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Accolade for Dilmah founder

Accolade for Dilmah founder

Sri Lankan tea industry veteran and Dilmah Tea Founder Merrill J. Fernando (second from right) on Friday seen being presented the Doctor of Science by Massey University in New Zealand.

Tax cuts aim to spur economic growth

Markets in Sri Lanka surged after a long spell and people were delighted by the new tax breaks announced by the government but the move worried economic experts owing to a drop in tax revenue and cash inflows. The government has taken radical measures to spur economic growth lifting business sentiment with a simple tax [...]

Hotels for sale, industry awaits promos

Sri Lanka’s tourism industry reeling from the aftermath of the Easter bombings and unable to cope with the losses incurred is selling out some of its hotels in the absence of adequate promotions to recover. “Most of the two and three star hotels are on sale around the country outside of Colombo,” City Hotels Association [...]

Carbon neutral dye courted by big brands

Did you know that carbon emissions from clothes outdo those released from all international flights and maritime shipping combined? The textile industry is – wait for it – the third most polluting industry in the world, behind energy and transportation. Clothing is a prickly industry to get a hang of because its many businesses bunched [...]

Ape Smart innovates to conserve energy

Ape Smart innovates to conserve energy

In total control of the home, Ape SmartLink is a new innovation that ensures energy is stored and used in a controlled manner according to each householder’s requirements and made accessible via the Internet. Mr.Jeremy Fernando is an innovator, having established the Innovative Smart Solutions Pvt. Ltd, who has patent rights to the Smart Plug [...]

Pleasing the masses

Pleasing the masses

Christmas, it seems, has come early to Sri Lanka after the new administration announced sweeping cuts in taxes, offering goodies to the people. This was on my mind as I sipped my cup of morning tea and watched Kussi Amma Sera and her friends – Mabel Rasthiyadu and Serapina – amusing themselves at the gate, [...]

Country of millionaires

Country of millionaires

My first visit to Vietnam was in 2012 to deliver a couple of lectures at a Master’s degree programme conducted by the University of Economics. The university was in Ho Chi Minh City (HCMC) – the capital of Southern Vietnam, which was formerly known as Saigon.   Every visitor to Vietnam has a common difficulty [...]

Dr. Ranali Perera among the 100 most influential professionals in the global energy industry

Dr. Ranali Perera among the 100 most influential professionals in the  global energy industry

Dr. Ranali Perera presently serving as a Petroleum Analyst at the Petroleum Resources Development Secretariat (PRDS), has been identified as amongst the top 10 future leaders and one of the 100 most influential professionals in the global energy industry. She has been featured in the Global Energy Elite Magazine launched by the Petroleum Economist Journal, [...]

Controversy over Lanka Mineral Sands limonite tender

Lanka Mineral Sands Ltd (LMSL) that had mined mineral sands over the past 61 years is operating without making targeted revenue from mineral exports due to violation of tender procedures, a recent investigation report highlighted. Accordingly the productions of the company are exported to Japan, the UK, Europe, the US, India, Pakistan, China etc. However [...]

Strict selection criteria for heads of state agencies

Under President Gotabaya Rajapaksa’s new administration, the Government on Wednesday invited proposals from experienced professionals to be considered as chairpersons and board members of regulatory and state agencies. According to a public notice published by Secretary to the President, Dr. P.B. Jayasundera, the Presidential Secretariat has called for EOIs (Expressions of Interest) from experienced professionals [...]

eZ Cash partners with HNB Finance facilitating convenient loan and leasing repayments

HNB Finance customers now have the flexible and secure option of repaying their loans through more than 25,000 eZ Cash merchant outlets island-wide with no additional payment charges to customers. This latest HNB Finance loan repayment method with eZ Cash eliminates the need for customers to visit a branch and allows for easy loan repayment [...]

Mitra Innovation is technology partner of choice to Cambodia’s mobile giant, Cellcard

Mitra Innovation, a fast-growing UK Technology solutions provider specialising in digital transformation, cloud enablement, and software development, has been chosen as the technology partner by Cambodia’s fastest, fully integrated communications company, Cellcard. This move is set to benefit their three million plus subscriber base in Cambodia. Mitra in a media release said that Cellcard offers [...]

Oman’s Salam Air wants share in tourist traffic

Oman’s first low-cost carrier Salam Air arrived in Sri Lanka on its inaugural flight to its 26th destination on Monday with the aim of seeing an increase in tourist traffic by 10 per cent year-on-year between Muscat and Colombo. The airline’s CEO Capt. Mohammed Ahmed speaking with the Business Times on the sidelines of the [...]

