Sri Lanka’s first revolving restaurant
Sri Lanka’s first revolving restaurant and South Asia’s tallest restaurant will open at the Colombo Lotus Tower today at 11 am. Citrus Leisure PLC will operate the ‘Blue Orbit’ restaurant setting a new benchmark for dining experiences in Colombo. It has a seating capacity for 225 guests at any given time. File picture shows a [...]
CRIB to secure new state-of-the-art system with credit rating
The Credit Information Bureau of Sri Lanka (CRIB), the first such institution in the South Asian region, is exploring the possibility of introducing a credit rating classification in addition to present credit score report under its financial information services. The CRIB is developing a new state-of-the-art credit bureau system replacing the present computer system with [...]
Sri Lanka’s veg oil imports can be subsidised with oil palm
Sri Lanka annually imports 180,000-220,000 metric tonnes of vegetable oil which can be met with 50,000 hectares (Ha) of oil palm or 271,000 Ha of coconut. Oil palm yields 4 to 5 times more oil per Ha Dr. Suresh Motwani, Programme Head, Vegetable Oils, Solidaridad said. According to studies conducted by Sri Lankan scientists, per [...]
Apparel orders for 2024 continue to look bleak
Sri Lanka’s apparel manufacturers are still facing a drop in orders and buyers are still not keen on increasing the purchases from Colombo; as a result 2024 looks as bleak as this year. The 20 per cent drop in orders continues and manufacturers are not receiving any increase in the orders, Joint Apparel Association Forum [...]
Stockbrokers write to Prez for 10% of CSE after demutualisation
Several stockbrokers have written to the President seeking a 10 per cent stake for all stakeholders of the Colombo Stock Exchange (CSE) in the event it is demutualised (the process through which a member-owned company becomes shareholder-owned). Owing to dissent between the Securities and Exchange Commission (SEC) and brokers over the percentage that the latter [...]
Govt explores wind power potential in the North East with Adani assistance
The government has already explored the offshore wind power potential in the country especially in the North and East, expediting two mega wind power projects of 286 MW in Mannar and 234 MW in Pooneryn undertaken by India’s Adani Green Energy Ltd for an investment of over US$ 500 million. Adani has requested the government [...]
Attracting global travellers
Tourism: One of Sri Lanka’s crucial foreign exchange earning sectors which has seen wild swings in recent years after the Easter Sunday terror attacks in 2019, followed by the closure of the airport during the COVID-19 pandemic and then the economic crisis in 2022. As a sector, tourism is also the first to recover after [...]
“MML theory” and doing business
After sitting for an Interview Board in the morning hours at the Sabaragamuwa University, it was tiring and boring to drive back to Colombo the same day. I had already spent about five hours in the early morning to go there. Road was good, but curvy with lots of bends along the upward slope. Apart [...]
Cargills Bank IPO opens for subscription
Cargills Bank last week announced its Initial Public Offering (IPO) to raise Rs.500 million of Tier 1 capital through the issuance of 62.5 million shares at Rs.8 per share, marking a significant milestone in the bank’s journey. The IPO is open for applications, and the opening of the subscription list will be on December 14, [...]
Sysco LABS recognised at Presidential Export Awards
Sysco LABS was honoured with the prestigious Best Exporter Award in the Information and Communication Technology (ICT) sector at the Presidential Export Awards for both 2021/22 and 2022/23. This achievement recognises Sysco LABS as the foremost contributor to export revenue within the ICT sector, affirming its position as the premier technology corporate in Sri Lanka, [...]
Mattala Airport to finalise management bids
Authorities at the Aviation Ministry currently in negotiation with bidders for the management of operations of the Mattala Airport will finalise selections in two weeks. Aviation Ministry Secretary K.D.S. Ruwanchandra speaking with the Business Times noted that the running of the operations at the Mattala Rajapaksa Internatioal Airport (MRIA) will be handed over to a [...]
Vallibel One records net profit of Rs. 4.47 bn in 2ndQ23-24
Notwithstanding the macroeconomic constraints and conditions that prevailed during the year, Vallibel One Group recorded a revenue of Rs. 30.54 billion for the second quarter (July-September 2023), reaching a cumulative revenue of Rs. 58.26 billion, a 5 per cent increase against the previous year’s performance. Gross profit recorded an increase of approximately 4.46 per cent [...]
