Where lies Sri Lanka’s future?
The Sunday Times Business Club (STBC) hosted an interesting discussion titled “Dissecting Sri Lanka’s future” at the Shangri-La hotel, Colombo on Tuesday. Seen here are the panellists – economist Prof. Sirimal Abeyratne (right) and Jayantha Karunaratne, Chairman of the National Chamber of Exporters. The event was sponsored by Shangri-La and NDB bank. Pic by M.A. [...]
IMF urges revamping SL’s Monetary Policy amid economic crisis
Sri Lanka’s monetary policy is grappling with dual crises; the economic downturn and the lingering effects of the pandemic, according to the latest technical report released by the International Monetary Fund (IMF). The IMF South Asia Regional Training and Technical Assistance Centre (SARTTAC) mission visited Colombo recently and provided technical assistance (TA) on setting-up of [...]
SLBFE probed by three state agencies
Three government agencies are investigating the Sri Lanka Bureau of Foreign Employment (SLBFE) after recently-surfaced allegations of malpractices and corruption. A top official acknowledged that the Criminal Investigation Department, the Bribery Commission, and the Government Audit are all carrying out investigations about alleged fraud in the training of first-time domestic workers, who were required to [...]
Visa issue resolved: Sri Lanka back on tourist map
With Sri Lanka’s e-visa system back in operation the window is opened for travellers from anywhere to obtain entry through the online Electronic Travel Authorisation (ETA) system being reactivated since midnight Thursday. This has led to the tourism industry applauding the incumbent President Anura Kumara Dissanayake for intervening in this matter and resolving this crucial [...]
Stakeholders disgusted over red tape at DRC
Questions are being raised by stakeholders on the bureaucratic red tape and general lethargy by the employees of the Department of Registrar of Companies (DRC) who in turn, blame issues on the new IT systems at the department. A myriad of issues are plaguing this institution, where the delays in incorporating companies stand foremost and [...]
Reasonable time needed to implement election promises
A (pleasantly) surprised business community alerted the newly elected Sri Lankan President to tread carefully in implementing the reform agenda so as not to stifle economic growth. They hailed the new administration’s commitment to promoting good governance, transparency, and accountability, aiming to strengthen public institutions and create a conducive environment for Sri Lankan citizens and [...]
A new beginning…..but
It was a happy Aldoris, the choon- paan karaya, who came down the lane, with his signature tune louder than the usual volume. “Jayawewa, api denum (Jayawewa, we won),” he said joyfully, as he came to a halt at the gate where the trio had gathered. “Ithin ada kaema nikan denawada (So, are you giving [...]
Past is past, present leads to future
Most of the international media, including Reuters and Bloomberg, introduced the newly elected President of Sri Lanka and his team as “Leftist-oriented or Marxist-oriented”. In other words, it implies that Sri Lanka’s emerging policy regime would be centred on protectionism, state-intervention and central planning. I am not sure if this interpretation was true. The Janatha [...]
Corrupt-free country will draw more foreign investors
As the new government took office last Monday with just three cabinet members, one of the critical policies that a lot of industry chambers kept reiterating the government, is a corruption-free country. Whether it is importing or exporting of goods and services, or getting a job done at government institutions, there is plenty of corruption [...]
Lankan companies’ performance reflect resilience, recovery
In 2024, leading Sri Lankan companies have shown remarkable resilience and adaptability, achieving significant financial success despite the nation’s ongoing economic challenges. Key players such as Hayleys PLC, Commercial Bank of Ceylon, LOLC Finance, Vallibel Finance, and the Bank of Ceylon have demonstrated strong financial performances, as highlighted in their annual reports, according to Finance [...]
Thriving BPO industry targets $3bn in export revenue in 2024
The Business Process Outsourcing (BPO) sector is set to become a significant contributor to Sri Lanka’s economy, aiming to achieve a US$3 billion export target in 2024. The industry has shifted from traditional roles to high-value services like financial analysis, IT solutions, and advanced analytics. A key enabler of this growth has been the investment [...]
