Business
BCI Campus unveils new state-of-the-art facility marking milestone in academic excellence
The BCI Campus, unveiled a new state-of-the-art ‘Christ the King (CTK)’ building, which is ‘Redefining Higher Education’, in Negombo recently with an aim to ‘Transform Education, and Shape Futures’, marking a significant milestone in academic excellence.
The inauguration ceremony of the new facility of the BCI Campus, also recognized as the Benedict XVI International Institute of Higher Education, was graced by the Chief Guest, Most Rev Dr J D Anthony, Auxiliary Bishop of Colombo, who represents His Eminence Malcolm Cardinal Ranjith, Archbishop of Colombo and Founder of BCI.
In attendance were distinguished guests including, Dr Sandro Veronesi, Chairman of the Calzedonia Group, the Principal Sponsor of the BCI Main Academic Building, and his delegation, Rev Msgr Nevillejoe Perera, National Coordinator for Sri Lankan Immigrants in Italy, Members of the Governing Council and Academic Senate of BCI, Rear Admiral Suresh De Silva, Commander Western Naval Area and Rear Admiral Hiran Balasuriya, Director General, Civil Engineering from Sri Lanka Navy, Dinesh Weerakkody, Chairman Board of Investors of Sri Lanka, Senior Professor Udith Jayasinghe-Mudalige, Vice-Chancellor of the Wayamba University of Sri Lanka, Principals of the surrounding schools, Officials from the Ministry of Education, Members of the Academic and Non-Academic staff of BCI and Representatives of BCI student body.
The CTK building is an eco-friendly complex equipped with state-of-the-art digital technology. The purpose-built seven-story academic facility comprises 16 Lecture Halls, including seating for 940 students, eight (08) Discussion Rooms accommodating 316 chairs, a 250-seat Mini-auditorium and 45-seat Conference Halls. It is also furnished with a 8592 sqft office area for academic administration.
The new facility stands as a testament to BCI’s commitment to providing the best educational facilities for students. The purpose-built complex comprises a host of modern facilities to the campus, elevating the learning experience. The facility also enables BCI to expand total seating capacity to accommodate over 2500, cementing its position as the largest private higher education Institute in the region.
The inauguration of the new facility marks a milestone in providing Sri Lankan students with an exceptional international standard of education, right at their doorstep, within a highly conducive environment for learning. The CTK building symbolizes BCI’s dedication to creating a sustainable and innovative educational ecosystem.
Rev Fr Quintus Fernando, Rector/Vice Chancellor BCI, welcoming guests said, BCI has a very unique privilege that only a few Institutes of Higher Education in the world can boast of. That is to be blessed by a Pope at its inauguration. BCI is also one of the few Institutes in the world and, perhaps, the only one in Asia, named after late Pope Benedict XVI, one of the greatest intellectuals of our times, who inspired and encouraged His Eminence to establish this Institute in Sri Lanka.”
Rev. Quintus added, “Given the unprecedented situation of the country, the successful completion of the BCI Main Academic Building is a rare miracle. The Holy Bible says, “Unless the Lord builds the house, those who build it labor in vain” (Psalm 127:1). The Lord did want to build this academic facility for His children, and He did send His People to achieve the task.”
The BCI Campus is a renowned private degree awarding institute, with recognition from both the Ministry of Education and the University Grants Commission (UGC) of Sri Lanka. BCI offers a diverse range of in-demand degree programs through the Schools of Business, Computing, and Education, as well as the Academy of Music & Art. Students at BCI experience a holistic learning journey, supported by top-notch facilities and faculty.
During the event a felicitation message of His Eminence was read out. It noted, “The Catholic Church affirms the inalienable right of every human being to education and acknowledges that ‘she has a role in the progress and development of education’ (Gravissimum Educationis). Responding to this specific call, the Benedict XVI Catholic International Institute of Higher Education was founded with the lofty purpose of serving the youth in their higher educational needs. BCI was founded in 2015 and has experienced rapid growth, emerging as the largest and most modern higher education facility. Marking a major milestone in the short history of BCI, it was awarded with the Degree Awarding Status by the Ministry of Education in 2020. This building was designed to integrate educational technologies required by 21st century learning environments, as our idea is to provide a world-class education to our students. I invite the students who will be using this new facility to be equipped with knowledge and skills, and most of all to acquire virtues and values to become upright and responsible citizens that our society so desperately needs.”
