Lessons to learn: Registering a business in the UK within 24 hours
Sri Lanka can take a cue from Britain on improving its image and cleaning up its act in doing business, according to this notice displayed at a recent event attended by UK’s visiting Minister of State for Foreign Affairs Hugo Swire. Inset: Hugo Swire and Deputy Minister Eran Wickramaratne at the event. Pix by M.A. Pushpa [...]
Two Sri Lankan study teams head to Harvard in a clear exercise of duplication
Sri Lanka is sending two separate teams to the world famous Harvard University to participate in one, single study course to kick off the country’s ambitious economic development track next month. However the tour by teams from the Prime Minister’s Office and the Finance Ministry ironically for the same 5-day programme, is raising serious questions on [...]
Lifting Iranian sanctions brews well for Ceylon Tea
The US ending economic sanctions on Iran is eyed with optimism by the Sri Lankan tea industry which noted that this could boost prices in future and create avenues to directly deal with banks between the two countries. The Sri Lankan tea industry had been awaiting this move by the US for a long time that [...]
New legislation, regulation for tourism
The government is gearing up to introduce new legislation and regulation to ensure the industry operates in line with today’s traveller requirements.Sri Lanka Tourism Development Authority (SLTDA) Director General Malraj Kiriella said at the Sunday Times Business Club meeting held at The Kingsbury on Tuesday that they would be strengthening legislation and regulations in relation [...]
FCID probe on tainted oil hedging deal completed
The Financial Crimes Investigation Division (FCID) of the Police has completed an investigation on the corruption-filled oil hedging deal which caused losses totalling millions of dollars to the Sri Lankan Government, the Business Times reliably understands. The probe came on a complaint filed by Tennekone Rusiripala, a retired senior banker and social activist. Several former officials [...]
Harvard’s Ricardo Hausmann has no fresh message for crisis-ridden SL economy
The Sri Lanka Economic Forum held recently was aimed at setting the stage for an in-depth analysis and discussion of the need to develop government policy along the identified areas of importance, according to the media release issued by the organisers. In my opinion, however, it is doubtful whether the Economic Forum served its purpose [...]
Harvard magic in SL take-off
Will the Harvard magic combined with George Soros prescriptions work in Sri Lanka’s favour in the widely-expected economic take-off? No one denies the need to leapfrog the development path to catch up with more developed nations some of whom were far behind this country 50 years ago. No one also denies that Sri Lanka must get the [...]
Sri Lanka needs competent negotiators in proposed FTA discussions
In some trade circles serious questions are being raised as to whether Sri Lanka is properly negotiating Free Trade Agreements (FTA) with other countries after the experience with the FTA with India. Sarada De Silva, who was re-elected President of the National Chamber of Exporters of Sri Lanka (NCE) at its 21st AGM held in Colombo [...]
Businessman Harry J should not ‘harass’ people, counsel tells Colombo court
A Colombo court was urged on Tuesday not to allow Colombo businessman Harry Jayawardena to harass people and abuse the law. The request was made to Colombo High Court Judge N.V. Karunatilleke by Gamini Marapana, senior counsel appearing for Zaki Alif, in a case involving Mr. Jayawardena and his complaint over the alleged violation of [...]
Independent directors blew whistle on Entrust
Independent directors at beleaguered Entrust Securities PLC (Entrust), a primary dealer in the money markets, had blown the whistle last year when they had got wind of Entrust’s financial woes through an internal grapevine, well-informed sources said. On October 29, 2015 the three independent directors Dr. Nalin Jayasuriya, Kishan Nanayakkara and Manohara Thilakawardena had discovered [...]
Authentic Sri Lankan experience sells, says tourism industry
The changing climate of tourism has impacted on Sri Lanka’s formal and informal sectors with more travellers wanting to live the experience on a budget tour while being environmentally conscious as well. These were brought to the fore at a discussion on “Tourism Sri Lanka: Mass market or High end” conducted by the Sunday Times [...]
A. S. Jayawardena: The banker’s banker
Another fellow journeyman from Matale, Amarananda Somasiri Jayawardena (AS) was a 22-year old Assistant Establishments Officer, when I joined the Central Bank in 1958. We discovered a shared link in the fact that his primary education had been at St. Agns’ Convent, my Alma Mater. AS got a double promotion to Standard Four when he joined [...]
Bio Extracts, makers of “BARAKA” wins 2 Presidential Export Awards
Bio Extracts Pvt Ltd won two awards at the recently held Presidential Export awards under the Ayurveda and Health/ Personal Care Products Sector. Bio Extracts is a subsidiary of Aberdeen Holdings which is a leading diversified conglomerate in Sri Lanka. In a media release, the company said it was established in 1994 and has developed [...]
Korea Eximbank opens a representative office in Colombo
The Export-Import Bank of Korea (Korea Eximbank ), an official export credit agency of the Republic of Korea, opened their representative office in Colombo at a ceremony held at the Galle Face Hotel in Colombo. This new presence comes in response to increased bilateral ties between the governments of Korea and Sri Lanka, in trade, foreign [...]
