Corruption, accountability and transparency - Role of professional accountant

It is my pleasure to contribute this article on the topic of ‘Corruption, Accountability, Transparency and Good Governance – The Role of the Professional Accountant’ to this edition of the CMA Sri Lanka journal. These themes are central to the International Federation of Accountan

Hemas Hospitals with ‘BreastOber!’ offers 30% savings on mammograms

Breast cancer is a global concern and Sri Lanka is no exception to this alarming trend. Every 14 seconds, a woman is diagnosed with breast cancer worldwide and early detection is crucial for a 100 percent cure rate. With 2.3 millio

Pippin new store opened at Ninewells Hospital, North Wing

A baby and mother care company that started in 2018 as a small online store run by a stay-at-home mother celebrated the grand ope

Granddaughter of hospital’s namesake pays tribute to Joseph Fraser Ninewells Hospital

The famous women and children’s hospital, Joseph Fraser Ninewells Hospital, witnessed a touching tribute to its storied 100-year legacy, as Patricia Molloy, the granddaughter of the hospital’s namesake, Joseph Fraser, visited the institution as a gestur

Fairfirst Insurance now offers affordable daily hospital cash cover via ComBank Flash

Fairfirst Health Insurance is now conveniently accessible through Flash, the comprehensive digital banking account provided by Commercial Bank. This groundbreaki

China’s Xi announces over US$ 100 bn in new Belt and Road funding

AFP: Beijing will inject over US$ 100 billion of new funding into its Belt and Road initiative, President Xi Jinping said Wednesday at a summit marking the vast infrastructure project’s tenth anniversary. The Belt and Road is a central pillar of Xi’s bid to expand China’s clout overseas, with Beijing saying it has now inked over two trillion dollars in contracts around the world. Proponents hail it for bringing resources and economic growth to th

Govt. calls for private sector participation in labour law reform for modernisation

While Sri Lanka is in the process of reevaluating its outdated labour laws, which do not align with the current global trends and developments, the Labour Ministry is urging the country’s private sector to actively engage in and support the forthcoming reforms.

Government to set up specialised fishing industry investment zone in Northern province

Sri Lanka is in the process of establishing a specialised investment zone in the Northern province, with a focus on catering to the unique needs of the fishing industry.

Southbeach Weligama completes superstructure on time

Southbeach Weligama, Sri Lanka’s most exciting new freehold address on the southern coast has just completed its superstructure, readying for scheduled completion in 2024. Despite Sri Lanka undergoing considerable challenges since construction began, the project remained well on its timeframe at every milestone point of construction including the completion of the superstructure. Southbeach Weligama entered the into the real estate market when

RE/MAX Sri Lanka re-energizes with renewed vision

In an exciting development for the Sri Lankan real estate market, RE/MAX Sri Lanka is set to embark on a journey of innovation and excellence under new leadership. Accordingly, a special RE/MAX Sri Lanka 2.0 event was held at the prestigious Cinnamon Grand Hotel in Colombo, where RE/MAX Sri Lanka was Re-Energized with Renewed Vision, promising to be the largest launch of its kind in the country.

Pure World Technical Services expands footprint to Sri Lanka

Pure World Technical Services (PWTS), a home-grown facilities management provider, recently announced the official commencement of its operations in Sri Lanka, bringing its cutting-edge integrated facilities management services to the country. PWTS is renowned for its customer-centric approach, and this ethos is reflected in the launch of its mobile APP and the Website, allowing customers to request services with ease. The company’s dedication t

INSEE Ecocycle partners Daraz to provide sustainable waste solutions

INSEE Ecocycle has partnered with Daraz to provide sustainable waste management solutions as part of their shared commitment to strengthen Sri Lanka’s circular economy. Under the groundbreaking partnership, INSEE Ecocycle is providing innovative, sustainable resource recovery solutions tailored to Daraz’s specific needs. The focus is on managing the waste generated at Daraz’s warehouse, predominantly comprising expired or damaged Fast-Moving Con

