Trade facilitation
President Ranil Wickremesinghe with other officials at the launch in Colombo of the ‘Key Trade Facilitation initiatives in Sri Lanka’. Pic by Indika Handuwala
SL ready to introduce Casino Law and GRA this year
Sri Lanka Betting and Gaming Levy (Amendment) Bill and the Gambling Regulatory Authority (GRA) will regulate everything from lotteries, gambling, gaming, horse racing, betting shops as well as casinos, State Minister of Finance Dr. Ranjith Siyambalapitiya said. He said establishing this law cannot be done in a hurry as it should cover all gaming activities. [...]
Investments hard to come by for Sri Lanka Tourism
Sri Lanka is still struggling to attract crucial investments to the tourism sector, as a result of which the authorities eye the diaspora and local traffic to add to the numbers. It is no easy task to get investors to Sri Lanka under the current circumstances, Sri Lanka Tourism Development Authority (SLTDA) Chairman Priantha Fernando [...]
Water Board resorts to exorbitant water tariff hike
The National Water Supply and Drainage Board (NWS&DB) has increased the water tariff exorbitantly from August claiming that the operating cost had been increased owing to high interest payment for bank loans and increased electricity prices. Accordingly an average Water Board customer who consumes 13.5 units per month would have to pay monthly bill of [...]
SEC says Nestlé did it right
The Securities and Exchange Commission (SEC) approved the de-listing of Nestle Lanka PLC after checking only two criteria that come under the regulator’s purview, officials said. “According to the Rules of the SEC, we checked whether the exit offer price is acceptable. There was an independent valuation done by the company. Also, the company has [...]
Prohibitive costs put restaurateurs in a dilemma
High restaurant bills are keeping patrons at bay with some lamenting that electricity, transportation, and gas price decreases have not been passed on to the customers by the owners. Certain owners of restaurant establishments the Business Times spoke to said that their costs are very prohibitive in terms of increasing taxes. They are also under [...]
Coconut…….lovely coconuts
A neighbourhood radio was blaring the song ‘Pol….pol..…pol….pol… pol…..pol…pol…pol lankawe wathuwala wavena pol’, a perennial favourite by baila king, the late M.S. Fernando. Inspired by this song, the trio under the margosa tree was deep in conversation about coconuts. This is how the conversation progressed: “Have coconut prices come down (Pol gedi wala mila adu [...]
Neither right nor wrong!
Ryan started his story: “Everything around us is made of what was either grown-up or dug-up”. In fact, he quoted it from Lang Hancock, an Australian mineral business tycoon who discovered the world’s largest iron ore deposit in Australia in 1952. “Really? That’s interesting!” I responded. Ryan Rockwood is a professional in the mining industry [...]
Sri Lanka port tariffs to be revised
Sri Lanka Ports Development Authority (SLPA) is set to raise tariffs in accordance with the government’s revenue enhancement and administration reforms, official sources divulged. Approval has been granted to revise the tariff structure of navigation, stevedoring, harbour tonnage, container operations, conventional cargo operations etc, the Finance Ministry’s latest fiscal situation report revealed. An official noted [...]
Pan Asia Bank posts steady 1H 2023 performance
Pan Asia Banking Corporation PLC has shown a steady performance in first half 2023 amidst a multitude of adversities emerging from challenging macro-economic conditions. For the 6-month period ending June 2023, the bank reported a Pre-Tax Profit of Rs. 1,516 million, which is a 206 per cent increase compared to corresponding period last year, mainly [...]
Geo Ventures Travel helps SL students find internships in Russia
Geo Ventures Travel & Consultancy Services (GVTCS) recently entered into an MOU with“Alabuga”Special Economic Zone. Russia’s most successful economic zone to help find Sri Lankan students to join their “Alabuga Start 2023” programme – an accredited internship programme by many partner countries such as Uganda, Ethopia, Nigeria, Tanzania and Pakistan. The programme includes a dual [...]
Embarking on a ‘Green RoadTrip’ seeking Environmental Justice
The inaugural session of the ‘Green Roadtrip’, a project to mobilise communities for environmental justice across the country was held recently in Colombo. This series of events will be implemented by the Centre for Environmental Law and Policy of the University of Colombo, through the Support to Justice Sector Project (JURE), funded by the European [...]
Drop the word ‘MICE’, it’s ‘Business Tourism’ – ICCA CEO
The term MICE (meetings, incentives, conferences and exhibitions) tourism has created confusions among policy and decision makers globally, and thus it’s better called ‘business tourism’, says Dr. Senthil Gopinath, CEO of International Congress and Convention Association (ICCA). During a strategic dialogue between the industry experts and stakeholders in Sri Lanka held at the Cinnamon Grand [...]
Condo business faces new issues
Sri Lanka’s once thriving luxury condominium business is now facing an unprecedented crunch this year with a handful of new projects coming up in the next three months after the completion of the construction work of about 3,000-4000 housing units at present , several leading developers said. The construction work of ongoing projects has been [...]
Prima KottuMee elevates its charm
Prima KottuMee, one of the flagship consumer brands, with its recent re-launch elevated its charm to new heights. The much-loved brand, adding spice to life, celebrated its Hot & Spicy journey in time, entertaining many consumers in Sri Lanka and overseas. The launch event held at the Cinnamon Grand Hotel in Colombo, was attended by [...]