Krrish to start Phase 1 of the long-delayed mixed development project
Indian real estate Company Krrish Group has forwarded the plan for the first phase construction work of its long-delayed US$650 million mixed development project at 4.3 acre British era heritage Trans works building site in Fort, a top official of the Board of Investment (BOI) said. The BOI is in the process of studying the proposed [...]
Pakistan’s $700 mln investments to go into cement and shoe industry in SL
Pakistani businesses are set to invest in excess of US$ 700 million in joint ventures in the cement and shoe industry in Sri Lanka, according to Khurram Dastgir Khan, Minister of Commerce of Pakistan. Mr. Khan made these comments to the Business Times on the sidelines of the opening of ‘Pakistan Single Country Exhibition’ which [...]
130 Commercial Bank branches to provide access to the disabled
The Commercial Bank of Ceylon has announced that an on-going initiative to make its branches island wide accessible to differently abled customers has passed the half way mark. The bank said it has completed the construction of wheel chair ramps at 130 branches, facilitating disabled access to customer areas and automated teller machines (ATMs) under this [...]
Five million jobs by 2020: Real challenge of the 4th industrial revolution
Geneva, Switzerland – The Fourth Industrial Revolution, which includes developments in previously disjointed fields such as artificial intelligence and machine-learning, robotics, nanotechnology, 3-D printing, and genetics and biotechnology, will cause widespread disruption not only to business models but also to labour markets over the next five years, with enormous change predicted in the skill sets [...]
Richest 62 people as wealthy as half of world’s population, says Oxfam
The vast and growing gap between rich and poor has been laid bare in a new Oxfam report showing that the 62 richest billionaires own as much wealth as the poorer half of the world’s population.Timed to coincide with this week’s gathering of many of the super-rich at the annual World Economic Forum in Davos, [...]
New report exposes hidden workforce of 116 mln in global supply chains of 50 companies
Brussels, January 18 (ITUC Online) – The global supply chains of 50 companies employ only 6 per cent of people in a direct employment relationship, yet rely on a hidden workforce of 94 per cent, according to new research from the International Trade Unio Confederation (ITUC). “Just 50 companies including Samsung, McDonalds and Nestle have [...]
PM, Malik and Ravi at Davos meeting
Prime Minister Ranil Wickremesinghe led a high-powered Sri Lankan delegation to the World Economic Forum held in Davos, Switzerland on January 20-23. He was accompanied by Ministers Malik Samarawickrama and Ravi Karunanayake and Central Bank Governor Arjuna Mahendran. A top team of business leaders also attended the meeting.
UAE tops Millennials’ wish list of global work locations
Abu Dhabi, United Arab Emirates – A survey of over 1,000 young people aged between 20 and 30 from around the globe has named the United Arab Emirates as the number one emerging market destination for professional fulfilment. Asked what country they would most like to relocate to in order to advance their career, respondents [...]
Need to change the way government does its work
Here is an excerpt worthwhile reading before proceeding with our discussion on administrative reforms. “At every training session I always instill into the mind of the apprentices that if they are confident of the appropriateness of what they intend doing, to go ahead and do it even at the expense of breaking financial regulations. As [...]
Kandy jeweller at Colombo gem fair
Rio Jeweller’s Director J.M. Ikram (also in the picture) said they had the only stall from Kandy pertaining to gem and jewellery export. He said his company is targeting the export of jewellery rather than the local market, because Kandy has the potential for exports.
Ceylon Chamber to host ‘International Investor Forum’ in March
The Ceylon Chamber of Commerce (CCC) is planning to hold an international investor forum on March 8-10 aimed at helping the country attract much needed Foreign Direct Investments to drive growth. Titled ‘Sri Lanka Investment & Business Conclave 2016′, the event plans to attract potential investors from across the globe, the chamber said in an announcement [...]
KKS factory to be revived soon with foreign investment
The 66 year-old Kankesanturai Cement Corporation (KCC), which suspended production after the Sri Lanka Army took over the land and buildings with the escalation of the war in 1990, is to be revived soon, a senior official said. Established in 1950 – at the time as the only cement factory in South Asia, the KCC is [...]
Sri Lanka targets $5 bln FDI in new investment promotion plan
Sri Lanka is to unveil an investment promotion plan next month targeting US$5 billion in Foreign Direct Investment (FDI) in the next three years. The plan has already been formulated by the Ministry of Development strategies and International trade, its Minister Malik Samarawickrema said on Monday. Last year the country has been able to muster [...]
Land and property demand up in SL, says Lamudi
With fast moving technology and increasing wide spread of Internet and mobile phone penetration in Sri Lanka, online real estate platform ‘Lamudi’ has reached out to 22 million (local and foreign) potential clients seeking real estate properties, says Kian Moini, Co-Founder and Managing Director of Lamudi. On a two-day visit to Sri Lanka, Mr. Moini in [...]
ILO includes Sinhala/Tamil language translations on website on labour laws
The International Labour Organisation (ILO) this week announced the addition of full Sinhala and Tamil translations of Sri Lanka’s labour laws to the Salary.lk website in an effort to improve awareness of workers’ and employers’ rights and duties. The website, which is an initiative of the WageIndicator Foundation, hosts detailed, easy-to-understand and well referenced information [...]