Ex-Pack awarded with Carbon Neutral certification for second year

Ex-Pack Corrugated Cartons PLC, was awarded the Carbon Neutral certification for the second consecutive year, reaffirming its unwavering commitment towards sustainability and environment-friendly manufacturing practices and pursuing actions that are essential to combat climate change. This achievement is one that is well commendable given the nature of the industry it operates in. Ex-Pack was able to register a significant reduction in its carbo

Sampayo unveils athleisure brand with cutting-edge RFID technology

Sampayo athleisure, a brand with cutting-edge RFID technology was launched for the first time in Sri Lanka, recently. Top Sri Lankan female fitness personality, social media influencer and renowned Coach Sarani Tillekeratne (@physique.by.sari) who is revolutionizing fitness wear in Sri Lanka partnered with ADETEX-ID Ltd to launch her brand Sampayo. All Sampayo clothes are manufactured with RFID technology in the form of RFiD Threads. Developed

ALFT Packaging wins Gold at Asian Packaging Excellence Awards 2023 in Thailand

ALFT Packaging has clinched Gold in the category ‘Wide Wed Flexo’ at the Asian Packaging Excellence Awards 2023 held in Bangkok, Thailand recently. Notably, ALFT Packaging was the only Sri Lankan company to receive an award. The annual Asian Packaging Excellence Awards is a testament to excellence, innovation, and sustainability recognising and celebrating the best packaging printers across the Asian region. Now, in its 20th year, the Awards are

Sri Lanka president urges debt relief to help green transition

BEIJING (REUTERS): Sri Lanka’s president yesterday said debt relief for low-income countries should be part of the green transition and inaction on debt could pose an existential threat to China’s Belt and Road Initiative. Speaking at a panel on greening the Belt and Road Initiative in Beijing, President Ranil Wickremesinghe said Sri Lanka’s Climate Prosperity Plan requires investment of US $ 26.5 billion through to 2042 and its roadmap for carbo

Semasinghe confident of striking staff-level deal with IMF soon

Finance State Minister Shehan Semasinghe is confident that Sri Lanka will be able to reach a staff-level agreement with the International Monetary Fund (IMF) soon, on the disbursement of the second tranche of the US $ 2.9 billion Extended Fund Facility (EFF). An official delegation led by Semasinghe attended the World Bank Group and International Monetary Fund 2023 Annual Meetings, in Marrakech, Mororcco.

Major players collaborate on Colombo Port City phase 2 development, sealing US $ 1.5bn deal in Beijing

A corporation framework agreement worth US $ 1.565 billion was signed in Beijing on Tuesday by the Port City Economic Commission, China Harbour Engineering Company, Browns Investments and Hunan Construction Investment Group, for the phase two development of the Colombo Port City project. This agreement encompasses the development of the Marina Project, Marina Hotel Project and Colombo International Financial Centre Mixed Development Project. T

Surath Ovitigama appointed as PDA Chairman

Power and Energy Minister Kanchana Wijesekera yesterday announced the appointment of energy sector expert Surath Ovitigama to the post of Chairman of the Petroleum Development Authority (PDA). Ovitigama is an energy industry professional, with over 20 years of international experience and had worked in the UK, Norway North Sea oil and gas sector and South East Asia. “Surath served as DG of the PDA from 2020 and will be tasked with expediting

FTZMA proposes resumption of Export Forum

The Free Trade Zone Manufacturers’ Association (FTZMA) has recommended to the Export Development Board (EDB) the resumption of the Export Forum and creation of a thriving environment for the sector. This recommendation came about during a recent courtesy call by FTZMA Chairman Dhammika Fernando and the Executive Members to EDB Chairman Dr. Kingsley Bernard. The primary objective of the meeting was to identify opportunities for mutual cooperation

