Electric tuk-tuks
The generation of electric vehicles is catching up in Sri Lanka. Picture by Indika Handuwala shows a newly-transformed electric tuk-tuk being charged. On a single charge (one hour) a tuk-tuk can run for 120 km.
EU consumers now know who stitches their clothes
In line with new laws becoming effective this year in the European Union (EU), Sri Lanka’s apparel industry is already working on ensuring their products can be traced to its origins including the entire supply chain process. “If you scan the code on the tag fixed to the clothes you can check traceability – it’s [...]
Sampath Bank in earnest discussions to launch green bonds
Sampath Bank, now steered by a new managing director, will be leveraging its strength in Renewable Energy financing and is discussing with institutional investors to launch green bonds. Sampath Bank started discussions with a few development financial institutions on green bond issuance and green credit lines a few months ago, Ayodhya Iddawela Perera, Managing Director, [...]
Rules-based tax system to strengthen anti-corruption efforts
The government is now in the process of devising a rules-based tax system based on principles making it simple fair and efficient with the inclusion of safeguards in all major tax laws to strengthen anti-corruption efforts. The aim is to amend all tax statutes and modernise such regulations by introducing new provisions reflecting international good [...]
New companies crop up with foreign partnerships under property deals
Sri Lanka‘s new company registrations including the partnership business with foreigners have increased considerably since 2022 even after the economic crisis left deep scars among prospective entrepreneurs struggling to find access to capital, official data shows. The trend of increasing foreign partnership companies even during the period of recession was due to the practice of [...]
India eyes Sri Lanka’s graphite mining industry
While graphite in its raw form is used in the manufacture of electric vehicle (EV) batteries globally, Sri Lanka’s graphite has a huge potential to export to countries that manufacture EVs. Last year, the US alone manufactured one million EVs while 85 million EVs were rolled out globally. In 2019, Sri Lanka was the 11th [...]
Religious places opting for solar power
Over 25 religious places across the country have installed roof top solar panels from the 2022 Indian credit line of US$100 million to pay for at state buildings and religious institutions, with many more opting for it, officials said. For the past two years many have been opting for this – especially after the 2021 [...]
Be prepared
Come August–September 2024, songs like this Desmond de Silva classic will fill the election campaign trail. Here is a sample verse: Sumihiri paane padamata gahala//Heta marunath hithata sepai ada joli karala//Noka nobi looba kamata wasthu soyanne//Maruna data copen eke api nidiyanne//Hodata joli karapan…. When roughly translated it means: Take some liquor to the right level//Even [...]
Hayleys Fabric, Sri Jayawardenapura Uni in research study on Kelani River
Hayleys Fabric, Sri Lanka’s largest textile manufacturer and a subsidiary of Hayleys Group, has partnered with the University of Sri Jayawardenapura to research pollutants in the Kelani River basin. The environmental study, the first to assess antibiotic resistance in running water resources utilised for human consumption in the Kelani River basin, will play a pivotal [...]
The Serendipity Experiences elevates luxury travel
In a bid to redefine luxury travel, The Serendipity Experiences (TSE), a bespoke travel curation service dedicated to crafting immersive journeys that capture the essence of the island nation, was launched recently. With a focus on sustainability, cultural exploration, and unparalleled luxury, TSE aims to showcase the diverse landscapes, rich heritage, and warm hospitality of [...]
Cleantech partners with CodeGen for e-waste disposal
Cleantech (Pvt) Ltd, Sri Lanka’s leading provider of integrated waste management solutions, recently announced its partnership with CodeGen International for the responsible disposal of electronic waste (e-waste) for companies Vega Innovations, Codegen, Elektrateq, and Voltmotive. It reinforces Cleantech’s commitment to offering environmentally friendly solutions for the IT industry and its ongoing pursuit of a more [...]
