Loan sharks on Kelani ‘Palama’
An unlicensed money lending syndicate, believed to be with powerful political backing, is now operating in Colombo and suburban areas using unconventional methods to lure borrowers who are in urgent need of cash. These loan sharks spread their message of money lending for business and personal requirements without collateral through their agents deployed near traffic [...]
Hotel Employee of the Year
Kumara Karunarathna from the Heritance Ahungalla received the Hotel Employee of the Year award at the Sri Lanka Tourism Awards event in Colombo. He is seen here with Deputy Economic Development Minister Lakshman Yapa Abeywardena and Upali de Silva, Sri Lanka Tourism’s Director Standards (pic courtesy Aitken Spence). Inset: Entrepreneur Sanjeev Gardiner walks back after [...]
New cable channel catering to Tamil community
Another cable and satellite television service provider is entering the Sri Lankan TV arena focusing its content on the Tamil community in the North and Colombo. Ask Cable Vision (PVT) Ltd will provide cable and satellite television services after its licence is approved by the Telecommunication Regulatory Commission (TRC), a spokesman of the company said. [...]
‘Tourism Awards night’ sees giants make headway in tourism
The tourism industry’s main stake awards night saw industry giants and upcoming individuals walking away with the coveted Sri Lanka Tourism Awards 2011 key among them being the John Keells and Aitken Spence group of hotels.Sri Lanka Tourism Awards for 2011 were held against the Sigiriya backdrop with frescoes of a bygone era scaling the [...]
Worst tea crop in 19 years due to drought
This year’s drought has hit heavily production in higher elevations resulting in Sri Lanka’s worst (high grown) tea crop in 19 years. High grown tea in July which reported a production of 3.7 million kgs is considered the lowest since 1992, Asia Siyaka Commodities Tea Brokers stated in its market comment for last month. Asia [...]
Probes will continue, says new SEC chief
Nalaka Godahewa, new chairman of the New Securities and Exchange Commission (SEC), and also chairman of another company where share trades are being investigated, has assured staff that they have a ‘free hand’ in continuing the probes initiated since 2010. Dr Godahewa, who took over the chair on Tuesday after two tumultuous terms by Indrani [...]
Anarchy in governance
“There are none so blind as those who will not see and none so deaf as those who will not hear” says a well-known idiom which is a reflection of the state of governance today.Unfortunately – aside from sections of the media – Sri Lankan citizens (barring a few) are either afraid to speak out [...]
Goodbye home: Why I left my career in Sri Lanka
Whistle-stop tours are never great for contemplation. A recent trip back home provided a feeler on what both managers and workers are feeling about life. Some issues just don’t seem to go away. Managers complained at length about the “lack of skills” and workers about the “lack of proper pay and opportunities”. I thought it [...]
Kelani Cables export to Australia not for Noratel
A recent export shipment by Kelani Cables sent to Australia was for another company and not the Noratel Group as reported, the company said this week in a clarification. It was referring to last week’s story in the Business Times headlined “Kelani Cables exports first consignment to Australia”. The company has dealings with the Noratel [...]
Delphi VP opens new McShaw Automotive Ltd’s showroom
McShaw Automotive Ltd, a joint venture between Mclarens Holdings Ltd and Shaw Wallace Ceylon Ltd, recently opened its first dedicated showroom in Colombo. Present at the event were Dominic Seto – Managing Director, Delphi Product & Service Solutions (DPSS) Asia Pacific and Vice President, Delphi China, Faisal Matin – Country Director, Indian Subcontinent and Bimal [...]
Ceylinco Insurance posts impressive half yearly results
Ceylinco Insurance said this week that it “has declared imposing results for the first half of 2012”. In a media statement issued by the company, its Managing Director/CEO Ajith Gunawardena, said, “the first half of 2012 saw the company record a total premium income of Rs.10.5 billion, with the General and Life Divisions contributing a [...]
Achieving economic self-sufficiency for people with disabilities
The Motivation Charitable Trust (MCT), UK recently recognized over 80 public and private sector companies for their commitment towards building an inclusive workforce at an awards ceremony held at the BMICH. This was done through the Sri Lanka Foundation for the Rehabilitation of the Disabled (SLFRD – Colombo) together with four partner organizations – Jaffna [...]
Civimech wins major Japanese award
Civimech (Pvt) Ltd has been recognized by Daikin Industries, Japan by awarding the “Daikin Million Dollar Gold Award” for its achievement of US$ 1 million sales performance for promoting and installing Daikin brand Air Conditioning equipment in Sri Lanka during the fiscal year 2011/2012. Civimech, being a longstanding authorized dealer for Daikin brand Air Conditioners [...]
