Inaugural flight from Kazakhstan
The Bandaranaike International Airport Katunayake this week welcomed the maiden flight of Air Astana, flag carrier of Kazakhstan, carrying 157 passengers (seen in the picture by T.K.G. Kapila).
CPC cancels Nigerian crude oil contract over non-performance
Following the failure to supply a stock of crude oil on time, the Ceylon Petroleum Corporation (CPC) has cancelled a contract granted to M/s Conscio Ltd, Nigeria to import Murban crude oil over nine months, the CPC said. This Nigerian company had entered into an agreement with the corporation to supply 2,062,500 barrels of crude [...]
Investors want CB to untangle regulations
Free trade zone exporters have raised crucial issues with the Central Bank (CB) as they fear if their problems are not addressed they would have to pull out. But it is learnt that the regulator seems to remain optimistic of investor confidence. While some foreign investors were busy in India finding places to relocate to [...]
Biz frustrated over stressors on exchange rate
Frustrated businesses are starting to relocate while certain foreign investors are pulling the plug on intended investments or rethinking their strategies in Sri Lanka, industry officials say. “It’s the worst of times,” a top CEO of an exporting company told Business Times on Wednesday. A senior banker confirmed this noting that certain foreign investments have [...]
Simmering row led to mass resignation of BOI board
A simmering row between Board of Investment (BOI) senior management and other senior government officials over a multitude of issues including costly expenses and recruiting professionals at high salaries led to the entire board quitting this week. While BOI Chairman Sanjaya Mohottala and Director General (DG) Pasan Wanigasekera were among those who resigned, there was [...]
Govt.’s change of heart leaves farmers in the lurch
Sri Lanka’s agriculture sector as a whole is in trouble despite lifting the ban on chemical fertiliser imports and the country is faced with the crisis in the global market where prices have skyrocketed leaving local farmers out in the cold with no subsidies for cover. There is a natural trend for prices to increase [...]
Getting tough
As the choon-paan karaya came down the lane with loud music alerting all the residents on this Thursday morning, the trio gathered at the gate to ‘welcome him’. I used the words ‘welcome him’ in jest, since their ‘welcome’ to Aldoris was mostly annoying him! “Ah Aldoris, mona bakery kemada ada ganan wedi wela thiyenne [...]
Omicron and what comes next
WASHINGTON, DC – There is an adage that you cannot have back-to-back financial crises. The implication is that a financial crisis causes people to be more careful – so any bank, investment firm, or investor who survives one crisis will not be taking big risks anytime soon. But two years after the onset of the [...]
SLID’s Women Directors’ discussion on “Empathetic Leadership in a Time of Crisis”
The Women Directors’ Forum (WDF) of The Sri Lanka Institute of Directors recently organised a panel discussion titled “Empathetic Leadership in a Time of Crisis” at the Cinnamon Grand Colombo to discuss and share insights with its members on the virtues of and the need for empathy in leading organisations in times of crises such [...]
Venture Engine advances to workshop phase
Sri Lanka’s pioneering start-up acceleration programme, Venture Engine, has kicked off its workshops phase. Over the next few weeks, participants will be focusing on upgrading their business acumen and other skills and, as a consequence, become better prepared to engage with potential investors and mentors. Now filtered down to the most fundable start-ups following a [...]
HCL Technologies to attract talent in Sri Lanka
India’s HCL Technologies (HCL), the US$10 billion global technology company, aims to attract a lot more Sri Lankan talent in proportion to its expansion plans in Sri Lanka, officials said. “We want to staff 5000 employees in say five years, but we are hoping it will be before that. This year we cross the 1000- [...]
PA commends Government’s decision on agri input imports
Commending the Government’s decision to allow private sector imports of fertiliser and agrochemicals into the country, the Planters’ Association of Ceylon (PA) has offered its support to the authorities in arriving at a long-term solution to the issue, amenable to all parties. The association – which represents the Regional Plantation Companies (RPCs) involved in the [...]
BCC gets approval to import desiccated coconut with a tax wavier
As a short term solution for the prevailing coconut shortage in the country, the Government has decided to import dried coconut slices (disintegrated dehydrate coconut kernel with brown skin), to meet the demand of related industries mainly coconut oil manufacturers. In a joint Cabinet memorandum of the two ministries of plantation and industries, a quantity [...]
MY Kalizma – first super-yacht to berth at Port City Colombo Marina
MY Kalizma – the super-yacht, once owned by Hollywood screen idols Elizabeth Taylor and Richard Burton- docked at the Port City Colombo Marina last Sunday, arriving from the Maldives. Pierre Pringiers, Chairman of the Sail Lanka Yachting Group which manages the Port City Colombo Marina said, “To see this historic Superyacht berthed at the marina [...]
Sri Lanka increases local production of drugs
Sri Lanka’s pharmaceutical sector has stepped up efforts during the past two years to cater to the national demand for drugs in the midst of import restrictions compelled by the global pandemic. The industry revival is a result of the Memorandum of Understanding followed by a Joint-Venture Agreement signed between State Pharmaceutical Manufacturing Corporation (SPMC) [...]
