A chocolate delight!
A Sri Lankan chef carves out an intricate design using chocolate during a culinary food competition at the Culinary Art Food Expo which opened at the BMICH Colombo on Friday. Pic by Indika Handuwala
Litro Gas restructuring : Eight bidders selected
In the state-owned Litro Gas restructuring, eight bidders have been selected by the State-Owned Enterprises Restructuring Unit (SRU), from the 14 who had submitted proposals, informed sources said. Epdesa Pte Ltd (Singapore), Bharat Petroleum Cop. Ltd. (India), Ayaz Anonim Sirketi (Republic of Türkiye), SiamGas and Petrochemicals Public Company Limited (Thailand), BGN Int DMCC (UAE), Confidence [...]
SriLankan Airlines divestiture moves to next stage; bids from 3 firms
The long delayed SriLankan Airlines divestiture is nearing the tender process of selecting a prospective acquirer with the bid submission deadline extended to August from May this year, the Aviation Ministry confirmed. The national carrier will come under a new investor with a proven track record and comprehensive plan of re-energising the airline following its [...]
Mechanistic Insights into the CJC-1295 Peptide
Studies suggest synthetic peptide CJC-1295 may be a giant leap forward for synthetic growth hormone-releasing hormone (GHRH) analogs. This article explores CJC-1295′s molecular characteristics, possible action mechanisms, and hypothetical path for future research. By combining results from different research, we aim to thoroughly review this peptide’s function and its potential impacts on different biological systems. [...]
BOI to transform to glory days of GCEC
The Board of Investment has been stuck with billions of dollars worth of investments in the pipeline for years unable to forge ahead. This is about to change with the new Economic Transformation Bill tabled in Parliament this week. The BOI is said to have no teeth to perform its task of becoming the much [...]
TUs head to court against new bill
A joint trade union group has filed a case against the bill on the new employment laws titled the Economic Transformation Bill citing concerns that it violates the Constitution. The Free Trade Zone and General Services Union General Secretary Anton Marcus said on Tuesday that they together with a number of other trade unions have [...]
Many barriers to climate funding in Sri Lanka
The slowness in Sri Lanka’s debt restructuring process and its country rating are seen as barriers to attracting foreign funding – especially for climate action. Additionally, analysts point out that there are risks associated with the certainty of policy, the sanctity of contracts, and the assurance of demand growth for these projects. These concerns are [...]
Banks moot green financing
Sri Lankan banks are unlocking the growth opportunities in green financing. The DFCC Bank, having received accreditation from the world’s largest climate fund, the Green Climate Fund is making blueprints with two UN agencies to attract green climate funding, for adaptation and mitigation financing. Officials told the Business Times that DFCC is collaborating with UNDP [...]
Enforcing laws on economic targets
Can economic targets be mandated by law? While there may be provision to do this, it is morally and ethically wrong to do so since voters change governments entrusting new regimes with a fresh start and a re-look at the economy. This was also the dilemma facing my friend Pedris Appo – short for Appuhamy [...]
Flags from China
Last month entrepreneur Dr. Nayana Dehigama and I conducted a seminar on “Economic Security and Global Compulsions” organised by the National Defence College in Colombo. The participants, who were following the Master’s programme of the College, were from the tri-forces and the Police, including a few from other South Asian countries. At the question and [...]
Land sharks intensify illegal encroachment of plantation lands
Sri Lanka’s tea plantation sector is facing an alarming issue of illegal encroachments of estates managed by the Regional Plantation Companies (RPCs) by unknown gangs with the backing of politicians in respective areas, several planters and residents complained. The extent of plantation land is shrinking since RPCs took over its management in 1995 due to [...]
Sri Lanka studies Bangladesh e-procurement
Sri Lanka’s public procurement framework based on guidelines issued in 2006/7 is undergoing a major transformation with further upgrading of e-procurement system currently in operation since 2019. Although the e- government procurement system is being operated, it has not yet fully digitised the current process and vulnerable to malpractices because it is very difficult to [...]
Browns Hotels unveils Ayugiri Ayurveda Wellness Resort Sigiriya
Browns Hotels & Resorts, in a captivating reimagining of luxury wellness tourism, on Thursday unveiled exquisite Ayugiri Ayurveda Wellness Resort, Sigiriya. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, the company [...]
Halgolla becomes the world’s first ‘regenagri’ certified tea estate
Kelani Valley Plantations (KVPL), a Hayleys Plantations company, has announced a historic achievement with its “Triple Crown of World Firsts” event. This milestone centres around Halgolla Estate, which has become the first tea estate in the world to achieve the highly prestigious ‘regenagri’ certificate for Regenerative Agriculture certification. The announcement was made during a special [...]
Publicis Groupe Sri Lanka celebrates 25 years
Marking a significant milestone, Publicis Groupe Sri Lanka, a pioneering force in the advertising and marketing communications industry, celebrates 25 years of consistent innovation, resilience, creativity, growth, and success. Established in 1999, the agency is part of the Publicis Groupe network. Today it is recognised as the world’s No 1 in terms of organic growth [...]
People’s Bank now offers customers access to online CRIB Reports
People’s Bank has announced a groundbreaking partnership with the Credit Information Bureau (CRIB) to introduce a hassle-free and efficient method for customers to register and request their individual Credit Reports (MyReport) and Credit Score (CRIB Score). ‘MyReport’ is important for an individual or a company to have better understanding of the credit standing before applying [...]