BCI Campus takes pride in its commitment to nurturing well-rounded, accomplished global citizens. Through a blend of academic excellence and co-curricular and extracurricular activities, the institution prepares students to make meaningful contributions to society.
The Campus offers students an extensive in-house library, sophisticated computer center, organizes seminars, workshops and cultural events to enhance students’ engagement, and a welcoming cafeteria.
As the newest landmark on the BCI Campus, the CTK building symbolizes the institute’s dedication to empowering students with the tools they need realize their true potential and become well-rounded, and accomplished global citizens.
Business
Industry and Entrepreneurship Development Minister Handunneththi’s visit to Lumala highlights key industrial concerns
With the aim of assesing the current challenges faced by local industrialists and explore avenues for government support, Minister of Industry and Entrepreneurship Development Hon. Sunil Handunneththi visited City Cycle Industries Manufacturing (Pvt.) Ltd., widely known as Lumala, on March 24 at its factory in Panadura.
During the visit, Minister Handunneththi engaged with senior officials and employees to understand their concerns and operational difficulties. In a statement shared on social media, the Minister acknowledged the pressing challenges affecting Sri Lanka’s manufacturing sector and emphasized the government’s commitment to providing swift and effective solutions.
Minister Handunneththi further reiterated the government’s intent to position local manufacturers as key stakeholders in Sri Lanka’s economy by addressing regulatory hurdles, market imbalances, and supply chain constraints.
The visit comes amid growing concerns from Lumala employees and management regarding the state of Sri Lanka’s bicycle manufacturing industry, in the backdrop of facing significant challenges, including an influx of imported bicycles and components that circumvent regulatory checks. In addition, the high taxes on raw materials used in local manufacturing has further exacerbated production costs, making it difficult for domestic manufacturers to remain competitive.
Earlier this year, Lumala employees called for urgent government intervention to address these challenges, warning that ongoing financial strain could lead to further shutdowns of critical production units, job losses, and setbacks to the broader industrial ecosystem. With a local value addition of 50-70 percent verified by the Ministry, its workforce remains hopeful that government action will help achieve an ethical manufacturing industry.
Lumala, a household name in Sri Lanka’s bicycle industry, has been a key player in sustainable mobility solutions for over 35 years. The company was recently honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector category at the National Industry Brand Excellence Awards 2024.
With a production capacity of 2,000 bicycles per day and a workforce of 200, Lumala continues to cater to both domestic and international markets, producing a diverse range of bicycles, electric bikes and light electric vehicles. In line with Sri Lanka’s goal to expand forest cover to 32 percent by 2030 and cut GHG emissions by 14.5%, Lumala is actively contributing to this mission—both as a company and through its diverse range of products.
As Sri Lanka works towards strengthening its local manufacturing sector, Minister Handunneththi’s visit signals a crucial step toward addressing industrial concerns and reinforcing government support for sustainable and competitive domestic production.
Sri Lanka’s country rating was upgraded from ‘Restricted Default’ to ‘CCC’ following the successful exchange for the new International Sovreign Bonds (SL ISBs) during December 2024. The three types (03) of exciting new sovereign bonds have restored foreign investor confidence.
The Central Bank of Sri Lanka (CBSL) has performed a remarkable role in guiding the economy out of default status and restored economic stability, and gained Sri Lanka a non-default Country Rating of ‘CCC’. Among the key achievements of CBSL, have been to reduce treasury interest rates under 9% and stabilize the currency while rebuilding foreign reserves to $ 6Bn.
SL offers four Macro Linked Bonds (MLBs) linked to GDP growth, a Governance Linked Bond (GLB) and a short term, Fixed Coupon Bond for unpaid Past Due Interest (PDI). The MLBs offer variable returns depending on SL’s GDP growth from 2024 to 2027, (e.g. haircuts can vary between 16% to 39%). The GLB interest can vary depending on meeting 15.3% and 15.4% of Total Revenue/ GDP thresholds in 2026 and 2027 respectively. The PDI bond offers a fixed coupon of 4% until 2028 and trades at around $94.