Dave Tractors plans steel-related diversification
Dave Tractors (Pvt) Ltd, the owners of Lankaloha Hardware Ltd, is planning diversification in related fields – steel related industries being topmost in their agenda, officials said. “We want to start projects in steel-related fields,” Mumtaz Siriwardena, Deputy Chairman and Managing Director – Dave Tractors told the Business Times. She said that in a bid [...]
RAM upgrades Sanasa Development Bank’s outlook to ‘Positive’
Sri Lanka’s main co-op lender Sanasa Development Bank (SDB) has had its long-term ratings outlook upgraded to “Positive”, from “Stable”, by ratings agency RAM. This is an outcome of its above average asset quality and improved capitalisation, stemming from consistent capital infusions, and inspite of the bank catering to relatively risky target clientele and having [...]
ADB to help underserved Sri Lankans access housing loans
MANILA – Sri Lankans living in post-conflict and tsunami-hit areas will soon have better access to badly needed housing loans, after the Asian Development Bank (ADB) approved a $15 million loan to DFCC Vardhana Bank (DVB) to re-lend exclusively for home purchase or rehabilitation. “In order to properly rebuild their lives, Sri Lankans affected by [...]
Phoenix Industries invests Rs 350 mln in Horana plant
Phoenix Industries, the largest plastic molding company in Sri Lanka with over 35 years of industry experience, this week laid the foundation stone for a new plant situated at Horana which will be fully dedicated to serving the needs of Unilever. Located on a 7-acre plot of land opposite the Unilever factory premises, this plant [...]
Cigarettes vs Condoms: Which is safer?
When Sudesh Sundhara Moorthy, COO, Phoenix Ogilvy (Ogilvy and Mather Worldwide, referred to how advertising trends have changed in that cigarette advertising is banned now but not 20 years ago whereas condom advertising is acceptable now but frowned on 20 years ago; the moderator of the panel discussion mischievously wrapped up that presentation saying: “Sudesh [...]
Nalaka takes over at SEC
Dr Nalaka Godahewa on Tuesday assumed duties as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC). Pictured here is Dr Godahewa with the senior management of the SEC including Dr Hareendra Disa Bandara, acting Director General of the SEC (right) and Dhammika Perera, SEC Director Investigations (behind Dr Godahewa).
Death to SEC Governance
For a start I would like to congratulate you on your very powerful editorial last Sunday. The recent resignation of Thilak Karunaratne and the appointment of Nalaka Godahewa as the new SEC Chairman is a blow for good governance. Nalaka Godahewa is a qualified professional and therefore he has technical knowledge to be in the [...]
Micro financing brings LOLC’s profits
LOLC, Sri Lanka’s largest microfinance entity in the country, says that micro finance which is its core business, is doing exceptionally well and has helped their financial sector being the cash cow in the group, officials said. “In terms of geographic presence and portfolio size and the largest agriculture equipment provider through Brown & Company [...]
Singer’s working capital will not deteriorate : Fitch
Singer Sri Lanka uses a short-term facility worth Rs. 5 billion to service its working capital requirements, according to ratings agency Fitch. Further, the ratings agency also opined that “it does not expect its working capital dynamics to deteriorate materially in the near term given Singer’s strong market position and strong bargaining power with its [...]
On-line carbon footprint calculator launched for hotels
The EU-funded SWITCH ASIA PROGRAM – Greening Sri Lanka Hotels Project has launched an initiative where hotels are able to make a quick calculation of the carbon footprint based on a uniform methodology, of their carbon emissions.“The carbon foot print calculator estimates the approximate CO2 equivalent emissions, a typical hotel releases by its operations. The [...]
Commercial Bank donates IT lab to Welikada prison
Commercial Bank recently donated an IT lab to inmates of the Welikada prison, enhancing their IT education and skills.The bank media statement said it donated computers, UPS units, speakers and computer tables and chairs to the prison on a request made by its Superintendent, Gamini Jayasinghe. “Arrangements have been made for computer classes to be [...]
SL awaits top trade delegation from South Africa
The Ministry of Industry and Commerce, which has taken up many roles including promoting exports and inviting high level business missions, recently announced two key programmes involving South Africa and Seychelles. While the Ministry said in a media release that an influential South African business delegation would be visiting Colombo next week, it also spoke [...]
Indian IT startups flock to Silicon Valley ‘seastead’ Blueseed
For those Sri Lankans IT startups that have not yet heard of a “seastead” venture called Blueseed, now is the time to sit up and take notice. Particularly since their Indian brethren are already way up front in ways of getting their foot in the door of US based Silicon Valley’s venture capital funding mecca. [...]
TMC President Emeritus Fayaz Saleem conferred with ‘CMI companion’ status
CMI UK has awarded/upgraded the membership of Fayaz Saleem , a Fellow of the CMI – as a ‘Companion member’ of the UK institute. Mr Saleem is a past President of the Institute and one of the founders of the local branch, his office said in a media release.CMI companions are selected on an invitation [...]
