Discussion on future scenarios
The Sri Lanka – Korea Business Council of the Ceylon Chamber of Commerce this week organised a discussion titled ‘Sri Lanka’s Future – Forecast, Scenarios and Challenges’ at the Hilton Colombo Residences. The panellists were (from left) Jonathan Alles, Dr. Nishan De Mel, Dhananath Fernando (moderator), Dr. Anila Dias Bandaranaike and Murtaza Jafferjee. Pic by [...]
Rs.50,000 National Minimum wage hike campaign next week
Trade unions are euphoric as the Rs.1700 wage hike for plantation workers means that the salaries of employees in other industries too should be increased to a national minimum wage of Rs.50,000. Free Trade Zone and General Services Trade Union General Secretary Anton Marcus said that they were still awaiting authorities to respond to their [...]
Sri Lanka’s passport issuance restricted amid e-passport transition
Sri Lanka has temporarily restricted passport issuance in anticipation of the rollout of e-passports, scheduled for October 2024. This decision follows the awarding of a contract to a local-foreign joint venture after a tender process marred by malpractices and irregularities. Public Security Minister Tiran Alles has urged the public to delay passport applications until October, [...]
Sri Lanka’s Munchee on a global expansion thrust
Ceylon Biscuits Group Ltd, with its flagship Munchee brand, is setting the stage to make a global footprint in the coming few years. A food conglomerate primarily known for its iconic brand, Munchee over the years expanded into various categories, establishing a brand in nearly every market it operates in. Munchee journey has been one [...]
99 X in growth mode
Internationally renowned software product development company 99 X, is in an aggressive expansion mode with strategic acquisitions on the back of an evolving global landscape. “Currently, we are in the final stages of acquiring two additional companies, one in Scandinavia and another in Eastern Europe. While the specific details of these acquisitions are not yet [...]
Corruption allegation looms large over expressway E-Toll System Procurement
The procurement process for Sri Lanka’s Multi Lane Free Flow Electronic Toll Collection (MLFFETC) system has faced allegations of corruption. The Road Development Authority (RDA) under the Ministry of Transport and Highways called for bids on April 10, inviting firms to install an electronic toll system on a Build, Own, and Operate (BOO) basis. The [...]
Govt. contemplates tax relief
The Sri Lankan government has proposed to the International Monetary Fund (IMF) to offer personal income tax relief by adjusting the tax brackets, according to Finance Ministry sources. Its proposal involves increasing the threshold for personal income tax from Rs.500,000 to Rs.720,000 and also includes the Treasury’s proposal of maintaining the same threshold of Rs. [...]
Merry-go-round politics
This is one of those periods the late singer Sunil Perera of Gypsies fame would have revelled in. Famous for lampooning politicians through song and dance (with hilarious skits joined by the late Ronnie Leitch a.k.a ‘Thattaya’), Sunil would have been galvanised into action to produce another award-winning song featuring the ‘long jumps’ and unabashed [...]
“Old fashions may change”
Rhetorically, many would say that Singapore is a “service sector” economy. In supporting that claim, we can quote the fact that Singapore is a US$500 billion economy out of which the service sector share of the GDP is 72 per cent. The balance consists of almost entirely by the industrial sector value addition (in addition [...]
Sri Lanka Tourism grows in confidence
Sri Lanka Tourism on Friday announced their achievements of welcoming 1.2 million visitors to the country by August 14 and plans of launching campaigns in key markets to generate increased numbers for the next winter season. The main markets that generated these numbers were identified as India, Russia, UK, China and Germany. A few new [...]
Taxes threaten SL’s gem and jewellery industry
High taxes, including the Value-Added Tax (VAT) is driving businesses in the gem and jewellery industry in Sri Lanka to be relocated to other, countries, which have more conducive environments for such business. In a statement this week, the Sri Lanka Gem and Jewellery Association (SLGJA) raised growing concern that the imposition of the 18 [...]
Sri Lanka Tourism Awards 2024
Sri Lanka Tourism is launching the 7th edition of the National Tourism Awards, celebrating excellence and outstanding contribution in the travel and tourism industry. “The objective is to promote and enhance service standards, encourage best practices, and foster a culture of excellence and innovation within the industry. By acknowledging the achievements of individuals and organisations, [...]
