The Sunday Times Sri Lanka

Home » Business Times

Power of the people

Power of the people

A long queue of voters at a polling centre at Karuwalagaswewa in the Puttalam district on Thursday. Millions of people cast their ballot in a decisive vote in which presidential candidate Maithripala Sirisena ended a third term effort by incumbent President Mahinda  Rajapaksa.

Lankan business community hails peaceful presidential poll

Many sections of Sri Lanka’s business community hailed the conduct of the presidential election and its victor, Maithripala Sirisena, saying strategic state institutions finally came good – playing a key role – in a peaceful poll. “… as for the rule of law the first signs are extremely encouraging – the police, the Election Commission [...]

Colombo bourse salutes new President

The Colombo share market was upbeat on Friday soaring to some Rs. 3.2 billion in turnover just as common opposition candidate, Maithripala Sirisena secured a close win at the Presidential poll. Analysts said that ‘victory value’ will continue in the bourse for a few days, where traders will be buoyant. “This rally will continue for [...]

Finance Ministry officials call for Treasury revamp under new regime

Sri Lanka’s Treasury should be revamped soon after the appointment of the cabinet of newly elected President Maithripala Sirisena, Finance Ministry officials warned. They noted that the new administration should correct the wrong procedures introduced by Treasury Secretary Dr. P.B. Jayasundera to put the house in order and tackle financial constraints arising out of the [...]

Lankan hotel offers election night package with arrack and ‘bites’

While most Sri Lankans on Wednesday were tense in Colombo but waited patiently ahead of Thursday’s do-or-die presidential poll, there were some enterprising entrepreneurs coming up with interesting food, drink and stay options for election night.The poll appeared too close to call between the two main candidates – Mahinda Rajapaksa and Maithripala Sirisena – until [...]

Heads roll as Cabraal steps down, PBJ said to be abroad

Heads at key Sri Lankan government institutions rolled at the weekend as advisors of the new regime running Sri Lanka sought to find urgent replacements. “These places will be filled in the next few days,” a senior advisor to President-elect Maithripala Sirisena’s new administration told the Business Times. Controversial Central Bank Governor Ajith Nivard Cabraal [...]

Business Times poll on the presidential poll reflects optimism, freedom and hope

Business Times poll on the presidential poll reflects optimism, freedom and hope

You could sense it on the streets, in workplaces, in malls or street corners in Colombo: The sign of relief with the entry of a new president promising freedom as a core value. This was also abundantly clear by the virtually unending email flow of responses on Friday when the Business Times(BT) sent out a [...]

The people have spoken, finally

“A new beginning”, “freedom at last”, “new winds blowing”, “… finally freedom to think”; these were some of the expressions made by many in the capital of Colombo on Friday after a new President took office. The election, contrary to expectations, went off smoothly and the worst of fears – election rigging, ballot stuffing, bashing [...]

One brand, one country for a new beginning in Sri Lanka

As the new president was sworn in, I could not help but reminisce the time a new CEO was sworn in to a company I happened to know of, subsequent to the premature retirement of the old CEO, due to the dissatisfaction of the people and the way-forward of the company. The old CEO, a [...]

Last few days saw improvement in Sri Lanka’s rule of law scenario

Last few days saw improvement in  Sri Lanka’s rule of law scenario

January 8 was a great day for Sri Lankan democracy, a keenly contested election, high voter participation, no election irregularities and a smooth transition of power at the end. An enthusiastic Murtaza Jafferjee, CEO JB Securities and a well-known stockbroker, believes that the next thing to look forward to is how much of the 100 [...]

Stability, more civil society engagement, Right to Information Act among priorities for new Government

Three eminent members of Sri Lankan society on Saturday said there were some immediate priorities that need to be addressed by the new Maithripala Sirisena regime. The priorities of the new government should be — Stability, governance, consistent policies and ease of doing business for the business community; Smooth transition of power will pave the [...]

Long-term stability essential for foreign investments to prosper

The three panellists made introductory remarks dealing with ‘the future of Sri Lankans’, ‘will the economy improve’, will there be a reduction in corruption’ and ‘will the rule of law improve’ when the discussion opened. Suresh Shah said that these four questions all refer to the future and noted (laughingly) ‘These days the time of [...]

Proper governance lacking in the country

Suresh Shah, said proper governance has been lacking in the past and the country needs to utilize rectify this situation quickly. Responding to a comment made by Dr. Vinya Ariyaratne, that more Sri Lankans need to invest in the country than expecting Foreign Direct Investments (FDI), he said that investments by the private sector and [...]

