Business
EKTC prepares for growth in the hospitality sector with new GM appointments
The folks at Euro-Kitchens Trading and Contracting (EKTC) live by the Bauhaus philosophy of ‘form follows function’- because nowhere does this count more than in a commercial kitchen. This month, EKTC announced two new appointments that embody the company’s mission to blend this commitment to functionality with a smooth and stylish workflow in commercial spaces; Thushara Gunawardhana assumes his responsibilities as General Manager-Sales and Business Development while Ajantha Vitharanage takes on the role of General Manager-Engineering.
Since its inception in 2012, EKTC (a member of the Promolanka Group) has offered solutions for best in class commercial kitchens, cold rooms and laundries which have found a home with high-profile clients in hotels, restaurants, supermarkets, hospitals and other commercial buildings based in Sri Lanka and the region. The company’s vision is to be the largest in Asia to assemble such spaces, which it does with a singular focus on functionality and style. EKTC kitchens, for example, are designed with the functional, budgetary and aesthetic design needs of clients in mind.
EKTC’s unique capabilities include consultancy services that guide clients to improve the design, efficiency and quality of their kitchen operations. These capabilities proved to be especially relevant over the last two years as commercial spaces grappled with an unprecedented change in both demand and service norms. EKTC was ready to meet the challenge, closely supporting hospitality companies to keep their commercial kitchens running smoothly and cost-efficiently. The most significant challenge faced by those at the helm of commercial kitchens was related to staff shortages and cost efficiencies- with EKTC solutions, clients were able to re-engineer their operations to stay lean and flexible to manage the changing demands of the environment. Additionally, EKTC has built the largest maintenance team in the country which stepped up to their task admirably, servicing well-known clients in the industry with Annual Maintenance Contracts.
To ensure that the company is able to meet the strong demand for its solutions, especially those needs arising as a result of the current business environment, EKTC has advanced two key staff members well suited to position the company for the anticipated growth of the sector in the immediate future.
Ajantha Vitharanage assumes responsibilities as General Manager-Engineering. Ajantha is a qualified electrical engineer with extensive experience in the hospitality sector, including roles as the Chief Engineer at properties such as Cape Weligama, Ani Villas, Calamander, Avani Kalutara and more and previously Chief Engineer-Maintenance at EKTC. “During the last two years our team has delivered excellent, customized solutions to clients who were seeking to manage their workflow efficiency whilst catering to a new environment,” he said. “Our clients are able to work with us closely from the planning stage onwards, and we will be with them long after the purchase stage to ensure that their kitchens continue to run very smoothly.”
Thushara Gunawardhana was appointed General Manager-Sales and Business Development EKTC and Corporate Chef Rational AG in Sri Lanka. Thushara has worked as a consultant chef in Sri Lanka, India, Australia and New Zealand over a career spanning 16 years, graduating to working with well-known clients to deliver complete restaurant solutions including the design of state-of-the-art kitchens that meet HACCP, GMP and ISO standards. Thushara has been leading the Sales and Business Development team at EKTC since (2019). He said of his plans, “I’m an industry insider, along with many others on the highly skilled EKTC team. Because we know what it’s like to both work in and lead a commercial kitchen, our clients trust our expertise-especially when they experience the results.
“We are grateful to clients such as Le Meridien in the Maldives, Spar Supermarkets, William Angliss Hotel School, and Giga Foods – the largest cloud kitchen chain in Sri Lanka, along with many other standalone restaurants and hotels that have given us their support and confidence over the last two years. This has helped weather the turbulent times and we are now stronger than ever to cater to the industry requirements going forward. We are encouraged by the growth EKTC has experienced and plan to expand our capabilities and operations even further. We have some exciting projects in the pipeline which we look forward to announcing over the next few months.”
Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.
Brent crude – the global benchmark for oil prices – rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.
Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz.
Gas prices have also risen steadily over the past month, with the benchmark UK gas price currently at around 150 per therm, up from around 98p at the end of June.
Oil prices had been falling following a temporary ceasefire between the US and Iran.
They dropped back to levels last seen before the US and Israel began military action against Iran on 28 February.
However, the ceasefire has failed and this week US Secretary of State Marco Rubio said the people in charge in Iran were “not ready to make a deal”.
The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers.
Higher oil prices typically lead to petrol and diesel becoming more expensive.
While drivers are affected directly, households could also see prices of other goods, such as food, increase due to businesses passing on higher transportation costs to customers.
