High level discussions
Chinese and US leaders visited Sri Lanka this week for bilateral discussions. Here a foreign exchange money dealer displays the Chinese Yuan, the US dollar and the Sri Lanka rupee. Pic by Amila Gamage
STBC to host celebrated British author
The Sunday Times Business Club (STBC) has an exciting event lined up on February 12 when it hosts celebrated British author Michael Smith at the Hilton Colombo. The “Evening with a British author” will feature Mr. Smith who will present his latest book “Leading with Integrity: Creating Positive Change in Organisations” followed by a review [...]
JKH mulls more hotel investments overseas
As John Keells Holdings (JKH) celebrates its 150th anniversary in 2020, the group is not looking at any grand ceremony to mark this significant milestone for Sri Lanka’s largest, 14,000-strong listed conglomerate. However on the business side the organisation is setting its sights on investing and managing more hotel properties overseas (outside the Maldives) while [...]
National Agency for Public-Private Partnership no more
Sri Lanka’s National Agency for Public-Private Partnership (NAPPP) operated as a unit of the Ministry of Finance with World Bank assistance is to be disbanded shortly by the new government. The NAPP headed by Thilan Wijesinghe, former Board of Investment Chairman and business professional with 20 member staff, will be wound up after over two [...]
SriLankan to take off on new biz plan
SriLankan Airlines will not be searching for a new partner to carry out its operations, a top official at the airline said on Tuesday. Newly-appointed Chairman Ashok Pathirage said that they were not looking at a new partner to take on the airline but was focusing on the existing operations of the carrier. He noted [...]
Strategic stakes to change hands in the CSE
More strategic share deals are expected at the Colombo Stock Exchange (CSE) in the coming months with added mergers and acquisitions (M and A) activity on the back of better sentiment and a slowdown in global equity markets, analysts say. Increased activity in the equities markets is expected and more changing hands of large parcels [...]
Wasting our resources
It was a wonderful Thursday morning. A slight shower had given way to bright sunshine, with the rain drops on the leaves of the margosa tree gently falling to the ground and quickly evaporating. At the gate, the trio was having an argument with the hapless Aldoris, the choon-paan karaya, over the sugar content in [...]
“Exponential economist meets finite physicist”
Saroj Jayasinghe, Professor of Medicine at Colombo University, had recently sent a mail sharing an Internet link. The link directed me to a physicist’s blog post under the title ‘Exponential economist meets finite physicist.’ It was an interesting conversation between an economist and a physicist, who have met each other at a banquet dinner table [...]
La Serena launches ‘assisted living’ option for resort-style post-retirement life
La Serena, Sri Lanka’s first ever retirement resort for independent senior citizens, has announced it is now offering an assisted living option to further accommodate the unique needs of its clientele. La Serena is a purpose-built 44-unit beach-front facility styled on a resort hotel and is a wholly-owned subsidiary of Ceylinco Life, the company said [...]
Foreign buying anticipated at CSE
Stock market analysts predict that foreign appetite in local stocks will increase in the months to come on the back of West Asian tensions driving emerging market and frontier market funds into this region. Though the crisis between the US and Iran seem to be somewhat tapering down, the tensions remain and is so in [...]
PickMe’s Tharindu Kumarage wins scholarship to Arizona State University
Tharindu Kumarage, a Consultant Research Engineer at PickMe, recently received a scholarship to pursue his PhD at the Arizona State University (ASU) in the US. A talented product of Royal College Colombo, Mr. Kumarage was a part of the CSC 13th Batch at the Computer Science Dept., University of Moratuwa, graduating in 2017 with a [...]
Samsung elevates Sri Lankan esports to the next level
Samsung Sri Lanka, in yet another successful initiative, recently partnered with Gamer.lk to organise the ‘Samsung Mobile Gaming League’ and ‘Samsung Member Mobile Challenge’ for esports enthusiasts in the country. The Samsung Mobile Gaming League was an open tournament for all users playing games on mobile devices, while the Samsung Member Mobile Challenge was an [...]