CIC Holdings in FY24 records Rs. 76.4 bn top-line with 12% growth
Agriculture-related diversified conglomerate CIC Holdings PLC has reported robust revenue growth amidst moderately stable macroeconomic conditions, reporting notable top- line growth during the year ended 31st March 2024. The group’s Crop Solutions, Agri Produce and Health and Personal Care sectors led growth, while the Crop Solutions segment remained the major contributor to total group revenue [...]
NSB pre-tax profit sharply up by 192.4% during 1Q2024
National Savings Bank (NSB) began 2024 with a growth momentum, achieving Rs. 3.4 billion Profit After Tax (PAT) for the first quarter with an impressive increase of 221.8 per cent over the same period last year. Followed by two years of financial hardships, the bank has reversed its regular financial performance showing the balance sheet [...]
E.B. Creasy Solar’s platinum sponsorship for power expo
E.B. Creasy Solar, the renewable energy arm of E. B. Creasy & Co. PLC, has announced its Platinum Sponsorship of the Construction Power and Energy Expo 2024, Sri Lanka’s premier event dedicated to interior products, construction, power, and energy. Scheduled to take place on July 5-7, at the BMICH, Colombo, the exhibition will serve as [...]
Sri Lanka presents unique tea ceremony to the world
The Sri Lanka Tea Board-organised High Tea event held this week spotlighted on the tea ceremony unique to the island nation in all its regal splendour and taste. Dancers along with damsels bearing incense sticks made way for the Nuwara Eliya and Dimbula teas to be served with local delicacies “lavariya” and “vadai” brought under [...]
“Greater Yala” development plan to be devised amidst pressing issues
Wild life tourism in the South is poised to take off in a sustainable footing with the “Greater Yala” initiative of developing the area as a unified tourist destination by incorporating nearby regions with a variety of ecosystems ranging from moist monsoon forests to freshwater and marine wetlands. But more pressing issues cropped up recently [...]
First Capital Holdings’ financial performance for FY 2023/24
First Capital Holdings PLC, member of the Janashakthi Group, has reported a total comprehensive income of Rs. 10.1 billion, a significant increase from Rs. 2.7 billion in the previous year, underscoring the group’s strategic positioning and robust operational execution across its business divisions.The Primary Dealer division was the major contributor to the group’s impressive financial [...]
Happy Mind launches Corporate E-Counselling Solution (CES)
Happy Mind, Sri Lanka’s largest e-counselling platform, has announced the launch of its Corporate E-Counselling Solution (CES), providing critical mental health support to employees. Officially introduced on June 1, CES aims to deliver confidential, convenient, and stigma-free mental health services to the corporate sector, the company said in a media release. With over 20 experienced [...]
LOLC Finance records highest profits ever in FY23/24
LOLC Finance PLC, the largest non-banking financial institution in Sri Lanka, has reported a strong performance recording Rs.21.5 billion profit for the fiscal year 2023/24 with 39 per cent YoY growth. This performance underscores the company’s strategic excellence and robust market position, achieved through a series of strategic consolidations and a steadfast commitment to cost [...]
Softlogic Capital shows strong growth in FY24
Softlogic Capital, the financial services sector of the Softlogic Group, has recorded strong and resilient revenue growth, reporting notable top-line growth during the year ended 31 March 2024 but still ended with a lesser than FY23 loss. Softlogic Capital’s consolidated revenue reached Rs.36.7 billion for the year ended 31 March 2024, which is an increase [...]
Indian tourists pay contactless on PickMe rides in Sri Lanka
PickMe, Sri Lanka’s premier ride-hailing platform, has collaborated with PhonePe, India’s leading fintech company, to enable seamless UPI-based QR payments for Indian travellers in Sri Lanka. The partnership signifies a major step forward in enhancing their travel experience through the convenience of cashless transactions on PickMe rides, right from the moment they exit the Bandaranaike [...]
Construction Power and Energy Expo 2024 in July
Lanka Exhibition and Conference Services (LECS) has announced the return of Sri Lanka’s most focused construction, interior products, lighting, power and energy exhibition – Construction Power and Energy Expo 2024 scheduled to take place from 5-7 July 2024 at the BMICH, Colombo, Sri Lanka. The Construction Power & Energy Expo is Sri Lanka’s premier exhibition [...]
JAT sees strong growth from Bangladesh
JAT Holdings PLC, a new regional conglomerate and Sri Lanka’s market leader in wood coatings and brushes, recently released its financials for the fiscal year ended 31st March 2024, with a profitability of 43 per cent over the 4th quarter of the previous year, to Rs. 447 million. Year-on-year (YoY) turnover increased by 14 per [...]
Thai team explores renewable energy collaboration with Hayleys
During the course of their visit to Sri Lanka, a high-level Thai delegation led by Ms. Busadee Santipitaks, Deputy Permanent Secretary for Foreign Affairs of the Kingdom of Thailand, together with Thai Ambassador Paitoon Mahapannaporn visited Hayleys Fabric PLC in conjunction with Hayleys Solar, the renewable energy arm of Hayleys Fentons, to explore renewable energy [...]
CA Sri Lanka examines Public Financial Management Act
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), together with its public sector wing, the Association of Public Finance Accountants of Sri Lanka (APFASL), organised an insightful session on the proposed Public Financial Management Act of 2024 last week. The session attracted a large number of public sector accountants, chartered accountants, and [...]
Sinopec’s renovated filling station
Sinopec Lanka Energy (Pvt) Ltd has inaugurated its first renovated filling station at a grand re-opening ceremony in Trans Lanka Filling Station, Nawagamuwa, witnessing a major milestone on the company’s first anniversary since entering Sri Lanka.