Inflation has fallen both in the UK – down to 2.6% in the year to June helped by slowing diesel and petrol prices – and in the US to 3.5%.
But questions remain whether the slow down will prove short lived due to the renewed conflict in the Middle East.
New data released on Thursday showed that UK petrol prices have risen by 5p a litre since the beginning of July, hitting reaching almost £1.56.
Diesel is at £1.72 a litre, on average, according to the RAC.
Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.
“More expensive fuel and energy can ripple through the wider economy, increasing costs for businesses and ultimately feeding through into the price of food and other goods,” said Jonathan Raymond, investment manager at Quilter Cheviot.
“This creates another headache for central banks as they continue their battle against inflation.
“If energy prices remain elevated, policymakers may come under pressure to keep interest rates higher for longer or even raise them. This would come as a blow to mortgage holders and borrowers already feeling the strain.”
The Bank of England, which sets UK interest rates, has held them at 3.75% in its last four meetings.
Paul Dales, chief UK economist at Capital Economics, said he believed the Bank will “almost certainly” hold them again. But he said analysts still expected that interest rates could be cut next year if energy price rises ease.
Kevin Warsh, the newly-appointed chair of the US Federal Reserve, last week told Congress that the central bank had “no tolerance to persistently elevated inflation”.
US President Donald Trump had pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.
Trump has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.
But the Fed held US interest rates between 3.5% and 3.75% at Warsh’s first meeting last month. He also told Congress that he was committed to “restoring price stability” in the wake of the Middle East conflict impacting prices.
[BBC]
Business
SEC, CSE and CA Sri Lanka sign MOU to advance XBRL-based digital reporting for listed companies
The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.
The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.
The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.
XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.
The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.
Business
LOLC Insurance and Seylan Bank celebrate Bancassurance Excellence through “League of Greatness” 2025
LOLC Insurance recently hosted the “LOLC Insurance – Seylan Bancassurance Felicitation Night 2025” under the theme “League of Greatness,” celebrating the success of its longstanding bancassurance partnership with Seylan Bank. The event marked another milestone in a strategic collaboration that has continued to grow since 2013.
The felicitation ceremony brought together senior management, sales leadership, branch representatives, and top-performing teams from both organisations to recognise excellence, appreciate contributions, and reaffirm the enduring partnership between LOLC Insurance and Seylan Bank. The collaboration currently spans 104 Seylan Bank branches across Sri Lanka, delivering accessible life and general insurance solutions islandwide.
Speaking at the event, Ramesh Jayasekara, Director/Chief Executive Officer, Seylan Bank PLC, stated, “Our partnership with LOLC Insurance continues to create meaningful value for customers while further strengthening the bancassurance proposition within the banking sector. The dedication and collaborative spirit demonstrated by both teams have been instrumental in achieving these milestones and sustaining the growth of this partnership. We look forward to enhancing our collaboration and delivering greater value to customers in the years ahead.”
Sharing insights during the event, Eugene Seneviratne, Deputy General Manager – Retail Banking, Seylan Bank, added, “The professionalism and operational efficiency demonstrated by the bancassurance teams have been instrumental in consolidating this partnership. Our branch teams continue to seamlessly manage day-to-day bancassurance functions with minimal operational escalations, reflecting the strength of a well-structured and highly efficient framework. This has contributed to a smooth and mutually beneficial working relationship, enabling the partnership to enhance coordination, execution, and overall performance.”
Addressing the gathering, Kithsiri Gunawardena, Chairman/Principal Officer of LOLC General Insurance and Director of LOLC Life Assurance, stated, “Successful partnerships are built on trust, shared values, and a common vision. The strength and longevity of this collaboration reflect the commitment of both organisations to delivering meaningful impact to customers while advancing the country’s bancassurance sector. The positive feedback and appreciation consistently received from Seylan Bank regarding the quality of service delivered and the steadfast support extended by the teams stand as a testament to the professionalism and service excellence upheld throughout the partnership.”
Sheikh Hasina ally resigns as Bangladesh’s president
Oil prices hit $100 for the first time since May
US hits dozens of trading partners with new wave of tariffs
Arachchige, Rathnayake and Malinga pump Jaffna
Hermann, Liyanage and Mujeeb steer Colombo Kaps to a 23 run win
Showers expected in the Western and North-western provinces and in Galle and Matara districts
‘Dates have the highest sugar content to fight Coronavirus’
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