Ceylon Chamber advocates 12 focus areas to accelerate economic growth

The Ceylon Chamber of Commerce (CCC) launched the working draft of Sri Lanka Economic Acceleration Framework (SEAF) 2020-25, on September 17, 2019.

BPPL expects filament extrusion, yarn operations to off-set moderation in brush orders

BPPL Holdings PLC, the maker of brushes and yarn using recycled plastic said the company is currently witnessing a moderation in customer orders from North America and Europe, but confided that such a slowdown could be well offset by higher revenues from the recently expanded filament extrusion and yarn operations. “We are seeing a mode

Government targets Rs.48bn from Luxury Tax revision on vehicles

The government has revised the Luxury Tax formula on vehicles by resorting to calculate the tax based on the manufacturing cost or the cost, insurance and freight (CIF) value of a vehicle, instead

Professionals form CAG Lanka to promote accountability amongst candidates

A group of Sri Lankan professionals have joined together to form CAG Lanka (Citizens for Accountable Governance Lanka (Guarantee) Limited). This non-profit advocacy organization organized an informative event to educate the general public on the importance of accountability and good governance at the Sri Lanka Foundation Institute.

Building safer and more liveable cities with smart solutions

The population concentration in Sri Lankan cities has accelerated in recent years. A recent report revealed that cities such as Anuradhapura, Badulla, Colombo, Galle and Jaffna have expanded greatly since the 1990s.

COYLE Sampath Bank Leadership Forum 2019 inspires potential entrepreneurs, leaders

COYLE Sampath Bank Leadership Forum 2019, held for the sixth consecutive year, saw industry veterans share their success stories to inspire future potential entrepreneurs and leaders. The event was organised by the Chamber of Young Lankan Entrepreneurs (COYLE) alongside the Title Sponsor Sampath Bank and was held at Cinnamon Grand Colombo, on October 17, 2019. Three aspiring leaders shared their success

Case of three-wheelers Current trends and future possibilities of Sri Lanka’s passenger mobility

Relatively inexpensive, ubiquitous and convenient, three-wheelers offer an indispensable service to Sri Lankans. The most important advice any seasoned three-wheeler passenger would offer a first-timer would be to learn the art of haggling. While some three-wheeler drivers use a fixed meter, some

Global leaders, tycoons attend Saudi ‘Davos in desert’

RIYADH (AFP) - Top finance moguls and political leaders attended a Davos-style Saudi investment summit yesterday, in stark contrast to last year when outrage over critic Jamal Khashoggi’s murder sparked a mass boycott. Organisers say 300 speakers from ov

Shares close at 13-week high; rupee weaker

REUTERS - Sri Lankan shares closed at 13-week highs yesterday led by financial and diversified stocks, while the rupee closed weaker on dollar demand from importers. Presidential candidate G

Litro sheds light on LPG shortage and assures consumers of continued supply

State-owned Litro Gas yesterday identified increased local demand due to price reductions and global supply constraints as two key reasons for the current LP gas shortage experienced by consumers.

MODSIT and USAID conduct dialogue on trade for Kurunegala entrepreneurs

The Ministry of Development Strategies and International Trade (MODSIT) together with the USAID-SAIL project hosted a public-private dialogue (PPD) on global trade for businessman in the Kurunegala District on September 27, 2019, at Hotel Kamrel in Kurunegala.

Protecting world biodiversity and ending poaching - UK pledges millions of dollars

Currently, more than 28,000 species are threatened with extinction according to the International Union for Conservation of Nature (IUCN) Red List of Threatened Species - the world’s most comprehensive information source on the global conservation status of animal, fungi and plant species.

Increased efforts on marketing urged to link SMEs with supply chains

Advocata backs proposal to allow Attorney General’s Department reps at COPE meetings

Colombo-based think tank Advocata, which promotes free market principles, yesterday urged the government to prioritise a suggestion to include the Attorney General’s Department representatives at the Committee on Public Enterprises (COPE) proceedings.

HSBC boss says bank underperforming in Europe, US as profits slip

(Hong Kong) AFP: HSBC’s interim chief executive yesterday said the banking giant was underperforming in parts of Europe and the United States, as third-quarter profits slipped and the lender warned of further headwinds.

Shares end at 12-week high; rupee weaker

(Colombo) REUTERS: Sri Lankan shares closed at a 12-week high yesterday, led by financial services and telecom companies, while the rupee closed weaker on dollar demand from importers.

