Migrant workers under the spotlight
The South Asia Sub-Regional Consultation on the Global Compact for Safe, Orderly and Regular Migration (GCM) organised by the International Organisation for Migration was held this week in Colombo. Seen is the panel of speakers including Foreign Secretary Aruni Wijewardane at the opening ceremony.
Colombo stocks to further rise after November 14 poll
Colombo’s stock market is predicted to go up further after the general election on November 14, several industry analysts said. A senior stockbroker told The Sunday Times Business that the new President Anura Kumara Dissanayake has still not incurred major expenses in his office in the past five weeks. “This is seen as a positive. [...]
Local footwear industry threatened by illegal imports
The Sri Lankan footwear industry is facing severe challenges due to a surge in low-cost, illegally imported shoes that avoid taxes, according to industry sources. This influx threatens local manufacturers, despite their capability to meet the entire domestic demand. Investigations reveal a widespread racket involving the import of foreign-manufactured shoes through illegal channels, facilitated by [...]
PayPal may soon be a reality
The government has plans to bring PayPal service through India to Sri Lanka soon, senior ruling party sources said. “We may discuss bringing PayPal out of India as an initial step, and get this facility into the country,” one source told The Sunday Times Business. He pointed out that Sri Lanka does not have good [...]
SLTDA is in discussion with Visa platform
The Sri Lanka Tourism Development Authority (SLTDA) is currently in discussion with the Visa data platform, a powerful application suite that delivers data-driven insights and industry benchmarks to help the country analyse tourism data, top officials said. “We are currently in negotiation with the Visa Data Platform to find competitors’ spending habits, visitor analytics and [...]
Govt. to restructure SOEs instead of privatisation
The new government plans to establish the right economic system giving priority to increase accountability and efficiency of public sector institutions especially State owned Enterprises (SOEs), Prof. Anil Jayantha, Senior Advisor on Economic Affairs to the President, stated that while some SOEs have become a financial burden, the government will not privatise key institutions essential [...]
Orders surge at Sri Lankan apparel factories
Sri Lanka’s apparel industry is facing new challenges as orders keep increasing and factories both large and small are finding it hard to increase capacity as most workers are hard to come by. As a result it is learnt that with orders increasing and order books full until around April next year there is a [...]
Reinventing the wheel
When Sri Lanka’s National Policy on Migration, to enhance the governance and management of labour migration, was being reviewed a few years ago, after it was first introduced in 2008, officials and civil society activists began deliberating on a reworked policy to suit current needs. This process went through the tenure of three presidents and [...]
Money printing: Good or bad?
Many students are surprised, when they hear for the first time that “banks can multiply your deposits”. Banks do that, actually. Their business is to “make money from others’ money” unlike other businesses which make money by doing something else. In the process of making money from others’ money, banks create more deposits, not intentionally [...]
Milco’s financial turnaround: A boost to Sri Lanka’s dairy sector
The Sri Lankan government has made significant strides in revitalising the local dairy sector, with a particular focus on Milco Pvt Ltd (MILCO), the country’s leading dairy producer. Investments in dairy farming and the modernisation of production facilities have been key components of this strategy. Milco has emerged as a central player in the effort [...]
Chinese companies dominate key housing projects in Sri Lanka
Chinese companies have become key players in Sri Lanka’s housing sector, taking on numerous large-scale construction projects across the island, particularly in urban areas and regions affected by conflict or natural disasters. These initiatives are aligned with the Sri Lankan government’s efforts to provide affordable housing for low-income families and displaced communities, especially in the [...]
Sithara wins Bronze at CNCI – Achiever Awards
Sithara Ltd, a printing ink manufacturer, was presented a Bronze Award at the CNCI – ACHIEVER AWARDS – 2024” for industrial excellence, organised by the Ceylon National Chamber of Industries. Categorised under extra-large manufacturers, the selection process called for every facet of the operation covering finance, production, human resource management, distribution, product development, research and [...]
LOLC Finance reports Rs.8.1 bn PAT in 1h 2024
LOLC Finance PLC has announced its financial results for the six months ending September 30, 2024, marking a strong first half of profitability and growth, where the company achieved a Profit After Tax (PAT) of Rs.8.1 billion, a 46 per cent increase compared to the Rs.5.6 billion reported during the same period in 2023. Key [...]
Inventive Polymers wins National Award of Excellence
Inventive Polymers Lanka Pvt Ltd (IPL) was honoured with the prestigious National Award of Excellence for Best Supply Chain Practicing Organisation 2024 under the small-scale special commendation category at the National Supply Chain Excellence Awards 2024. This event was organised by the Institute of Supply and Materials Management in collaboration with the Ministry of Industries, [...]
Kahawatte Plantations – A New Era of Growth and Sustainability
Kahawatte Plantations PLC (KWPL) is entering an exciting phase of transformation, aligning its vision with modern, sustainable and innovative practices. As a leading Regional Plantation Company in Sri Lanka, KWPL stands poised to redefine plantation management by combining traditional stewardship with forward-thinking strategies, reinforcing its role as an influential and adaptable player in Sri Lanka’s [...]
Inovartic Investment launches Abu Dhabi University Graphene Centre
Inovartic Investment Lanka Pvt Ltd, a joint venture between Sri Lanka’s Apex Asia Holdings and UAE’s Inovartic Investment LLC, announced the launch of the Abu Dhabi University Graphene Centre – an advanced facility dedicated to pioneering research in graphene technology. This centre was inaugurated at Abu Dhabi University to drive scientific progress and international collaborations [...]
Kosala meets Chinese Governor
Kosala Wickramanayake, President of the International Business Council met with Governor Wang Hao, Governor of Zhejiang province on November 5 at the opening ceremony of the 7th CIIE Exhibition in Shanghai.
Opening costs of “City of Dreams” dents JKH profitability
John Keells Holdings (JKH) Group EBITDA stood at Rs.8.09 billion in the second quarter of the financial year 2024/25 which is a decrease of 4 per cent against Group EBITDA of Rs.8.42 billion recorded in the previous financial year, JKH Chairman Krishan Balendra said in his statement on the quarterly results of the company. However [...]
Dialog Axiata rebounds in Q3 2024/25
Dialog Axiata PLC has seen a strong rebound in its third quarter 2024-25 performance while releasing its consolidated financial results for the nine months ended September 30, 2024. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”). The Group completed the amalgamation with Bharti Airtel Lanka [...]