Crosstalk, arguments figure at stock market parley
Arguments and crosstalk figured at a meeting between President Mahinda Rajapaksa and stakeholders of the Colombo stock market on Friday at Temple Trees, informed sources said. However no decisions were taken though the market waited with bated breath – particularly for positive news of unrestricted credit being permitted. On Thursday the market gained in the [...]
Hilton likely to manage LOLC’s 500-room resort
LOLC Leisure has almost finalised the international hotel chain operator to manage its planned new Rs 6.5 billion, 500- room resort hotel on a 20-acre beach stretch in the south coast, sources close to the company said. They said the Hilton chain will most likely manage this new hotel to be constructed in the area [...]
SriLankan settles US$ 100 mln part loan to Ceylon Petroleum Corporation
SriLankan Airlines has settled US$100 million as part dues to Ceylon Petroleum Corporation (CPC) last week and is negotiating the balance payment, officials said. “We’re negotiating with the CPC on the repayment in terms of pricing and credit terms and will arrive at a settlement by mid next month,” Nishantha Wickremasinghe, Chairman SriLankan Airlines told [...]
State banks reduce gold pawning business
State banks are following a new directive to cut down gold pawning activities owing to gold price volatility in the world market, making it unattractive to those seeking to pawn their gold assets using a combination of high interest rates and lower loans. The Central Bank (CB) has issued a directive to all commercial banks [...]
‘Single share’ transactions galore at CSE
The number of transactions of just a ‘single share’ and trades of less than 10 shares per transaction has risen in recent weeks at the Colombo Stock Exchange (CSE) causing the authorities to track the trends to ascertain its cause. Asked about this unusual movement, sources at the CSE said this could be shares bought [...]
EPF gains – fact or mirage?
Over the past few months, the Central Bank (CB) has painstakingly defended investments made by the Employees Provident Fund (EPF) against growing criticism from several quarters. In recent months, the opposition United National Party (UNP), particularly its leader Ranil Wickremesinghe and MPs Harsha de Silva and Eran Wickremaratne have been vociferous on this issue while [...]
Keep your eyes on the road …… with good vision
Road accidents are a serious concern. According to newspaper reports the “ number of road accidents in Sri Lanka in 2011 reached 37,000 with 2,500 deaths and 600 maimed.” These disturbing figures mean that anyone driving, walking or simply standing on the roads (which includes everyone at some point) has reason to think about and [...]
Driving innovation and creativity
Throughout my career I consciously took part in various national engagements in numerous capacities. I realized what little one can do when you are not actually in the system of government machinery. Hence when I was offered the opportunity to lead the Sri Lanka Inventor’s Commission (SLIC) I thought why not, since it would give [...]
Advertising thro’ music the Bates way
“How would someone who is blind perceive your brand?” The question was posed by a visiting former Creative Director of Bates India and co-founder of BrandMusiq in Mumbai, to an audience of senior marketing people from among Bates’ clients this week. It set the tone for a unique presentation on how brands are perceived through [...]
Innovation, ideas at the Sunday Times Business Club
Innovation, creativity and transforming good ideas into commercially viable products would be the theme of a discussion at the Sunday Times Business Club (STBC) monthly meeting on Thursday, July 26 at 6.30 pm at the Taj Samudra, Colombo. The guest speaker is Deepal Sooriyarachchi, Commissioner/Chairman of the Sri Lanka Inventors Commission (SLIC) who will deal [...]
Proposed Shareholders’ Association to meet on Aug. 20
The next meeting of the general body of the proposed Shareholders Association of Sri Lanka which would campaign and safeguard the rights of independent, minority shareholders is scheduled for Monday, August 20 at the OPA, it was decided this week. The core group of the association comprising K.C. Vignarajah, Ravi Rajapathirana, Mohamed Mohideen, Udaya de [...]
CCC-led Investment Tab launched to support regional entrepreneurs
The Ceylon Chamber of Commerce (CCC), International Alert Sri Lanka and Youth Business Sri Lanka (YBSL) have together launched the ‘Investment Tab’, a web-based portal for regional entrepreneurs who want to start their own business but do not have sufficient funding to upload their business proposals. It is also meant for potential investors and partners, [...]
Commercial Bank donates landmark 50th IT Lab to President’s College
The Commercial Bank of Ceylon’s flagship CSR initiative reached a milestone on July 18 with the donation of the bank’s 50th fully-equipped and furnished IT Lab to President’s College, Sri Jayawardenapura, Kotte. Commercial Bank Managing Director Ravi Dias presided at the formal presentation of the Lab, to the school authorities. The fully fledged IT lab [...]
RAM reaffirms Commercial Bank ratings
RAM Ratings Lanka has reaffirmed Commercial Bank of Ceylon (COMB)’s long- and short-term financial institution ratings at AA+ and P1, respectively; the long-term rating has a stable outlook. The ratings are based on the group’s strong market position as Sri Lanka’s largest privately owned licensed commercial bank (LCB) and third-largest overall LCB, according to a [...]
Winding up of companies by court
‘Winding up’ or ‘Liquidation’ is the process that prepares the company for dissolution, whereby, the assets of a company are collected and realized, the proceeds of such realization are utilized to settle the debts and liabilities of the company and, any balance that remains after meeting the costs and expenses of the winding up and [...]
Expolanka Freight expands network to Hong Kong and US
Expolanka Freight Ltd recently opened offices in two key markets – Hong Kong and the US strengthening its position as a global freight forwarder with a specialized niche in the fashion logistics segment. With over 1,200 employees, Expolanka Freight is one of the largest air and ocean freight forwarders, especially in the South Asian region. [...]