BOC gets ‘Most Popular Banking Website’ recognition
Bank of Ceylon (BOC), which has received accolades for its products and services, secured the latest award at BestWeb.LK Awards 2024, where the bank’s website was celebrated for its outstanding design, functionality, and user experience. BOC secured the titles of ‘Most Popular Banking Website’ and ‘Best Banking Website (Bronze)’, strengthening its position as a leader [...]
New CEO at Capital Maharaja Group
Suresh Srinivasan has taken over as Group Director and Chief Executive of The Capital Maharaja Group (CMG), replacing Sunil Kanojia, who guided the group through one of the most challenging periods in recent memory—from 2019 to 2024. Under Mr. Kanojia’s steady leadership, CMG navigated the uncertainties of a turbulent time for the country and emerged [...]
Tax expert Suresh R.I. Perera wins global award
London – Suresh R.I. Perera of KPMG Sri Lanka was awarded the Tax Practice Leader of the Year 2024 for the ASPAC region, bringing significant recognition to Sri Lanka. Additionally, Mr. Perera was one of the four shortlisted for the Tax Litigation & Disputes Practice Leader of the Year (ASPAC region). The award was presented [...]
Central Bank shifts to single policy rate amid debt restructure
The Central Bank of Sri Lanka (CB) is planning to replace its current dual policy rates with a single policy rate by the end of the year. This change, recommended by the International Monetary Fund (IMF), aims to improve the clarity and effectiveness of the country’s monetary policy. Governor Nandalal Weerasinghe confirmed this during a [...]
BIA expansion: A New Era Begins
The long-awaited construction of the second terminal at Bandaranaike International Airport (BIA) is set to commence soon, following the proper awarding of the contract. Initially started in 2020, the project, which costs approximately Rs. 145 billion and is funded by a soft loan from the Japan International Cooperation Agency (JICA), faced delays due to Sri [...]
Increasing exports requires more than promises and committees
Exports need to be increased by 2028 to begin repaying debt. Increasing exports is a big, challenging and complex undertaking: The scope of economic transformation (export development) is extensive, including foreign relations, free trade agreements, foreign and domestic investment, export tariffs, business tax, business and entrepreneurship development, education and workforce skills development, port facilities, corruption [...]
Fox Jaffna wins at South Asian Travel Awards
Fox Jaffna by Fox Resorts has won two Silver Awards at the South Asian Travel Awards 2024, held recently in Kathmandu, Nepal. The property was recognised as the Leading Boutique Hotel in South Asia and the Best Heritage Hotel in South Asia, celebrating its unique blend of luxury hospitality and rich cultural heritage, it said [...]
IIA Sri Lanka 9th National Conference
The IIA 9th National Conference 2024, was held on September 11 at Marino Beach Hotel, drawing auditors, risk management professionals, and industry leaders to explore the latest trends, challenges, and best practices in internal auditing. This year’s theme, “Embracing Trends, Enhancing Value” resonated deeply with attendees, the organisers said. Faizal Salieh, chairman of the Securities [...]
INSEE Ecocycle opens female-led facility to reduce plastic waste
INSEE Ecocycle, the waste management arm of INSEE Cement and the pioneer in sustainable waste management solutions in Sri Lanka, has announced the inauguration of its newly established female-led Material Recovery Facility (MRF) in Puttalam. This innovative facility marks a significant milestone in INSEE Ecocycle’s ongoing commitment to reducing plastic waste across Sri Lanka. The [...]
Moody’s Ratings: Political change unlikely to derail reform trajectory
While new President Anura Kumara Dissanayake’s election constitutes a major shift in Sri Lanka’s political landscape, it is believed the broad appetite for reforms will remain intact, Moody’s Ratings said in a report on Wednesday. “We do not expect significant disruption to the country’s reform agenda or macroeconomic policies, which include the ongoing debt restructuring [...]
Siyapatha Fin. sees steady growth in 1H2024
Siyapatha Finance PLC has seen steady financial growth for the first half ended of 2024 with a Profit After Tax (PAT) of Rs.513 million, up by 189 per cent compared to the corresponding period last year. Its Profit Before Tax (PBT) grew by 133 per cent compared to the preceding year and stood at Rs.1,215 [...]