Surge Global secures multi-million dollar government contract in Qatar
Surge Global, a leading design, technology, and marketing firm of Sri Lankan origin, has announced a successful partnership with Gulf Business Machines (GBM) Qatar, one of Qatar’s largest technology companies. The partnership began with a successful bid in securing a multi-million dollar project for a prominent public sector entity in Qatar. This achievement marks a [...]
Treasury steps in to safeguard key state banks
The government has devised a plan to rescue Sri Lanka’s two key state banks, Bank of Ceylon and the People’s Bank in light of capital adequacy challenges, the Committee on Banking and Financial Services said in a recent report. The Finance Ministry has already taken precautionary measures to tackle the impact on capital position of [...]
Skywings Travel marks 30 years
London – Skywings Travel, a prominent name in the travel industry, is gearing up to celebrate its 30th anniversary on April 11th, marking three decades of unparalleled service and dedication. Established on April 8, 1994, by Balasubramaniam Pathmabaskaran, a visionary Sri Lankan migrant in the UK, Skywings Travel has etched its name as one of [...]
Port City duty-free complex operational procedure embroils in regulatory snags
The Colombo Port City duty-free shopping complex set to be opened in April this year has come under extensive scrutiny of the Committee on Public Finance (COPF) at its meeting held on Monday. The Committee has assessed operational procedures of the duty free shopping complex, its feasibility and potential consequences and directed to conduct a [...]
AICPA and CIMA recognise 20 top employers in Sri Lanka
AICPA and CIMA, together as the Association of International Certified Professional Accountants, has announced the names of the most attractive companies for accounting and finance professionals in Sri Lanka in their 2024 Top Employers list. AICPA and CIMA’s Top Employers list was created to recognise companies, which proactively support the development of the accounting and [...]
Citi forum themed “Sri Lankan Economy Onwards and Upwards”
Citi recently brought together its key clients and hosted an economic forum themed “Sri Lankan Economy Onwards and Upwards”. The Governor, Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe and Secretary to the Treasury Mr. Mahinda Siriwardana, Ministry of Finance were in attendance as the keynote speakers. The sessions covered insights on Sri Lanka’s [...]
Dilmah Tea named Best Corporate Citizen
Dilmah Tea was named among the 10 Best Corporate Citizens at the annual Best Corporate Citizen Sustainability (BCCS) Awards. Despite challenges such as IMF domestic debt restructuring, high inflation, and global conflicts, Dilmah remains steadfast in its ESG commitments, even enhancing them. It pledged Science Based Targets in 2022 and submitted near-term and long-term targets [...]
David Pieris Automobiles partners with automaker BAIC
David Pieris Automobiles (Private) Ltd (DPA), a David Pieris Group company, has announced its partnership in Sri Lanka with Beijing Automotive Industry Holding Co Ltd (BAIC). BAIC is the 6th largest automobile company in China. Founded in 1958 as the Beijing Automotive Manufacturing Factory (BAMF), it has emerged as one of China’s leading and globally [...]
Sri Lankan banks will continue to seek court intervention in defaulting loans
Sri Lankan banks will continue to seek remedies through courts to recover defaulted loans despite the government’s decision to suspend the parate execution process. “… the suspension of parate execution would not preserve a mortgaged asset of a defaulter, as banks will continue to exercise mortgage action through the courts of law. The ‘parate’ execution [...]
E B Creasy Solar’s solar-powered irrigation project in Nikaweratiya
E B Creasy Solar recently completed a landmark project in the Nikaweratiya area, in partnership with the United Nations Development Programme (UNDP), utilising cutting-edge German Lorentz solar-powered water pumps. This project is set to revolutionise water accessibility, for both irrigation and consumption, promising to pump 1 million litres of water per day, powered entirely by [...]
EFL 3PL expands operations in India with new centre in Mumbai
EFL 3PL, a subsidiary of EFL Global, has announced the launch of its flagship Grade A warehousing facility in Mumbai, India. This strategic expansion, with an investment of US$5 million, marks a significant milestone in EFL 3PL’s commitment to enhancing its presence in India and solidifying its position as a leader in End-to-End logistics solutions [...]