Business
Group Chairman SLT proposes four fundamental policies to transform loss-making SOEs
While selling assets may be the easiest solution to ward off the national crisis Sri Lanka currently faces, another option lies in transforming loss-making SOEs (State Owned Enterprise) whose rich assets can be turned around to profitability driven and managed by clean, experienced corporate executives, said the SLT Group Chairman Rohan Fernando. He made these remarks while addressing the CMA National Management Accounting Conference 2022 in a session titled ‘State-Owned Enterprises – Are They Well-Managed or Mismanaged’.
“Our country faces key issues in several sectors. Currently privatizing state institutions that are running losses of up to billions of dollars is a key topic of conversation among the government, economists, think tanks and donors looking to reform the country’s economy,” Fernando said.
“If you take our Company (SLT Group) as an example, we did what we did by gaining the confidence of the trade unions and the staff on four fundamental principles namely ‘Zero Corruption’, ‘Maximize Efficiency’, ‘Minimize Waste’ and ‘Inclusiveness in Management. Yes, just these four principles brought to the fore which kept our staff content and at peace with no industrial disputes,” he elaborated.
Citing the overburdened transport sector of the country as an example Fernando said, “Railways holding multi-billion rupees worth of assets in fixed infrastructure and rolling stock but how often do we see trains running on these rails and at what speed? Do we need to sell or restructure with the participation of staff and credible investments? Food for thought. The shortage of public transport during peak hours, overcrowding, congestion, lack of planning and coordination, and fuel wastage are dilemmas that need urgent attention. This is just one worrisome institution which can be transformed from a national burden to a crown jewel.”
He elaborated further how Sri Lanka’s judicial process can also be improved by digital platforms to deliver justice without delay. Shedding insight, Fernando noted that citizens do not have access to appropriate legal redress and equitable relief due to the higher number of cases. Due to the lengthy time taken for resolution, the system is overburdened with physical documents and lack of integration between relevant institutions. Thus, a large number of citizens waste days in court and still come away with limited information relating to their cases.
Fernando added, “Our Agri-value chain faces issues, so do our overly burdened healthcare sector. We need to understand the challenges and address these issues. Critical sectors and services must be transformed into efficient, transparent, and profitable entities which in turn can transform people’s lives – this is the true system change the country needs. Currently, state welfare is offered to all citizens rich or poor which the government coffers cannot afford. Whereas the welfare offered should only be provided to the deserving who are at the bottom of the social strata through a digital platform identifying the poorest.”
“Yes, we are beset with issues and challenges – when crises are in motion, turning them into opportunities often requires new ways of seeing, thinking, and responding. SLT epitomizes how it can be done. SLT is a prime example of seizing opportunities and being able to bring impactful change for the nation,” Fernando opined.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