Analysis of the MCC with the government of Sri Lanka

Analysis of the MCC with  the government of Sri Lanka

There is serious controversy about the proposed Millennium Challenge Compact (MCC) bilateral treaty (Compact) with the Government of Sri Lanka (GOSL). The Compact has not been signed by the parties and does not have legal force or effect, as yet. This analysis seeks to clarify the key provisions in the Compact, and its Annex 1, [...]

STI Holdings conducts helical pile and load testing demonstration successfully

STI Holdings conducts helical pile and load testing demonstration successfully

St. Theresa Industries (STI) Holdings, a leading Sri Lankan steel fabricator and manufacturer of multiple accessories used for power generation, transmission and distribution, recently teamed up with international experts Hubbell Power Systems Inc to conduct a helical pile and load testing demonstration at the Ceylon Electricity Board training centre in Piliyandala. The programme consisted of [...]

Ceylinco Life launches ‘Pension Saver’ Retirement cum Life Protection Plan

A new Retirement cum Life Protection Plan that offers a Premium Assurance Benefit, Loyalty Rewards, and a monthly pension after maturity has been launched by Ceylinco Life to stimulate early investment in retirement. The objective of this product branded ‘Pension Saver’ is to enable adults between the ages of 25 and 45 to build a [...]

CB rejects claims by TFC on “potential investors”

The Central Bank (CB) on Wednesday rejected claims by The Finance Company (TFC) that it has been informed of three potential investors to resurrect the troubled finance company. “Even though news articles mentioned that TFC informed the Colombo Stock Exchange (CSE) that it has been approached by three interested parties to consider investing in the [...]

Arimac makes history at APICTA awards 2019

Arimac makes history at APICTA awards 2019

Arimac Digital from Sri Lanka was the most decorated winner from 16 Asia Pacific (APAC) countries including, Australia, Bangladesh, Brunei Darussalam, China, Chinese Taipei, Hong Kong, Indonesia, Japan, Macao, Malaysia, Myanmar, Pakistan, Singapore, Thailand, Vietnam and Nepal, at the 19th International Asia Pacific ICT Alliance (APICTA) Awards held recently in Vietnam. Arimac secured the most [...]

Aitken Spence Logistics invests in state-of-the art machinery

Aitken Spence Logistics invests  in state-of-the art machinery

Aitken Spence Logistics, a pioneer in the industry, has invested in a state-of-the-art brand new 180 ton capacity multi axle trailer, filling a long-awaited need in handling and transporting heavy over dimensional cargo in the logistics industry. Multi axle trailers are used in mega projects related to the construction, power and energy sectors. Investing in [...]

CEB to invest Rs.90-100 bn on new generation capital spending

The Sri Lanka Government aims to spend Rs.90 billion-100 billion per annum in the next two years as capital expenditure mainly on new power generation capacity, according to Fitch Ratings. In a media release on Monday, Fitch affirmed the Ceylon Electricity Board’s (CEB) National Long-Term Rating at ‘AA+(lka)’ with a Stable Outlook. The rating on [...]

Natural rubber cultivations can yet be made profitable

Natural rubber  cultivations can yet  be made profitable

The national rubber yield in Sri Lanka is hovering around 800 to 1,000 kg per hectare per annum over the past five decades. However, this is despite the Rubber Research Institute of Sri Lanka (RRI) introducing to rubber growers good agricultural practices that allow them to achieve an average cycle yield of around 2,000 kg [...]

Stocks rally on fiscal spur

Santa came early to Colombo’s stock market with the fiscal spur by the new government stirring up retail investors who were seen punting on consumer related stocks this past week. Analysts say that foreign investor exodus has started with Rs.2.6 billion in foreign sales upto Friday. In line with the pledges made during the presidential [...]

New government reviews country’s current financial programme

New government reviews country’s current financial programme

The new government will be reviewing the current financial programme to come up with their adjustments and additions to it in accordance with their fiscal policies. This was disclosed by Central Bank (CB) Governor Dr. Indrajit Coomaraswamy when he addressed his final media conference in Colombo on Friday 29, bidding farewell to his illustrious career [...]

Sri Lanka is already on the map of Australian tourists

Tourist arrivals from Australia are expected to grow as Sri Lanka’s tourism is on the map of Australia. “When more Australian tourists come here it is good for tour operators and for sustainable tourism and for the Australian businesses to supply food and beverage to the country. Last year we had 111,000 tourists from Australia [...]

