Business
Colombo Club gets its first lady chairperson
The Colombo Club was inaugurated more than 150 years ago by the British for English and Scottish gentlemen resident in Sri Lanka to meet, relax and recuperate. For close to a 125 years it remained the exclusive habitat for gentlemen as ladies were precluded from becoming members. In 1995 the first lady member was admitted followed over the years by other ladies.At the last Annual General Meeting of the Club, history was made as the Club elected a lady member to the Chair for the first time.
In proposing her name to take over the Chair, Immediate Past Chairman Kumar Jayasuriya stated that “the Colombo Club is now poised to create history. In our 150 plus year history, members of the fairer sex were not admitted to membership in the first 125 years of our existence. This injustice was corrected in 1995. We have thereafter steadily progressed on the path of gender neutrality and within a matter of 25 years have reached the pinnacle of that endeavour which is the election of our first Chairperson.
“It is my great privilege to be associated with this historical event by proposing from the Chair the name of Ms. Anushya Coomaraswamy as the Chairperson of the Colombo Club for the ensuing year, having been nominated to this office unanimously by the General Committee of the Club. Anushya has served on the Committee since 2006 and has held the offices of Honorary Treasurer, Honorary Secretary and Vice Chairperson respectively over the last six years and is eminently suited to hold this office. I am sure that the fortunes of the Colombo Club are in very safe hands.”
Anushya Coomaraswamy is a member of the Institute of Chartered Accountants of Sri Lanka and of the Chartered Institute of Management Accountants of the UK. She has been the Group Finance Director of John Keells Holdings PLC – at the time the first woman to be appointed to the Board of a blue chip company in Sri Lanka. Thereafter she joined the Ministry of Finance as an Advisor, primarily on Fiscal Policy for a short period, during which time she also served as the Chairman of the Public Utilities Commission and as a member of the Public Enterprise Reforms Commission.
She currently serves as an Independent Non Executive Director on the Board of Printcare PLC.Having served on the Boards of Transparency International (Sri Lanka) and the Centre for Policy Alternatives, she is currently on the Boards of the Law and Society Trust and the Women and Media Collective.
In accepting the position, Miss Coomaraswamy said that “In a world where women are still to be fully recognized and given their rightful place, the Colombo Club has been progressive and that must be acknowledged, appreciated and commended. And for me personally I thank you for your confidence.”
The premises of the Club having been recently refurbished she looks to maintain the high standards set by her immediate predecessors, Nigel Austin and Kumar Jayasuriya, to involve greater participation of its membership while providing a service to members that is of the highest standard. She would also look to promote increased participation of women, who still seem to perceive the Club as being an institution that is predominantly for gentlemen!
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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