Germany: Thousands of job opportunities for Sri Lankans
Berlin: Germany is offering thousands of job opportunities for skilled Sri Lankans, South Asians and many other labour-sending countries as it battles an acute shortage of workers. “We need one million skilled migrants per year. They will enjoy a high quality of life, have good access to health care and draw an attractive wage package,” [...]
Atlas Axillia eyes international units
The Hemas Group company, Atlas Axillia Co. (Pvt) Ltd. having recently launched a new vertical in educational toys and sensory play, has tied up with Disney and is looking at exports into the region and Africa for joint ventures. The company is looking at several initiatives, and new verticals in the space of education or [...]
Rupee gains exert double-edged sword impact on economy
The continuous appreciation of the Sri Lankan rupee following Anura Kumara Dissanayake’s assumption of the presidency has brought both positive and negative effects on the nation’s economy, prompting intervention from the Central Bank (CB). Economists believe that while the stronger rupee has benefits, it also presents significant challenges for several sectors, necessitating a balanced approach [...]
Global tourism marketing campaign must kick off
Sri Lanka’s tourism industry needs to get the global marketing campaign on track and underway in the five countries as planned, newly elected Sri Lanka Association of Tour Operators President Nalin Jayasundere said. In his first interview upon being elected Mr. Jayasundere told The Sunday Times Business that they have made a request with the [...]
SLBFE management reprimanded by Auditor
Mired with allegations for the past few years, the country’s foreign employment facilitation agency, the Sri Lanka Bureau of Foreign Employment (SLBFE) is faced with a fresh allegation. This latest charge has to do with the face-off that D.D.P. Senanayake, General Manager (GM) SLBFE had with an internal auditor R.A.D.N. Gunasekara less than two months [...]
Land of opportunities
At an office in Frankfurt, Germany’s commercial capital, a group of South Asians – mostly Indians with a few from Nepal and Bangladesh – had gathered to interact with a group of visiting journalists – seven from India, and one each from Bangladesh, Sri Lanka and Nepal to share experiences of living and working in [...]
In debt we trust
The US government is on track to spend more than $1 trillion on interest payments this year 2024. This is a historical record of skyrocketing interest costs of the US government. After reading that news, I was concerned about US public debt service obligations. Unlike ours, US debt has detrimental implications all around the world [...]
Sri Lanka’s struggle with rising debt, restructuring
The new administration led by President Anura Kumara Dissanayake faces an immense challenge as it must continue borrowing from the domestic market to address Sri Lanka’s significant budget deficit. Printing money to cover this deficit is not a viable option, according to Finance Ministry sources. K.M. Mahinda Siriwardena, Secretary to the Ministry of Finance, has [...]
Economy shows strong recovery amidst reforms and global challenges
The Sri Lankan economy has shown significant signs of recovery in the first half of 2024, with notable improvements in real Gross Domestic Product (GDP) growth, tax revenue, inflation, and foreign currency reserves. The economy expanded by 5 per cent, while tax revenue rose by 41.4 per cent to Rs. 2,348.5 billion in the first [...]
New appointments, changes at state ICT agencies
The new government is revamping the ICT sector by reassigning agencies and identifying new talent to manage critical organisations. As a start, the Information Communication Technology Agency (ICTA) will be transferred to the Digital Transformation Agency next week, which is a new institution under the ruling National People’s Power (NPP) Manifesto, informed sources said. The [...]
First Guardian only stockbroker certified for Information Security Standards
First Guardian Equities [Pvt] Ltd (FGE) has become the first stockbroker in Sri Lanka to receive the prestigious ISO 27001:2022 certification for their Information Security Management Systems, which underscores FGE’s commitment to safeguarding its clients’ data and ensures a secure trading environment. The certification is awarded to organisations that demonstrate rigorous compliance with international best [...]
Rootcode celebrates a decade of innovation
Rootcode, a leading global software product engineering company, marked its 10th anniversary with a grand celebration at its headquarters. This milestone event highlighted a decade of relentless growth, cutting-edge innovations, and a commitment to delivering world-class technology solutions. The celebration also included the launch of a commemorative book titled “A Decade of Building Great Technology”, [...]
