COVID-19 outbreak shocks Sri Lanka’s economy
The unending new coronavirus (COVID-19) outbreak will exert a significant impact on Sri Lanka’s economy through various sectors including a sharp drop in domestic demand, lower tourism, business, travel, exports, trade, foreign remittances and industry etc, official sources said. The magnitude of the economic losses will depend on how the outbreak evolves, which remains highly [...]
Tea, apparel hope to break COVID-19 barriers
Sri Lanka’s tea and apparel industry are working out mechanisms on overcoming the effects of the COVID-19 outbreak by breaking barriers to get to markets and suppliers and provision of loans to cushion the industry’s vulnerable sectors. Ceylon Tea Traders Association Chairman Jayantha Karunaratne said that production had dropped but prices were much higher for [...]
International bidders cry foul over latest LPG tender
The awarding of a liquid petroleum gas (LPG) procurement contract to Oman Trading International Ltd (OTI) recently has become a questionable issue owing to alleged failure to follow government tender guidelines and the supplier’s previous track record. The cabinet of ministers has approved a proposal recently to award a 2-year LPG procurement contract to OTI [...]
Brokers seeking help to stop CSE decline
Sri Lankan stockbrokers are seeking certain concessions and incentives from the capital markets regulator in a bid to put the brakes on the fast deteriorating stock exchange. In this regard, the Colombo Stockbrokers Association (CSBA) will give their suggestions next week in writing to the Securities and Exchange Commission (SEC) on how to arrest the [...]
Hotels brace for “feverish” times
As Sri Lanka sits on the verge of a major crisis, the tourism industry is under pressure for the second time in a year as the country readies for the outbreak of the coronavirus (COVID-19) after the second confirmed patient was reported on Thursday. With on arrival visas cancelled and a number of local organisers [...]
Enhancing solar power systems
In a recent video clip, Singapore’s Minister of Health Gan Kim Yong was seen giving a comprehensive overview in Parliament on the country’s health status vis-à-vis the new coronavirus. “We should regularly wash our hands with soap and avoid touching our faces. At a meeting of the Ministerial Task Force, while I was speaking I [...]
Running out of firepower
Recently, there was an interesting video clip circulating around. It showed how people have changed their greeting tradition from “hand-shaking” to “leg-shaking”. Touching each other’s hands is a common way of transmitting coronavirus. It is at this time that, perhaps, the world would begin to value some of the traditional Asian ways of greeting, including [...]
Major economic fallout from Easter Sunday attacks and coronavirus
Due to various global and local crises like the coronavirus and the fallout from Easter Sunday incident, Sri Lanka’s economy is at risk, according to Deshal De Mel Independent Director, Sampath Bank and Research Director, Verite Research. He was delivering the oration at the 18th Annual K Sivagananathan Memorial Awards and oration held this week [...]
E-technology to improve productivity of public institutions
Sri Lanka’s public institutions and state owned enterprises will be brought under strict monitoring and regulating system while introducing e-technology towards transforming the public sector to be more efficient and profitable, Finance Ministry sources revealed. Public officials are expected to perform their duties more efficiently and speedily with the use of new Information Technology (IT) [...]
Saudi Fund extends credit to Oceanpick Pvt Ltd to import feed material to Sri Lanka
Oceanpick Pvt Ltd, South Asia’s inaugural project for oceanic farming based in Trincomalee, Sri Lanka, has entered into an agreement to receive import credit from Saudi Export Programme of the Saudi Fund for Development, with the agreement signed at the Ceylon Chamber of Commerce (CCC), Colombo. The Saudi Fund for Development (SFD), established in 1975, [...]
Seven Media Group – most awarded agency at SLT Zero One awards
Seven Media once again emerged extremely successful at the recent SLT Zero One Awards for Digital Excellence 2018/19. For the second consecutive year, Seven Media dominated the award ceremony held in honour and recognition of excellence in digital initiatives over the past 12 months, racking up an impressive event-high nine awards, the agency said in [...]
One–stop shops redefine small businesses in SL
As a major effort to enhance the ease of doing business in the country, the government has launched the creation of one-stop shops for micro, small and medium enterprises (MSMEs). These one stop service centres will assist MSMEs for the registration, administration, providing access to credit, market and other facilities under one roof, Finance Ministry [...]
