Taking a breather
Dilith Jayaweera, Joint Managing Director of Triad and controlling a host of companies including one that invests in the stock market, smiles during a media briefing he called to reject allegations that he was part of an alleged mafia that controls the stock market. Pic by Sameera Rajapaksa
Question mark over SLTDA chief’s current status
Questions are being raised as to whether Sri Lanka Tourism Development Authority (SLTDA) Chairman Nalaka Godahewa could face ‘disqualification’ by serving as chairman of a company that recently announced construction of a 180 room city hotel.This came after a local news channel raised the issue of the conflict of interest and also arising out of [...]
Mergers and acquisitions amongst Govt enterprises
Several loss-making state enterprises are to be merged with profit-making ones while others would be handed over to the private sector under management contracts, Finance Ministry officials said. Under this scheme, the Agriculture and Agrarian Insurance Board has already been merged with the National Insurance Trust Fund. Salu Sala is to be merged with the [...]
Tourism promotion campaign in India, China and Russia
The government is now looking specifically at promoting Sri Lanka Tourism in a joint effort with related industries in India, Russia and China. Discussions commenced two weeks back with Economic Development Minister Basil Rajapaksa meeting with state institutions and the private sector as part of a preliminary round to plan the promotional campaign in these [...]
CPC ordered to clean up its act, improve image
The Treasury has ordered a complete overhaul of the corruption-tainted Ceylon Petroleum Corporation (CPC) aimed at improving its image as an organization ridden with problems. Treasury Secretary Dr. P.B. Jayasundera has told a 2013 budget preparatory meeting that the CPC should be managed on the basis of the private sector’s best practices and professionals should [...]
Navy assignment handed over to private company
Key foreign private security firms for international vessel operators were on Friday perturbed over the Sri Lankan government’s move to shift its weapons storage facility to a private firm. Currently weapons of merchant vessels are stored at the Sri Lanka Navy’s (SLN) two armouries in Colombo and Galle. Vessels plying the East West sea lane [...]
Dilith: ‘Illang kewaa’
There is a pithy Sinhala saying ‘Illang Kewa (meaning you asked for trouble and got it)’. This is exactly the ‘trap’ powerful Sri Lankan businessman Dilith Jayaweera fell into last week. It was not only Mr Jayaweera who committed ‘hari kiri’, but it appears that his business colleague Nalaka Godahewa has done the same issuing [...]
Being economical with the truth
Dilith Jayaweera, the Sri Lankan advertising executive with powerful connections to the government, faced a barrage of questions during an encounter with the media on Tuesday in Colombo. Seated alone flanked by no one prompted a senior journalist (before the briefing began) to tell Mr Jayaweera; “I must say I admire your courage in facing [...]
‘Citizen Report Card’ to hold local authorities accountable
While many countries are grappling with corruption, lack of transparency and accountability, the rule of law and apathy in good governance, some public spirited organizations and personnel are exploring ways and means to initiate good governance structures in local authorities. Dr Gopakumar Thampi, CEO, The Affiliated Network for Social Accountability – South Asia Region and [...]
Air Cebu Pacific appoints VMS Aviation Air Services as their SL rep
VMS Travels, a reputed IATA travel agency with some 25 years of experience, has been appointed the local agent for Air Cebu Pacific, the company said.The company was formed by A. Vigneswaran who was honoured and awarded gold as a legend by the former chief justice at the IATA Travel Agent award ceremony, having served [...]
Orient Finance reports sharp rise in profits
Orient Finance PLC says it has recorded the highest ever profit after tax since its inception in 2003. “The company posted a profit after tax of Rs.136.5 million for the year ending March 31, 2012, as against the previous year’s profit after tax of Rs. 71 million,” according to a company statement. The total assets [...]
AVIVA NDB revenue down in first half 2012
Consolidated revenues at AVIVA NDB Insurance in the first half of the year to 30th June 2012 fell to Rs 5.8 billion, the company said in a media statement. “The drop in revenue was driven by reduced sales volumes of investment linked Life products and a continued focus on the prudent pricing of General Insurance [...]
Brandix extends Gap Inc programme for garment workers
The Brandix Group said last week that it planned to extend the Gap Inc. Personal and Career Enhancement (P.A.C.E.) programme for female garment workers in the Group’s facilities in Sri Lanka. GAP is a well-known clothing retailer from the US. The Gap Inc. P.A.C.E. programme is a life and work skills education programme designed to [...]
Tea industry at crossroads of sustainability
Sri Lanka’s tea industry is at the crossroads of how to secure a reasonable and sustainable return on investments vis-à-vis the investment, a former planter and successful business professional said. Speaking as chief guest at the annual meeting held in Colombo of the Planters Association of Ceylon (PA), Mahendra Amarasooriya, a one-time veteran planter and [...]
