Tackling climate change
President Ranil Wickremesinghe shakes hands with Prof. Ashok Jhunjhunwala, a high profile presenter, at the Sri Lanka Climate Summit hosted by the Ceylon Chamber of Commerce and held in Colombo this week. Also in the picture (left) is conference co-chair Dilhan C. Fernando. Pic by M.A. Pushpa Kumara
Stakeholders raise concerns on new power agreements
Industry stakeholders on Wednesday submitted a comprehensive document to the Ministry of Power and Energy on issues relating to the new Special Power Purchase Agreement (SPPA). The document was submitted through the Ceylon Chamber of Commerce on four important issues in the new agreement, a renewable energy producer told The Business Times. “One critical issue [...]
Two way visa issuance for foreign tourists
With the implementation of the new visa process the government is now carrying out its visa issuance services in two ways. The old visa fee of $50 prevails which includes a convenience fee of $10. On arrival, tourists can obtain their visas at the Immigration counters at the Bandaranaike International Airport (BIA) manned by the [...]
Economic Transformation bill to be gazetted next week
Sri Lanka is now enduring a legislative transformation by introducing a series of new laws and amending prevailing ones taken into account on past experiences for future actions and performances, Finance Ministry sources acknowledged. Over the past 16 months, the Parliament has enacted 42 new laws to facilitate the country’s economic transformation. An additional 62 [...]
Hotel industry prepares to welcome winter travellers
The hotel industry needs to assess if it’s ready to welcome more tourists with improved quality and a unique experience with the added products and services in comparison with partners in the region. Hotel Show Colombo 2024 Chairman Trevine Gomez said that while the hotel industry has gone through tough times, however, they need to [...]
Insolvent firms to operate under debt restructure scheme
Sri Lanka’s insolvent companies are to be allowed to continue operating following government’s decision of enabling creditor banks to avoid declaring bankruptcy of such entities, Finance Ministry sources said. Business owners with insolvent enterprises have been given an opportunity to renegotiate and/or extend the terms of the loans taken by them from banks although permitting [...]
Forts around the island to be developed for tourism
Further galvanising the tourism boom, the government is aiming to develop more than 15 Forts around the country, top officials said. Amongst these Galle Fort, Jaffna Fort, Trincomalee Fort/ Fort Fredrick, Batticaloa Fort, Mannar Fort, Matara Star Fort, Kalpitiya Dutch Fort, Ratnapura Malwala Palace Fort will be initially looked at, they added. “Blessed with Forts [...]
Shoot the messenger!
Shoot the messenger! That’s what the authorities initially planned against Sandaru Kumarasinghe, who – as they call it in colloquial Sinhala – created a ‘huta pattey’ (commotion) at the Colombo International Airport the other day. This was after a glitch in the immigration systems saw long queues of foreigners waiting impatiently to process their visas. [...]
Market leader Ceylinco Life looks to the future
Ceylinco Life (Insurance) has stayed firm in its 2-decades journey of market leadership in Sri Lanka’s life insurance sector achieved with two key figures in its organisation – Chairman Rajkumar Renganathan and Managing Director/CEO Thushara Ranasinghe sharing their thoughts in a joint media release. Responding to a query about market leadership, Mr. Renganathan said in [...]
15 million cyber security threats detected in 2023
While recent reports show that some of the government institutions in Sri Lanka were hacked by various individuals or groups, data shows that there have been more than 15 million cyber security threats detected in the country in 2023. World renowned multinational cybersecurity and anti-virus provider, Kaspersky this week during a media briefing revealed that [...]
NCC seminar on “Country of Origin certification”
The National Chamber of Commerce of Sri Lanka (NCC) in collaboration with the Department of Commerce, Sri Lanka will be conducting a seminar on “Country of Origin certification for Exporters and upcoming FTAs” on May 16 at 2.30 pm at the National Chamber Auditorium at No. 450, D. R Wijewardene Mawatha, Colombo 10. The scope [...]