‘Catalysts for Sustainability’ webinar sparks vital conversations on sustainability
In an engaging session, the recent ‘Catalysts for Sustainability’ webinar, organised by the Ceylon Chamber of Commerce, provided a platform for insightful discussions on pressing environmental challenges and innovative solutions for a sustainable future. Held on November 9, the webinar brought together a distinguished panel of experts, including Anosha Koralage, Head of Sustainability, Enterprise Risk [...]
ComBank wins ‘Best Treasury Team’ at CT Marquee awards for financial institutions
The Commercial Bank has won the Marquee award for ‘Best Treasury Team’ in the Financial Institutions category at the 2023 CT Awards presented by Corporate Treasurer – the print publication in Asia dedicated to treasury teams and Chief Financial Officers (CFOs). The CT Awards ceremony was held at the Marriot Tang Plaza Hotel in Singapore [...]
Stakeholders urge lifting of ban on oil palm
In the backdrop of Sri Lanka’s most severe economic crisis on record, the Planters’ Association of Ceylon (PA) is urging the Government to take urgent and immediate measures to reverse the ban on oil palm. In particular, the Association called for the development of a comprehensive policy framework for the sustainable expansion of oil palm [...]
LankaPropertyWeb promotes local properties to Chinese and North American investors
LankaPropertyWeb (LPW), Sri Lanka’s leading property platform, has announced its new partnership with eMediaLinks, the exclusive partner with Weibo North America and house.sina.com. This collaboration enables the promotion of Sri Lankan property investment opportunities to Weibo’s extensive audience in China, as well as the real estate platform’s audiences in the US and Canada. Weibo (weibo.com), [...]
Govt allocates Rs.18 bn to accelerate public sector digitalisation
The government has embarked on an ambitious programme to digitalise the public sector with the aim of accelerating digitalisation of Sri Lanka’s economy. The Finance Ministry will be accelerating digitalisation of the economy and service delivery by leveraging advanced technology-based solutions allocating Rs.18 billion for next year, State Minister of Finance Ranjith Siyambalapitiya disclosed. The [...]
Microfinance and Credit Regulatory Authority: Recipe for disaster
The Microfinance and Credit Regulatory Authority Act, disconnected from people’s interests, fails before implementation. The Authority exempts Licensed Finance Companies (LFCs) engaged in microfinance from its purview. Instead, it exclusively regulates the Community-Based Organisations (CBOs) providing small credit by prohibiting accepting savings and eliminating their autonomy in organising community credit. Victims of the microfinance crisis [...]
Sri Lanka’s apparel manufacturing seeks state policy support
Asserting the importance of vertical integration, the Fabric and Apparel Accessory Manufacturers Association (FAAMA) has said that 50 to 60 per cent of Sri Lanka’s fabric requirement is imported. This dependency on imports prolongs the industry’s lead times and impedes its ability to enhance speed and embrace agile models. Notably, over 40 per cent of [...]
Hiran honoured with tourism Lifetime Achievement Award
Veteran hotelier, Hiran Cooray from the Jetwing Hotels’ group, was honoured with the prestigious Lifetime Achievement Award at the recent 58th Annual General Meeting of The Hotels Association of Sri Lanka in Colombo. The award, presented by President Ranil Wickremesinghe (see picture) celebrates his exceptional contributions and steadfast dedication to the growth and enhancement of [...]
LOLC Divi Saviya’s continuous commitment towards nurturing futures
LOLC Divi Saviya has announced the launch of the third phase of its transformative educational initiative, coinciding with the spirit of Christmas. This phase will expand its outreach to schools with 100-150 students nationwide, marking a milestone of 3000 schools reached by the culmination of the second phase, which was completed in November. In keeping [...]
SLING Mobility, USAID collaborate to promote clean energy
In a significant stride towards advancing e-mobility and clean energy initiatives, SLING Mobility, in collaboration with the United States Agency for International Development (USAID) Sri Lanka Energy Programme, successfully launched the “360° Sustainable Mobility” battery swapping project. The official handover ceremony on November 28, at the Centre for Women’s Research (CENWOR) in Colombo was attended [...]