Mittal, among India’s biggest billionaires, visiting Colombo next month
Sunil Bharti Mittal, Airtel chief and India’s fifth top Forbes billionaire and Indian Commerce Minister Anand Sharma are in a top Indian delegation attending the India-Sri Lanka CEO Forum on August 4 in Colombo, the Ministry of Industry and Commerce said. Others in the delegation are Commerce, Industry and the Textile Minister Anand Sharma, Bharti [...]
Finance and banking course for journalists
A diploma course in economics, banking and finance for journalists is being jointly organized by the Centre for Banking Studies of the Central Bank of Sri Lanka, Securities and Exchange Commission of Sri Lanka and the Institute of Chartered Accountants of Sri Lanka, next month. The course is free to participants and will be conducted [...]
EPF investments must be closely monitored:Union
Equity investments by the Employees Provident Fund (EPF) in Galadari Hotel, Laugfs Gas, Ceylon Grain Elevators, TFC, etc have “shown that these investments have been made to help out business cronies at the expense of the hard earned savings of workers,” the Ceylon Federation of Labour (CFL) said. “It is believed that the EPF has [...]
Sri Lankan conferred Global Leadership award
Sri Lankan business professional Rohantha Athukorala was recently presented an international award for ‘his outstanding service in the private, public and the international public sector’. The award was presented by the World Education Congress, CMO Asia with CMO Council as its Strategic Partner and Stars of the Industry Group as a research partner at an [...]
HSBC’s job cut plan to be announced end August
HSBC’s global restructuring drive will be announced to the staff by end August which will spell out the job cuts, the number of positions to be done away with and other nitty-gritty, informed sources said. “The staff was told that the group was going through a restructuring and that they’ll be informed of the details [...]
Economic Development Ministry wants BOI to perform
The Economic Development Ministry has directed the Board of Investment (BOI) to submit a detailed breakdown of the proposed US$ 2 billion foreign investment projects that are to be realised this year. The Ministry has also issued a directive to the agency to re-invigorate its promotional activities to attract tourism, trade and investment from South [...]
New hospitality institute gears to spruce up hotel staff
Hospitality management has become an essential tool in the hotel industry, and the new Colombo Academy of Hospitality Management (CAHM), is established in a bid to increase its qualified and trained workforce.This purpose built hotel school would ensure the future increased room capacity could be serviced by well-trained persons, the institute’s Chairman Errol Weerasinghe said [...]
Banks eye commercial not consumer loans
A Central Bank (CB) policy decision to limit loans this year has had a direct impact on the people though the economy is expected to, overall, benefit from the move.Banks have prioritized their banking operations following this decision, which some believe has caused them to reduce their lending capacity. “Our original intention was to go [...]
Pre-budget special in the BT on July29
The Business Times (BT) will be running a comprehensivefeature on the performance, so far, of Budget 2012 and public expectations ofthe next budget (2013) to be presented in November. Book your copy of next week’s BT.
HELADIV TEAS wins at National Plantation Awards
HELADIV TEAS was awarded winner of “the best value addition of medium scale tea exporters” at the recent National Plantation awards – created to recognize the outstanding performance of industry stakeholders. HELADIV is established in 48 countries around the world and growing. Manufactured in keeping with the most stringent production and quality standards, HELADIV TEAS [...]
Supermarket chains can play bigger role in coconut market: Lalit Godamunne
Supermarket chains can play a bigger role in the fresh coconut market, reduce costs in the value chain and help contain retail prices in the urban areas, noted a top coconut producer in a wide-ranging speech last week.These comments were made by Lalit Godamunne, new President of the Coconut Growers Association at its AGM held [...]
Boutique bakery BreadTalk to launch second outlet
Sri Lanka’s new boutique bakery, BreadTalk is launching a second outlet in Colombo following the success of the first one at Lipton Circus. Yatila Wijemanne, Managing Director, BreadTalk said in a media release, “The foremost reason BreadTalk has been so successful is that we know what the Sri Lankan consumer wants; providing fresh, high quality [...]
Nestlé reduces dairy imports, steps up investment in rural Sri Lanka
Nestle Lanka PLC, the largest private collector of fresh milk in the country has significantly reduced its dairy imports, having increased its local fresh milk procurement by some 35%, officials said. “We are now using more local products in our manufacturing processes and our imports of dairy products have dropped significantly in the first half [...]
SLMA to study Ergonomics issues, sets up committee
The Sri Lankan Medical Association (SLMA) is taking a significant role in an area that has received little recognition and public concern – Ergonomics. In a statement announcing the formation of an expert group on Ergonomics and inviting professionals to join, the SLMA said this subject is an evolving specialty all over the world and [...]
Innovative cloud computing can cut IT infrastructure costs
Flexible solutions tailor-made to specific customer requirements would reduce time from months to weeks and reduce the hardware requirements by 60-70%, through optimal configurations, single point of support, once the cloud based IT architecture from Virtual Computing Company (VCE), USA is installed. This was stated by Paul O’Connor, Director, Channels AP, VCE at the media [...]
Stax Lab advises Moratuwa University IT start-ups
IT consulting firm Stax has extended, externally, an in-house initiative advising budding entrepreneurs within the company. The advisory, Stax Lab, recently offered free business advice to seven teams participating in “Accelerating Information Technology Innovation” (AITI), a local IT start-up programme initiated by the US-based Massachusetts Institute of Technology and the University of Moratuwa. According to [...]
SEC plans grading system and independent research analysis of IPOs
The Securities and Exchange Commission (SEC) plans to introduce a grading and rating system for Initial Public Offerings (IPOs) along with independent equity research on listed companies, and has issued a concept paper aimed at seeking public comments and suggestions. The concept paper, available on the SEC website, says the purpose of rating/grading equity is [...]
