Best female entrepreneur
The Woman Entrepreneur of the year 2024 – Dr. Dilesha Perera (right) receiving the award from Prime Minister Dr. Harini Amarasuriya, at the awards presentation this week in Colombo. The event was organised by the Women’s Chamber of Industry and Commerce. Pic by M.A. Pushpa Kumara
Coconut oil import scam leaks Rs.5 bn in tax evasion
A tax increase on imports of coconut oil by the previous regime recently created another significant controversy involving systemic fraud and economic mismanagement. These alleged incidents of tax evasion and unfair market practices which claimed revenue losses of over Rs.5 billion quickly drew comparisons to Sri Lanka’s infamous ‘sugar tax scam’, resulting from manipulative schemes [...]
Tourism promo campaign to kick off early Feb.
Sri Lanka’s tourism authorities are looking at kicking off the much-awaited digital and nation branding campaign in early February in the key three world regions alongside the traditional markets. Sri Lanka Tourism Development Authority (SLTDA) Chairman Buddhika Hewawasam speaking with the Sunday Times Business on Thursday said that at the moment they are finalising the [...]
SriLankan Airlines set for revival with expanded fleet
After shelving plans to sell the debt-ridden national carrier, SriLankan Airlines, the Government has announced a five-year corporate plan to rejuvenate the airline. Under this, three new aircraft have been added and the fleet size increased to 25 by early this year, the airline’s new chairman Sarath Ganegoda has said. He was also confident of [...]
Coconut industry proposes fertiliser subsidies for growers
The coconut industry has proposed a subsidy scheme be provided to the coconut growers in the small and medium scale category over a three year period with an allocation of Rs.3,370 million. Around 250,000 acres of coconut cultivation lands is being proposed to be provided the subsidy in 2025; 500,000 acres proposed to be covered [...]
e-NIC and digital payment system by end Jan.
The Electronic National Identity Card (e-NIC), which aims to create a National Register of Persons and issue electronic identity cards to every citizen over the age of 15, along with the government’s payment gateway, will go live this month. Eranga Weeraratna, Minister – Digital Economic Ministry told The Sunday Times Business that the agenda focused [...]
Govt. eases pensioners’ WHT refunds
The government is to implement a mechanism for the refund of With Holding Tax (WHT) from retirees who do not come within the income tax ambit. The move comes amid the recent government decision to increase WHT on bank deposit interest to 10 per cent from 5 per cent as a measure to beef up [...]
Unfinished businesses
Choon-paan karaya, Aldonis, came merrily down the lane on this Thursday morning with his tuk-tuk blaring the popular baila hit ‘Sumihiri Pane’, quite popular amongst the trio too. Stopping at the gate where the trio had gathered, he beamed and asked: “Madam, ada monawada mata denna puluwan (Madam, what shall I sell you today)?” “Apita [...]
Keeping clean and classy…!
I had a very good driving trainer from whom I received my training to drive motor vehicles. Those days, the most common motor car used by driving trainers was the “Morris Minor” from England. As there were no AC components fitted in the older cars, it was not unusual that during daytime we were sweating [...]
Central Bank charts path to stability and growth in 2025 and beyond
The Central Bank (CB) this week unveiled an ambitious policy agenda: inflation stabilisation, a fostered economy, and financial stability for 2025 and beyond. Governor Nandalal Weerasinghe indicated the commitment of the institution to inflation stabilisation at 5 per cent within its flexible inflation targeting framework and supported sustainable economic growth in the medium term. The [...]
Sri Lanka’s gem industry urges govt. to streamline policy reforms
As Sri Lanka is on the move to attract high-end tourists and improve the quality of tourists with more than two million tourists in 2024, urgent policy reforms while streamlining of regulatory processes must be put into place for industries associated with tourism. The gem and jewellery industry in Sri Lanka has been repeatedly urging [...]
Audit shows weak capital levels and asset quality of Daya Group’s Bimputh
Micro finance company Bimputh, which has been prohibited from taking deposits and has continued to report financial losses along with a worsening of its capital levels and asset quality, has once again posted heavy losses, stock market filings on December 31, 2024, show. The chairman, and the chief executive officer have resigned. The Central Bank [...]
LTL Tanzania to supply transformers for Tanzanian project
LTL Transformers Pvt Ltd (LTLT Sri Lanka), a fully owned subsidiary of LTL Holdings Ltd (LTL), has taken steps to establish a transformer manufacturing facility in Dar es Salaam, Tanzania called LTL Transformers Tanzania (Pvt) Ltd (LTLT Tanzania). This is the first contract executed through LTLT Tanzania, a fully owned subsidiary of LTLT Sri Lanka [...]
BOC’s international ratings further upgraded by Fitch
Bank of Ceylon’s (BOC) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) have been upgraded to ‘CCC+’ from ‘CCC-’ by Fitch Ratings (Fitch) in their latest rating review. Further, the Viability Rating (VR) was also upgraded to ‘ccc+’ from ‘ccc-’ and affirmed Short-Term IDR at ‘C’. According to the latest announcement made by Fitch [...]
Key appointments from HNB to drive growth and innovation
Key appointments have been announced by Hatton National Bank (HNB) with the entry of Bimal Perera as Deputy General Manager and Chief Growth Officer, and Chandima Cooray as Deputy General Manager and Chief Innovation Officer. These strategic additions to the leadership team at Corporate Management level underscore the bank’s commitment to drive value accretive growth [...]
LOLC Finance introduces braille-enabled credit card
LOLC Finance has taken a pioneering step toward financial inclusivity by introducing Sri Lanka’s first Braille-enabled Mastercard credit card. Specifically designed for visually impaired individuals, this innovative card features tactile Braille elements and a distinctive blind notch, enabling ease of use and greater accessibility. By addressing the unique needs of diverse communities, this initiative sets [...]
NDB wins Euromoney Award for Diversity and Inclusion
National Development Bank PLC has been honoured with the Best Bank for Diversity and Inclusion award at the Euromoney Awards 2024. The award acknowledges NDB’s multi-faceted approach to promoting a work environment where diverse perspectives are valued and every individual is empowered to achieve their full potential. This includes policies and practices designed to support [...]
People’s Bank shines with record-breaking number of awards in 2024
With an impressive array of national and international honours, People’s Bank has solidified its position as one of Sri Lanka’s most renowned and honoured financial organisations in 2024. Over the course of its 63-year history, People’s Bank has grown to serve over 15.2 million customers, accumulated consolidated assets of over Rs. 3 trillion and strengthened [...]