, an entrepreneur from Chavakachcheri, Jaffna making products out of Palmyrah leaves, speaks at an event where HSBC together with Sarvodaya launched a scheme to support female entrepreneurs. Pic by Indika Handuwala
Sri Lanka says ‘Namaste’ to Indian Rupee
Sri Lanka is gearing up to validate the use of the Indian rupee as a currency of transaction that will clearly generate more travellers from the subcontinent. The Sri Lankan tourism industry believes this is an opportunity that will encourage more visitors to tour the island nation. Former Sri Lanka Association of Inbound Tour Operators [...]
Loophole for money launderers in Foreign Exchange Act
A gaping loophole in the 6-year-old Foreign Exchange Act is damaging Sri Lanka’s fight against money laundering. This was enacted in 2017 after repealing the 1953 Exchange Control Act. Experts say the new Act does not have provisions to regularise foreign exchange transfers in the country. “In the earlier Act section 23 regularised the foreign [...]
Holidaying here to get pricey next week
Sri Lanka’s tourism industry is not just facing hard times but the next few days will showcase this even better as hoteliers take cover behind minimum room rates to increase charges and tour operators slapping them with legal action once they do so. Sri Lanka has not been having anyone tell them how much to [...]
Indians, Chinese competing for energy projects
Indian business tycoon Gautham Adani and his team and officials from Sinopec were in town this week to discuss energy projects in Sri Lanka, top officials said. During President Ranil Wickremesinghe’s visit to India recently, the Adani Group had given a commitment to complete work on the 500 MW Solar and Wind project in Mannar [...]
Sri Lanka project loans and assets disparity exposed
The disparity in the Sri Lanka project loan disbursement and utilisation has been uncovered in recent government audit findings raising the credibility of state accounting procedures. Sri Lanka has been borrowing billions of dollars (running up to trillions of rupees) from donor countries and multilateral agencies to finance infrastructure and development projects in the country [...]
Trying times for garments
Good news is a rare commodity these days. So like a breath of fresh air, news that the GSP+ concessions have been extended for another four years is good news for Sri Lanka, particularly at a time when the garment industry is facing challenging times with recession in the west reducing sales of garments amidst [...]
Price of division and isolation!
“The universities taught in three languages: Sinhalese to the majority, Tamil to the Jaffna Tamils, and English to the Burghers. At the university in Kandy, I had asked the Vice Chancellor how three different engineers educated in three languages collaborated in building one bridge.” The above is a remark made by the late Prime Minister [...]
White goods restrictions to be lifted by September
The government is set to lift the restrictions imposed last year on white goods by this September. “”We have seen month-on-month a slow but gradual improvement in purchases. Certain categories of import restrictions on consumer durables and home appliances were lifted and we feel that by September everything could be lifted,” Mahesh Wijewardene, Managing Director [...]
‘ComBank Digital’ surpasses 1 m users’ milestone
Commercial Bank of Ceylon has announced that its omni-channel digital banking platform ‘ComBank Digital’ has reached the milestone of one million registered users. An integration of all online and mobile banking channels on a single omni-channel platform, ComBank Digital is offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), [...]
Amãna Bank wins multiple accolades at IFN Awards
Amana Bank has been recognised with multiple accolades at IFN Awards 2022, a leading awarding body that distinguish the best and leading players in the global Islamic finance industry based on their contributions in 2022. Hosted by Malaysian based RedMoney Group, the IFN Awards 2022 witnessed Amana Bank win the coveted title for Best Islamic [...]
CEB restructuring process begins soon amidst decline in electricity demand
The Sri Lankan Government intends to restructure the Ceylon Electricity Board (CEB) by September 2023, instead of running all the related entities under one institution and will unbundle all related institutions separately, Minister of Power and Energy Kanchana Wijesekera disclosed. “Under the CEB restructuring process, the management structure of the CEB will be undergoing reforms [...]
HSBC empowering women entrepreneurs in Sri Lanka
Although empowering women and women entrepreneurship has been a tireless effort in Sri Lanka and many local and international organisations have conducted various projects while providing training to aspiring women entrepreneurs, there is lack of proven outcome of the projects. Organisations fund and begin projects, but the end result has not much been spoken of [...]
Betting and Gaming Law next month
Sri Lanka Betting and Gaming Law will be enacted on August 9, and the Gambling Regulatory Body (GRA) will be established in the next few months, State Minister of Finance Dr. Ranjith Siyambalapitiya said. “This will be a retrospective bill from April 1. We have increased the permit fee, valid for five years from Rs. [...]
Hayleys Plantations concludes first carbon-neutral International Sustainable Summit in Colombo
Hayleys Plantations, a global leader in progressive plantations management, announced the successful conclusion of the first of its kind, carbon – neutral International Plantations Sustainability Summit (IPSS) at the BMICH recently. The full-day event brought together an impressive line-up of plantations, agriculture and sustainability experts from Sri Lanka and across the globe to share emerging [...]
Commercial Bank biggest lender to SME sector in 2022
One in every three loans provided to small and medium enterprises (SMEs) in Sri Lanka by lending institutions in 2022 was by the Commercial Bank of Ceylon, recently released official government figures reveal. This reaffirmation of Commercial Bank’s status as the largest lender by far to the country’s SME sector comes in the 2022 Annual [...]
Samson Rajarata Tiles exports terracotta floor tiles to Lebanon
Sri Lanka’s No.1 natural roofing and floor tile manufacturer, Samson Rajarata Tiles (Pvt) Ltd, expanded its global footprint by commencing floor tile exports to Lebanon this month. The first consignment, consisting of two container loads of terracotta floor tiles, was shipped to Lebanon on July 15, the company said in a media release. The operation [...]
