Business
CINEC introduces foundation program leading to an intl degree
CINEC now offers a six-month foundation program leading to International BSc Degree, a press release said.
It said: The students need not have to pass any subjects at their G.C.E. (Advanced Level) Examination. If students have 5 Credits in their G.C.E. (O/L) includes 2 Credits for English, Mathematics or Science in one sitting and has sat for A/L in any stream namely, Science, Commerce, Technology or Arts. In the past, students those who fail the G.C.E. (Advanced Level) Examination should re sit the examination in the following year. Some students are unable to pass the 3 subjects even in the second or third attempt and very crucial time in their life is wasted. Accordingly, the academic process during the two years in the G.C.E. (Advanced Level) is given due recognition when enrolling students for CINEC Foundation Program. The foundation program replaces need the students be qualified in the G.C.E. (Advanced Level) Examination and provides sufficient knowledge to bridge the gap. It contains degree relevant subjects such as Transport Management, Logistics & Supply Chain Management, Economics, Concepts of Information and Communication Technology, Mathematics, Business Statistics, English language, and Fundamentals of Management.
Other advantage is that students, irrespective of the stream they followed in their Advanced level classes, CINEC foundation links them to a science degree which is a rare opportunity. Although the subject selection in the G.C.E. (Advanced Level) should be a learned decision, there are students/parents who make a misjudgement when selecting the subject stream in the G.C.E. (Advanced Level) due to poor SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Unless students carry out a systematics SWOT analysis and to identify the academic strengths and weakness of following intended subjects under respective streams it may create a lifelong barrier in the progression path both academic and professional. It is a known fact that some students follow commerce or art subjects in their A.L. despite having required minimum qualification to follow the science stream due to possible advantages in the state university selection process. In a summary, CINEC foundation program helps students in many ways. Primarily, it eases the fundamental barrier to enter to a university without 3 simple passes at G.C.E. (Advanced Level) examination. Secondly, it opens the door to a science degree for students even who followed subjects in commerce, arts or technology streams. Also, the subject program is an engineering degree but even students who followed biological science at their G.C.E. (Advanced Level) can join the BSc International Transportation Management and Logistics offered by CINEC. CINEC presently conducts a research under the World Bank grants about “Development of a Mechanism that leads to a Psychological Paradigm Shift in students’ Demand and Enrolment for various academic disciplines in the Tertiary Education in Sri Lanka”.
Business
Moratorium on implementation of parate law by banks extended till 31st March 2025
The Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, to extend the moratorium on implementation of parate law until 31-03-2025 and to prepare a multi-dimensional mechanism to solve this issue with the active contribution of all the parties including, Central Bank of Sri Lanka, government and private banks and other government institutions.
The economic crisis encountered by Sri Lanka during the previous 04 years has severely affected the small and medium sector entrepreneurs, and it has been reported that difficulties have arisen in settling the loans obtained from banks.
Under these circumstances, the properties of a considerable number of business persons have been taken over by the banks and auctioned because of the defaulting of loans. As a consequence, public auctioning of these properties have been temporarily terminated until 15-12-2024 through the amendments made to the Recovery of Loans by Banks (Special Provisions) Act, No. 4 of 1990.
Business
Launching in Kandy of SL’s first seven-star hotel, valued at Rs. 9 billion
By Ifham Nizam
Sri Lanka is poised to make history with the opening of its first seven-star hotel, Aviyana’s Private Chalets, in Kandy. The brainchild of Dr. Indika Hewawasam, the estimated Rs. nine billion project is set to elevate the island nation’s appeal as a premier destination for high-end travelers.
The first stage of this ambitious project, featuring 12 private chalets, is scheduled to welcome guests in May 2025.
Ambasevana Group of Companies chairman cum chairman Aviyana Private Chalet (Pvt) Ltd. Dr. Hewawasam, unveiled his vision last Thursday when he spoke to journalists at Cinnamon Life.
Highlighting the unparalleled features of the project, he stressed that the complex will boast 50 swimming pools, making it a standout in the region. “This is not just a hotel; it’s an experience. Our goal is to position Sri Lanka as a leading destination for luxury travel, attracting billionaires and global celebrities,” said the youthful chairman.
Hewawasam who is passionate about nature said that chalets were built on an 18-acre property in the scenic Knuckles Mountain Range, stressing the hotel aims to blend opulence with nature.
“Each chalet will offer unmatched privacy and breathtaking views of the region’s lush landscapes, catering to discerning travelers seeking tranquility and exclusivity, he said.
The project, with an estimated cost of Rs. 9 billion, has already seen an investment of Rs. 7 billion, with construction 70% complete. More than 300 workers are currently engaged in bringing this vision to life.
