Inspiring stories
Inspiring stories of two entrepreneurs were in store for members of the Sunday Times Business Club (STBC) at Tuesday’s discussion titled “Road to Success” and held at the Tiki Bar, Shangri-La Hotel, Colombo – the new host hotel of the club. Seen here Sanjiva Weerawarana, Founder/CEO of WSO2 (right) and Vickum Nawagamuwage, Founder Santani Wellness [...]
Foreign debt suspension leads to $8.6 bn outstanding in 24 months
The Government’s temporary suspension of foreign debt payments leads to US $8.6 billion outstanding over 24 months, the Finance Ministry’s latest fiscal position report revealed. According to this report, unpaid debt from April 12, 2022, to April 30, 2024, is $6,020 million. The unpaid interest during this period amounts to $2,586 million. Secretary to the [...]
Trade unions continue struggle for worker wage hike
Trade unionists are not ready to give up their fight for an increase in the pay structure insisting the recent government gazette calling for an increase in estate wages clearly shows the need for a salary hike. This comes on the heels of a government withdrawal of the gazette to increase estate sector wages to [...]
Ahead of elections, only Hilton to be divested
With the presidential election scheduled for September 21, the restructuring efforts of state-owned enterprises have been pushed off the radar and may not happen at all. The Sunday Times Business was informed on Friday by government representatives that the only transaction that could be completed in early August was that of Hotel Developers Lanka Limited [...]
Tourism, an industry that does not give sufficient return
While the tourism industry is harping on the fact that Sri Lanka is a great destination for tourism in the world, the industry is not attracting foreign direct investors to come and invest in the country. The reason being, the industry is not giving enough return to the investors. Santani Wellness Resort Founder, Vickum Nawagamuwage [...]
E-passport next year despite key infrastructure costs and revenue loss
The Department of Immigration and Emigration (DIE) of Sri Lanka has mandated prior online registration for passport applications, effective until the e-passport system’s introduction next year. Harsha Ilukpitiya, the Controller General, stated this move aims to reduce congestion at the DIE head office by requiring online appointment scheduling. Sri Lankans applying for new passports must [...]
SOEs turn financial losses to profits
Sri Lanka’s state-owned enterprises (SOEs) have turned financial losses into profits within the first four months of this year amidst the delay in the restructuring of selected entities. President Ranil Wickremesinghe’s administration has not restructured any SOEs in the past two years despite calling for bids and shortlisting local and international companies However, restructuring efforts [...]
SOEs and the upcoming elections
All kinds of developments are taking place in Sri Lanka as we head for the polls, the first one being Presidential elections in September-October 2024 followed by in 2025 (or would it be earlier?) Parliamentary polls. Alarm bells rang on Wednesday after a special cabinet meeting was summoned. The Cabinet normally meets on a Monday [...]
From fairy world to the ground…
Last week’s column on “Sri Lanka’s hidden poor” has generated lots of responses. It was about how the fixed income-earning middle class employees in the formal sector have fallen down to poverty – not officially, but effectively. After hearing the story of Chris in the column, some have raised their eyebrows, posed questions and made [...]
Understand the consumer before marketing a brand, expert says
While building a brand is no easy task in today’s context, many world-renowned brands have a success story to narrate to its consumers. The fundamental of building a brand is understanding what a consumer wants when selling or marketing a product or service. You cannot always stick to the local context, but look at the [...]
Wage hike the start to transforming plantations, says President
In transforming the plantations sector to a more thriving agro business space, President Ranil Wickremesinghe insisted that worker wages also need to increase. The President was speaking at the opening ceremony of the Colombo International Tea Convention held at the Cinnamon Grand in Colombo on Thursday organised by the Colombo Tea Traders Association together with [...]
Colombo Port reeks of corruption by Customs
Sri Lanka’s shipping industry wants the private sector to join hands in fighting corruption as they face continuous losses due to the actions of the Customs. These concerns were raised at the recent Sri Lanka Shippers’ Council AGM held in Colombo where Sean Van Dort was reinstated as the new Chairman for 2024/25. Customs was [...]
Lifting palm oil ban will attract Indian investments
Sri Lanka is sure to see large investments in oil from extraction etc, if the ban on this crop is lifted, experts said. Solvent Extractors Association India Executive Director Dr. B. V. Mehta, on the sidelines of a recent workshop on the edible oil sector, told The Sunday Times Business that there will be many [...]
Hela, Authentic Brands in Outerwear Partnership for Reebok
Authentic Brands Group (Authentic), a global brand development, marketing, and entertainment platform, has announced a long-term partnership with Focus Brands, the brand licensing division of Colombo-based Hela Apparel Holdings PLC, for Reebok. Through the partnership, Focus Brands will design, manufacture and distribute Reebok-branded outerwear products across the UK and Europe. Focus Brands will serve as [...]
CB adheres to wage recommendations by independent committee, CoPF
The Central Bank (CB) is adhering to salary revisions as directed by an independent committee and the Committee on Public Finance (CoPF), according to Governor Nandalal Weerasinghe, a development that was earlier reported in The Sunday Times Business. He made this comment during the monetary policy review media briefing in Colombo this week. These revisions, [...]
Blockchain technology to be popularised in SL
Sri Lankan authorities are convinced about the potential of blockchain technologies and are looking positively at it, top officials said. “Central Bank officials had a positive outlook on the work currently carried out by us and expressed their support for the initiative,” Kavinda Kariyapperuma, Managing Director, CoinCeylon, leading Sri Lanka’s Blockchain Technology, told The Sunday [...]
Nelna Agri development’s pioneering work in SL’s mango cultivation
Nelna Agri Development recently hosted US Ambassador Julie Chung at its sprawling 650-acre, mango plantation which has 50,000 mango trees in Wandama, Wellavaya situated in the Monaragala district. This visit emphasised Nelna’s fascinating diversification from their two-decade legacy of poultry to pioneering mango production; a visionary approach which led to an unprecedented and rapid growth [...]