Transcom Electronics Pvt. Ltd. Selects IFS Applications 10 for complete business integration

IFS, the global enterprise applications company, announces that Transcom Electronics Pvt. Limited will deploy IFS Applications™ 10 as its ERP backbone for managing core business processes and improving scalability in their retail business.

Dhammika unveils action plan to make SL a developed nation

Business tycoon and Vallibel One PLC Chairman Dhammika Perera yesterday laid out a brand-new tax structure with tax cuts and incentives to guide Sri Lanka to the developed nation territory by 2030, as the current tax regime has failed to attract the required investments during the past five years for the economy to take off and avoid the so-called middle-income trap. Perera y

Groom named Thomas Cook has wedding ruined by Thomas Cook collapse

CNN: A groom who shares the same name as the travel operator Thomas Cook has had his wedding plans ruined by the company’s collapse. Cook and his partner, Amelia B

Subsidising of loss-making SOEs via state banks major threat to banking system: Amunugama

A senior politician in the country recently bemoaned the practice of subsidising loss-making state-owned enterprises (SOEs) through state banks which has indirectly resulted in crippling Sri Lanka’s banking sector.

Vehicles stuck at H’tota port to be released at old tax rate

The Finance Ministry yesterday announced a relief scheme to release the vehicles stuck at the Hambantota port, imported during January 2015 to November 2017, due to sudden hike in taxes.

National brand for spices ‘Ceylon Spices’ to be unveiled today

The Export Development Board will launch Sri Lanka’s country-of-origin trademark for the spices sector today at JAIC Hilton, Colombo. The mark supports growers, processors and manufacturers by helping them clearly identify their products as Sri Lankan-made, and informs customers and consumers that all significant parts, produce, processin

CB orders banks to cut lending rates at least 2% by Oct.15

The Central Bank yesterday said it ordered all licensed commercial banks (LCBs) to cut lending rates at least by 200 basis points by next month as other policy measures employed by the monetary authority to stim

Hemas wins Asia’s Most Socially Responsible Company Award

Hemas won the Grand Award for Asia’s Most Socially Responsible Company of the year at the Asia Corporate Excellence & Sustainability (ACES) Awards Ceremony held in Bangkok, Thailand.

Absence of effective comms skills cited as key barrier to SOE reforms

The present regime’s absence of effective communication skills to engage all relevant stakeholders was pointed out as the main impediment for state-owned enterprise (SOE) reforms in Sri Lanka, by an opposition lawmaker, at a recent forum, although a government minister rejected the claim and stressed that the support extended by the Opposition is key to successful SOE reforms.

Govt. interference has led to SriLankan’s downfall, Ranil tells CNN’s Quest

National carrier SriLankan Airlines should be managed by the private sector as the interference by the government had led to its downfall, Prime Minister Ranil Wickremesinghe said yesterday.

Vehicle registrations steady in August

Sri Lanka’s vehicle registrations were steady in August from July as the equal number of working days in the month helped the registrations to remain virtually at same levels.

RIU’s latest research report calls for pragmatic tobacco tax policy

A Colombo-based research firm yesterday charged that the government’s failure to address the issues relating to the highly debated tobacco tax policy has led to a shift towards illicit products, which has already resulted in a considerable loss in tax income to the government.

Expolanka settles US lawsuit for US $ 6.75mn

Expolanka Holdings PLC yesterday said it settled a lawsuit against its US subsidiary by agreeing to pay US $ 6.75 million without acceptance of liability.

Thomas Cook folds, sparking worldwide repatriation of tourists

(London) AFP: British travel group Thomas Cook yesterday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back tens of thousands of stranded passengers.

National prices up 3.4% in August

Sri Lanka’s countrywide inflation measured by the National Consumer Price Index (NCPI) rose to 3.4 percent in August, from 2.2 percent in July, amid the low base that prevailed in the corresponding month of the previous year and the increases in the prices of food and non-food items.

Dankotuwa Porcelain shines at Presidential Export Awards

Dankotuwa Porcelain PLC was adjudged as Best Exporter in the Porcelain and Ceramic category at the recently concluded Presidential Awards 2018/19.