DFCC Bank helps the Maldives structure the largest loan facility to date

DFCC Bank helps the Maldives structure the largest loan facility to date

DFCC Bank PLC recently entered into a ‘break-through’ partnership with one of the oldest and most established corporate entities in the Maldives, Cyprea Group of Companies, for a dual-tranche bilateral term loan, together with trade finance and guarantee facility. This landmark transaction is the single largest bilateral deal arranged by DFCC Bank to-date. The new [...]

Ceramics affected by ban on mining activity for raw material

Banning of mining activity for deposits for raw material in Sri Lanka has affected the ceramic industry which has forced all ceramic manufacturers including Noritake to import raw material from abroad, according to the Deputy Chairman/ Managing Director of Noritake Lanka Porcelain (Pvt) Ltd, Hidenori Tanaka. He made this statement as Chief Guest at the [...]

NDBIB records success in IPO in Maldives

NDBIB records success in IPO in Maldives

NDB Investment Bank (NDBIB), acting as the Sole Financial Advisor and Manager, successfully completed the Initial Public Offering (IPO) of Maldives Islamic Bank PLC (MIB), the only fully fledged Islamic Bank in the archipelago. MIB’s IPO, whilst raising MVR 244.1 million, was NDBIB’s second successful IPO in the Maldives and further elevated the investment bank [...]

Daraz 11.11 records fantastic results

November 11 saw achieve a record-breaking number of sales at the conclusion of the 11.11 sale. The fast-growing e-commerce platform over-achieved its revenue target by 140 per cent with more than 125,000 orders placed during 11.11, thus showcasing the increasing customer interest in e-commerce. Despite working during the pre-election period, Daraz ensured that 75 [...]

Central expressway project to be reviewed

The Central expressway saddled with irregularities and malpractices is to be reviewed by the new administration, Road Development Authority (RDA) officials said. At present the expressway is faced with further undue delay in the construction work of 33km stretch of road from Pothuhera to Galagedara in phase three of the project. More than four years [...]

Third Space Global initiates ‘Work-from-Home’ opportunities in Kandy

Third Space Global initiates ‘Work-from-Home’ opportunities in Kandy

Leading British online tutoring company, Third Space Learning, is expanding its business operations and reach in Sri Lanka through its fully-owned and BOI-approved Sri Lankan subsidiary, Third Space Global (Pvt) Ltd. At a conference held recently at Hotel Suisse in Kandy to mark the launch of their scalable work-from-home programme to potential teaching candidates, guests [...]

AI to play a major role in future retail trade

Global retail trade through Artificial Intelligence (AI) is seen hitting US$7.5 billion by 2022 and is also expected to replace 7 per cent of global job by 2025. A research study done by the International Business Machines (IBM) on retail trade shows that 85 per cent of retailers in 83 countries will be involved in [...]

Dilmah founder Merrill J. Fernando’s work recognised with NZ doctorate

New Zealand – Dilmah Tea Founder Merrill J. Fernando on Friday was awarded the Doctor of Science by Massey University in New Zealand. He was nominated for the honorary doctorate by the Pro Vice Chancellor College of Sciences, Prof. Ray Geor, together with Distinguished Prof. Paul Moughan, director Massey University’s renowned Riddet Institute. Mr. Fernando [...]

BMICH hosts foreign MICE agents on Fam tours

BMICH – Sri Lanka’s iconic landmark recently hosted MICE (Meetings, Incentive, Conventions and Exhibitions) agents from Australia, India China and Singapore on a familiarisation tour of the extensive facilities available at South Asia’s largest, purpose-built convention centre. These MICE agents represent travel and event management companies based in Australia, China, Singapore and India. The agents [...]

Kingsbury revamps with Rs 750 m transformation

Kingsbury revamps with Rs 750 m transformation

The Kingsbury, one of Sri Lanka’s iconic hotels, opens a brand new chapter in its history on December 7 under a 750 million-rupee revamp of the Colombo property. The transformation brings to the fore five new restaurants, which opens its doors to gastronomic journeys promising innovative dining propositions and indulgent gourmet experiences. Augmenting the transformation, [...]

Planning manpower on the path to prosperity

Planning manpower on the path to prosperity

The people of the country have selected a visionary leader for their progressive future. It is high time for us to consider what has gone wrong in the past and take action to plan the country’s national development strategies to usher prosperity for the nation. Human resources planning is a premier requirement which should receive [...]

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