MillenniumIT ESP excels at SLASSCOM Innovation Awards 2019
MillenniumIT ESP, one of Sri Lanka’s leading Systems Integrator and Information Systems Provider, clinched three out of three awards for their submission of technology solutions under the ‘Best Innovation in Internal Process’ category, at Sri Lanka Association of Software and Services Companies’ (SLASSCOM) Innovation Awards and Gala 2019 held recently at Shangri-La Hotel Colombo. The [...]
Entrepreneurship issues in regulatory, legal barriers for SMEs
The Advocata Institute recently launched a study on removing barriers to micro and small entrepreneurs (MSEs) through regulatory and legislative reform. The economic contributions of MSEs are seen as one of the major driving forces pushing economic growth. However, regulations that govern these businesses can be a deterrent, the institute said in a media release. [...]
LANKA TILES collaborates with Chinese firm, US counterpart to export mosaic tiles to the US
LANKATILES, the pioneering wall and floor tile manufacturer in Sri Lanka, has announced that it will be entering the globally competitive mosaic tiles segment. LANKATILES will collaborate with a Chinese mosaic tile manufacturer – Foshan Shiwan Yulong Ceramic Co Ltd – to obtain the technical know-how and subsequently manufacture the tiles in LANKATILES factories in [...]
Licensed banks implement a credit support scheme for troubled SMEs
Sri Lanka’s licensed commercial banks and licensed specialised banks have agreed to provide a special credit support scheme to eligible Small and Medium Enterprise (SME) borrowers of respective licensed banks this year to complement the fiscal incentives already announced by the Government. Based on the discussions the Central Bank (CB) had with the licensed banks, [...]
CIPM panel discussion on “Promising Prospects for HR in the Public Sector”
CIPM Sri Lanka has organised a panel discussion, comprising leaders in the public administration and human resource management field, titled “Promising Prospects for HR in the Public Sector” on February 11 at the CIPM Sri Lanka Head Office “HR House” in Colombo 5. The keynote address will be delivered by Commissioner General of Labour – [...]
Appointments to state agencies
The appointment of chairpersons and directors of the boards of state agencies have continued over the past week or more. Here are some of the appointments: At the Sri Lanka Tourism Development Authority (SLTDA), the directors are Thilak Weerasinghe, Managing Director, Lanka Sportrizen; M. Shanthi Kumar, Director/Strategic Planning and Development, Ramada Colombo; P. Algama, Director [...]
eMarketingEye launches “giftsEye”, an eGift Certificate System for tourism sector
eMarketingEye (www.emarketingeye.com), the award-winning digital marketing agency and a pioneer in the Asian region specialising in the hospitality industry, has officially launched giftsEye, an eGift Certificate System designed and developed in-house for the travel and hospitality industry. Tapping into the company’s in-depth knowledge and experience in the hospitality industry, eMarketingEye was able to identify the [...]
Port City creates social value for Sri Lankans
The Colombo Port City project on Monday launched its first Social Responsibility Report at the Kingsbury Colombo hotel highlighting the safety standards and link with the local communities. China Harbour Engineering Company (CHEC) Head Public Relations Kassapa Senarath, delivering a presentation on the report, said the project is about value, integration, livelihood, quality and is [...]
Ceylinco Life helps collect 1,226 units of blood in 2019 to mark leadership milestone
Ceylinco Life was instrumental in the collection of more than 1,200 units of blood for the National Blood Transfusion Service (NBTS) in 2019, through a series of country-wide donation camps which concluded in December. The 15 blood donation camps facilitated by Ceylinco Life last year were part of the company’s celebration of 15 consecutive years [...]
NDB Leasing interest rates further reduced to 12.5%
NDB Leasing has taken additional steps to provide its customers with better rates in 2020, further reducing interest rates to 12.5 per cent. These competitive interest rates and flexible repayment plans extend up to five years for both registered and unregistered vehicles. NDB customers can enjoy customised repayment plans that match the individual repayment capacity [...]