Hewawasam projects an annual contribution of USD 500 million to Sri Lanka’s tourism revenue, underlining the untapped potential of the country’s luxury travel segment.
“Our marketing campaign will position these chalets at a starting rate of USD 1,000 per night. This not only sets a new benchmark in Sri Lankan hospitality but also aligns with the growing demand for premium travel experiences, Hewawasam added.
Aviyana’s Private Chalets also offers a lucrative proposition for investors. Villas are priced at approximately Rs. 180 million, with pre-purchase options currently available.
He guarantees one of the highest returns on investment (ROI) in the market, with all tenant and maintenance responsibilities managed by the hotel’s dedicated team.
“We’ve deliberately chosen to keep ownership exclusive, involving a select group of local professionals and foreigners. This ensures the integrity and high standards of the project, he explained, addressing queries about the decision to avoid raising funds through the stock market.
Aviyana’s Private Chalets Director Operations Shezad Hameed said that to enhance the guest experience, Aviyana’s Private Chalets will bring in world-class chefs, wellness professionals, and service staff. The goal is to redefine luxury hospitality in the region, offering an unparalleled blend of comfort, privacy, and natural beauty.
As the project progresses towards its grand opening, he said that it stands as a testament to Sri Lanka’s potential to compete with global luxury destinations. By combining innovative design, strategic marketing, and a commitment to excellence, Aviyana’s Private Chalets is set to put Sri Lanka firmly on the map of elite travel destinations.
The Aviyana Hotel will be the eighth seven-star hotel globally, joining the ranks of renowned establishments like the Burj Al Arab in Dubai. Hewawasam stressed the importance of attracting high-net-worth international tourists and positioning Sri Lanka as a premier destination.
The Chairman also said that the project is also a testament to the country’s entrepreneurial spirit. Backed by 200 local professionals and select Sri Lankan investors, it showcases a self-reliant funding model without foreign loans. “The initiative is expected to boost the national GDP and create numerous employment opportunities, with plans for extensive collaborations with global chefs, designers, and service providers,” he added.
Aviyana’s innovative approach intertwines luxury with Sri Lanka’s rich cultural heritage. From incorporating traditional cuisine to sustainable practices, the hotel aims to offer an authentic experience. It also features the untapped potential of Sri Lanka’s tourism, which contributed only 5% to the GDP in 2018, despite its global appeal.
“With vision and perseverance, the impossible becomes achievable,” Hewawasam remarked, reflecting on the journey of conceptualizing and executing this landmark project.
Business
Korea Corner dazzles at Charity Bazaar 2024
The Korean Embassy in Sri Lanka hosted its second consecutive “Korea Corner” at the Charity Bazaar, organized by the Ministry of Foreign Affairs in collaboration with the Good Market at Racecourse on December 7, 2024.
The event, a vibrant celebration of Korean culture, offered a rich array of authentic Korean cuisine and cultural performances, attracting a large crowd eager to explore Korea’s culinary and artistic heritage.
Among the most popular dishes at the event were Kimchi, the traditional Korean fermented vegetable dish, and Tteokbokki, the spicy rice cakes, both of which sold out almost immediately. Bulldak ramen (spicy noodles) and a variety of other Korean snacks also saw high demand, highlighting the growing appreciation for Korean food in Sri Lanka.
Beyond the culinary delights, the event also provided a unique cultural experience. Visitors were treated to performances of traditional Korean music, while a country parade showcased the beauty of Korean traditional attire. This combination of food, music, and cultural displays brought the vibrancy of Korean heritage to life, fostering deeper cultural exchange and understanding between Korea and Sri Lanka.
As in previous years, the proceeds from the Bazaar will be donated to the M H Omar Liver Care Facility at Colombo North Center for liver diseases, continuing the tradition of supporting charitable causes while promoting cultural diplomacy.
The Korean Embassy believes this donation will contribute towards the well-being of the patients and would ease the medical procedures carried out at the hospital.
-
News2 days ago
Sri Lanka’s first seven-star hotel ready for opening in 2025
-
Business7 days ago
Launching of Curtin University Colombo, a landmark in Australia-SL educational ties
-
News6 days ago
Sabry: Defeat of LTTE terrorism liberated all Sri Lankans
-
News4 days ago
Locally produced superphosphate to be introduced next year to save foreign exchange
-
News5 days ago
First Sri Lankan Buddhist monk in 105 years joins Oxford for MPhil in Buddhist Studies
-
Features5 days ago
All quiet on home front – hence peek overseas
-
Editorial7 days ago
LG polls: Cabinet cuts the Gordian knot
-
Business7 days ago
Daraz 11.11: Transforming shopping habits and boosting local businesses across Sri Lanka