Leo Burnett Sri Lanka emerges most awarded agency at inaugural Epica Awards
Leo Burnett Sri Lanka, part of Publicis Groupe Sri Lanka, celebrated a ‘commendable’ victory at the inaugural Epica Awards, organised by the 4As (Accredited Advertising Agencies Association) last week at Taj Samudra, Colombo. Leo Burnett Sri Lanka made a clean sweep of as many as nine metals at the Epica Awards, winning across multiple categories [...]
SAGT launches ‘Wave of Kindness’ at Lady Ridgeway Hospital
South Asia Gateway Terminals (Pvt) Ltd (SAGT), the first public private partnership container terminal in Sri Lanka, recently launched the first phase of its project series ‘Wave of Kindness’ aimed at uplifting the wellbeing of the community coinciding with the company’s 20th anniversary. The first stage of this new initiative is the construction of a [...]
Wunderman Thompson bags Epica Metal across 6 brands
Winning awards for 6 brands across different sectors from FMCG and Tourism to non-profit, Wunderman Thompson Sri Lanka won 2 golds, 3 silvers and 3 bronzes at the recently concluded Epica Awards, which were held for the first time in Sri Lanka. There were over 400 entries submitted from across the industry with only 46 [...]
Sri Lanka to approve efficient solar systems
Sri Lanka has taken steps to approve hybrid inverters in the country through a draft specification published by the Sri Lanka Standards Institution (SLSI) this month. “The use of hybrid inverters are not allowed as at now but this may change in the near future, as anticipated by many consumers and solar system providers in [...]
LAN launches Sri Lanka’s first Angel Fund to invest in local start-ups island-wide
The Lankan Angel Network (LAN) has launched Sri Lanka’s first Angel Fund, established with the support of ecosystem development partner Ford Foundation, to catalyse the growth of Sri Lanka’s start-up ecosystem. A first of its kind in Sri Lanka, this fund will be LAN’s flagship initiative moving forward, and is based on Rs. 100 million [...]
Potential impact of the Coronavirus Epidemic: What we know and what we can do
We all recognise that the situation with the spread of the coronavirus is very serious and could well get worse. This affects us all. Let me start with what we know and what we don’t yet know about the coronavirus and then how the global community can support those affected by this crisis in an [...]
Union Assurance shows resilience amidst a challenging 2019
Union Assurance (UA) recorded a satisfactory performance during the year despite 2019 being one of the most challenging years in the recent past. Gross Written Premiums amounted to Rs. 11.6 billion, a growth of 4 per cent over last year while Annualized New Business Premiums (ANBP) recorded a significant growth of 20 per cent year [...]
Emirates has customers in mind amidst COVID-19 travel issues
Emirates is providing customers more flexibility, choice and value through its newly introduced waiver policy for all booked tickets issued on or from March 7 until March 31 allowing customers across its network the choice of changing their travel dates without change and reissuance fees. The move provides Emirates’ customers with peace of mind should [...]
UNDP partners with Facebook to support SL youth innovation, entrepreneurship
Today’s generation of adolescents and youth stands at 1.8 billion people – the largest the world has ever seen. Most of these young people live in developing countries. The energy, enthusiasm, and innovation of this large youth generation can bring a huge demographic dividend to countries and to ‘our’ world, United Nations Development Programme (UNDP) [...]
Micro enterprises face many issues in running a business
Guests who arrived at the Lakshman Kadiragamar Institute (LKI) in Colombo last week to attend the launch of a report on ‘Barriers to Micro and Small Enterprises in Sri Lanka’ by the Advocata Institute (AI) were taken aback when the seating accommodation inside the auditorium had a ‘Red Tape’ right across all the seats. Puzzled [...]
“Janashakthi Award” honours top performers in insurance and valuation at Wayamba University
Janashakthi Insurance PLC has presented awards to the top three performers of the Wayamba University’s 2019 batch of B.Sc. (Special) Insurance and Valuation graduates for their outstanding performance. The ‘Janashakthi Award’ is awarded annually to the top three students that excel in this specialised degree programme offered at the Wayamba University to promote and foster [...]
Airbus bribes: TISL writes to UK’s Serious Fraud Office
Transparency International Sri Lanka (TISL) last week wrote to the Director of the Serious Fraud Office (SFO) in the UK posing a series of queries pertaining to Sri Lanka’s entitlement to compensation in the 3.6 billion sterling pounds settlement reached with aircraft maker, Airbus SE. This letter, TISL said in a statement, forms part of [...]