Nepalese bankers visit the People’s Bank
In an initiative to enhance the understanding of credit practices and foster international banking collaborations, Branch Managers of Nepali commercial banks recently undertook an exposure visit to People’s Bank. The visit, which took place on August 5 intended to facilitate knowledge exchange and leverage collective expertise for mutual growth in the ever evolving financial landscape, [...]
Sri Lanka secures external debt restructuring in a complex bargain
The Sri Lankan government has secured debt restructuring agreements with both commercial creditors and key bilateral lenders following tough negotiations and complex bargaining, the Finance Ministry’s recent report highlighted. The ministry expects the International Monetary Fund (IMF) to confirm soon whether Sri Lanka’s restructuring framework for International Sovereign Bonds (ISBs) complies with its programme parameters. [...]
Apparel industry’s call for sustainability
A Sustainability Summit this week hit at the heart of growing concerns on the need for industries especially the apparel sector to steer its course onto a path that will ensure the adoption of measures in line with climate change while focussing on chemical management. Sri Lanka’s first multinational textile manufacturer, the Teejay Group recently [...]
Sparklink Travels marks 45 years of service in Sri Lanka
Sparklink Travels, a family-owned company in Sri Lanka, recently commemorated its 45th anniversary of providing exceptional travel services. Incorporated in 1979 by industry veteran Nihal Perera, the company has grown from a humble start-up into a trusted name in the travel industry, renowned for its personalised service and unwavering commitment to quality, the company said [...]
Certified Management Accountants Australia marks Silver Jubilee
The Certified Management Accountants (CMA) Australia recently celebrated its 25th anniversary in Sri Lanka. The series of year-long celebratory activities commenced with a grand inauguration event at the Courtyard by Marriott Colombo, featuring the unveiling of a special 25th Anniversary Logo and the event was graced by attendees, including CMA Regional Director for Sri Lanka, [...]
Dealer Wealth Trust Securities’ online auction bidding platform
WealthTrust Securities, in a pioneering move within the Primary Dealer industry in Sri Lanka, has launched a state-of-the-art online platform that enables clients to place bids directly at primary auctions for government securities. This launch marks a significant step in the company’s commitment to leveraging advanced technology to enhance customer convenience and accessibility, it said [...]
CA Sri Lanka discussion on IMF tax reforms
The International Monetary Fund (IMF) issued a comprehensive report following its second review of Sri Lanka’s Extended Fund Facility on 12 June 2024, which sparked lively debates among economists, policymakers and the general public, especially with regard to the revenue proposals. This was also the focus of a discussion organised by CA Sri Lanka on [...]
Dilshan Rodrigo new CEO at Union Bank
Union Bank has announced the appointment of Mr. Dilshan Rodrigo as its new Director/Chief Executive Officer, effective August 16, 2024. With an impressive career spanning over two decades in the banking sector, Mr. Rodrigo’s appointment signifies a transformative moment for the bank. Under his leadership, Union Bank aims to navigate the evolving landscape of Sri [...]
Heracle Holdings transforming lives and communities
Heracle Holdings, a fully-owned subsidiary of rapidly expanding conglomerate Lyceum Global Holdings (Pvt) Ltd, recently embarked on a path of growth, progress and new beginnings from a brand new headquarters of operations in Nugegoda. The new office premises were ceremoniously declared open by Group Chairman & Chief Executive Officer of Lyceum Global Holdings (Pvt) Ltd, [...]
LTL to ship out $1.7 million-worth transformers to Mauritius
LTL Holdings Limited’s transformer manufacturing on arm is gearing to export its first lot of special design transformers to Mauritius. Nuhuman Marikkar, CEO of LTL Holdings Limited, told the Sunday Times Business on Thursday that the company secured an export order from Mauritius for 300 transformers each 150kVA (22kV/41522V) at a value of US$1.7 million [...]
WindForce soars to new heights
WindForce PLC, Sri Lanka`s renewable energy company, has announced an outstanding financial performance for the first quarter of the 2024/25 fiscal year. The group’s consolidated revenue for the quarter ending June 30, 2024, soared to Rs.1.96 billion, with net profits also demonstrating substantial growth, climbing 27 per cent to Rs. 653 million, up from Rs.514 [...]
