Gold winner
The TAGS Awards 2024 organised by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) was held recently in Colombo. TAGS (which stands for Transparency, Accountability, Governance and Sustainability) was formerly known as the Annual Report Awards, held since 1964. Picture shows Hayleys, a gold award winner, with the awards. Pic by Indika [...]
Cardinal spreads the joy of giving with coconuts (at a price no doubt)!
Lo! and behold the Cardinal comes bearing gifts of coconuts heralding new joy for the government in its efforts to assist in providing a continuous supply of nuts to the local market made available to consumers at Sathosa outlets at guaranteed prices (Rs.130). While it is not clear the extent of coconut lands owned by [...]
99x expanding software development through ProductXperience Conference 2025
To scale up Sri Lanka’s software product development industry and make it more visible, Sri Lanka’s premier product engineering company, 99x will host a major conference next year which will delve into the fast-paced evolution of physical product development, highlighting key trends and best practices. Hasith Yaggahavita, CEO of 99x in an interview with The [...]
Millions lost in EV import scam
A special audit has uncovered significant mismanagement in the government’s scheme for importing fully electric vehicles for expatriate workers, leading to substantial financial losses. According to Parliamentary sources, the audit report, recently presented in the House, examined the issuance of permits under the programme, which operated from May 1, 2022, to September 15, 2023. It [...]
SLECIC faces irregularities, alleged corruption
The new management of the Sri Lanka Export Credit Insurance Corporation (SLECIC), while celebrating its 46th anniversary, has an onerous task ahead of reforming an institution that has been marred by corruption and malpractice for the past 12 years. A forensic audit, initiated at the instance of the Parliamentary Committee on Public Enterprises (COPE) in [...]
Govt. steps up anti-graft drive with new laws
The National Anti-Corruption Plan for 2025–2029 is being expedited through inclusive consultations, with a strong public mandate. The plan is being led by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and is due by end December 2024 to meet IMF requirements related to governance. The first annual performance report on the Asset [...]
Gem industry struggles amidst high taxes, illegal practices
The Central Bank of Sri Lanka (CB), through its Financial Intelligence Unit (FIU), has enhanced its current efforts of discouraging money laundering and other illicit activities involving the gem and jewelry industry, which is already affected by high taxes. The FIU carried out awareness programmes on the Anti-Money Laundering / Countering the Financing of Terrorism [...]
Batty over coconuts
There was a time many decades ago when coconuts were available in abundance prompting that famous song by baila maestro M.S. Fernando – ‘Pol-pol-popol-pol-pol-pol-Lankawe watuwala wawena pol (Coconuts grown in the gardens of Sri Lanka)’, where most homes in Sri Lanka (and at that time with a large or small garden) had coconut trees. The [...]
Industrialisation revisited: Sri Lanka’s recovery and progress
Last week, the Sri Lanka Economic Association (SLEA) hosted its annual international conference of the year 2024. The conference theme was ‘Industrial Transformation for Economic Revival in Sri Lanka’. Apart from Sri Lankan economists, the conference papers were presented by scholars from China, India, Japan and Thailand as well. Recovery and beyond I decided to [...]
SLINTEC commercialises eight patents and innovations within 12 months
The Sri Lanka Institute of Nanotechnology (SLINTEC) has witnessed a remarkable transformation – with four patents having been commercialised, with an additional four innovations in the advanced stage of commercialisation in the past 12 months under a new leadership. Prior to the leadership transition at SLINTEC in 2023, over its 16-year history since its establishment [...]
ComBank conducts skills development programmes for students with IDB support
A group of students of the Entrepreneur Circle of Yasodara Devi Balika Vidyalaya in Gampaha recently completed two skills development programmes conducted under the ‘Diribala Next Gen School Entrepreneurship Grooming Programme’ of the Commercial Bank of Ceylon. Conducted by resource persons from the Industrial Development Board (IDB) which also issued certificates to the participants, the [...]
NDB Shareek shines at the 9th IFFSA Awards 2024
NDB Bank’s Islamic Banking arm, NDB Shareek, earned multiple accolades at the prestigious 9th Islamic Finance Forum of South Asia (IFFSA) Awards held recently in Colombo. The bank clinched the Gold Award for ‘Islamic Banking Window/Unit of the Year’ and another Gold Award under the category ‘Deal of the Year’ for its work with a [...]
Purchasing power of books by readers fell by 17% this year
People’s purchasing power on books has drastically dropped by 17 per cent this year with the imposition of 18 per cent Value Added Tax (VAT) since the beginning of this year. The Sri Lanka Book Publishers Association (SLBPA) unsuccessfully lobbied the former government against the move. Former President Ranil Wickremesinghe, an ardent reader himself, once [...]
Path to recovery and socio-economic reconstruction in Sri Lanka
With the election of a new government, many people tend to have high expectations regarding a rapid improvement of social and economic conditions in the country. Yet, it should not be difficult for any independent and rational observer to see the deep rooted nature of the serious economic and social issues. This is true not [...]
NDB Investment Bank wins Euromoney Award for the 13th consecutive year
NDB Investment Bank (NDBIB) has once again been recognised as the “Best Investment Bank in Sri Lanka” by Euromoney Magazine at the Euromoney Awards for Excellence 2024. This milestone marks the 13th consecutive year NDBIB has been honoured with this prestigious award, reaffirming the company’s sustained excellence and undisputed leadership in Sri Lanka’s investment banking [...]
IFC, WIM launch training to foster respectful workplaces
A new partnership between the International Finance Corporation (IFC), Women in Management (WIM) and Diversity Collective Lanka (DCLK) aims to empower small and medium-sized enterprises (SMEs) in Sri Lanka with the tools and knowledge needed to create safer, more respectful work environments. A first-of-its-kind partnership, this programme will empower WIM and DCLK Respectful Workplace practitioners [...]
ComBank’s Sanath Manatunge honoured as ‘Diversity Champion’
Commercial Bank of Ceylon Managing Director/CEO Mr Sanath Manatunge has been recognised as one of the ‘Top 10 Diversity Champions’ in Sri Lanka in 2024 for his leadership in fostering diversity, equity, and inclusion within Sri Lanka’s banking sector. This prestigious recognition is part of the Top 10 Diversity Champion Awards Programme organised by Women [...]
Orient Finance sees strong profit, asset growth this year
Orient Finance PLC during the period ending September 2024, has achieved a strong net profit of Rs. 186.39 million, a sharp 300.67 per cent increase compared to the same period last year. In addition, Orient Finance recorded an 11.91 per cent increase in its total assets, which reached Rs. 22.92 billion as of end September [...]
Twinery celebrates 100 granted patents
Traditionally recognised in the fields of agriculture and tourism, Sri Lanka has often been overlooked as a hub for technological innovation. Twinery, the innovation arm of global apparel tech leader MAS Holdings, is redefining this narrative as it recently announced the granting of its 100th utility patent. As a leading innovation powerhouse in Sri Lanka, [...]
People’s Bank workshops on export empowerment
People’s Bank has executed a comprehensive series of training sessions toward the development of export sector in strategic partnership with the Export Development Board (EDB). These workshops represent a key component of the bank’s ongoing mission to empower and equip Sri Lankan exporters with critical international trade capabilities, the bank said in a media release. [...]