Protest over ECT handover
Colombo port workers carried out a week-long ‘black flag’ protest against plans to hand over the East Container Terminal (ECT) to foreign interests, saying it should be owned and managed by the government. Picture by Priyanka Samaraweera shows the protestors near the Presidential Secretariat on Friday where they handed over a letter of protest.
Lanka’s TRC to wipe out dark spots
The Telecommunication Regulatory Commission (TRC) has embarked on a mission to wipe out the ‘dark spots’ or areas with low connectivity by investing Rs.1 billion in a project that will ensure total connectivity across the country. “We are using part of the Telco Development Levy (TDL) to set up base stations starting from Ratnapura to [...]
SLT, Just in Time, Huawei link up for digital court proceedings
In response to the COVID-19 pandemic and an alarming increase in criminal activities involving prisoners in jails, video conferencing and tele-presence technology in court rooms and prisons will soon become a reality in Sri Lanka. The Ministry of Justice will be introducing video conferencing solution under a courts –prison collaborative entrusting Sri Lanka Telecom (SLT) [...]
Is SLT a state institution or a private company?
Is Sri Lanka Telecom (SLT), a state owned company or a private institution? A fresh dispute has arisen over the status of SLT after the Ministry of Information and Mass Media decreed that, the legal status of SLT is an institution which functions as an entirely private company. This was informed to employees by SLT [...]
Aussie investor’s long struggle ends
After nearly five years, an Australian company has finally secured approval to set up two waste recycling plants in Katunayake and Bingiriya with both set to provide at least 20 megawatts of electricity plus organic fertiliser. Endeavour Energy Corporation Ltd (EECS), an Australian-based international corporate entity, is the investor that has been knocking on the [...]
Central Bank: No decision yet to draw US Federal Reserve funds
The Central Bank (CB) on Friday denied reports that it was pledging US$4.5 billion worth of US Treasury Securities to obtain a credit facility of $1 billion. While the CB has entered into an agreement with the Federal Reserve Bank, New York to make use of a repo facility where the CB can raise $1billion [...]
BMICH loses Rs.500 m, awaits go-ahead for exhibitions
Amid the COVID-19 pandemic the conduct of exhibitions is likely to come under scrutiny by Health Ministry officials next week as the BMICH intends on resuming exhibitions by mid- August. BMICH Director General Sunil Dissanayake told the Business Times on Wednesday that they hope to recommence exhibitions by mid August for which approvals are due [...]
Wage theft of migrant workers
Thousands of migrant workers are stranded in West Asia; some have lost their jobs, others are not getting their wages while many more are forced to find accommodation and food on their own as a result of the COVID-19 pandemic. Several Asian countries like India, Bangladesh, Indonesia, Pakistan, the Philippines, Thailand, Sri Lanka and Nepal [...]
“For a few dollars more”
Two weeks ago, in this column, our focus was on the amount of money pumped by the Central Bank and the locations where that money went. Pumping money during a crisis time is known as “monetary stimulus”. It could be a normal policy practised in other countries as well, but it has been a source [...]
STBC discussion on ‘Challenges of the new government’
The Sunday Times Business Club (STBC) is organising a webinar on the post-election “Challenges for the new Government” on Thursday July 30 at 7.30 pm. The speakers are Jehan Perera, a political affairs analyst, and Shiran Fernando, an economist and the subjects under discussion are the political and economic challenges of the new government to [...]
Arjuna Nanayakkara, new head of LSEG group’s Shared Services Centre in Sri Lanka
London Stock Exchange Group (LSEG) this week announced that Arjuna Nanayakkara has been appointed as the Head of Shared Services Centre – Sri Lanka. He will be responsible for managing, building, and extending the capabilities of the centre in Sri Lanka. Mr. Nanayakkara joins LSEG from Global Market Technologies (GMT), formerly known as Mubasher/Direct FN [...]
Manufacturers oppose lifting of temporary ban on footwear imports
Expressing concern on the government’s recent decision to lift the temporary ban on all footwear and component imports at the behest of a few local industrialists, Sri Lanka’s footwear manufacturers have urged the President to stick to his policy of protecting local industries. The government has issued new regulation dated July 16, 2020 in a [...]
OPA-CFASL hosts webinar on the crisis of low interest rates
Sri Lanka’s current health crisis has become an economic and financial crisis for hundreds of thousands of savers and senior citizens. Those who have invested their life savings in fixed deposits and are living on the interest income will take a “huge hit” with the fall in bank deposit rates after the government’s move to [...]
SL’s income tax revenue falls by nearly 22% in Jan.-Apr .‘20
Sri Lanka’s revenue from income tax has come down significantly during the COVID-19 period, Finance Ministry data showed. Revenue from income taxes declined considerably by 21.9 per cent to Rs.81.4 billion during the first four months of 2020, compared to Rs.104.3 billion during the same period of the previous year, realising 25.9 per cent of [...]
