Tourism fair
“Sancharaka Udawa”, the annual tourism and hospitality fair took place in Colombo on May 17-18 at the BMICH. Picture by Priyanka Samaraweera shows some interested visitors at one of the stalls.
Turmoil over fake liquor sticker issue, action soon
Sri Lanka’s Government Analyst is set to find out the similarity in paper used in printing counterfeit security tax stamps and the printing paper of fool proof liquor sticker with QR code for all liquor products, in the latest twist in the investigation into this racket. It has been recommended to terminate the agreement entered [...]
Corporates await ‘power wheeling’ process
Sri Lankan companies are awaiting power wheeling modalities where an entity is allowed to use electricity supply from different locations using the existing grid for payment at low energy costs. This came after the cabinet approved a power wheeling facility that allows private entities to utilise the Ceylon Electricity Board (CEB) transmission network to transport [...]
Govt. mulls free visas for travellers
The tourism industry is hoping the government will open up the destination to more travellers by enticing them with free visas, a scheme that was underway during the winter season. Now with the new VFS system in place the travellers have to continue to pay a convenience fee that is keeping from a free visa [...]
Blended finance platform to back sustainable projects
Three major Sri Lankan authorities have banded together to form a blended finance platform where donor assistance is combined with additional private and public financing to leverage funds to back sustainable projects, officials said. The Sri Lankan Bankers’ Association (SLBA) under its Stainable Banking Initiative (SBI) together with the Sustainable Development Council, and the Ceylon [...]
SOE sales to continue despite MR’s call to halt
The government has no intention of halting the sale of state-owned enterprises, despite the suggestion made by the Sri Lanka Podujana Peramuna (SLPP) Leader and former President Mahinda Rajapaksa this week, official sources said. The SLPP is President Ranil Wickremesinghe’s main coalition partner. The former President’s proposal, in view of the upcoming Presidential election, to [...]
Government grapples with under-stress cash flow management
The Treasury is compelled to curtail spending further in the second quarter of this year as the day’s revenue collection is far below the daily expenditure creating a cash flow problem, Finance Ministry sources confirmed. There is in urgent need of tackling Treasury cash flow issue as its monthly collection in tax revenue is inadequate [...]
Emergence of local multinationals
“Nagitinna, nagitinna. Call ekak thiyenawa (Wake up wake up, there is a call for you),” said Kussi Amma Sera on this bright and early Thursday morning (it was 7.30 a.m. and I normally wake up by 8.30 a.m.) Bleary-eyed and groggy, I walked across to the living room and picked up the phone. It was [...]
Free at last, and then…
When the early central banks such as the Bank of England were established in Europe in the late 17th Century, they served as the “bank of the government”. Accordingly, they must lend to the governments to meet the governments’ expenditure requirements. Some of the early central banks were private entities owned by the shareholders. They [...]
US companies have invested $234 million in Sri Lanka
Trade and investment are vital for a country’s economic recovery, and in this context, US companies have made an annual direct investment of US$ 234 million in Sri Lanka, according to the US Ambassador to Sri Lanka, Julie Chung. Attending the 10th year anniversary celebrations of Sysco Labs, a US- based global leader in food [...]
Central Bank digital currencies to decide future of money
The Central Bank (CB) will roll out a national digital currency by the end of the year with the aim of modernising the country’s financial transactions and regulatory framework, a senior official disclosed to a parliamentary committee recently. The initiative to introduce both ‘Lanka Pay’ and ‘Central Bank Digital Currencies’ (CBDC) is already in progress, [...]
SL’s first Leadership and Innovation Programme for Creatives
Good Life X (GLX) on Thursday announced the launch of The Creative Catalyst Fellowship (CCF) at Trace Expert City, Colombo. The programme, funded by the U.S. Government’s development arm – the United States Agency for International Development (USAID), seeks innovative solutions to social issues, harnessing the power of creatives to raise awareness, mobilise resources, and [...]
Verité Research’s Governance and Anti-Corruption research unit newly set-up
Sri Lanka’s leading think tank Verité Research has established a governance and anti-corruption research division under the leadership of Sankhitha Gunaratne, an attorney-at-law who has championed transparent, accountable, and participatory governance for over a decade. Verité Research has made this strategic move against the backdrop of widespread, systemic corruption in Sri Lanka and the reform [...]
AI hitting labour forces like a “tsunami” – IMF Chief
Reuters, May 13 -Artificial intelligence is hitting the global labour market “like a tsunami” International Monetary Fund Managing Director Kristalina Georgieva said on Monday. Artificial intelligence is likely to impact 60 per cent of jobs in advanced economies and 40 per cent of jobs around the world in the next two years, Georgieva told an [...]
It’s ‘JumJum’ for PickMe in Nepal
PickMe will take its innovative ride hailing business to Nepal with the launch of the latest technology partnership, JumJum(Let’s Go) in Nepal, a country where 78 per cent of 3.22 million vehicles registered are motorcycles. Named as the Motorcycle city, Kathmandu Valley claims to have over a million motorcycles on their busy roads. In a [...]
Rockwell partners with Azzurro to boost Sri Lankan market
Rockwell Automation, the world’s largest company dedicated to industrial automation and digital transformation, has appointed Azzurro as a strategic partner to help drive business growth in Sri Lanka. Rockwell Automation provides industry-leading automation and digitisation solutions for utilities providers, miners and manufacturers in industries like food and beverage, automotive and textiles. Azzurro is a subsidiary [...]
