Is it possible for Sri Lanka to afford trillion rupee public service?

As Sri Lanka’s annual public service salary and pension bill exceed one trillion rupees per annum for the first time in history, the writer calls upon Presidential Candidates to present their proposals for meaningful public service reform.

Cinnamon’s 15th property opens doors in Maldives

Cinnamon Hotels & Resorts, the leisure arm of John Keells Holdings continues expansion with the opening of its newest hotel, Cinnamon Velifushi Maldives. The opening of the new r

Need for broad-based high school education through multidisciplinary approach urged

Sri Lanka is urged to broad-base its high school education system through a multidisciplinary and interdisciplinary approach to prepare future graduates to stay relevant in the dynamic economy.

Intellectual Property vital for socio-economic advancement: SL envoy

Addressing the 59th Session of the WIPO General Assemblies recently, the delegation of Sri Lanka recalled how strengthened Intellectual Property systems remained critical to the effective pursuit of economic and social development, by enabling developing countries to be fully engaged in the global economy driven by knowledge and innovation. Sri Lanka’s envoy in Geneva, Ambassador A.L.A Azeez, referred to the multifaceted work that WIPO has carri

Craft sector wins free insurance cover for first time

Sri Lanka has activated the long awaited free insurance facility to its historic crafts and handicrafts sectors. Sri Lanka announced it’s also keen on introducing hi-tech design tools to its craftsmen so that their intricate work could garner better global attention. “Very soon there will be demands by our craft sector to start work with l

Sri Lanka should set up professional debt management unit: Academic

As Sri Lanka increasingly indicates characteristics of a debt trap scenario, an academic urges the government to consider setting-up a professional debt management unit to manage the debt efficiently. “A typical debt trap situation is when you a

Mercedes-Benz offers subsidies to retrofit older diesel cars in Germany

BERLIN (Reuters) - Daimler said recently Mercedes-Benz customers in Germany could apply for a 3,000 euro (US$ 3,350) subsidy to upgrade the exhaust filters of older, polluting diesel vehicles, the latest effort am

Iran says China’s CNPC pulled out of gas project

TEHRAN (AFP) - Iran’s oil minister said yesterday that China’s CNPC has withdrawn from the development of an offshore gas field and that state-owned Petropars will take over the entire project. The South Pars gas field was to be developed jointly by France’s Total, China National Petroleum Corporation and Petropars under a US$ 4.8-billion (4.1 billion-euro) deal signed in July 2017. The deal came after Iran rea

Ceylon Tea global promotion campaign kicks off in Moscow

The maiden launch of the Ceylon Tea Global Promotion Campaign took-off ceremonially with pomp and pageant in the capital city of the Russia Federation last week. Moscow was the center of attraction where 150 guests from the tea fraternity were mesmerized by the cultural troop of Chandana Wickramasinghe consisting of ten male and female dancers.

Construction work begins to launch CineCity Waterfront and Art Centre by 2020

Bringing in new hopes to the Sri Lankan cinema industry, construction work for Cinecity Waterfront and Art Centre commenced yesterday. Back in the day Pettah has had strong links to Sinhala Cinema and was frequented by artistes and those who appreciated arts. This culture eventually died down. But 105 years later, Pettah will once again transform in

MODSIT to fast track German investments in Sri Lanka

The Ministry of Development Strategies and International Trade (MODSIT) and the Board of Investment of Sri Lanka held an interactive meeting titled ‘German Sri Lankan Fast Track Dialogue with the German investor community’, to address any issues faced by investors from Germany currently operating in Sri Lanka. The German delegation was led by Jorn Rohde, Ambassador of the Federal Republic of Germany to Sri Lanka. German Companies which were rep

CSE joins the world ringing trading bell for financial literacy

The Colombo Stock Exchange (CSE) yesterday joined market operators around the world by ringing the bell for financial literacy, to celebrate World Investor Week 2019, a global campaign that aims at raising awareness amongst the masses on the features of the financial landscape in their respective countries. An initiative of the Internation

US computer maker HP to cut thousands of jobs

SAN FRANCISCO (AFP) - US computer and printer maker HP announced Thursday it will cut more than 10 percent of its global workforce to simplify operations and cut costs. The California-based company said it will trim its workforce of some 55,000 employees by up to 9,000 positions over the next three years. “We are taking bold and decis

Asian markets mixed ahead of US jobs data as economy fears build

HONG KONG (AFP) - Asian markets were mixed yesterday as investors tentatively await the release of key US jobs data later in the day, following a number of disappointing figures this week that fanned concerns about the world’s top economy. Hong Kong tumbled, with property firms among the worst hit, as demonstrators took to the streets again to protest the imposition of a law banning face masks following months of sometimes violent protests.