Vibrant UNP MP Harsha questions new SEC appointments
A vociferous and vibrant opposition parliamentarian has blasted the Ministry of Finance over the recent appointment of ‘professionals’ as commissioners of the Securities and Exchange Commission (SEC). “Is the government’s message to go ahead and engage in fraud at the CSE without worrying about getting caught? If the minister of finance was genuinely concerned in [...]
Report card process with Nuwara Eliya MC involvement
NUWARA ELIYA – The ‘Citizen Report Card (CRC)’, a unique way to hold local government authorities accountable and transparent and to ensure the authorities provide the amenities that they are mandated to provide by law, was presented to the constituents of the Nuwara Eliya Municipal Council this week. The findings of the report were revealed [...]
New GM for Centara in Sri Lanka
Centara Hotels and Resorts in Sri Lanka will be headed by the new appointment of its Cluster General Manager for the country Alexandre Glauser, the company announced last week. The two managed resorts in Sri Lanka namely Centara Ceysands Resort and Spa Sri Lanka and Centara Passikudah Resort and Spa Sri Lanka will come under [...]
CSBA elects Dimuthu as President
Stockbrokers who were divided on various issues elected a new President to the Colombo Stock Brokers Association (CSBA) last week. CEO of Asha Phillip Securities Dimuthu Abeyesekera was unanimously elected as the new Chairman of the CSBA at its Annual General Meeting. He succeeded Sriyan Gurusinghe of LOLC Securities who held the post for several [...]
Total logistics, travel and tour services from US Shipping and Cargo
The US Shipping and Cargo Services (Pvt.) Ltd (USSCS) says that it has the capacity and capability to offer its customers a total solution in terms of shipping and logistics including travel and tour services.With an experience of over 15 years in the field of shipping and freight forwarding the company has expanded its facilities [...]
Sri Lanka needs a “Public service”
It is with much interest I read and re-read the account of Tissa Devendra on “Myth of an Independent Public Service” and the rejoinders of B. S. Wijeweera and R. M. B. Senanayake – who are all three senior and well respected colleagues in the public service. All three of them have lamented in their [...]
JKH, Aitken Spence big winners at Sri Lanka Tourism Awards for 2011
A large number of awards were bagged by the JKH group with Cinnamon Lakeside – Colombo and Cinnamon Lodge – Habarana receiving the best Five Star (City) and best Five Star (Resort), respectively at the Sri Lanka Tourism Awards presented on Thursday night. Azmara Spa of Cinnamon Lakeside – Colombo grabbed the Best Host Hotel [...]
IFC helps local banks strengthen trade finance expertise
IFC, a member of the World Bank Group, last week hosted an advanced trade finance seminar in Colombo to train bankers from Sri Lanka and Maldives on using sophisticated trade finance products. A IFC media statement said the five-day training programme, sponsored by the government of Japan, helps bankers identify opportunities to connect local businesses [...]
CEAT adds two more Car sizes to Radial range – ‘Milaze’
CEAT Kelani Holdings has announced the launch of two more sizes of radial tyres under its new ‘Milaze’ range for cars. The two new sizes, 185/70 R 13 and 165/70 R 14, fit popular cars such as the Nissan FB – 14, Honda City (2001), Corolla AE 90 and similar models, Mitsubishi Lancer CK 2, [...]
Panadol provides relief at Thalavila and Madu
Pain reliever Panadol, the leading brand of paracetamol which is a part of health care company GlaxoSmithKline (GSK), continued its support at Thalavila and Madu Feasts through Medical and First Aid Camps. In total over 900,000 devotees gathered at both Shrines for the grand celebrations of St. Anne and Our Lady of Madu. Devotees were [...]
Amana Bank – lead strategic partner for IFN Roadshow Sri Lanka
The world renowned Islamic Finance News (IFN) Roadshow will hit the shores of Sri Lanka this month, bringing together the country’s Islamic Finance industry and its key regulatory stakeholders to one forum to discuss the issues, challenges and potential of the industry. “Having pioneered the concept of Islamic banking in Sri Lanka, Amana Bank has [...]
‘Velvet’ sees highest growth in toilet soap market- Hemas says
Velvet, a brand under Hemas’ Fast Moving Consumer Goods (FMCG) portfolio, last year achieved a volume growth of 40% said to be the highest in the toilet soap market, according to a Hemas media release. “This is the highest growth rate amongst the top 10 brands, which account for 93% of the volume in the [...]
MBSL holds seminar on “Implications of the new Finance Business Act”
Merchant Bank of Sri Lanka PLC (MBSL) has organised a seminar on “Implications of the new Finance Business Act” to be held on September 19 in Colombo. The guest speaker at the event would be Dr. Dayanath Jayasuriya -President’s Counsel. The areas to be covered are concepts of the Finance Business and Deposits, Powers of [...]