New deep-water terminal could trigger medium-term risks for JKH
A new deep-water container terminal will provide a significant challenge through medium-term risks to John Keells Holdings (JKH), a rating agency said. “Key among JKH’s medium-term risks is the introduction of a new deep-water container terminal at the Port of Colombo (POC) – according to industry estimates the first phase of this project is expected [...]
Public wrath growing against wrongdoing
For months on end UNP Parliamentarian Dr Harsha de Silva has been ‘screaming at the top of his voice’ about EPF investments in dud shares. Now with the market virtually down to the ground many of those shares have very little value to say the least. The workers will have to bear the brunt of [...]
LOLC honoured amongst top US establishments at global event
LOLC Group’s Enterprise Risk Management operations won a prestigious, global accolade, receiving the US-based Achievement Award for Governance, Risk Management and Compliance (GRC) for 2012. A company media release, said this award was presented by the Open Compliance and Ethics Group (OCEG) at the 7th Annual Compliance Week Conference for Corporate, Financial, Legal, Risk, Audit [...]
Book Review – Taxation, Fiscal Policy and the Economy in Sri Lanka
This book consists of a collection of essays dealing with taxation and fiscal policy issues in relation to the economic development strategies pursued in Sri Lanka over time. Written by the author over several phases, they can be categorized broadly as being of three types namely, articles written to and published in various journals, books, [...]
Aitken Spence Hotels receives ‘Most Energy Efficient Hotel’ award
Heritance Ayurveda Maha Gedara emerged the most energy efficient hotel in Sri Lanka by winning the highest accolade awarded in the large scale hotel sector at the Sri Lanka National Energy Efficiency Awards 2012 held recently. This is the second consecutive year that Aitken Spence Hotels has been recognized at the awards. Last year Heritance [...]
Kahawatte Plantations in Rs 10 mln housing project for workers
Kahawatte Plantations, one of the largest listed regional plantation companies owned by MJF Holdings, has begun a project to provide new houses to worker families at the company’s Kataboola estate. The project is being financed by Hatton National Bank. The initiative, which will see the construction of 25 new housing units with basic facilities such [...]
Harpo’s Tourism School completes course for second batch of eastern students
Harpo’s School of Hospitality and Tourism Management saw the completion of 70 students in Batticaloa in Hospitality programme course covering Front Office Operation and Service and Food and Beverage Service. This is another initiative taken by the organization in training the youth with the required skills in Hospitality & Tourism sector supplying trained personnel to [...]
Nawaloka Hospitals says rise in revenues and profits
Growing patient numbers, medical investigations and pharmacy sales have seen a sharp rise in group revenue and group net profit at Nawaloka Hospitals. In the quarter to June 2012, the hospital reported a group revenue of Rs. 1.05 billion, up from Rs. 805.12 million for the same period last year, while its group net profit [...]
Seylan Bank planning debenture issue thro’ private placement
Seylan Bank, preparing for future growth, is planning to float a debenture issue through a private placement in early October. The bank, in a media statement announcing its financial performance for the first half of the year, said it intends to invest these funds on “identified key areas which are in line with the bank’s [...]
People’s Leasing Group rejoices Q1 results
People’s Leasing Group has reported consolidated revenue of Rs. 4.37 billion for the first quarter of 2011/12, up 26.8 per cent 4% against the same period last year. The company itself, according to a media release it issued, has seen revenue rise by 23.8 per cent to Rs. 729 million. “Despite the current unflattering economic [...]
Trade deficit falls sharply – CB
Policies adopted by the Central Bank (CB) and the government earlier in the year have helped contain the deficit in the trade balance of the balance of payments substantially in June and across the second quarter of 2012, the CB said in a media statement. “The deficit in the trade balance, which was $ 848 [...]
AVIVA NDB revenue down in first half 2012
Consolidated revenues at AVIVA NDB Insurance in the first half of the year to 30th June 2012 fell to Rs 5.8 billion, the company said in a media statement. “The drop in revenue was driven by reduced sales volumes of investment linked Life products and a continued focus on the prudent pricing of General Insurance [...]
Kelani Cables exports first consignment to Australia
Kelani Cables, Sri Lanka’s leading cable brand, recently shipped its first cable consignment to Australia. A company media release said that Kelani Cables has a presence in Japan, India, Bangladesh, the Maldives and the African continent. It said revenue generated through exports exceeds 15 per cent of the total revenue of the company and this [...]
Hedging gone astray
Everything about the hedge implemented by the Ceylon Petroleum Corp (CPC) and local banks and the following arbitration was wrong. The hedging programme and the subsequent arbitration appeal process was a constant game of trial and error where a few individuals were well rewarded while the economy was sliding down due to high energy bills. [...]
Japanese grant for displaced Vavuniya families
The Government of Japan has provided US$ 89,825 (over Rs. 11.7 million) in grant aid for a project to improve the livelihoods of the resettled people in the Vavuniya District under its Grant Assistance for Grassroots Human Security Project (GGP), the embassy said. ‘The project for Increasing Food Security with Comprehensive Measures in Vavuniya’, to [...]