Landmark research on migrant worker reintegration challenges unveiled to policymakers
The first publication of the recently concluded migrant worker research study entitled, ‘Skills, Aspirations and Reintegration Challenges of Returned Migrant Workers: Evidence from Selected Districts in Sri Lanka’, was presented to R.P.A. Wimalaweera, Secretary to the Ministry of Labour and Foreign Employment, by the Skilled and Resilient Migrant Workers (SRMW) project, in Colombo. The SRMW [...]
TikTok releases Q1 2023 Community Guidelines Enforcement Report
TikTok, the leading destination for short videos, has released its latest Community Guidelines Enforcement Report for the first quarter of 2023 (January-March 2023), furthering its dedication to combat misinformation and creating a safe and inclusive space. The report underscores TikTok’s ongoing commitment to earning trust through accountability and maintaining a safe and welcoming environment for [...]
Government faces daunting task of raising estimated total revenue
The government is facing daunting task of raising estimated total revenue of Rs. 3.4 trillion for this year by increasing tax income by 69 per cent in the wake of the failure to fully realise revenue-enhancement measures suggested by the International Monetary Fund (IMF). All taxes on external trade structure except customs import duty declined [...]
Government raises borrowing limit to new high for cash flow needs
The Sri Lanka Treasury is running out of options in raising revenue to meet day to day operations and maintain steady cash flow amidst the unusual behaviour in the local financial market and its inability to go for money printing. Earlier the Central Bank (CB) had the ability to print money as the final trump [...]
HNB’s pioneering Custody and Trustee Services bolstered by automation
Hatton National Bank PLC has pioneered the integration of Robotic Process Automation (RPA) into its Custodial Banking and Trustee Services system in a move that will greatly improve its service and operations capabilities. Designed to supplement rather than replace, the automation allows employees to focus on more specialised requirements, setting a robust foundation for upscaling. [...]
Illegal Chinese, Russian and Indian traders in gem and jewellery trade
Chinese, Russian and Indian tourists are seen disrupting the local gem and jewellery trade in Ratnapura and Beruwela areas, through illegal channels with no licence to sell gems in Sri Lanka or even holding a business visa. The Sri Lanka Gem and Jewellery Association (SLGJA) has pointed out these issues to the National Gem and [...]
Hemas partners with Eco Spindles to combat plastic pollution
Hemas Group has partnered with Eco Spindles to establish two state-of-the-art Baling sites in Ampara and Colombo. This strategic collaboration aims to tackle the urgent issue of plastic pollution by collecting over 25,000 kg plastic waste per month. The primary goal is to promote responsible plastic waste management practices in line with the Hemas Group’s [...]
Careers take off for SriLankan Aviation College graduates
Recent local graduates of the EASA PART 66 Basic Course in Aircraft Maintenance at SriLankan Aviation College have found employment with SriLankan Airlines as Aircraft Technicians following a competitive recruitment and selection process and are now on track to a solid career in aircraft maintenance engineering. SriLankan Aviation College, the training arm of SriLankan Airlines, [...]
SMIB appoints new Chairman
The State Mortgage & Investment Bank (SMIB) has announced the appointment of Joseph Soosaithasan as the new Chairman of the bank. His appointment reflects SMIB’s commitment to ensuring stability and progress in delivering exceptional financial services to its valued customers. As a fully government-owned Licensed Specialised Bank with a history spanning over nine decades, SMIB [...]
WCIC to address Gender – Based Violence and Harassment in the workplace
The Women’s Chamber of Industry and Commerce (WCIC) has announced the launch of a new project aimed at combating Gender-Based Violence and Harassment (GBVH) in the workplace. Building on the success of previous efforts, this project seeks to increase awareness among women professionals and entrepreneurs of their rights and encourage organisations to develop a fair [...]
Dialog’s Sayuru partners MEPA for ocean conservation
Sayuru, powered by Dialog Axiata PLC, partnered with Marine Environment Protection Authority (MEPA) on World Ocean Day in a shared mission to advance sustainable development initiatives for ocean conservation and waste management, which is also aligned with the 2023 environment day theme of Beating Plastic Pollution. As part of this collaboration, Sayuru will actively engage [...]
USAID pact with 8 companies to promote commercial mediation
Eight Sri Lankan businesses have signed agreements to pursue commercial mediation to settle disputes as opposed to always using litigation, a move that will help make the Sri Lankan judicial system more efficient and effective by reducing case backlogs. The United States Agency for International Development (USAID) assisted with development of a memorandum of understanding [...]
CSE expands to the Eastern Province
The Batticaloa branch of the Colombo Stock Exchange (CSE) was opened by the CSE Chairman, Dilshan Wirasekera on July 17 with the participation of investors, stockbroker firm representatives, CSE CEO – Rajeeva Bandaranaike – Renuke Wijayawardhane, senior management and staff. The Batticaloa Branch is CSE’s 10th regional branch office. It presently maintains branches in Matara, [...]
Janashakthi Life wins ‘Domestic Life Insurer of the Year’ award
Janashakthi Life has once again secured two prestigious accolades at the Insurance Asia Awards. The event, which brings together Asia’s foremost insurance companies, celebrates their exceptional initiatives, innovative products, and ground-breaking solutions. Janashakthi Life emerged as the recipient of two coveted titles: “Domestic Life Insurer of the Year – Sri Lanka” and “Digital Insurance Initiative [...]
Union Bank increases support to SMEs
The Small Medium Enterprise (SME) sector is a key driver for change of inclusive economic growth, regional development, employment generation and poverty reduction and is the backbone of the economy in Sri Lanka. Supporting this national agenda for the development of the sector, for over 25 years, Union Bank has provided its services to uplift [...]