UK boosts trade with Sri Lanka via new initiatives, duty free scheme
The UK government continues to extend its support to Sri Lankan exporters through tariff reductions, offering significant concessions aimed at boosting trade under the new regime. These measures are designed to enhance market access for Sri Lankan products, enabling local businesses to compete more effectively in the UK market. By reducing or eliminating tariffs on [...]
Rockland Group celebrates its 100th year
Rockland Group marked 100 years of grit, resilience, and passion at the recently-held Chairman’s Awards 2024. A trailblazer in the beverage industry, Rockland Group is a fourth-generation company that employs over 500 individuals across Sri Lanka and overseas. With a diverse portfolio of over 500 products, the company continues to expand its global presence while [...]
‘60s-‘70s favourite Zellers chocolates brings out new flavours
The return of Zellers Chocolates aims to reshape Sri Lanka’s premium chocolate market while reviving cherished memories from the past. Zellers stands as a pioneer in local craftsmanship and innovation, as fine chocolates have become a beloved indulgence and synonymous with amazing moments. Now, the brand aims to bring Sri Lankans world-class chocolates with a [...]
Solutions to flood management in Sri Lanka
As President of the Chamber of Construction Industry, between 2001 and 2017, I published several letters connected to the flooding two to three times a year. These floods have been causing huge damage to the built-up area including the environment, physical infrastructure, displacement of people and loss of life and damage to equipment. The loss [...]
UNDP Asia Pacific Chief meets President, PM
UN Assistant-Secretary-General (ASG) and UN Development Programme (UNDP) Regional Director for Asia and the Pacific, Ms. Kanni Wignaraja recently met with President Anura Kumara Dissanayake and Prime Minister Dr. Harini Amarasuriya during her one day in-country mission. She was accompanied by Resident Representative of UNDP in Sri Lanka, Ms. Azusa Kubota, UNDP said in a [...]
VAT Hike in Sri Lanka: Who really pays the price?
Earlier this year, Sri Lanka introduced major changes to the Value Added Tax (VAT) system. The VAT rate increased from 15 per cent to 18 per cent, and tax exemptions were removed for 97 items, including essential goods such as gas and stationery. While these revisions aimed to boost government revenue, they have also significantly [...]
Amana Takaful celebrates 25 years of protection
Amana Takaful Insurance PLC, one of Sri Lanka’s leading insurance providers, marked its 25th anniversary with a celebration at Mandarina Colombo recently. The event featured a fireside chat with Founder and Chairman, Osman Kassim, moderated by Gehan Rajapakse, CEO of Amana Takaful (Life). In a special effort to unite the company, employees from branches across [...]
Sampath Bank helps in State Bank of India Syndicated Loan
Sampath Bank PLC has participated in a significant financial milestone, contributing to the US$750 million senior unsecured syndicated term loan facility for the State Bank of India (SBI), facilitated by Mashreq, one of the leading financial institutions in the MENA region. This collaboration highlights Sampath Bank’s commitment to supporting strategic international financing initiatives, the local [...]
Rasanja Perera, CFA, appointed as CEO of TWC Capital
TWC Capital, a leading corporate advisory firm, has announced the appointment of Rasanja Perera, CFA as its new Chief Executive Officer. TWC Capital offers transaction advisory services for mergers and acquisitions, corporate finance advisory for raising equity and debt capital, business valuations, and debt restructuring. Mr. Perera takes on this role following a highly successful [...]
Alumex PLC launches Next-Gen website
Transitioning to a dynamic, interactive platform, Alumex PLC, the most trusted Aluminum Extrusion brand in Sri Lanka, has relaunched its official website, www.alumexgroup.com powered by AI, designed to provide a convenient, personalised experience. The new website features intuitive navigation that prioritises both aesthetics and usability, highlighting Alumex’s innovative and cutting-edge portfolio. Featuring improved navigation and [...]
SLID to hold first-ever International Director Conference
The Sri Lanka Institute of Directors (SLID) is hosting the International Director Conference on October 29 at the Oak Room, Cinnamon Grand Hotel, Colombo. The event, which will be held under the theme ‘The Courage To be Bold’, has been curated to inspire business leaders to go above and beyond and lead with confidence in [...]