Tea exports surge by 7.5% YoY in September, reaching 23.16 MnKgs

The tea exports from Sri Lanka for the month of September 2023 totalled 23.16 million kilogrammes, expanding by 7.5 percent year-on-year (YoY). Majority of the product categories, except for bulk tea and instant tea, witnessed increases against the corresponding period in 2022. Meanwhile, the FOB value in September 2023 was recorded at Rs.1,671.39, a decrease of Rs.310.24 YoY, compared to Rs.1,981.63 of September 2022. Negative variances were rec

Bath Curry indicator shows 2% yearly food price increase and 1.6% monthly dip

Advocata’s Bath Curry Indicator (BCI), a price index monitoring monthly fluctuations in the retail prices of commonly consumed food items, has reported a year-on-year increase of approximately 2 percent from September 2022 to September 2023. and a month-on-month decline of 1.6 percent in prices between August and September 2023.

CBSL Governor and Talal Rafi to speak at Oxford Global Society Panel

The Oxford Global Society will be hosting a panel discussion on the topic ‘IMF: Long Overdue Reforms’ with Sri Lanka, as a case in point, on October 27, 2023. The Oxford Global Society is a policy think tank, which is headed by Professor Denis Galligan (Emeritus Professor at the University of Oxford and a Visiting Lecturer at Princeton University). Dr. Nandalal Weerasinghe is Governor of the Central Bank of Sri Lanka and he served as the former

SOE reforms in focus at Sri Lanka Economic Summit 2023

The second session of Sri Lanka Economic Summit 2023 titled ‘SOE Reforms – Now or Never’ will focus on the imperative for SOE reforms, sharing invaluable insights into the ongoing SOE reforms and their potential impact on economic growth. The session will centre around a deep dive into the trans

Reforming tax system: A path to fiscal stability and economic growth

Raising government revenue is critical for Sri Lanka to recover from the current economic crisis and create a more sustainable economic environment. However, taxes should be paid by those who can bear the burden.

Think tank warns of election-induced challenges to SL’s economic recovery

Colombo-based economic think tank, the Institute of Policy Studies (IPS), has issued a cautionary note in its latest publication, suggesting that the upcoming elections next year could potentially disrupt the necessary reforms required for the country to achieve a sustainable economic recovery. As Sri Lanka faces economic difficulties, with presidential elections approaching in 2024, there may be resistance to austerity and reform measures driven

EOI process underway for sale of government interest in Lanka Hospital

The Lanka Hospital Corporation PLC (LHC) said yesterday notices/advertisements will be published in national and international newspapers and magazines, starting October 18, 2023, inviting Expression of Interest (EOI) for the sale of the government-owned interest in the company.

United Motors to buy Dutch Lanka Trailer from Tata Group unit for Rs.700mn

United Motors Lanka PLC (UML) said yesterday it has entered into a share sale and purchase agreement with TRF Singapore Pte. Ltd. to purchase 100 percent shareholding of Dutch Lanka Trailer Manufacturers Limited for a total sum Rs.700 million. UML in a stock market filing said the deal is subject to the terms and conditions of the said share sale and purchase agreement. Indian media reports said the sale also included 100 percent subsidiary Dutc

FIU collects Rs.1.7mn in penalties from 4 financial institutions for AML/CFT non-compliance

Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the Financial Intelligence Unit (FIU) has collected administrative penalties totalling Rs.1.7 million from four financial institutions during the period spanning from April 1, 2023, to September 26, 2023. The administrative penalties were imposed for the failure to adhere to Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), in relation t

CO2 pollution expected to hit new record in 2023: researchers

AFP: Global emissions of planet-heating carbon dioxide are expected to rise around one percent to reach a new all-time high in 2023, the climate scientist behind the preliminary research said yesterday. Scientists say carbon pollution will need to be cut almost in half this decade to meet the world’s targets of limiting global warming and avoiding catastrophic climate impacts. Global CO2 emissions should be falling by around five percent this yea