FMI sets benchmark in customer satisfaction with ISO certifications

Raising the bar higher for excellence in the field of customer satisfaction, application of exemplary facility management practices with a commitment to protect the health and safety of the community at large, Facilities Management Integrated has set the benchmark with its achievement of two ISO certifications.

Top exporter Anverally and Sons wins three accolades

Anverally and Sons (Pvt) Ltd., one of Sri Lanka’s oldest exporters of tea, with a history of 129 years, has won three awards on consecutive days last week, demonstrating the company’s continuing dynamism.

Pearson relocates global technical operations hub to MAGA ONE

Pearson Lanka this week officially announced the relocation of their 300-strong global Technical Operations team to an ultra-modern facility located at the iconic ‘MAGA ONE’ building in Colombo 5.

New impetus to revive economy: An expressway covering entire country

Sri Lanka is a country in the shape of an ellipse. While the central part is mountainous, the rest of the island is a flat plain. The distance from the North to South is about 420 km and from East to West, it is about 220 km at the maximum point.

State intervention sought at tea auction to control prices

As efforts to introduce a productivity-based wage model to the plantation sector have repeatedly proved futile with politicised estate sector trade unions, Sri Lanka’s Regional Plantation Companies (RPCs) now seek State intervention at the Colombo Tea Auction to control tea prices to avert crisis. “During last three years, we have gone through two worker wage negotiations with almost 17 percent increases granted in each wage increase. This has ha

Western Province economic growth could be accelerated by 10% with MCC grant

The economic growth of the Western Province could be accelerated by 10 percent per annum with the implementation of the advanced traffic management system proposed under the US$ 480 million Millennium Challenge Corporation (MCC) grant to Sri Lanka, according to a top Road Development Authority (RDA) official. Under the proposed

Need for smarter revamping of higher education sector highlighted at SLES 2019

A leading academic in the country has called for smarter revamping of the local higher education sector, as Sri Lanka falls behind lower middle-income economies in this regard. While a large proportion

Gota would restore relations with China, says adviser

Sri Lankan presidential nominee Gotabaya Rajapaksa would ‘restore relations’ with the country’s top lender China if he wins the Nov. 16 vote and met with a senior Chinese official this week, according to an adviser

SLTPB plans aggressive marketing push at WTM London

The Sri Lanka Tourism Promotion Bureau (SLTPB) has made arrangements to participate at the World Travel Market (WTM) 2019 at a grand scale, which the agency said is set to bring a wide variety of opport

Fresh probe ordered into Easter bombings

(Colombo) AFP: A fresh inquiry into the Easter suicide bombings that hit Sri Lanka killing at least 258 people was ordered by President Maithripala Sirisena yesterday, after concerns from the Catholic Church that current probes are not independent. The government has blamed a local jihadi group, the National Thowheeth Jama’ath (NTJ) for the April 21 attacks on three churches and three luxury hotels, while the Islamic State group also claimed resp

Digital threats multiply ahead of 2020 US elections

(Washington) AFP: It could be a manipulated video embarrassing a candidate. Or a computer voting system locked by ransomware. Or doubts about electronic voting machines with no paper backups.

Asian markets enjoy gains as focus turns back to trade talks

HONG KONG (AFP) - Asian markets edged up yesterday as investors turn their attention to the China-US trade talks, while keeping an eye on the Gulf region after last week’s air strikes on Saudi oil facili

Abans Auto to launch Hyundai Experience Centre at CCC

As part of their milestone partnership with Hyundai Motor Company, Abans Auto will be launching a Hyundai Experience Centre at Colombo City Centre (CCC) on November 8. This embodies Abans Auto’s aim to offer a transformative dealership experience that stays relevant and up-to-date on the ever-evolving consumer preferences of today. The Hyundai Experience Centre will feature immersive digital technologies including 3D and Augmented Reality to en

Argentina crisis would have been much worse without IMF: Lagarde

WASHINGTON (AFP) - The crisis hammering Argentina would have been much worse had the International Monetary Fund not stepped in with a massive rescue programme, outgoing IMF chief Christine Lagarde said this week. “I look at Argentina when it came knocking on the door and it was in a tough place, and we were the only game in town,” Lagarde told AFP in an interview. But she said she regretted that the record US$ 57 billion loan fr