Prestigious award
Commercial Bank of Ceylon PLC was adjudged the winner at the prestigious 55th Annual Report Awards winning the ‘Cyril Gardiner Memorial Trophy’ for ‘Overall Excellence in Financial Reporting’ on Tuesday at the Shangri-La Hotel, Colombo. Seen in the picture are Bank Deputy Chairman Preethi Jayawardena (left) and Bank Chairman Dharma Dheerasinghe (right) with the awards [...]
Abuse of funds stalls SL’s reach to global trademark standards
A controversy over the misuse of state funds by the country’s main state IT agency has delayed Sri Lanka’s accession to the Madrid Protocol to facilitate trademark registration in the international markets with one single filing via online. This was due to the failure of the Information and Communication Technology Agency (ICTA) to modify and [...]
Govt. wants 3-mth plan for tourism
The new government is working on a short term plan of action for the tourism industry and, in this context, called for proposals from the industry. Official sources stated that newly appointed Tourism Ministry Secretary S.M. Mohammed during a meeting with officials from the respective departments requested them to draft a 3-month plan of action [...]
Govt. encourages local production of imported food
The new government has emphasised the need of making use of the country’s arable land to cultivate, normally-imported, crops that are better suited to local weather conditions and to secure food security through value addition, the Presidential Secretariat Office announced. This will help in increasing the supply of quality food, export it with value addition [...]
Indirect tax collection misses the target
Indirect taxes have made a considerable contribution to government revenue but the revenue collection departments – the Inland Revenue, Customs and Excise have missed the set targets, a Government Audit report has observed. It has been revealed that only the growth in the income collected is not sufficient to measure the real performance of the [...]
Construction sector shares to scale new highs
Upbeat on the hope of an impending construction boom, considerable demand for new buildings and infrastructure such as roads and highways saw the construction sector shares on a heavy stockmarket rally by retailers on the run up to the Presidential elections and immediately after President Gotabaya Rajapaksa’s win. The excitement has now subsided to an [...]
Battle of the prices
The ‘choon paan karaya’ was going down the lane in his three-wheeler with a catchy tune blaring on the loudspeaker, when he was stopped by Kussi Amma Sera. Mabel Rasthiyadu and Serapina were also at the gate. Checking the price of ‘maalu paan’ and ‘bunis’, Kussi Amma Sera exclaimed, “Malli, mevala gannang adukarala-de (Have these [...]
The shaken “Tax Raj”
A few months ago, I came to know that one of our local companies had shifted part of its business to Vietnam. In fact, many local companies have been expanding their businesses into other countries in the region. But this is a different story. In a globalised world, it is no surprise about capital outflows [...]
SLIC Life records solid growth of 13.59 % by 3rd quarter-end
Sri Lanka Insurance (SLIC) has recorded strong growth of 13.59 per cent, surpassing the industry growth in the life insurance sector, for the period ending September 2019. SLIC achieved total gross written premium of Rs. 11.03 billion maintaining the positive momentum of the life insurance industry, it said in a media release. The outstanding achievement [...]
Construction of fully-integrated tyre plant nears completion
One of the largest fully-integrated tyre manufacturing plants in the Southeast Asian region is nearing completion in the developing township of Horana. It underlines the aim of Rigid Tyres Corporation Pvt Ltd in strengthening the company’s position in the Sri Lankan automotive market as well as its overall plans for global expansion, a top official [...]
Iconic Vistara airline touchdown in Colombo
India’s Vistara airline arrived in Sri Lanka last week on its inaugural flight commencing operations between Mumbai and Colombo with six flights a week. The airline is unique in that it is a joint venture between Tata Sons (51 per cent) and Singapore Airlines (49 per cent) that started out in 2013 expanding its services [...]
Bank of Ceylon again adjudged among “Top Ten Corporate Citizens in Sri Lanka”
The Bank of Ceylon (BOC) was once again adjudged among “Top 10 Corporate Citizens” in the country with a category award for “Economic Contribution” and another recognition for “consistent commitment and continuous improvement in economic contribution” at the Best Corporate Citizen Sustainability Awards 2019 held recently. The 16th event Best Corporate Citizens Awards was organised [...]
