Demand rises for on-arrival visas
With the Supreme Court temporarily cancelling the e-visa system managed by VFS Global, following a petition by tourism industry organisations and three opposition politicians, the demand for visas on arrival has increased at the Colombo airport. Pic by T.P.G. Kapila
Sri Lanka immigration link on the blink
A long time ago there was an island on the Indian Ocean to where people from all over the world travelled to. But today this land has literally closed its doors by creating an issue out of just an online link! This link is needed to issue a visa before arriving on the island. Attracting [...]
SL businesses in Bangladesh will not pull out
Local businesses in Bangladesh, particularly by MAS Holdings and Brandix –Sri Lanka’s largest apparel manufacturers -, were largely unscathed by the violence that swept the country of 171 million people, and unseated the prime minister. It might however disrupt manufacturing and shipment schedules. In scenes reminiscent of the Sri Lankan crisis when President Gotabaya Rajapaksa [...]
Water tariffs to be reduced after power price drop
The Government is considering reducing water tariffs due to lower energy costs following the rupee’s sharp appreciation, says Minister of Water Supply Jeevan Thondaman. In accordance with President Ranil Wickremesinghe’s directive the ministry is devising a water tariff formula with the Asian Development Bank assistance. Minister Thondaman revealed that the Water Supply Board, previously losing [...]
Puttalam Ilmenite Mining draws disputes among state bodies
The exploration and mining operations for ilmenite in Puttalam have faced significant disruptions due to conflicts among various government institutions and officials tasked with managing this valuable mineral resource. Official sources indicate that the Ministry of Industry and the Ministry of Environment have not yet agreed on whether to permit Iluka Lanka Exploration (Pvt) Ltd [...]
Planters to meet unions at Wages Board
The minimum wages case in the Appeal Court filed by the Planters Association has been dismissed following the revoking of the gazette requiring estate workers to be paid a minimum of Rs.1700. As a result the Labour Minister Manusha Nanayakkara has called for a meeting of the Wages Board tomorrow. In this respect, the Planters [...]
Growing coffee to meet rising global demand
Countries like Sri Lanka are looking at overcoming the current concerns of climate change to cultivate coffee and cover the gaps in world market production levels as they look at catering to speciality high priced niche markets. In this respect the Market Development Facility (MDF) together with Australian Aid made recommendations on the cultivation of [...]
Foolhardy adventures
Many years ago when the controversial Hambantota airport was being built, I was seated next to an environmentalist in a plane during an overseas trip and our conversation steered towards the impact on bird life at the proposed airport. There were concerns from environmental groups over the danger to birds and also elephants as it [...]
A million-dollar answer!
As we had to spend a couple of hours travelling from Colombo to Kandy on Wednesday, we had enough time for chatting. We, in collaboration with Advocata, were travelling to attend a business forum with the members of the Kandy Chamber of Commerce, held at Queen’s Hotel. As Sri Lanka is getting heated with election [...]
Maliban icon passes away
A.G. Rathnapala. Samaraweera, the iconic Chairman of the Maliban Group of Companies, passed away on Wednesday at the age of 83. He was an alumnus of Ananda College, Colombo 10, where he received his early education. Mr. Samaraweera was the son of A.G. Hinniappuhamy, the late founder of the Maliban Group of Companies, and Wimala [...]
Hayleys Group accounts for 5% of Sri Lanka’s total export income
Hayleys PLC, Sri Lanka’s largest public-listed diversified conglomerate, which accounts for 5 per cent of the country’s total export income, has reported an economic value creation of Rs. 150 billion, parallel to delivering progress on its sustainability targets over the last financial year (FY2023-24). During the period in review, Hayleys earned US$591 million foreign exchange [...]
Healthcare for over 3 m Agrahara Beneficiaries by Hemas Hospitals
Hemas Hospitals provides accessibility to high-quality, affordable and convenient healthcare services for beneficiaries of the Agrahara Insurance Scheme for state-sector employees. Established under the National Insurance Trust Fund, Agrahara offers comprehensive health coverage to over 3 million government and semi-government employees and pensioners. Now, these beneficiaries can leverage Hemas Hospitals’ extensive network and advanced capabilities [...]
LB Finance, Huawei revolutionises banking infrastructure
LB Finance PLC, a premier non-banking institution in Sri Lanka and Myanmar, has announced a transformative alliance with Huawei to overhaul its core banking infrastructure. This strategic collaboration is set to elevate LB Finance’s extensive suite of services, including Digital Wallets, Digital Banking, Loans, Leasing, Savings and Deposits, Microfinance, and Payment Cards, leveraging Huawei’s state-of-the-art [...]
Seylan Bank offers services to enterprising businesses
Seylan Bank has expanded its comprehensive suite of financial services with Seylan Factoring, a means for clients to raise funds by trading outstanding trade receivables. Unlike traditional lending, which may consider a broader range of factors and sources for repayment, factoring is primarily dependent on the receivables’ quality and collection for setting up the facility, [...]
H One’s AI Bot simplifies company annual reports
H One, in collaboration with Hayleys PLC, has announced the deployment of its latest innovation: an AI-powered chatbot designed to read, interpret, and analyse published annual company reports. The H One Data and AI team, along with Hayleys, and the guidance and support from Microsoft Sri Lanka were able to succeed in developing the solution [...]
Oddamavadi 100 MW solar project sparks debate over high tariff
Sri Lanka is set to commission a 100 MW solar power plant in Oddamawadi, Batticaloa, by next year amidst allegations of manipulations in power purchasing agreement with Ceylon Electricity Board (CEB). The project will operate on a Build, Own and Operate (BOO) basis for a 20-year period, with the CEB agreeing to purchase electricity at [...]