LOLC firm’s RT-LAMP Test Kit for COVID-19 detection
Across the world, the outbreak of COVID-19 has spurred widespread scientific research from prevention, cure to detection. And in this context, LOLC Advanced Technologies collaborated with the Sri Lanka Institute of Nanotechnology (SLINTEC) through Ceylon Nano Diagnostics Pvt Ltd (CNDL) to introduce the loop-mediated isothermal amplification (LAMP) method for the first time in Sri Lanka [...]
ADB honours ComBank as leading partner bank
The Commercial Bank of Ceylon has been adjudged the Asian Development Bank (ADB)’s ‘Leading Partner Bank in Sri Lanka’ at the 2021 edition of its Trade and Supply Chain Finance Programme (TSCFP) Awards that recognise banks that support trade in Asia and the Pacific. The award was conferred upon Commercial Bank for recording the highest [...]
SLs first electronic Bill of Lading by Eswaran Brothers
Eswaran Brothers Exports, one of Sri Lanka’s premier tea suppliers for over five decades, has become the first exporter in the country to adopt eBL from TradeLens, a digital supply chain platform. Eswaran Brothers’ initiative to adopt TradeLens eBL comes at the time when the Digital Ministry of Sri Lanka is building and implementing a [...]
Sl’s largest locally owned e-com giant, Kapruka reflects on upcoming IPO
Ahead of its upcoming initial public offering (IPO), Kapruka, the pioneering e-commerce platform that has evolved into Sri Lanka’s largest locally owned global e-com platform, has reflected on its journey thus far, and the large corporate footprint and client-base it has developed and served throughout the years. Launched in 2002 as a start-up by founder [...]
ATG Gloves workers protest demanding labour rights
Hundreds of workers of several trade unions staged a protest demonstration opposite the Wathupitiwala BOI zone entrance on Monday against ATG Gloves Knitting (Pvt) Ltd over the unjust dismissal of 16 employees in August this year, witnesses said. Members of trade unions, representatives of political parties’ workers and women’s rights organisations, lawyers, factory workers from [...]
Sri Lankan travellers fear Omicron shutdowns
Amidst uncertainty over a possible global shutdown Sri Lankans fear travelling on tour packages offered by outbound travel agents. With all the uncertainties and the rules that keep shifting people are uncertain of travelling out of the country, Travel Agents Association of Sri Lanka past President and Mackinnons Travels CEO Trevor Rajaratnam told the Business [...]
Water Board to sell or lease unutilised lands to raise funds
The National Water Supply and Drainage Board (NWSDB) is considering selling or leasing its unutilised lands to reduce debt, top officials said. The board is grappling to offset losses in revenue owing to ever increasing non-payment of water bills by public entities and consumers in the COVID-19 crisis. The accumulated arrears and the default in [...]
How marketers should lead themselves and others
Many senior marketers often confuse between doing marketing and leading marketing. Various global surveys found that the latter outperforms the former. Leadership as a marketing strategy plays a key role; in many cases it defines and narrates the future of an organisation. However, this is not the typical leadership here; it’s much more than just [...]
Banks’ Chief Internal Auditors’ Forum Committee for 2021/22
The Chief Internal Auditors’ Forum of Banks appointed its 5th committee recently. Seated from left – Varuna Koggalage (Committee Member), Numair Cassim (Vice President), Charitha Jayawickrama (President), Nirosha Perera (Secretary), Dulan Abeyratne (Committee Member) Standing from left – Dhananjaya Dayananda (Committee Member), Chandima Samarasinghe (Outgoing Secretary), John Premanath (Outgoing Vice President), Maduwantha Liyanage (Immediate Past [...]
SL has lowest revenue collection in the world-Verite Research
All annual budgets in Sri Lanka are the same and a replay of the same problems every year, lacking credibility. Government revenue is the lowest in the entire world, said Ms. Subhashni Abeysinghe, Research Director – Verite Research at a webinar held last Tuesday on the topic “Tomorrow’s Budget Today” arranged by the Economic Student’s [...]
Daraz CEO visits Sri Lanka
Daraz Group CEO, Bjarke Mikkelsen visited Sri Lanka on 25-26 November 2021 and during his visit he met with key government leaders and officials including, Namal Rajapaksa, Minister of Youth & Sports and State Minister of Digital Technology and Enterprise Development; Tharaka Balasuriya, State Minister of Regional Cooperation; Ajith Nivard Cabraal, Governor – Central Bank [...]
New HSBC CEO for SL/Maldives appointed
Mark Surgenor has been appointed as Chief Executive Officer of HSBC Sri Lanka and the Maldives from December. He succeeds Mark Prothero, who retired from HSBC at the end of August, the bank said.
IFC launches Sri Lanka Chapter of Women Corporate Directors
In a bid to promote boardroom diversity and establish a network of existing and prospective women directors, the Women Corporate Directors Foundation (WCD)—the largest organisation of women corporate board members globally—launched its first local chapter in Sri Lanka on Tuesday. Supported by IFC, under the IFC-DFAT Women in Work programme, this initiative aims to offer [...]