This combination of unique, variable returns offers global investors an exciting opportunity to capitalize on SL’s economic revival and US interest rate movements. Sri Lanka’s economic resurgence in 2024 was promising, with a 5% GDP growth rate. With improving investor confidence, SL ISB daily turnover now exceeds $10mn.
The Ceylon Dollar Bond Fund (CDBF) is the only USD Sovereign Bond Fund that is exclusively invested in SL ISBs with Deutsche Bank acting as the Trustee and Custodian Bank. The Fund reported returns of 53% in 2023 and 39% in 2024.
We invite foreign investors to enter CDBF while Sri Lanka is rated at ‘CCC’ and consider realizing their investment upon SL reaching a Country Rating of ‘B- ‘. Other advantages of CDBF are, the ability to withdraw anytime and being tax exempted.
Ceylon Asset Management (CAM), the Fund Manager, has commenced an advertising campaign to promote the CDBF to the Sri Lankan Diaspora, South Asian, Middle Eastern and Australian Investors. CAM is an Associate Company of Sri Lanka Insurance Corporation (SLIC) and licensed under the Securities and Exchange Commission of Sri Lanka Act, No. 19 of 2021.
Meanwhile, the Ceylon Financial Sector Fund managed by CAM emerged as the top performing rupee fund in Sri Lanka during 2024, with a return of 64%. Investors can find out more on www.ceylonassetmanagement.com or write to us on info@ceylonam.com.
Past performance is not an indicator of the future performance. Investors are advised to read and understand the contents of the KIID on www.ceylonam.com before investing. Among others investors shall consider the fees and charges involved.(CAM)
CSE plunged at open, falling for the second consecutive day yesterday, down over 300 points in mid- morning trade.US President Donald Trump has imposed a 44 percent tax on Sri Lanka’s exports in an executive order which he claimed, spelt out discounted reciprocal rates for about half the taxes and barriers imposed by the island on America.
As a result both indices showed a downward trend. The All Share Price Index dropped 300 points, or 2.32 percent, to 15,294.94, while the S&P SL20 dropped 101 points, or 2.71 percent, to 4,517.37.
Turnover stood at Rs 3.1 billion with six crossings. Those crossings were reported in Sampath Bank which crossed 1.6 million shares to the tune of Rs 181 million and its shares traded at 109, JKH 4.1 million shares crossed to the tune of 80.5 million and its shares sold at Rs 19.5.
Hemas Holdings 400,000 shares crossed for Rs 45.6 million; its shares traded at Rs 114, CTC 25000 shares crossed to the tune of Rs 32.2 million; its shares traded at Rs 1330, Commercial Bank 200,000 shares crossed for 27 million; its shares traded at Rs 135 and TJ Lanka 157,000 shares crossed for Rs 20 million; its shares traded at Rs 46.
In the retail market top six companies that have mainly contributed to the turnover were; Sampath Bank Rs 296 million (2.9 million shares traded), JKH Rs 220 million (11.2 million shares traded), Haylays Rs 195 million (142,000 shares traded), HNB Rs 151 million (519,000 shares traded), Commercial Bank Rs 138 million (1 million shares traded) and Central Finance Rs 129 million (735,000 shares traded). During the day 218 million shares volumes changed hands in 22000 transactions.
It is said the banking sector was the main contributor to the turnover, especially Sampath Bank, while manufacturing sector, especially JKH, was the second largest contributor.
Yesterday, the rupee opened at Rs 296.75/90 to the US dollar in the spot market, stronger from Rs 296.90/297.20 on the previous day, dealers said, while bond yields were up.
A bond maturing on 15.10.2028 was quoted at 10.35/40 percent, up from 10.25/30 percent.
A bond maturing on 15.09.2029 was quoted at 10.50/60 percent, up from 10.45/55 percent.
A bond maturing on 15.10.2030 was quoted at 10.60/70 percent, up from 10.30/65 percent.
By Hiran H Senewiratne
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