CA Sri Lanka’s national conference on “Marching Beyond Margins”
With the outlook for Sri Lanka looking more hopeful than it had in the past few recent years, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will once again engage professionals, including young business leaders, at the 45th National Conference of Chartered Accountants. In the wake of the worst ever economic crisis [...]
Technocity Leadership at COMPUTEX 2024 in Taiwan
In a significant stride towards technological advancement, the leadership team of Technocity Pvt Ltd has concluded a highly successful visit to the recent COMPUTEX 2024 in Taiwan, the company said. The delegation from Technocity Pvt Ltd, comprising Fahmy Ismail, Managing Director/Chairman (The Technocity Pvt Sri Lanka/Technocity Pte Singapore), Mohamed Akram, CEO, Mohamed Kadeer, Director, and [...]
Hatch appoints Dilhan Fernando as Chairman
Hatch has appointed Dilhan Fernando as its new Chairman, marking a significant milestone for the organisation. Mr. Fernando, who is also the Chairman, CEO, and Executive Director of Dilmah Tea, brings a wealth of experience and a strong commitment to sustainability and innovation, which have been instrumental in maintaining Dilmah’s leadership in the global tea [...]
DFCC Bank allows Digital Tax Certificate Downloads
DFCC Bank has announced the launch of a new feature to its online banking platform that allows customers to download their Advance Income Tax Certificates directly. This eliminates the need to visit a branch and provides 24/7 instant access for customers while promoting a greener solution. This development aligns with DFCC Bank’s strategic vision of [...]
Another new casino in Sri Lanka
Golden Island Hospitality Pvt Ltd has entered into an agreement with the Majestic Group Hotels & Casinos, a leading gaming group from India, to establish the Majestic Pride Casino, Sri Lanka. The casino will be housed in the prestigious Lotus Tower located in Colombo 10, promising a world-class gaming experience, the local company said in [...]
Taxing the superrich is more possible – and more necessary – than ever
BERKELEY – A mere 3,000 people have amassed US$14.4 trillion in wealth, the equivalent of 13 per cent of the world’s GDP. While the world’s billionaires controlled less than 3 per cent of global GDP in 1993, the growth of their wealth and political influence has since accelerated. Regardless of nationality, the world’s ultra-rich shares [...]
IMF delays Sri Lanka’s third review until after Presidential Poll
The International Monetary Fund (IMF) will conduct the third review of Sri Lanka’s Extended Fund Facility (EFF) after the upcoming presidential election, as confirmed by official sources. A senior official from the Finance Ministry said an IMF team will arrive in Sri Lanka for this review following the elections. Previously, an IMF mission team, led [...]
Tokyo Cement hopeful for better FY24/25
Tokyo Cement Group (Tokyo Cement) has reported a turnover of Rs. 11,665 million (a 3 per cent decline over the same period of the previous year) and a Profit After Tax (PAT) of Rs. 707 million (a 18 per cent decline over the same period of the previous year) for the 1st quarter ended 30th [...]
Piling up at the Colombo Port
The RCT Customs Container Examination yard at 10 am last Wednesday (see pic) clearly highlights the congestion that still continues at the Colombo Port. Sri Lanka Shipper’s Council Chairman Sean Van Dort told The Sunday Times Business that the customs container examination area needs to be seriously addressed as both perishable and freezer containers are [...]
Samurdhi Programme under scrutiny amid financial mismanagement
Recent reports have revealed significant inefficiencies and financial mismanagement within the Government’s largest welfare initiative for the poor, the Samurdhi programme. In response, the Ministry of Finance is working on establishing a welfare registry to ensure that vulnerable individuals receive the assistance they are entitled to, according to State Minister Shehan Semasinghe. The current issue [...]
Sampath Bank posts PAT of Rs.11bn in 1H2024
Sampath Bank registered a profit before tax (PBT) of Rs.18.5 billion and a profit after tax (PAT) of Rs.11.1 billion for 1H 2024 reflecting growth rates of 40 per cent and 45 per cent respectively compared to the corresponding period of the previous year. The Sampath Group also reported PBT and PAT figures of Rs.19.7 [...]
Jaya Sri Maha Bodhi Temple illuminated with new 150 kWp Rooftop Solar by LTL
LTL Holdings Ltd (LTL) a diversified conglomerate, sponsored supplying and installing a 150kWp (DC) Solar PV System for Jaya Sri Maha Bodhi Temple in Anuradhapura recently. This was done at the request of Atamasthanadhipathi Ven. Pallegama Hemarathana Nayaka Thero, COO of LTL and Member of Corporate Social Responsibility Committee of LTL Sudath Annasiwatte was quoted [...]
Casio’s ongoing efforts to safeguard consumer interests
Casio Computer Co. Ltd, headquartered in Japan recently got a significant enforcement action conducted in Sri Lanka as part of the Casio Group’s IP Enforcement Policy to combat the escalating issue of Casio’s counterfeits in the Sri Lankan market and protect its valued consumers. In a recent coordinated effort alongside Casio India, raids were conducted [...]
Mark of a Leader: An Olympic Mindset
The following is a random collection of thoughts on leadership in the spirit of the Paris 2024 Summer Olympics. Seeing all these athletes giving their very best should remind us of something important. As leaders, we are developing the second and third layers of leadership- in different ways. There are sprinters, marathon runners, weight lifters, [...]
Impact of RPCs on Sri Lanka’s economy and environment
The plantation industry has long been a cornerstone of Sri Lanka’s economy, and synonymous with the highest quality premium exports. Despite facing significant challenges over the past four years, including COVID-19, arbitrary decisions on fertilisers and agro-chemicals, and a historic economic crises, the industry provided a rare pillar of stability. However, since independence, the plantation [...]