Agriculture needs a serious shift in policy

Suresh Shah said there’s a need to build an export oriented economy. If there is a good system of governance in the country, while letting the businesses carry out their affairs (sans interference), then the private sector can contribute much more to this economy. “As an example, the Mahaweli project gave three acres per person [...]

Online business: gives that elusive choice

Online business: gives that elusive choice

If there is one modern day technological juggernaut that both Sri Lankan consumers and businesses cannot ignore, it is the Internet and the power to transact online. The Internet is a powerful medium for connecting prospective buyers with sellers, Sri Lanka has just started to harness the true potential of e-commerce and experience its benefits. [...]

Ceylon Gem Bureau to carve out a niche in Lankan tourism market

Ceylon Gem Bureau to carve out a  niche in Lankan tourism market

The new Ceylon Gem Bureau is to carve out a niche in tourism market making use of the country’s high quality gems, traditional and modern craftsmanship, highly skilled gem cutting facilities and the hospitality of Sri Lankans. Enhancing its market position, Ceylon Gem Bureau recently opened a new gem and jewellery centre at 83, Dhramapla [...]

EPF continues to implement diversification strategies

The Employee’s Provident Fund (EPF), Sri Lanka’s largest private sector labour force saving fund, is to be further diversified in an era where interest rates are likely to decline in the medium to long term and returns from investments in government secuities and debt instruments only, would not provide sufficiently high returns, the Central Bank [...]

80 Fonterra dairy farmers shown best practices during study tour

Fonterra Brands Sri Lanka in late November hosted farmers from dairy communities in Hanwella and Kiriwattuduwa on a study tour to the New Techno Livestock 2014 in Peradeniya. Over 80 farmers were provided with access to best practices on managing livestock and production. The free expo was hosted by the Department of Animal Production and [...]

Emirates ends 2014 as world’s largest wide-body airline

Emirates, the world’s largest international airline, ended 2014 as the airline with the world’s largest wide-body passenger fleet of 218 aircraft, in addition to 14 freighters. Following two consecutive years of record deliveries and capacity increases, 2014 saw Emirates adding 27 aircraft – 13 Airbus A380s, 12 Boeing 777-300ERs two Boeing 777 freighters – to [...]

PBJ makes eve-of-election visit to Sri Lanka Customs

Sri Lanka’s Treasury Secretary Dr. P.B. Jayasundera and several Finance Ministry senior officials visited the Sri Lanka Customs on Tuesday to attend a New Year get together organised by the department A special meeting to welcome the Treasury Secretary was held under the patronage of Customs chief Jagath P. Wijeweera, official sources said. Addressing employees [...]

Triple bottom line focus yields rich dividends for Watawala Plantations

Watawala Plantations PLC, a subsidiary of Sunshine Holdings PLC, won many accolades in 2014 due to the many initiatives taken by the company. One of its initiatives, the ‘Triple bottom line’ focused strategies, served to yield rich dividends even at grass-root levels and resulted in the company being recognised with 13 national and two prestigious [...]

SL tourist arrivals hit record 1.5 mln in 2014

Tourist arrivals in Sri Lanka rose to a record 1.52 million for the whole of last year, up 19.8 per cent from 1.27 million in 2013, official data released by Sri Lanka Tourism (SLT) showed on Tuesday. The top source market once again was India with 242,734 arrivals, up 16.3 per cent from 208,795 in [...]

Major MICE travel mart in Feb/March

Sri Lanka, with a successful year in attracting small conferences and meetings in the bag, aims to expand this segment in 2015, initially focusing on a MICE travel mart for regional incentives and conference planners as the ‘best advertisement’. Vipula Wanigasekera, General Manager of the Sri Lanka Convention Bureau (SLCB) says that a MICE Travel [...]

Economists meet on Jan. 20 to discuss their pet topic

The Sri Lanka Economic Association (SLEA) is organising a networking event with its senior and council members and media professionals on Tuesday, January 20 at 6 pm at the restaurant of the Organisation for Professional Associations (OPA), Colombo 7. The organisers said they expect a gathering of the SLEA’s senior members who comprise government and [...]

Emergency call centre for tourists in view of Lankan polls

Sri Lanka Tourism along with the Sri Lanka Association of Inbound Tour Operators and the Tourist Hotels Association of Sri Lanka organised a 24-hour call centre in Colombo for the benefit of tourists in case of a crisis during Thursday’s election and after. In its latest travel advisory, the British High Commission in Colombo said [...]

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.