Sri Lankan corporates shun Asian Cities
The coronavirus outbreak has not just impacted Sri Lanka’s outbound travel market but also caused uncertainty in trade with China as Sri Lanka’s tourism industry readies to participate at the biggest travel fairs next month in Berlin. Organisers at the ITB Berlin fair have announced precautionary measures against the coronavirus. The fair normally results in [...]
Government imposes cost-cutting measures on SOEs
The cash-strapped government has cut the monthly allowances and other facilities of chairmen and directors of 422 State Owned Enterprises (SOE) while issuing guidelines for streamlining public sector administration. Payment of allowances and providing transport facilities to Chairmen, Executive and Non-Executive Directors and observers are amended with effect from January 1, 2020. This was stipulated [...]
Corona sets a foreign fund sell-off at CSE
The coronavirus, now widely considered as the prime threat to financial markets is instigating a black swan event for Colombo’s shares, with many foreigners exiting in a major sell-off as global investors are jumpy over the uncertainty, analysts say. According to the latest statistics, 12 Asian stock market saw a fall since January 17 which [...]
Kelani Cables set to aggressively expand
Kelani Cables PLC has set its sight on aggressively expanding the product portfolio while also investing in both related and unrelated sectors in business. This includes forming joint ventures, finding new export markets and even buying into firms related to cable manufacturing, Mahinda Saranapala, Director/CEO Kelani. Cables PLC told the Business Times in an interview [...]
It’s a holi-holiday
Kussi Amma Sera was vigorously scraping coconut on Tuesday to prepare kiribath with lunu miris for breakfast to celebrate Independence Day. Thus, instead of the gathering of the trio for a ‘tea-kade-like gossip’ usually on a Thursday morning, they were meeting on Tuesday under the margosa tree – also to watch the Air Force planes [...]
Post-Brexit tremors, cracks and opportunities
Finally, Brexit or the “exit of Britain” from the European Union (EU), which was the first event of that kind, occurred last Friday- January 31, 2020. As of now, Britain is divided: Some started celebrating, while others mourned. When the “exodus” is completed, the post-Brexit UK could be different from the pre-Brexit UK. I [...]
Banks get tax breathing space from the removal of DRL
Government’s action in abolishing the Debt Repayment Levy (DRL) with effect from January 1 this year could inflict Rs. 20 billion in losses in tax revenue affecting the debt sustainability exercise of the country, tax consultants said. However they noted that the banks will gain from this action and it can pass the benefit to [...]
Sampath Bank launches first ever Investment Plan Product
Sampath Bank this week announced the launch of ‘Sampath Dream Planner’, a personal investment plan which will serve as a tailor-made savings solution for their discerning customers. Consisting of two categories – Personal Investment Plan and Kids Investment Plan -, both options offer a guaranteed rate of interest for the period of investment. As a [...]
Ceylinco Insurance honoured as Sri Lanka’s leading insurer
Ceylinco Insurance PLC has been honoured as Sri Lanka’s leading insurer by several independent business ranking organizations during the year 2019. Ceylinco Insurance earned the honour of being the only insurance company amongst the ‘Business Today Top 30’ companies in Sri Lanka. As announced in its edition for 2018/19, Ceylinco Insurance moved up the corporate [...]
Extend clearing date for vehicle LCs opened before 31st Oct. 2019
Firstly we wish to thank the Government for granting vehicle permits to Government Servants to import vehicles of our choice at concessionary Customs duty rates. We are writing with regard to the luxury tax introduced on November 1, 2019 and concessions given to us who opened LCs before October 31, 2019. We decided to order [...]
SL foreign employment agents claim status of ‘unsung heroes of the economy’
A discussion on “Labour migration – the Role of journalism in Labour Migration” last week in Colombo revealed a grim picture that did not reflect the benefits that are spoken of by foreign employment agents, though these agents have noted that they are the ‘unsung heroes’ in this economic arena of Sri Lanka. The forum [...]
Hajar Alafifi assumes duties as Chairperson of Unilever Sri Lanka
With effect from February 1, Hajar Alafifi has assumed duties as Chairperson of Unilever Sri Lanka and joins the Unilever South Asia Leadership Team. She is taking the helm from her predecessor, Carl Cruz who has been appointed as Managing Director, Unilever West Africa Multi Country Operation (MCO) – Ghana and Nigeria. Ms. Alafifi arrived [...]
Uplift business with ONESTOP SLT Biz Solutions
Sri Lanka Telecom (SLT), the country’s telecommunication pioneer, has embarked on a special project to empower small and medium enterprises (SME) to develop their business with the use of modern information and communication technology (ICT). The SME sector is considered as one of the most strategic sectors in the economy of the country. These entrepreneurs [...]
SL: Dire need for a new all-purpose convention centre
In the newspapers recently, under the headline “President calls for new strategy to turn Tourism into $ 10 Billion Industry by 2025”, it was encouraging to note that both the Tourism Minister and the Chairperson of Sri Lanka Tourism conveying positive signals regarding achieving this target. The President also indicated the need to upgrade the [...]
Mitra Innovation becomes a WSO2 Value-Added Reseller
Mitra Innovation has announced that it has signed an agreement with WSO2 establishing the company as a WSO2 Value-Added Reseller (VAR). This VAR agreement will provide new opportunities for WSO2, the world’s leading open source integration vendor, and Mitra Innovation, a fast growing UK-based technology solutions provider, as they continue to expand their services across [...]