Browns Investments emerges as world’s top tea producer
Sri Lanka’s Browns Investments emerged as a global player in tea production after it signed an agreement with LIPTON Teas and Infusions which will result in the transfer of its tea estates in Kenya, Rwanda, and Tanzania. All tea sold by Browns worldwide will be grown and harvested to a new set of standards covering [...]
Unilever, Govt. sign MOU on sustainable tea production
The Ministry of Agriculture and Plantation Industries and Unilever Sri Lanka recently entered into a Memorandum of Understanding (MoU) to develop the country’s first national and globally accepted standard for sustainable tea production. This first-of-its-kind initiative signifies a shared commitment to propel the Sri Lankan tea industry towards a more sustainable and ethical future, the [...]
People’s Bank re-launches SPARK to help SMEs
People’s Bank has re-launched its SPARK Entrepreneurial Development Programme aimed at bolstering young entrepreneurs and supporting the growth of small and medium enterprises (SMEs) throughout Sri Lanka. Initially launched in 2022, SPARK has been redesigned with updated eligibility criteria to make entrepreneurial success more accessible than ever before, the bank said in a media release. [...]
Sri Lankan exporters blame stagnant exports on politics
In the absence of any political will, Sri Lanka’s exporters on Tuesday stated that they wanted future governments to commit to consistent policies without the imposition of ad hoc taxes on sectors that generate revenue to the country in order to remain competitive in the global marketplace as local exports see a decline in demand. [...]
SL Climate Summit highlights importance of action
Governments have a vital role in providing and enforcing detailed action plans with clear accountability, such as the Sri Lanka National Environmental Action Plan 2022-2030, the US ambassador Julie Chung said in her remarks at the CEO forum preceding the Code Red Sri Lanka Climate Summit 2024 on Tuesday. “They can adopt policies that support [...]
CB Governor urges maintaining stability
Central Bank Governor Nandalal Weerasinghe has given a loud and clear message to the nation emphasising the need of sustaining the stability achieved through decisive policy adjustments and structural reforms in the short term following the economic downturn in 2022. Addressing the panel discussion on “Sustaining Stability” organised by the Central Bank on Thursday, he [...]
DFCC Bank sees strong growth in last quarter
DFCC Bank has demonstrated resilience and continued its commitment to serving customers nationwide, delivering high-quality customer centric banking services amidst the ongoing revival of economic activity in the latest quarter ending March 31, 2024. In a DFCC media statement, DFCC Bank PLC, the largest entity within the group, reported a Profit Before Tax (PBT) of [...]
Japan’s Foreign Minister visits Vijitha Yapa Bookshop
Japan’s Foreign Minister Yoko Kamikawa visited the Vijitha Yapa Bookshop at Flower Road (Pittala Handiya), during her recent tour of Sri Lanka. Vijitha Yapa Bookshop is a publisher of books promoting the Japanese language. The Foreign Minister and the Japanese Ambassador (seen in the picture) were particularly interested in books on Sri Lanka and the [...]
Dr. Ruchitha Perera appointed Vice Chair of CIM UK
Dr. Ruchitha Perera, FCIM, Chartered Marketer (UK), has been appointed as a Vice Chair to the Board of Directors of the esteemed Chartered Institute of Marketing (CIM), UK. This significant appointment was announced during the Board of Directors Meeting held recently at Moor Hall, UK. Dr. Perera holds Fellowships from prominent institutions such as the [...]
Emirates to help Sri Lanka Tourism to boost tourism
Emirates has reaffirmed its long-standing commitment to promoting tourism to Sri Lanka through a Memorandum of Understanding (MoU) signed with the Sri Lanka Tourism Promotion Bureau at this week’s Arabian Travel Market 2024 in Dubai. The MoU was signed by Ahmed Khoory, Emirates’ Senior Vice President, Commercial West Asia & Indian Ocean, and Chalaka Gajabahu, [...]
Barista opens 11 new outlets in 2023-24
Barista has opened 11 new outlets across the country, accompanied by a remarkable two-fold growth in sales with the expansion while doubling their bottom line, in the fiscal year ending in March 2024, Barista has also been a foreign-exchange earner, serving tourists at the outlets located in tourist hotspots, contributing to the country’s economy. “This [...]