Dairy Training Centre to be established soon
The Sri Lankan dairy industry is on the correct path in its quest to increase the overall milk production in the country as one of the best known countries for dairy farming. In this context, the Netherlands is collaborating with the Department of Animal Science, Department of Agriculture, University of Peradeniya and the Sri Lanka [...]
Cinnamon Life hosts exclusive forum with legendary investor Dr. Mark Mobius
Colombo’s upcoming major mixed development, Cinnamon Life is hosting legendary emerging markets investment pioneer, Dr. Mark Mobius to an exclusive breakfast forum, during a visit by the latter to Colombo. The latest in a series of high-profile engagements by Cinnamon Life, the interactive forum will be held on December 10, during which Dr. Mobius will [...]
Concessions soon for micro finance loan victims
The Government is considering concessions for micro finance loan victims while introducing strict regulatory control on micro finance businesses using ‘rough’ tactics in the loan recovery process. State Minister for Development Banks and Loan Schemes Shehan Semasinghe said that immediate relief will be granted to small and medium scale entrepreneurs to free them from a [...]
MAS concludes Eco Go Beyond campaign across 30 schools
Eco Go Beyond, the sustainable development education programme pioneered by MAS Holdings, successfully concluded a series of sessions at 30 schools, completing its scheduled programme cycle for 2019. MAS Eco Go Beyond uses traditional values and beliefs to introduce beneficial topics and sensitise students, so they understand their responsibility as adolescents towards sustainable development within [...]
Ceylon Tea one of Turkey’s biggest imports
Ceylon Tea has been the leading export product from Sri Lanka to Turkey throughout the years, according to Tunca Ozcuhadar, Ambassador of Turkey in Sri Lanka. He was speaking at a presentation on “Turkey your next destination business” this week at the Ceylon Chamber of Commerce (CCC) in Colombo. Turkish gem and jewellery fairs are [...]
People’s Bank drives digitalisation with landmark -300th Digital Branch
The People’s Bank, opening its 300th Digital Branch recently, continues its trend of achieving remarkable milestones in the bank’s digitalisation journey. By the end of 2019, all 348 People’s Bank branches would be converted into digital enabled branches. The bank’s revolutionary efforts in introducing digital banking paved the way for customers, to go on to [...]
Mastercard and Takas.lk enters into a Strategic Alliance Agreement
Mastercard, a technology company in the global payments industry having a global network that connects consumers, financial institutions, merchants, governments and businesses, recently entered into a strategic alliance agreement with Takas.lk – one of the pioneers in the eCommerce industry in Sri Lanka. The partnership will enhance the consumer experience at Takas.lk and will enable [...]
Growth Mindset for 2020
It is mid-year appraisals and the boss insists that you take time to give feedback to your team one to one. Worse still, when you will have to sit before him to receive his feedback about you; feedback culture has never been your cup of tea; Ignorance is bliss, you think. Do we possess a [...]
NSB steers towards modernisation expansion
National Savings Bank (NSB) has been steered towards modernisation expansion and digitalisation of operations, services, and product delivery and has witnessed its contribution towards enhancing customer experience. This was disclosed to the Business Times by the outgoing NSB Chairman Jayaraja Chandrasekera. The NSB has now on-board a very reputed IT service provider for a state-of-the-art [...]
CB warning on dubious mobilisation of funds from the public
The Central Bank (CB) on Friday issued a warning to the public to be wary of individuals and organisations mobilising funds from the public. “It has been observed that certain individuals and entities mobilise funds from the public by issuing various instruments. Promissory Notes, Commercial Papers and Debentures are few of them. It should be [...]
Colombo Innovation Tower: One-of-a-kind epicentre for innovation
The recently-opened Colombo Innovation Tower (CIT) aims to bring together players from across diverse industries and disciplines to connect industries with start-ups, students and international knowledge experts. With Academy of Design (AOD), the most forward design catalyst in the country with its wide international network built over the years, at its epicentre, the CIT is [...]
Galle District Chamber of Commerce and Industries Awards Ceremony
The Annual General Meeting and Award ceremony of the Galle District Chamber of Commerce and Industries was held recently at the Light House hotel in Galle. The main feature of this event was to present the Awards of Excellence selected on the following criteria and adjudged by a panel of selectors headed by Prof. Samantha [...]