Japan’s Uniqlo takes plunge in uncertain India retail market

NEW DELHI (AFP) - Japanese clothing giant Uniqlo yesterday opened its first store in India, one of its largest worldwide, becoming the latest global retailer to plunge into the huge but tough developing market. The South Asian nation, w

Growth to pick up with easing of political uncertainty

First Capital Research (FCR), a Colombo-based equities research house, expects Sri Lanka’s economic growth to pick up to 4.1 percent next year with possible easing of political uncertainty following the Presidential Election scheduled for next month. However,

AIA Insurance Lanka successfully delists from CSE

AIA Insurance Lanka PLC said yesterday it received a letter from the Colombo Stock Exchange confirming that the company was delisted from the official CSE list effective October 2, 2019.

September sees unexpected dip in tourist arrivals

Tourist arrivals in the month of September slowed 24.4 percent from a month ago to 108, 575, ending the three-month recovery streak that followed Easter Sunday attacks, according to data released by the Sri Lanka Tourism Development Authority (SLTDA). Compared t

Access Engineering to invest Rs.4-5bn in latest acquisition

Access Engineering PLC will invest big money in its latest acquisition, W.U.S. Logistics (Pvt) Ltd., which marked the construction major’s entry into the logistics sector, to set up a world-class logistics facility in Kimbulapitiya, Negombo.

NCE dismayed by govt.’s inaction in tackling railway strike

The National Chamber of Exporters (NCE) which services the most vital component of the economy, namely exports, yesterday expressed its utter dismay at the failure of the political leadership to have acted and halted the ongoing railway strike.

Axiata’s tower unit seeking deals to enter new markets, expand

(Kuala Lumpur) REUTERS: Malaysian telecoms firm Axiata Group Bhd has asked its edotco towers unit to seek deals to enter new markets or expand in Southeast Asia and South Asia, and may consider selling a stake if attractive large investment opportunities arise. Axiata last month pulled t

Stocks down for 5th session amid foreign outflows; political woes weigh

(Colombo) REUTERS: Sri Lanka’s stocks fell for the fifth straight session yesterday to a more than 10-week closing low, as foreign investors sold the island nation’s risky assets, while the rupee closed lower.

Oracle says Lankan customers excited to come on board the autonomous journey

As the Redwood City, California-based computer technology firm Oracle Corp. is aggressively expanding its autonomous product offering with its Co-founder, Executive Chairman and Chief Technology Officer Larry Ellison announcing a Linux-based autonomous operating system that will complement the firm’s already launched autonomous data warehouse, a top Oracle official overlooking the Asian region said their Sri Lankan customers are excited to come o

Bridging gap between finance and marketing departments

Marketing and finance are fundamental departments at any organisation. But usually they operate on their own without any connection to one another. While those in finance are often stereotyped, many business analysts believe that this disconnect is unhealthy for any organisation in the long term.

Harsha slams rent-seeking public sector for scuttling e-govt. projects

The rent-seeking nature of Sri Lanka’s public sector is blamed for the failure to fully implement the key e-government initiatives, including the Electronic Government Procurement (e-GP) System aimed at enhancing the efficiency and cutting wastage in the public sector. “I am still unable to buy a pack of A4 paper via the so-called Electronic Government Procurement (e-GP) System. People have been working on it for years.

Cinnamon Life office tower to open for business early 2020

John Keells Properties yesterday announced a major milestone in Colombo’s landmark development project Cinnamon Life, sharing that the office tower of the complex will officially open for business in early 2020.

SL’s electricity space to be upgraded with smart metering

Sri Lanka’s electricity sector is in the midst of embarking on a massive technological advancement journey with the Ceylon Electricity Board (CEB) looking to expand its smart metering pilot project, after a successful test run carried out at two locations.

Unilever reveals global tea suppliers in drive for slave-free sourcing

THOMSON REUTERS FOUNDATION: Consumer goods giant Unilever released a list of its global tea suppliers on Thursday, bolstering a drive to stamp out worker exploitation and modern-day slavery on plantations.

Access Engineering acquires logistics firm for Rs.925mn

Access Engineering PLC yesterday said it has fully acquired a privately-held logistics firm W.U.S. Logistics (Pvt.) Ltd, for Rs.925 million.

SL places orders for onion imports with Egypt, China as India ban bites

Sri Lanka has placed orders for alternative onion imports as India, the world’s biggest onion seller, banned exports after the extended monsoon downpours delayed harvests and supplies shrivelled.