Takes a village to raise a child (entrepreneur)
This article will briefly discuss my entrepreneurial life, its highs and its lows. It will also look at some of the policy changes needed to make an entrepreneurial journey easier. What is it to be an entrepreneur? I believe entrepreneurs are essentially problem solvers. They see problems that need to be solved (in this context, [...]
MAGA honoured with five National Construction Awards for 2019
Maga Engineering continued its winning streak at the recent National Awards for Construction, winning five accolades in 2019 that recognised the company’s commitment to quality, reliability, timely delivery, and sustainable building practices. The award ceremony organised by the Construction Industry Development Authority (CIDA) was held on February 25 at the Sri Lanka Foundation Institute. MAGA’s [...]
ComBank to establish smart STEM classes in 100 schools as centenary year project
Smart classrooms that focus on Science, Technology, Engineering and Mathematics (STEM) are to be established in 100 schools across Sri Lanka in 2020, with the backing of the Commercial Bank of Ceylon to commemorate the centenary of the country’s top private bank. Drawing synergies from several ongoing education-centered initiatives supported by the bank, this project [...]
More than 170,000 employees across Sri Lanka benefit from new gender equality initiative
The achievements of 16 women and men who have championed gender equality in their workplaces were celebrated as part of the launch of a new campaign “Together We Can”, supported by the Women in Work partnership between IFC, a member of the World Bank Group, and the Australian Government. The “Together We Can” campaign amplifies [...]
Japanese contractor of BIA new apron faces threat of blacklisting
Japanese contractor Hazama Corporation has been directed to complete the much delayed construction work of ‘Remote Apron and Taxiways’ at the Bandaranaike International Airport (BIA) within three months or face being blacklisted, a government minister warned. This was the same company that built the old terminal at the airport. Minister of Industrial Export, Investment Promotion, [...]
Fintech sandbox launched by Central Bank
A Fintech sandbox, which is a framework set up by the Central (CB) to allow small-scale, live testing of financial innovations by private firms in a controlled environment under the regulator’s supervision was launched last month by the CB. In this environment innovators can imitate the characteristics exhibited by the production environment on a real-time [...]
Usage of credit and debit cards low among Sri Lankans
Sri Lanka as a country has made great strides in improving innovative digital financial infrastructure but the uptake remains low as evident from the findings of the recent national financial inclusion survey. However the survey showed that in terms of connectivity Sri Lanka had fared well in terms of Internet access, said Ms. Rosy Khanna [...]
Government to launch development bank to assist start-ups, SME
The government has plans to launch a development bank to assist start-up companies and small and medium enterprises (SME), President Gotabaya Rajapaksa had said at a meeting with the IT sector leaders recently. This came about when the participants at the meeting highlighted their challenges – especially in terms of raising capital and free flow [...]
Dialog voted Service Brand, Youth Choice – Service Brand and Telecommunication Brand of the Year
Sri Lankan consumers have voted Dialog as the ‘Service Brand of the Year’, ‘Youth Choice – Service Brand of the Year’, and for a record ninth year running, the ‘Telecommunication Brand of the Year’ at the recently held SLIM-Nielsen Peoples Awards 2020. Voted for by the public to recognise brands that have made a profound [...]
Dart Global Logistics commissions state-of-the-art ‘DGL Fulfillment Centre at Muthurajawela
The DGL Fulfillment Centre, a state-of-the-art warehouse complex, was recently declared open at the Muthurajawela Logistics Park located in Kerawalapitiya by Dart Global Logistics (DGL). The facility will offer top-of-the-range third-party logistics (3PL) services and freight logistics under one roof for various industry verticals. The 10,000 pallet position capacity warehouse, with a state-of-the-art Warehouse Management [...]
Pelwatte Dairy contributes to improve socioeconomic status of local dairy farmers
Leading local dairy milk producer, Pelwatte Dairy Industries Ltd has taken steps to uplift and empower the local dairy farmers and small holders through multiple socio-economically empowering avenues rendered through the company’s dairy services and extension field team. “Many dairy manufacturing companies opt not to purchase milk produce during the rainy season, where the scalability [...]
Hayleys Fentons secures EPC to install 4MW rooftop solar project at Hayleys Fabric
Leading Sri Lankan integrated solutions specialists, Hayleys Fentons has announced its partnership with sister companies Hayleys Fabric and Hayleys Power to convert the rooftop of one of its primary manufacturing facilities into one of the largest private sector renewable energy sources in the country. The senior management of all three companies was in attendance at [...]