TOPCon Panels to emerge as dominant choice in world solar energy market
N-Type TOPCon cells have emerged as the dominant choice in the world solar panel market, topping other technological pathways. Solar cells are semiconductor devices to convert solar energy into electricity and their efficiency can be analysed in the same way as general light-detecting diodes. Today, polycrystalline silicon (including multicells) and monocrystalline silicon solar cells are [...]
John Keells CG Auto opens BYD showroom and service centre
John Keells CG Auto, the authorised distributor for BYD passenger vehicles in Sri Lanka, is now getting into a brand new sector, Auto dealership. Despite being a new entrant to the distribution business, it presented a compelling opportunity, JKH Chairperson Krishan Balendra said at the launching ceremony on Wednesday. He noted that it is only [...]
BOC navigates challenging period with smooth 1H2024 performance
Bank of Ceylon, in the first half of 2024, has successfully navigated the challenging landscape of the Sri Lankan economy, reporting a Profit Before Tax (PBT) of Rs.22.4 billion during this period, sharply up by 114 per cent compared to the previous year’s period PBT of Rs.10.5 billion. In a media release, Bank of Ceylon [...]
Sri Lanka highlights unique wildlife and nature tourism assets at UK Bird Fair
Sri Lanka Tourism (SLT) made a significant impact with its presence at the Global Bird Fair 2024, held recently in Rutland, United Kingdom, underscoring the country’s commitment to promoting its unique wildlife and nature tourism assets. The event, a premier gathering for wildlife enthusiasts and conservationists worldwide, proved to be an ideal platform for Sri [...]
ComBank maintains growth impetus in Q2 despite external pressures
Characteristically agile and proactive responses to market-specific dynamics have enabled the Commercial Bank of Ceylon Group to achieve commendable growth in the first half of 2024, despite a reduced topline, the bank said in a statement on Thursday. The group, comprising Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, reported gross income [...]
Firm 1H 2024 performance from DFCC Bank
DFCC Bank has continued to record good key performance indicators in the first half of 2024, reflecting the entity’s growth and stability amidst the ongoing revival of economic activity. In line with the eased monetary policy stance of the Central Bank, market interest rates continued to adjust downwards. However, the adjustments, particularly of lending interest [...]
NTB delivers strong 1H performance
Nations Trust Bank PLC has reported a strong performance in the first half of 2024, achieving a Profit After Tax (PAT) of Rs.8 billion, up 31 per cent YoY. Commenting on the results, Hemantha Gunetilleke, Director/CE of Nations Trust Bank said, “The bank recorded a strong first half, highlighting continued growth across our customer segments. [...]
NDB posts strong profitability in first half of 2024
National Development Bank has posted a pre-tax profit of Rs.6.5 billion for the first half of 2024 (the period under review), an impressive growth of 58 per cent, predominantly driven by healthy net interest income. In a media release, NDB’s Director/CEO Kelum Edirisinghe attributed the performance to alignment to the bank’s current mid-term strategy, delivered [...]
Teejay knits resilient start to 2024-25 with profit turnaround in Q1
Strategic responses to challenges facing the textile manufacturing industry have generated a positive start to 2024-25 for Teejay Lanka PLC, Sri Lanka’s first multinational textile manufacturer. The group has reported profit before tax of Rs.273.7 million for the three months ending 30th June 2024, reversing a loss of Rs.701 million in the first quarter of [...]
ComBank raises Rs 22.54 bn from shareholders via rights issue
The Commercial Bank of Ceylon PLC has successfully completed the largest rights issue to date by a bank in Sri Lanka, raising Rs.22.54 billion to increase the Tier I and total capital of the bank to accommodate and facilitate future business growth. The bank offered holders of ordinary voting as well as non-voting shares an [...]
HNB Group records Rs.16.2 bn in 6-mths PAT
Hatton National Bank PLC has posted a profit before tax (PBT) of Rs.25.8 billion and a profit after tax of Rs.15.4 billion during the six months ended June 2024. The group recorded a consolidated PBT and PAT (profit after tax) of Rs.27 billion and Rs.16.2 billion, respectively for the period. Commenting on the performance, its [...]