Hotel Show Colombo 2019 prepares industry for the expected boom in 2020
The 14th edition of Hotel Show Colombo 2019, one of the best-recognised industry expos, was recently held at the BMICH. While the chief guest was then Minister of Tourism, Wildlife and Christian Religious Affairs John Amaratunga, the Guest of Honour was Dilip Rajakarier, Chief Executive Officer, Minor Hotels and COO, Minor International. The 3-day event [...]
Crysbro showcases young artistic talent in unique calendar
Sri Lanka’s top poultry producer Crysbro, in a continuation of its deep commitment to community and employee empowerment, recently released a special calendar for 2020 which features the art of several of its employees’ children from across the island. The 12 drawings and paintings for the calendar were selected following a competition which saw the [...]
Climate change has drastically impacted Sri Lanka’s GDP growth
HSBC is committed to tackling one of the challenges of our time, viz the climate change that has impacted the weather patterns in Sri Lanka with heavy rainfall and floods. In 2017 HSBC pledged US$100 billion for sustainable financing projects. HSBC is now looking at providing finance to the apparel sector’s medium and smaller category [...]
LECO increases customer service capabilities
The Lanka Electricity Company Pvt Ltd (LECO) has enhanced its customer service standards in line with modern mobile phone communication technology by unveiling myLECO app and the LECO 24 hour – Call Centre. LECO customers within stipulated business peripheries can now connect with LECO at any time and obtain services after downloading these apps that [...]
Softlogic Life launches the first ever postal insurance plan
Softlogic Life, considered Sri Lanka’s fastest-growing life insurer, made its entry into the previously untapped micro-insurance market recently with the introduction of Postal Life insurance policies. The company intends to introduce these life solutions by leveraging a key partnership with the Sri Lankan Postal department’s island-wide network of post offices. Ensuring every Sri Lankan’s right [...]
:Different to boost Sri Lankan engineers
Different Technologies, one of Australia’s start-ups, backed by Australia’s venture capital firm, AirTree Venture and Silicon Valley’s Foundation Capital, is scouting for local talent in a bid to boost its creativity to a global scale. “We are building the best engineering culture in Sri Lanka by ensuring exposure to world class talent that is simply [...]
Need for caution in granting fiscal incentives-World Bank
A leading economist from the World Bank believes that the government needs to be cautious in granting tax incentives without a fiscal guarantee as it could “do more harm than good.” It is incredibly clear that if tax incentives are granted without a fiscal guarantee it can do more harm than good, World Bank’s Chief [...]
Asia Securities to host 3rd Annual Investment Conference
Asia Securities will host its third Annual Investment Conference on Tuesday with expert speakers and panellists. Dr. Nandalal Weerasinghe, Senior Deputy Governor of the Central Bank of Sri Lanka will deliver the opening keynote address focusing on the economic need of the hour and the expected monetary policy direction in 2020. Renowned emerging markets expert [...]
Calcey Technologies sponsors Swedish Breakit SaaS Summit
Calcey Technologies, one of Sri Lanka’s leading software product engineering companies, recently sponsored the BreakIT SaaS Summit in Stockholm, Sweden. The event was organized by BreakIT, Sweden’s leading digital publication and was attended by over 400 local industry executives. Calcey Technologies CEO Mangala Karunaratne and Software Architect Premuditha Perera delivered an expert address sharing lessons [...]
Smart Media appointed Training Foundation Partner for Integrated Reporting
Smart Media The Annual Report Company has been appointed a Training Foundation Partner for integrated reporting by the International Integrated Reporting Council (IIRC). The objective of this training is to develop the capacity, skills, and flexibility for organisations to put integrated thinking and integrated reporting into practice. Integrated reporting is an evolution of corporate reporting [...]
Passing on the VAT benefit to the consumers
The Government of Sri Lanka, in an unprecedented move, has taken measures to reduce the VAT rate from 15 per cent to 8 per cent (a reduction of almost 47 per cent) with effect from December 1, 2019. The requisite legal measure to give effect to this has also been executed by issuing an Order [...]