SL’s debt like a pyramid scheme
Over the years, the government of Sri Lanka has gone deeper and deeper into debt, believing they will never have to settle these debts whilst at every election the politicians hoodwink the public by promoting the belief of economic prosperity, freedom, democracy and the rule of law. Debt is a justifiable instrument if proceeds are [...]
Designing miracles on his own terms
Modern-day schooling is out of date. Period. The grade school years intended to help students find who they are turns out to be nothing but a hyped-up seating facility for carbon copy education with leaders, innovators, and creators becoming robotic machines blindly generating grades. The story of Anish Wijesinghe will hopefully inspire parents, professors and [...]
UK-based Chrishan Mendis on CIMA Council
Chrishan Mendis, FCMA CGMA FCIM and Chartered Marketer, has joined the governing Council of the Chartered Institute of Management Accountants (CIMA) from June 2020. Now based in Manchester (UK), and from CIMA’s North West England and North Wales electoral constituency, Mr. Mendis will serve for three years representing the interests of its global membership. He [...]
Vallibel Finance goes ahead with landmark headquarters, to be constructed by Sanken Construction
Vallibel Finance, despite the economic crisis precipitated by the COVID0-19 pandemic, is going ahead as scheduled with the construction of its state-of-the-art headquarters sky-rise building. The construction of the 16-storey financial centre in Colombo 3 was awarded to Sanken Construction, a leading light in construction with Jayantha Rangamuwa, Managing Director of Vallibel Finance handing over [...]
Spectrum GoodLife ; helping seniors live better at home
Spectrum GoodLife is a new venture that takes the stress out of everyday living for seniors and their families by offering reliable, responsible solutions that enable elders to live independently and to their fullest, from the comfort of their own homes. The company was formed by Directors Harin Perera, Marisha Bandaratilaka and Rohan Fernando in [...]
Travellers are going nowhere
Sri Lanka’s tourism industry faces a bleak future as they try to work out proposals like providing insurance covers to remain attractive though they know very well no holidays are on the cards for long haul visitors and nothing is moving until September next year. Regulations in European markets are today becoming stringent and the [...]
CMA Sri Lanka COVID-19 SME development helps explore opportunities in Japan
Sri Lanka’s Institute of Certified Management Accountants (CMA) COVID – 19 SME Development Committee, set up by Prof. Lakshman R. Watawala, founder of CMA, to assist SMEs and other corporates to overcome post COVID-19 challenges, is keen to promote trade and investment opportunities in Japan for Sri Lankan companies. This committee has representations from professional [...]
Senior Prof. Sampath Amaratunge, first ever Senior Professor (Chair) of Business Economics at USJ
Senior Professor Sampath Amaratunge has been appointed the Senior Professor (Chair) of Business Economics, at the Department of Business Economics, Faculty of Management Studies and Commerce, University of Sri Jayewardenepura (USJ). He is currently serving as the Chairman of the University Grants Commission (UGC) of Sri Lanka. Prior to his appointment as the UGC Chairman [...]
IAC embarks on an ambitious expansion plan
Industrial Asphalts (Ceylon) PLC (IAC), a company listed on the Colombo Stock Exchange, is undergoing a capital raising exercise with the announcement of the rights issue. IAC is currently going through an expansionary process to increase its operating capability by strengthening its balance sheet. The decline in the economy experienced during 2015 to 2019 is [...]
Digital technology on cross hairs of educationalists in the country
Digital education today has crossed pre-set thresholds and provides a positive side to online education which children retain 20 per cent of what they learn than in a classroom said to be around 8 per cent according to statistics, said Dr.Harsha Alles, the Chairman Gateway Group at a recent webinar held on the topic of [...]
Moringa leaf strengthens immunity: SLMNA
The Sri Lanka Medical Nutrition Association (SLMNA) has stated that moringa with all its nutrients will increase the immunity of the people to fight any virus. SAJ Associates Managing Director Jayampathy Arambepola states in a media release “This is a valuable statement by SLMNA and this helped me to obtain some very high potential inquiries [...]
Hemas Hospitals designs Infectious Patient Transportation Chamber to fight COVID-19
Hemas Hospitals has created an Infectious Patient Transportation Chamber (IPTC); a sealed, easily maneuverable cubicle with wheels to transport suspected or positive COVID-19 patients. Created and built by Senior Manager – Operations, Hemas Hospitals Wattala Chaaminda Kodikara, the chamber was designed with the primary objective of warranting the safety of hospital employees and patients. The [...]
Convective Sun Dryer from PMB to farmers
Paddy harvesting Sri Lanka is now done mostly by mechanical harvesters. This is done before the grains are well dried to reduce shattering losses. Moisture content of machine harvested paddy is typically about 22 per cent. Drying of this wet paddy to 14 per cent before storage is a basic requirement but farmers face difficulty [...]
NDB Wealth, top wealth management company in Sri Lanka
NDB Wealth Management continues to be ranked as the number one wealth manager in Sri Lanka. “As the largest and most trusted Wealth Management firm in Sri Lanka, it manages over Rs. 140 billion in unit trust and private portfolio. NDB Wealth leads the Unit Trust or Mutual Fund business with its Money Market fund, [...]