Walking the length and breadth of Sri Lanka sharpening instruments
In the informal sector of Sri Lanka’s economy there are many successful individuals as well as entities, but they are often not accounted for in measuring their impact on the mainstream economy. There are a plenty of them from the wayside betel seller, to the gypsy women reading palms and yet they make a living [...]
CIMA to assist in setting SOEs right
CIMA, the professional accounting body, has had discussions with top state officials to help out with ‘setting’ the State Owned Enterprises (SOEs) on the right path. Sri Lankan-born Amal Ratnayake, FCMA, CGMA was elected as CIMA’s 86th President, last June, who was in his first ever official visit to Colombo told the Business Times in [...]
Foreign companies barred temporarily in incorporating their entities in Sri Lanka
Foreign owned companies have been barred temporarily from incorporating their entities in the island on a directive issued by the President’s office, Department of Registrar of Companies announced without giving any reasons. This suspension will not be applicable for Board of Investment approved companies, a senior official of the department said. Foreigners can usually incorporate [...]
Multimillion rupee liquor licence fraud revealed
A high level internal investigation is to be launched on a liquor licence fraud running up to millions of rupees, informed source said. Liquor licences which have been issued allegedly defrauding Rs.500 million has come to light when the newly appointed Commissioner General of Excise A. Bodaragama was inspecting relevant files, a senior official of [...]
Jetwing presents on ‘Sustainability’ at South Korean forum
Jetwing Hotels was last November invited by the Korean government and the United Nations Environment Programme (UNEP) to make a presentation on sustainable tourism in Yeosu, South Korea. Invited to speak at the conference, Jetwing Hotels’ Director of Engineering, Jude Kasturi Arachchi presented on “smart solutions for hospitality” and how innovative approaches and new technologies [...]
ECT to drive revenue at Colombo port
Sri Lanka’s former Army Commander has now a new task to develop the ports as head of the Sri Lanka Ports Authority (SLPA) and high on the list of priorities is to get the East terminal up and running. Commenting on the operations at the East Container Terminal (ECT), SLPA Chairman Gen. (Rtd) Daya Ratnayaka [...]
CB’s forensic audits must be made public – TISL
Transparency International Sri Lanka (TISL), this week, urged the Parliamentary Speaker to disclose to the public and members of Parliament, the contents of the forensic audits of the Central Bank of Sri Lanka (CB). The reports were to be tabled at the Committee on Public Enterprises (COPE) and debated during the previous session of Parliament [...]
UnionPay International (UPI) partners with CH17
UnionPay International (UPI) has partnered with CH17 Loyalty (CH17) to manage and promote hybrid loyalty payment schemes in Sri Lanka, focusing on some of the most dynamic sectors that contribute towards economic growth of the country. Under this agreement, UPI and CH17 will jointly issue CH17 UnionPay Payment Cards, and cardholders of the card could [...]
Government slashes salaries and perks of state institution heads
In the wake of declining state revenue, rising debt and high public spending, the government is now controlling costs by pruning high salaries of heads of state institutions and relocating the surplus staff in accordance with manpower requirements. The new administration has introduced a new salary structure for chairpersons of state institutions after revelations that [...]
EGUARDIAN and Fortinet unlock new business opportunities at PartnerSynergy Conference
EGUARDIAN conducted a Fortinet partner conference in Colombo in December to open new business opportunities for partners in securing new network edges. As today’s businesses embrace new technologies, they must carefully consider how these solutions are also expanding the attack surface and impacting network security. Digital transformation is now becoming a necessity for businesses to [...]
Dilemma of reducing VAT and removing NBT on consumers
Although the economic advantage of accelerating money circulation in the country by reducing and eliminating several taxes is clear, its benefits via price reduction in consumer items however have not been passed on to the people so far, consumers complained. As per the legal and administrative procedure, the VAT reduction and NBT removal proposals approved [...]