Sri Lanka promoted as a global venue for commercial arbitration
Though Sri Lanka’s ease of doing business index is very low, the country has been promoted as a venue for arbitrations in the region and globally by the International Alternative Dispute Resolution Centre (IADRC) in Sri Lanka. IADRC, Director, Shehara Varia on Thursday on the sidelines of a post- symposium meeting held at the World [...]
Resilient performance for NDB in Q1 2024
National Development Bank PLC, Sri Lanka’s fourth largest listed bank commenced the financial year on a positive note, with resilient performance for the first quarter of the year ended 31 March 2024. NDB’s Director/ Chief Executive Officer Kelum Edirisinghe said the bank continued to face challenges on relatively low credit demand due to subdued economic [...]
HNB strengthens governance structure
Hatton National Bank PLC (HNB) recorded a Profit Before Tax (PBT) of Rs. 9.8 billion during the first quarter of 2024 while Profit After Tax (PAT) amounted to Rs. 6.2 billion. At group level, PBT and PAT were at Rs. 11.2 billion and Rs. 7.4 billion, respectively. The substantial monetary policy loosening adopted by the [...]
NTB in favourable Q1 performance
Nations Trust Bank PLC (NTB) has reported a favourable performance in the first three months of 2024, posting a Profit Before Tax (PBT) of Rs. 7.5 billion, up 28 per cent year-on-year (YoY) and a Profit After Tax (PAT) of Rs.3.7 billion, up 35 per cent YoY. Commenting on the results, Hemantha Gunetilleke, Director/CEO of [...]
SLT-MOBITEL reports marginal growth in Q1 2024
SLT-MOBITEL has reported flat growth in Q1 2024 ending March 31, 2024, amidst a challenging business environment. However, the company’s proactive cost management initiatives have resulted in significant operational cost savings, enabling it to maintain profitability, the company said in a media release on Friday. For the last quarter, the SLT Group has recorded consolidated [...]
Strong Q1 growth at ComBank
The Commercial Bank of Ceylon Group has ended the first quarter of 2024 with a loan book of Rs. 1.316 trillion, continuing the bank’s focus on lending in a period where the appreciation of the rupee negatively impacted the value of the loan book and resulted in a contraction of the balance sheet. Taxes on [...]
Sampath Bank posts steady results in Q1 2024
Sampath Bank posted a profit before tax (PBT) of Rs. 6.2 billion and a profit after tax (PAT) of Rs. 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs. 4.3 billion due to the appreciation of the LKR against the USD by Rs. 23.70. These figures signify growth [...]
IMF impressed by SL macroeconomic progress amidst external debt deal delay
Sri Lanka is to prove adequate progress in debt restructuring, the fulfilment of prior actions and implementation of EFF-supported programme that would confirm multilateral partners financing contributions to receive the approval of the International Monetary Fund (IMF) executive board. Mired debt negotiations may lead to delays in restructuring, possibly impacting future IMF-EFF disbursements and hampering [...]
JKH, Sysco LABS and Brandix offer summer internship programme
The ‘FastTrack’ summer internship, introduced by the John Keells Group (JKH), makes its return this year, in collaboration with Sysco LABS Sri Lanka and Brandix Lanka (Pvt) Ltd, offering undergraduates a 4-week summer internship experience. Launched in 2011, FastTrack distinguishes itself by providing participants with an unmatched opportunity to explore the diverse corporate landscape of [...]
Sri Lanka Climate Summit, Mobility Opportunities, & Policy Facilitation
The Sri Lanka Climate Summit closed on May 9 with the signing of a declaration that pledged to address the climate crisis with decisive, science-based actions. They emphasised urgency in adopting innovative solutions, strategic adaptation aligning with international frameworks, and leveraging local assets for ecological transformation. Key commitments include fostering public-private partnerships, promoting sustainable development, [...]
“Help us with higher interest rates”
I would like to bring the attention of the relevant authorities of the Central Bank (CB) and the Ministry of Finance to the two letters published in the Sunday Times of April 7 with regard to the decreased interest rates for fixed deposits, and the adverse effect this has had on senior citizens. The letters [...]
UK Retailer Tesco to sell two fashion brands owned by Hela
The brand licensing division of Hela Apparel Holdings PLC, Focus Brands, has announced a strategic partnership with Tesco to introduce its Peter Werth and Fenchurch fashion brands to the retailer’s stores across the UK. The collaboration further enhances Sri Lanka’s Hela Group’s long-standing relationship with one of the UK’s largest retailers and will provide consumers [...]
Premier Ceylon launches premier tea pack
Premier Ceylon Teas & Spices is launching the Gold Edition with 22Kt Gold Lion adding to its exclusive artisanal tea and spice product range, an exclusive Gold Gift Pack with Premier Ceylon Cinnamon Honey Tea. This product is specially designed as an exclusive souvenir and a gift pack to celebrate, cherish artistry and aesthetic values [...]
Book on local hospitality industry
Flight Lieutenant (Rtd.) Subodha Angammana has authored a book “Master Guide on Hospitality” filling a gap where there is local publication on the hospitality industry. The author is a versatile individual with a diverse background in hospitality, catering, and military service. He began his journey by attending Trinity College before pursuing a basic housekeeping course [...]
DTH Travel Maldives wins big at World Travel Awards!
DTH Travel Maldives has been honoured with the prestigious title of “Indian Ocean’s Leading Destination Management Company”, at the World Travel Awards 2024 which was held in Dubai as a segment of the Arabian Travel Market (ATM) 2024. In a media release, Suranjith De Fonseka, Managing Director of DTH Travel Sri Lanka and Maldives said [...]