Higher levy on foreign purchases through payment cards in place of 2.5% stamp duty

The Sri Lankans who have subscriptions on foreign video streaming services such as Netflix and like to order things online from digital market places such as ebay and AliExpress are set to pay more as the government has slapped a 3.5 percent levy on the value of such transactions.

Tea Smallholder Factories cuts losses in Sept.

Tea Smallholder Factories PLC, which buys green leaves from smallholders and leaf collectors and turns them into black teas through its seven factories, managed to cut losses in the three months to September 30, 2019.

People’s Leasing & Finance reports subdued results for 2Q

People’s Leasing & Finance PLC reported muted performance for the September quarter as the company experienced a de-growth in loans and leases while the provisions for doubtful loans rose as the economic malaise in the wider economy hit the country’s largest standalone non-bank lender.

Fourth Industrial Revolution and future of work in SL

Scientific breakthroughs in a broad spectrum of fields, including genetics, artificial intelligence, nanotechnology and 3D printing, are feeding into innovations that are redefining the way people reproduce, grow food, live, work and interact with each other. These trends are shifting the nature and organisation of the labour market in many ways. This article examines how these changes are affecting the labour market in Sri Lanka and provides rec

Oracle: The disruptor in the Cloud world

According to Oracle Cloud Vice President Steve Daheb, Oracle OpenWorld 2019 in San Francisco this September was all about integration. Oracle is now aggressively integrating the AI and highly disruptive autonomous capabilities it has built over the years to its product portfolio creating a unique market position for itself among other cloud service providers.

Tourism industry calls for a bold, new and progressive master plan

Following is the full speech made by The Tourist Hotels Association of Sri Lanka (THASL) President Sanath Ukwatte, at the association’s 54th anniversary Annual General Meeting (AGM), held in Colombo, on October 23.

Emirates President outlines possible recovery formula for SriLankan

Emirates President Sir Tim Clark, who spoke passionately about Sri Lanka’s tourism potential, last week, also proposed a model for the country’s national carrier, SriLankan Airlines, that may help the

Gota’s camp promises key biz reforms, concessions

Sri Lankan businesses were last week promised of key concessions including debt moratoriums, lower interest rates, sweeping CRIB reforms and State-backed financial aid if Sri Lanka Podujana Peramuna (SLPP) candidate Gotabaya Rajapaksa is elected president at the upcoming presidential election. “First of all, we will reform the CRIB. We will bring in a restructuring system, so the people who have shown good results, but having difficulties in repa

Moody’s Analytics inks deal with BOI to expand IT-enabled services

Moody’s Analytics Knowledge Services Lanka (Pvt) Ltd. has signed a supplementary agreement with the Board of Investment (BOI) to expand its IT-enabled services. The expansion project will provide IT-enabled research and analysis services for export, provide editorial, desktop processing and compliance services, financial training, research, research and analysis services

India’s Vistara to launch services to Colombo

Vistara, India’s full-service carrier and a joint venture of Tata Sons and Singapore Airlines will begin daily direct flights (except Wednesday) to Colombo from Mumbai from November 25 onwards, making it

Lanka IOC Sept. profits jump amid easing global crude prices

Lanka IOC PLC reported improved performance for the three months ended September 30, 2019 (2Q20) from the losses in the previous quarter, as oil prices eased somewhat in the world market due to concerns over slowing global economy. The local unit of Indian Oil Corporation Limited reported earnings of Rs.517.4 million for the July-September quarter compared to Rs.207.3 million reported for the same period last year. The earnings per share stood

Easter attacks, property closure drive John Keells Hotels into red

John Keells Hotels PLC continued to remain in red for the second quarter in a row in September amid aftershocks of Easter attacks and the closure of few resort hotels in Sri Lanka and Maldives for refurbishments. As one of the larg

Pre and post-election fiscal indiscipline and way forward

According to the Election Commission chairman, the presidential election results will be officially announced only on November 18. The writer is of the view that the probable outcome would be known to the people by early hours of November 17 itself, as there seems to be a fairly clear mandate given to one of the leading presidential candidates, although 35 contenders are running, thus wasting public money.

German consumer confidence hits three-year low

FRANKFURT AM MAIN (AFP) - German shoppers are heading into November feeling gloomy with consumer morale hitting a three-year low on fears the country could tip into recession, a forward-looking monthly survey said Thursday.