Union Bank celebrates 25 years of banking to the nation
Union Bank is celebrating 25 years of banking operations in Sri Lanka with the institution planning a series of programmes to celebrate this significant milestone. Union Bank was established in 1995 as the country’s eighth indigenous bank, and had since then seen many phases of growth and evolution. Union Bank entered Sri Lanka’s financial services [...]
JKH’s TRI-ZEN superstructure speeds ahead from January 2020
Ramping up progress on its ground-breaking TRI-ZEN residential development project, John Keells Properties (part of the John Keells Group) has said that construction of the property was proceeding according to schedule, as work commenced on the building’s superstructure in January 2020. Located in the heart of the city at Union Place, the 53-storey development is [...]
Colombo Port needs further expansion to handle more container traffic
Colombo had the highest container handling growth in the world in 2018 and has now reached its fullest capacity. “We are delighted to hear from the new government that measures are being taken to expand capacity to handle more container traffic,” said the Chief Delegate of the German Industry and Commerce in Sri Lanka, Andreas [...]
HCL Technologies enters Sri Lanka with strategic investment
HCL Technologies (HCL), a leader in global technology, has signed an agreement with the Board of Investment (BOI) of Sri Lanka, announcing the establishment of its global delivery centre in Colombo. Marking its presence within the region, HCL aims at boosting employment, providing resources and skilling the local talent to serve its global clients. Founded [...]
Sri Lanka can boost its development tapping agriculture and new technology: WB
The World Bank has reaffirmed its continued support to Sri Lanka’s growth and development for the benefit of all its people as World Bank Vice President for South Asia, Hartwig Schafer concluded a four-day visit. During his visit, Mr. Schafer gained a better understanding of the country’s development priorities under the new government and how [...]
New recruitments will increase public sector wage bill
Recruitment of 50,000 graduates and 100,000 unskilled youths of low income families for government jobs will increase the public sector salary and pension bill to Rs. 1055 billion from Rs. 735 billion, provisional financial estimates reveal. The government will be making use of these human resources for productive purposes providing them with vocational training as [...]
US joins public and private sectors to launch Career Bus
The “Career Bus” funded by the US embarked on Friday on its maiden voyage. Travelling throughout Sri Lanka, it will bring professional employment advising services to rural youth with limited access to career guidance professionals. Developed in partnership with the Vocational Training Authority (VTA) and the private sector, the bus started from Dondra and will [...]
SriLankan reduces flights to China
National carrier SriLankan Airlines has reduced its flights to China since Thursday due to less passengers flying out, the airline said in a statement. The airline was reducing its flights to Beijing from four to two; Shanghai from four to two; and Canton from seven to three. The statement noted the carrier “is rationalising its [...]
Modern technology needed to penetrate Kahatagaha mine
Due to lack of modern technology the Kahatagaha Graphite mine could not be reached up to 2000 ft. level to extract quality graphite which has a great demand in the world. The graphite industry got a big boost with the development of graphene technology needed for the manufacture of car batteries where 99 per cent [...]
People’s Bank helps SME sector growth with ‘Entrepreneurial Glory’ programme
People’s Bank, in keeping with its vision to drive forward the expansion and boost the expertise of the Small and Medium businesses in Sri Lanka, recently organised the ‘Entrepreneurial Glory’ programme for the Hambanthota District at the Golden Pearl Hotel in Tangalle. The informative full-day programme featured a series of seminars tailor-made to provide valuable [...]
Strong customer sentiment drives 99X Technology’s top-line in 2019
Software product engineering specialist 99X Technology saw top-line performance growth of 50 per cent year-on-year for the financial year ended 31 December 2019, a strong close to a year that saw organisational growth across the board. The top-line increase is mainly attributed to recurrent customers, with 75 per cent of revenue generated from existing customers, [...]
First motion sensor in Sri Lanka made by Kelani Cables Plc
Kelani Cables Plc has manufactured Sri Lanka’s first motion sensor, a device that detects moving objects – particularly people. Mahinda Saranapala, Director/CEO Kelani Cables PLC told the Business Times, that this motion sensor was developed inhouse by the company about one year ago. Now the company is retailing it to the market. “It’s retailing at [...]
Managing indirect economic displacements for development
Infrastructure development plays a key role in overall development of a country and Sri Lanka, as a fast-developing nation, has recently invested a lot in upgrading its road network. Amid many other negative consequences of development such as irreversible environmental damages and acquisition of productive agricultural land for development projects, loss of livelihoods became more [...]
“MTD Walkers to close business”
MTD Walkers PLC has sent the following letter with reference to last week’s report titled “MTD Walkers to close business”: “We wish to categorically state that the company is not planning to sell its assets nor is it closing its business. The group has been in negotiation with all its bankers to restructure its existing [...]
Stax creates roadmap to fixing bad air quality
Stax Inc, a consulting firm, together with Tim Dye, TD Environmental Services, LLC – an industry specialist, has conducted research to create a roadmap for investing in air quality sensing companies to address climate, health and air pollution. The white paper Stax created is targeted at investors, company executives, non-profits and government officials who strive [...]
Classic Travel opens new branch in Orion City
Classic Travel, a subsidiary of Expolanka Holdings PLC, has opened a new branch in the heart of Orion City—the one-stop-hub for innovation and collaboration—in an effort to extend its travel and visa services to IT professionals, entrepreneurs, and investors of high-tech companies. The branch is located at 716, Dr. Danister De Silva Mawatha, Colombo 9. [...]