Business plan training workshop
Over 30 collectors from Colombo and Gampaha districts benefited from a 3-day Business Plan Training Workshop, a joint initiative by Acted Sri Lanka and the Coca-Cola Foundation. It was conducted by the Industrial Services Bureau where participants learned to develop tailored business plans. Special attention was given to increasing plastics collections.
Special committee rejects 70% pay hike for CB staff
The much criticised and unprecedented 70 per cent salary hike proposed for Central Bank employees has been rejected and reversed to previous levels on the recommendations made by the Independent Remuneration Committee appointed by the President, informed official sources divulged. The increase in monthly gross salary bill during the previous salary hike period of 2021-2023 [...]
Mystery of the missing 5000 state vehicles
The Auditor General’s office has underscored the need to find over 5000 state-owned vehicles missing from the relevant automobile fleets of state institutions and worth millions of rupees during the past few years. It has recommended a full investigation into the whereabouts of the missing vehicles and any probable irregularities associated with its misplacement from [...]
PA goes to court on 70% wage hike demand
The Planters Association (PA) has filed action in the Appeal Court against the gazette that imposed a 70 per cent increase in the wages of estate workers. This case was taken up on Friday when objections were allowed to be taken up and is to be taken up for hearing again on Monday June 3. [...]
CSE aiming to launch green financing instruments
The Colombo Stock Exchange (CSE) has plans to launch green financial instruments in collaboration with related agencies, as the country’s climate policy begins to take shape, top officials said. “We hope to work with agencies such as the Ceylon Chamber of Commerce and the Investment Promotion Ministry to launch climate-related instruments. We have already launched [...]
Hotels frown on “Happy Hour” ban
Hotels in Sri Lanka stirred over a ban imposed on “Happy Hour” have called on the tourism and Treasury authorities to address concerns raised by the National Authority on Tobacco and Alcohol (NATA). The Hotels Association of Sri Lanka (THASL) has in a letter dated May 31 requested the authorities to intervene in this matter [...]
Lifting palm oil ban before cabinet
The Government is likely to lift the palm oil ban this year after Indonesian President Joko Widodo called for the lifting of import restrictions on Indonesian palm oil and related products at a bilateral meeting at the 10th World Water Summit, with President Ranil Wickremesinghe on Monday. Presidential Secretariat officials told the Business Times that [...]
Pay up or quit!
Pay up or face the consequences! That was the chilling message from Labour Minister Manusha Nanayakkara threatening to pull the plug on the long-term leases of plantation companies which fail to follow the mandatory wage hike for plantation workers. This was after President Ranil Wickremesinghe announced the wage hike at the May Day rally of [...]
Transformation of a crippled economy
Many of the discussions and comments in the political circles during the past two weeks were about the new Economic Transformation Bill, among other things. Quite interestingly, these comments had little to do with “economic transformation” of the country. They were mostly about the procedures, timings, danger, and rights and privileges associated with the Bill. [...]
New visa fees slam growing tourism industry – SLAITO President
The new visa fees has adversely affected the tourism industry making life difficult to obtain a visa to Sri Lanka, says the Sri Lanka Association of Inbound Tour Operators (SLAITO) President, Nishad Wijetunga. Speaking at a recent panel discussion organised by the Sunday Times Business Club in association with the Sheraton Colombo Hotel, titled ‘Tourism [...]
Samurdhi banking system and societies subject to government audit
The Government has initiated preliminary action to regularise the samurdhi banking system by taking a cabinet decision to bring samurdhi community-based banks and community-based banking societies under a state audit. The Business Times exclusively reported on April 28 that this banking system will be regularised making it difficult for corrupt officials and politicians to pilfer [...]
‘Sigiriya AI’ to help children learn more about Sri Lanka
While artificial intelligence (AI) is revolutionising the global technology landscape, each country has its own history and culture that many people don’t know about. Learning and acquiring knowledge about a country and its rich cultures in their languages is an advantage and privilege to many. LankaGPT Technologies (Pvt) Ltd has developed a tool ‘Sigiriya Ai’, [...]
Two state banks to undergo specific reforms with new business models
Bank of Ceylon and People’s Bank are to undergo specific reforms with new business models and capital adequacy for the two state banks, the Finance Ministry announced this week. It will be strengthening governance of all State Owned Banks (SOBs) – licensed commercial and specialised banks and strengthening the risk management architecture of SOBs. This [...]
SEC urges Board Secretaries to step up in governance
In a recent move, the Securities and Exchange Commission (SEC), in collaboration with the Colombo Stock Exchange (CSE), organised two sessions focusing on the updated Corporate Governance Rules aimed at Company Secretaries and Board Secretaries of listed companies recently. SEC Chairman Faizal Salieh emphasised the evolving role of Company/Board Secretaries in today’s fast-paced world, highlighting [...]
Union Bank CEO to retire after long career
Union Bank’s CEO/Director Indrajit Wickramasinghe will retire on August 15, 2024, a media release from the bank said this week. In line with the succession plan, Dilshan Rodrigo, the current Deputy CEO, will assume the role of Director/CEO of Union Bank on August 16, subject to regulatory approvals. Mr. Wickramasinghe is an industry veteran and [...]
Sri Lanka re-launches “Investor Visa” Programme to spur property investment
In a strategic move to increase foreign investment in the real estate sector, the Sri Lankan Department of Immigration and Emigration has reintroduced the “Investor Visa” programme. This revamped initiative, aimed specifically at non-Sri Lankans interested in purchasing condominium units, was set to go live online on June 1st, 2024. The announcement followed a successful [...]
People’s Bank achieves strong performance in Q1-2024
People’s Bank, Sri Lanka’s leading financial services provider, announcing its financial results for the first quarter ended March 31, 2024, reported total consolidated operating income of Rs. 20.4 billion and post-tax profit of Rs. 2.5 billion. Excluding the impact of exceptional adjustments due to greater prudence in view of current macro-economic circumstances, these figures on [...]